When you’re trying to save money, sometimes it feels like it can take forever. While slow and steady ultimately wins the race, knowing that you can stash away a quick $1000 can make you feel much more accomplished. The CGS Team is sharing 5 ways to help you save $1000 as fast as possible. One thing to remember is not to put yourself through turmoil or forget your other obligations while trying to save. Save $1000 quick with this 5 tips!
Stop Eating Out
For young, millennial women, meals out, bar tabs, work snacks and lunches, and coffee runs can be a huge money sucker. It may not feel like you are shelling out a lot at one time, especially if you go the fast food route, but those $5 meals add up quickly. In fact, if you buy a $5 meal 5 times a week, you are spending $100 a month on that $5 meal. And let’s be honest, how likely is it that you are only spending $5 on every meal out? Stop eating out for a few months and you’ll be at your $1000 mark in no time. Check out 9 Tips for Saving Money on Dining Out for some tips!
Rethink Your Subscriptions
Hulu, Netflix, monthly waxes, gym memberships, and other recurring non-essential expenses may sound nice in theory, but they could be costing you big time. Be prepared to start cutting back. If you religiously use Netflix, do you need cable too? If your workplace offers a gym for employees (which most do nowadays), do you really need to pay for a gym membership? Do you have to get a manicure every other week? Once you start confirming your needs versus wants, you will realize how much those wants are costing you.
Avoid Interest-Bearing Credit Cards
This can be a tough one, especially if your credit card balances are high. If you’ve made payments on your cards on time, every time their due, then consider a balance transfer. With decent credit, most lenders offer promotional rates of 0% interest for up to 18 months on balance transfers. 18 months of no interest can save you major dollars. If you go this route, make sure you are saving because one that promotional period ends, the interest will add up!
Put Away $50 a Week
If you put away $50 every week, in 5 months you will have $1000. Does the thought of $50 a week seem like too much to part with? Break it down further! $50 a week = roughly $7 a day. A person can easily spend over $7 at Starbucks on a daily basis. Open a savings account specifically for this task and have $7 automatically transferred in on a daily basis, or $50 on a weekly basis. If you come into some extra cash or overtime, transfer more into the account! Before you know it, you will have $1000 in your savings account.
Review Your Withholdings
Did you get a nice refund back this year? As great as that may seem, it could mean that you are overpaying on taxes. That means you are essentially “loaning” the IRS money throughout the year and receiving your money back, without interest. Instead of letting Uncle Sam borrow that money, you could put it in a savings account a grow interest on it. Take a look at your current withholdings and see if you need to adjust your allowances. This will mean more money in your paycheck!
Depending on your current spending habits, cutting back may make a huge difference in saving a $1000. If you are wise with your money, there are still ways to save more! What methods do you use for saving money fast? What do you do when you are trying to reach a short-term financial goal? Leave a comment below to share!