How do you save $1000 a month? What do you have to do to save up to a thousand dollars in one month? Is it easy to save a thousand dollars in one month and more importantly, is it possible to save $1000 in one month?
There are so many ways to save $1000 a month and you’re going to see how below. The thing is you can use a combination of all these tips. But picking one that you know you can do well will make it easier for you to make a thousand dollars in one month.
I know it might seem like a lot. But you know it’s possible if not you wouldn’t have clicked the link to this post.
There are many things you can do in the short term that will skyrocket your savings that you won’t be able to do in the long run.
For instance, it’s kind of easy to find some things in your house you can sell online to generate some quick cash.
But if you continue on that path for the long run, you’ll soon run out of things to sell and eventually end up in an empty apartment.
And what if you could set up automatic systems to help you save more money?
Instead of removing money from your paycheck, which is hard to do by the way, you negotiate with your employer to send a percentage of your income to a separate savings account.
Think about WHY you want to save $1000 a month
One of the most important things in life, to make our lives more meaningful, is to know why we do what we do.
Why do you want to save $1000 a month? Is it financial freedom? Or do you have to save for an upcoming event?
Perhaps you are saving for college.
Whatever your reason for saving, you should have it at the back of your mind at all times.
This is to serve as a motivational tool whenever you feel discouraged. When you feel like you don’t want to save anymore, think about your reason for saving and if your reason is strong enough, you’ll feel more encouraged to save more money.
Be accountable… to yourself?
One thing that can kill your motivation to save is if you don’t have anybody to hold you accountable.
If you try to be accountable to yourself do you think you can do a good job?
We can convince ourselves to do almost anything or not do anything. You will find that you’re negotiating with yourself why you shouldn’t save today.
That’s why it is important you have someone you can trust hold you accountable to save your money.
So let’s begin: How can you save $1000 a month?
Below is a list of ways to save a thousand dollars in one month. You can use all of them, use a combination of some of them or just pick you know you can stick with and that you know will definitely help save the $1000 in one month and roll with it.
1. Know your why
Like I have mentioned before, it is important you know why you do whatever it is you do. It is also very important you know why you are saving that $1000 for the next 30 days.
If you have strong why, then saving the actual sum you need to save will be a breeze.
So why do you want to save $1000 in a month? Are you doing this to buy that expensive shoe you saw last week at the store?
If so, why do you want that shoe? Is it to feel good? Whatever your reason may be it should go deep so you can fight on if you ever start to feel discouraged.
2. Write down your goal
It has been a known fact for a long time now that you should write down your goals, no matter what they are.
I find myself breaking this rule from time to time, especially when I feel the goal is not as big as I think.
For instance, doing a 7-day fast.
To me I can easily remember that and that is why I don’t bother to write it down.
But it’s important you write your goal down because when you do, it imprints in your prefrontal cortex and it works to make you accomplish your goal subconsciously.
So write down your goal of making one thousand dollars in one month and how much you’ll have to save each week.
You’ll take it one step forward by writing down how much you should save everyday to make sure at the end of the month, you’ll have a thousand dollars sitting in your bank account.
3. Write down your money saving plan
What do you have to do to save $1000 a month?
Are you going to have to take a second job?
Will you start a side hustle, sell your things or work overtime at your current job?
This is part of writing down your goal. What methods would you like to use to save that thousand dollars in a month?
Below are methods you can use to save the thousand dollars in one month. Pick any you can use to achieve your goal of saving one thousand dollars in one month.
4. Re-examine your insurance policies
You will be surprised by how much your insurance policies increase each year.
Like the insurance companies try to sneak in an extra 20-30% increase every year just to see if you’re paying attention.
Set an annual reminder to check your insurance policies to make sure they haven’t increased.
But for now, for our 30 days challenge, take a look at your insurance policies to see what’s going on and how you can make appropriate changes.
Here are some things you should look for:
Check your coverage: Do you really need a comprehensive insurance coverage on your 1999 Toyota Corolla?
Make sure you’re not buying insurance you don’t need. A flood insurance when you live in Texas, Really?
Check your deductibles: Your deductibles can make huge differences on your monthly premiums.
If you have some money set aside for emergencies, try increasing your deductible from $500 to $1000, or $1000 to $2000 to reduce the payments you make monthly.
Check other insurance companies: It is wise to shop your policies around to other companies.
There can be a difference of hundreds of dollars between the lowest and highest cost for the same coverage. (1)
5. Sell your stuff
This maybe the very first step you take in saving a thousand dollars in one month.
Look around you home and find the things you don’t use anymore and sell them online or at a yard sale.
It can be tough to get rid of some things because you think you might still need it. Here’s a trick, if you haven’t used it in the past six months, you don’t need it.
