So you want to save money and do it fast, but how do you save money fast?
No matter where you are on your financial journey, you need to know that it’s possible for anyone to turn their financial life around and start saving money.
There are many ways to save money. But the thing is many money-saving advice want you to spend at best months to reach your money saving goal.
That’s why we created this post to show you how you can save money fast.
These tactics can make quite a difference over time if you’re able to implement more than one.
Some of these suggestions take just a few minutes, while others require a bit of regular effort. Still, they’re all incredibly simple – anyone can do them.
Not all of these will apply to you, pick the ones that apply to you and use them.
You already know this advice: Get out of debt. And we’re totally on board with this plan.
But first, you need to start an emergency fund. Just $1,000 in the bank provides you with all kinds of financial protection.
But I suggest you put more than a thousand dollars in the bank for maximum protection. It is all in our how to start an emergency fund post.
But since this post is about saving money fast. There should be a goal and let’s, for the sake of this post, assume the goal is to save $1000 dollars in the next 3 months.
Is that a realistic goal or not?
You must already know how to save money but you want to know how to save money faster than the usual way and advice.
We are going to be radical here. Here it goes:
1. Cut your spending drastically
Drop entertainment, restaurants and unnecessary shopping
I know we all have to eat and actually enjoy the food. But we don’t have to eat at a restaurant.
If you’re serious about saving $1,000 quickly, consider putting a temporary stop to eating out, visiting the movie theater, and grabbing Friday night drinks with friends.
This is just for 3 months.
You should be able to discipline yourself for 3 months, am I right?
Watch out for other insidious ways you tend to spend for the sake of fun.
Maybe you like sports and can’t miss a single home game, or maybe you enjoy a good online shopping spree.
Perhaps you like to decorate and redecorate or love to entertain large groups in your home. If you really want to save that thousand dollars fast, look for inexpensive ways to have a good time.
Cut all membership subscriptions for a while until your goal has been reached.
Evaluate necessary expenses
Spend time with your budget. Get acquainted with categories like groceries, clothing, diapers, and gas. We’re talking about areas you can’t cut out but could cut back.
Buy generic brands or store brands for a bit, 3 months only. Travel less. If you find a great deal on an item you absolutely need, buy it in bulk.
Make a list and stick to it when running errands. You might just surprise yourself with your own creativity in spending less to save more.
2. Increase your income
Start a side hustle, work overtime if you have to. Do anything to make sure by the end of your third month, you will have $1000 or more sitting in your emergency fund.
Increase your hours/start a side hustle
One of the best ways to save money quickly is to earn more money. Talk with your boss, if you have to, for approval to work overtime. Increasing your hours temporarily may be just the boost you need.
You might consider taking on a job after work or on the weekends. Many people find success with a side business, using a site like Etsy to sell their creations.
You can drive Uber or Lyft after working hours to earn more money. This is not permanent. Only 3 months.
If you don’t want to do any of these, there are other places to look for side hustles you can do to make sure your money is in your emergency fund by the end of the three months.
Sell things you don’t need in your house
Look around your house. Go to the garage, check the attic and closets for things you haven’t seen or used in a while.
Can you sell any of it?
Put up a post online or start a yard sale! There are tons of websites dedicated to helping you sell your stuff.
3. Don’t pay your TV cable
Just for 3 months. You can live without TV for 3 months. There are a lot of financial benefits to this: less exposure to spending-induced ads, lower electric bill and more time to focus on other things in life — such as a side business — and so on.
Like I mentioned earlier, since you want to save money fast, you will have to be radical.
Sell your car
Crazy, right? Here’s the thing: You might be driving around town in your emergency fund.
Take a good look at your ride to see if you could get by with an older or smaller vehicle.
If so, give her one last wash and say your goodbyes.
Purchase reliable transportation on the cheap, and you may even have enough to put away $1,000 and jump-start your debt payoff plan.
Hold savings in other areas
If you really want to save your money fast, you’ll have to halt saving in other areas like putting a pause on your retirement contributions and saving for your children’s college.
Do your best to limit the amount you save for Christmas, birthdays, holidays and family vacations.
What radical and mind shattering way have you used to save money fast?
If there’s a radical and controversial way you’ve used to save money fast and it wasn’t covered above, let us know in the comment section below and tell us how you did it so we can also implement it.
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.