5 Ways to Save $1,000 Quickly
To take control of your money situation, one of the first things to do—even before getting out of debt—is to save $1,000.
That $1,000 provides a little cushion between you and life—a flat tire, an unexpected doctor’s visit, a leaky pipe under your sink. When you save $1,000 before you start getting out of debt, you can cover any unexpected smaller emergencies without breaking a sweat.
But enough chatting. Let’s get an extra $1,000 between you and Murphy’s Law.
1) Start budgeting. When you create your first EveryDollar budget, you’ll be shocked at how much money you are spending without even realizing it. With the budget, you’re giving every dollar a name—and one of the top names on that list should be your $1,000 emergency fund. Don’t use “leftover” money at the end of your budget to put aside for savings. It will never happen. Determine the amount you can save and do that first. Then you can tell the rest of your money where to go.
2) Cut back on spending. Once you have your budget in place, you’ll see the areas where you’re overspending. Thirty dollars a week on coffee? One hundred and fifty dollars a month on cable? Make your true needs (think food, shelter, utilities, transportation and clothes) a priority and cut back in your “wants” to save that $1,000 quicker.
3) Pump up your income. This seems obvious, but remember, you’ve got more ways to make money than just working overtime or taking a second job (although those are also great ideas). Look at the stuff just sitting in your garage or piled up in your attic—can you sell it? Old jewelry, televisions, an extra couch you never use, the treadmill that’s become your coatrack . . . take a long, hard look at your clutter then sell some of it!
4) Re-examine your paperwork and bills. Chances are, you could be saving money on your monthly fixed bills. These are easy to overlook because you’ve paid the same amount every month for the past 24 months. Are you missing out on special rates on your cell phone? Cable? What about your monthly gym membership—could you walk around the neighborhood instead?
5) Believe in yourself. No matter what tricks you use or how much money you can dig up, you won’t hit a savings goal if you don’t believe you can do it. Procrastination and making excuses will cause you to fail every single time. Be intentional and get after it! When you have that type of attitude, you’ll save $1,000 much quicker than you think.
Start saving $1,000 now by creating your monthly budget.