You can easily make $200 to $500 or even more money depending on what you have laying around. Pay attention to things like:
- electronics like old phones
- kitchen gadgets collecting dust
Note: Please don’t sell your books, not matter how old they are. Books are timeless and you’ll definitely need them for references at one time or another.
If you want to take it a step further;
Shop around at garage and thrift stores and sell them on online platforms like eBay and craigslist for a profit.
6. Cook your own food (for a month)
You will have to make sacrifices in this 30 days challenge you have started and part of that sacrifice will be that you don’t eat out for the next months.
This is to save all the money you would have spent outside so that you fast track your way to saving one thousand dollars in one month.
This is not only restricted to eating out.
You should also try not to go to the movies, or go for a night out with friends where you know you’ll have to spend more than what you budget for.
7. Cancel or re-negotiate your monthly subscriptions
I say cancel all monthly subscriptions for a month. You may be thinking, “jeez, this guy wants me to live like a monk”.
You don’t have to if you don’t want to.
But keep in mind this is just for one month until you have your thousand dollars in your bank account.
Below is a list of subscriptions you can cut or re-negotiate if it is really important to you.
(Importance is subjective to many, so does your subscription make you money? If no, cut it – it’s just for a month – I’m sure you can survive without Netflix for a month)
- Cell phone
- Landline telephone (yes, some people still have these)
- Cable and internet
- Pandora, Spotify, SiriusXM
- Magazines and newspapers
- Software subscriptions (apps, antivirus, etc.)
- Netflix, Amazon Prime, Hulu
- Game rental and online gaming
- LinkedIn Premium
How do you know if you need some subscriptions or not? Ask yourself these questions:
- Do I actually use this and like it?
- Does it save time or energy or make me money?
- Is it worth that much to me?
- Is there a cheaper alternative that will work for me?
- Do I really use this gym subscription?
- What’s the worst that’ll happen if I cancel this subscription?
8. Drive for Uber or Lyft
Remember, this is for only a month. And also is a great way to earn some little cash on the side.
You can drive for Uber/Lyft for a few hours.
If you drive for about 10 hours a month and can make around $15 per hour, that’s an extra $150 in a month.
A good inclusion to your savings.
A brilliant way to do this is to pick up passengers on your way to work in the morning and on your way back from work.
People make a couple hundred dollars a month doing this.
You can consider Uber EATS if driving people around isn’t your thing. You can get paid to deliver food.
Whichever method of Uber you want, you will make more money if you work during rush times like lunch/dinner and on the weekends.
9. Take advantage of credit card sign-up bonuses
You can make over $1000 dollars every year by signing up for credit cards that offer sign-up bonuses.
If you consistently carry a credit card balance, DO NOT sign up for another card!
No amount of credit card rewards will make up for the exorbitant interest rates you are charged if you don’t pay your balance in full every month.
10. Adjust your thermostat
The rule of thumb is that you’ll save about 3% per month for every one degree you adjust your thermostat.
So, if it’s hot outside, increase your thermostat by three degrees to save 9% a month.
If it’s cold outside, turn down your thermostat by three degrees.
If you pay $1,000 a year to heat your home, this will save you $900 this year.
Every little amount helps in saving your thousand dollars this month.
11. Use coupons
With the price of gas increasing, high unemployment and inflation soon to spiral out of control, your ability to cut household expenses will become more and more important.
Don’t shy away from using coupons to shop online or offline. And paper coupons still rule the cash register.
12. Watch impulse buys
I have experienced situations where I told myself I won’t spend money on unnecessary things but eventually find myself buying things I don’t need.
This happens once in a while to us and you will have to watch those impulse buys to reach your goal of a thousand dollars in one month.
You can do some freelance jobs also to add to your savings. There are many freelance sites you can go to earn some extra bucks to add to your savings.
It is important to know that when trying to save your thousand dollars a month, you should not only focus on saving and cutting costs, but you should also focus on earning more.
In fact, I highly recommend starting a side hustle to save $1000 a month instead of cutting costs.
Are you ready to save $1000 a month?
If you’re ready to save $1000 a month you should pick one of these methods above.
Did I miss anything?
If I missed a way or you have any questions or contributions about saving a thousand dollars in a month, let me know in the comment section below and I will make sure I include it in this post.
Manage Your Money Better
Below are some personal finance books I recommend to help you save more money. They have helped me a lot and I'm sure they'll help you in your journey to financial freedom.
- The Compound Effect by Darren Hardy
- Total Money Makeover by Dave Ramsey
- I Will Teach You to Be Rich by Ramit Sethi
- Master Your Money (Super Bundle)
- Need an extra $2,500? Get loans up to $5000
- Are you in debt? Get free debt consultation and find a solution to your debt
- Unshakable: Your financial freedom blueprint
- The New Money Masters
- Tools to make money in tough economic times
I have read about 5 out of the 7 books and I can boldly say they have helped me handle my finances better. I believe in them because they have helped me in my financial journey and I think they’ll help you too.