You need cash. Maybe you just found the home of your dreams and it requires a down payment. You might be proposing to your loved one and want to purchase a diamond ring. Or perhaps you're facing an unexpected bill for an insurance deductible, a plane ticket, or new car purchase. There are many ways how to save money fast, no matter what the reason.
Quantify how much you need.
Have you ever thought of a savings spree? This is when you spend very little money for a set period of time and then save the money. Because they are short-term, saving sprees can be easier than long-term budget cutting.
You know you can live without new clothes for a month, though maybe not for a year, so it's easy enough to stick to the plan. You can save money by looking for cheaper alternatives to your existing spending habits or refusing to purchase things that you don't really need.
We will discuss strategies to quickly save money for both smaller-ticket items and larger upcoming expenses like buying a new house or car.
Let your friends and family know about your savings spree so they can understand why you won't be able to fly home for Thanksgiving or join you at the Taylor Swift concert. It is important to evaluate every expense before you make any decisions and only accept the necessary ones.
Before you head to the grocery store, make sure you take inventory of everything in your kitchen and fridge. You will be amazed at how many meals you can create with what you already have.
Have you got beans and salsa? Add tortillas, eggs, and cheese to make breakfast burritos. They're also great for dinner. Have you got pasta and sauce? Get some ground meat to make meatballs, or add some vegetables. Got tuna? You can make a sandwich, salad or casserole with tuna.
You can use up the old boxes of instant potatoes or easy mac 'n' cheese. Heat up all frozen secrets hidden behind your ice cube tray and get rid of them.
This may not sound very appealing, but it is important to remember the end goal of all of this savings and that you will be able to restock your favorite items once you reach it. This can be a quick source of funds for smaller ticket items given how much we spend on eating. What is considered a good salary?
If you run out of any household items or beauty products during your savings spree, follow the same procedure.
Keep the shampoo samples and hotel soaps in your bathroom. For a few weeks, you can live without eyeliner. You can try to make a substitute by hand mixing common ingredients such as vinegar, lemon juice, and baking soda if your last bottle of scouring powder or window cleaner is empty.
Another option: Pack your lunch. A six-pack at home is a better alternative to happy hour. Your best friend or significant other can cut your hair.
You should not only address the small ways that your cash slips through your fingers but also look at your largest expenditures. For most people, these are housing, transportation, utilities and food.
These large monthly expenses can be reduced in order to make your savings goals even more achievable. Consider drastic measures if you have to save a lot of money, such as for closing costs and a down payment on a house.
You could also consider letting a roommate live with you for a few months in order to reduce your housing costs by half. You could also rent your house on Airbnb for a few weekends and then crash on a friend’s couch.
To save gas and tolls, can you telecommute or carpool to work? Reduce cable. Instead of using a drive-thru, cook at home
Save the money and put it in a hard-to-reach savings account. You will need to make a trip to withdraw the money if you keep it at a bank other than your regular checking. Online options pay a modest amount of interest.
This will make it easier to reach your goals faster. As of late 2015, you can earn around 1% per annum at places like Ally Bank and CIT Bank. Just make sure they are not charging any banking fees that will eat away at your principal.
SmartyPig is another savings site that allows you to create an account for a specific savings goal and then make automatic and other deposits. You'll see your savings grow, no matter what goal it is: a vacation or buying a car.
Even better, you could earn a little interest and, if you are able to spend your money at a specific retailer (e.g. Macy's), you can exchange your savings for a gift certificate that offers a bonus amount. The $1,500 you saved would be converted to a Macy's gift certificate worth $1,665. Other retailers offer lower bonus percentages.
Collect what's owed to you
You can save even more money by looking for money owed to you or hidden somewhere. Have you accumulated credit card rewards? Ask for a cash-back check or a statement credit to save the amount you would have paid.
If you can only turn them in for other items, like travel or gift cards, use them instead of your income for purchases you need to make now.
Are you a piggy bank or a coin jar holder? Spend an evening coralling silver with coin wrappers you get from the bank. Do not deposit the money in a Coinstar machine. It could take as much as 10.9% of your total haul.
Customers of TD Bank can use their in-branch Penny Arcade's free of charge (perhaps a friend could help). Every penny matters, even if you are trying to save money quickly.
What about those old bank accounts that are almost forgotten? You can close these accounts and get the money you have left, no matter how little. While you're there, check your PayPal balance. If you are currently using the money for another purpose, there is no need to keep it sitting around waiting for your next order.
Is there anyone else who owes you money? Ask your brother to get the money you won from the football pool. Submit that long-overdue expense report. Your landlord should not "forget" about refundeding your security deposit. Send in the rebate for contact lenses. You own the money.
Line Up a Side Job
If you have cut down your spending but are still not able to save enough, it might be time to look at your income.
You can increase your salary by working more hours in your current job. You could also consider a side job that will allow you to save more money, since your income is almost unlimited.
You might have to spend more money on transportation to get to your second job or for services that allow more work (such as childcare, food preparation or dry cleaning), but you can still put all your earnings toward your goal.
Many people have side gigs such as babysitting, cleaning homes, taking up waitress or bartending shifts, walking dogs, and other odd jobs. There may be opportunities on new job platforms such as TaskRabbit or eLance.
You might be able find clients who will pay you well if you have special skills, such as web design, tutoring in academic subjects, or teaching a foreign language.
Sell your stuff
You might have some things around the house that you would be willing to pay someone to remove if you don't have the time. You might be able to resell some of your most valuable items such as designer clothes, jewelry and old toys.
You should do your research to find the right outlet for your no longer needed belongings. Craigslist is a great place to sell technology and exercise equipment, but there are high risks of scammers or unreliable buyers. Consignment shops or eBay can make your clothes and collectibles into cash.
You might also consider an old-fashioned garage sales. Even if you are selling baby clothes, a decent-sized garage sale can net you several hundred dollars.
Saving money quickly is the best thing. You will learn which strategies work best for you and can use them again when you have a need. You might even continue saving after buying the house, the ring, or the plane ticket. This will ensure that you always have enough cash to pay for any unexpected expenses.
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