How to save $1,000 in 30 daysJanuary 17, 2018 1:00 pm Leave your thoughts What would you do if you had an extra thousand dollars? Maybe you’ve been dreaming of a tropical vacation or the latest smartphone. Maybe you just want to build an emergency fund. Either way, saving is important. While it may sound easy, 78% of full-time workers are living paycheck-to-paycheck, and over half don’t even have $1,000 in their savings account. A thousand dollars might seem like a lot, but by following these tips, you can save $1,000 in just 30 days.
Organize your savingsGet a savings account. It’s important to keep this account separate from your spending money, so you can track how much you’re saving. Most banks let you check the status of your accounts using a mobile app on your phone. Track your progress. The key to success is knowing where your money is going. Use an app like Mint to keep track of spending and saving in real time. You can set monthly goals for spending categories like rent, groceries, and gas. Schedule payments for your bills, and keep track of everything in one place.
Trim your spendingStick to a budget. Set realistic priorities and then create a budget for the month. If you try to cut something out completely, you’ll probably fail. Instead, use apps, like Starbucks and Dunkin’ Donuts, to load cash onto a gift card. When the gift card runs out, no more lattes. Simple. Save where you can. Prepping meals and packing your lunch might sound like a drag, but when the average cost of lunch is $10, a little work could save a lot (around $300/month). Luckily, there are plenty of blogs (like this one), that can help you with meal planning. Just make sure to pick recipes you’ll actually be excited to eat. Cut unused services. Paying for cable, but only watching Netflix or Hulu? Try discontinuing or downgrading your cable service, so you’re not wasting money. Do a clean sweep of all your subscriptions and cancel the ones you haven’t used in a while.
Pump up your incomeStart a side hustle. There is an app for almost every side hustle. Earn cash in your free time by walking dogs on Rover or Wag! or driving for Uber or Lyft. You can pick up freelance work or sell crafts on Etsy. Pick something you’re interested in that won’t distract from your day job. Sell your old stuff. If you have things around your house you don’t use anymore, sell them on Facebook Marketplace. Facebook links Marketplace directly to your account and makes it easy to upload an item and contact buyers. You can also try selling gently used clothes online with ThredUP or Poshmark. Cash in your change. You might have more money than you think. You know all that loose change you keep in your car and wallet, or in a jar at your house? Take it to a Coinstar or your bank and add it to your savings account. Following these tips will get you well on your way to saving $1,000 in 30 days. Who knows? Maybe a few habits will stick, and you’ll get to watch that savings account grow.
What are your go-to ways to save extra cash? Comment below! Tags: financial health, financial wellbeing, Mint, savings, spending
Categorised in: Financial Health
This post was written by Vincent Phamvan