Whether you’re saving for a large purchase like a down payment for a home or car, or just need some spending money (Christmas, anyone?) you can save money at a semi-fast pace. There’s only one prerequisite: you have to be willing to work hard!
Since this is something I need to do right now to I thought I’d share my step by step guide for saving money fast.
Calculate Your Bare Bones Budget and Live On It
Your bare bones budget is the amount you need to hit all your necessary living requirements – nothing more nothing less.
In your bare bones budget you’ll include the following:
Other unnecessary spending such as eating out, entertainment, and “blow” money is excluded. Only spend what you need to survive!
Put every single dollar you have left over in an online savings account. (I prefer online because the money is till accessible but not immediately accessible. Since it typically takes 2-3 days to transfer online savings money to your regular checking you won’t be making any impulse purchases!)
And lastly, look for ways to save on your current expenses. Can you save $50-$100 a month by switching cell phone carriers? What about downgrading your cable package or opting for Netflix? What expenses do you have that are unnecessary – gym memberships and magazine subscriptions you don’t use?
Be ruthless when cutting your expenses. There are literally ways to save on every single thing you’re spending money on.
When it comes to saving money fast there are really only two steps – spend less and make more money. There’s no magic pill or fairy dust, it all comes down to hard work. If you’re really trying to save money quickly you need to put in the hours.
If working more hours at your regular job isn’t a possibility I highly suggest that you create your own part time job by freelancing. When you freelance you have the ability to earn more money than you would working for a traditional employer and you can set your own hours.
Other Things You Can Be Doing
In addition to working more and spending less you can also do a few of these things:
- Sign up for bank bonuses (Many banks will give you money by opening up an account with them. Just be sure to read the fine print.)
- Sell some of your old stuff for fast cash.
- Sell old cell phones, computers, and other electronics. (You can get money for them even if they don’t work! Just type in Google “where to sell old cell phones” and you’ll get a list of places!)
- Take surveys online. (Taking surveys won’t make you rich by any means but you could add an extra $20 or so to your savings per week by doing this.)
Saving money fast all boils down to your willingness to work hard. It’s not easy but it can be done.