If you’re trying to reach your goal of one thousands dollars in the bank, there are really three ways to do it: save it, earn it, or find it. To reach your $1000.00 savings goal faster, consider some of these tips.
Save it from the money you are already earning. Make more money to put in the bank. Find it in your bills, or use other creative ways, like Ibotta to save on groceries.
For the sake of being realistic, the most basic and common way to save up money is from your income. So let’s start there…
How to Save $1000.00 in 8 months
If you want to save $1000.00 dollars in less than a year, March – October is a perfect time to start. It avoids the more expensive holiday months that eat into your money. You might even find you have a tax refund coming back to you that can be used to start your fund. If you do, start there. Otherwise, keep it simple.
Basic income saving principles, will have you saving $31.25 a week or $125.00 a month, to hit that goal of $1000.00 in eight months.
Okay, now that we know the simple math of saving $1000 dollars in 8 months, here are some other tips to get you there even faster.
Pay the minimum payments on everything
If you are paying an extra $10 – $20 (above the minimum due) on a credit card, car loan, student loan, etc., stop for the short term. Consider just paying the minimum payment due. Transfer the extra money into your savings account. To avoid the temptation of touching it, try keeping your savings account at a different bank, or credit union then your checking account.
Implement a pantry week
I am a huge fan of the pantry week. I usually do this once a month because I don’t want to grocery shop. 🙂 It also helps use up food, and get creative with what’s in your pantry. If you skip one week’s worth of groceries, that could easily put $100.00 a month back into your savings account.
Read more about implementing a Pantry Week Here
Let $1.00 here and there add up Slowly
People often think couponing is a waste of time. At one point, I would have agreed, but I changed my tune. Couponing has saved me thousands of dollars over the last four years.
It’s so much easier now. Most of my couponing is done digitally. Apps for your phone like Ibotta, allow you to earn cash back on groceries. They have 1000’s of items that earn cash back and you earn a $10.00 bonus when you sign-up.
Ibotta always has extra promotions going on, like “earn $2.00 when you redeem XXX during this time, etc.” It’s exciting to watch your balance add up.
Sell some stuff
Sell things you no longer use or don’t need on Craigslist or Facebook Market Place. If it’s warm enough, host a garage sale and make sure to advertise so you get lots of foot traffic.
Implement the “30 Day Rule”
Keep a running list of what you want to buy. Wait thirty days before buying it.
The thirty days will help give you time to evaluate if you really want it.
Most of the time the desire and dopamine rush will subside. Instead of an impulse purchase, you keep the money in your pocket. Getting in this habit will help with those impulse spending sprees, and help you save your $1000.00 even faster.
Let the Banks Pay You
Back in the day when you signed up for a bank account, you would get some free swag, like a paper shredder. Look for banks where you can set up an account for money.
Offers come in the mail, in value coupon packs, and can even be found on a banks website. It’s not uncommon to see offers of$200.00 for a new account.
Just beware of how these accounts are kept free, so you don’t end up paying fees.
Use the Money Finder & Money Map to go on a money hunt
I created these printables as a fun and pretty way for you to really dive deep and see where you can find money in your budget. You might be surprised how many dollars are slipping through your fingers, that could help get you to $1000.00.
Get your free printables emailed to you here.
Join me over coffee with household tips, money savings and holiday fun.