Are you trying to get better with your personal finance habits? Setting some savings goals is a great place to start if you’re trying to get your checking account back in order. Establishing healthy and sustainable habits is essential when you want to start building long-term wealth.
Saving money is not only good practice because it teaches us how to stop overspending, but it also has the ability to put quite a bit of extra cash into your savings account.
If you’re looking to set aside more money to improve your overall budget, a savings challenge like saving $1,000 in 30 days could be the perfect place to start! To plan how you want your money set aside, here’s a breakdown of how you can schedule your savings. Saving $1,000 in 30 days comes out to just about $33.33 a day, $250 a week, or $500 bi-weekly.
Check out these helpful hacks that could help you save hundreds and reach your goal of saving $1,000 in 30 days. Your budget will thank you later!
Tips To Try When You Want To Save Money
If you’re trying to save $1,000 in 30 days, you’ll need a solid foundation. Try any of these helpful tips that will help you save money:
Eat Out Less
Spending money on quick takeout might seem like a cheap way to grab a meal, but if done habitually, this can turn into a bad habit when you’re trying to save money. Instead of spending $10-$20 on a single meal every day, cut costs by cooking food you already have in your house or go shopping for fresh groceries.
Purchasing food from the grocery store and cooking at home most of the time can make a huge difference in your savings. You could possibly save hundreds of dollars a month just by cooking at home instead of ordering out regularly.
Try a No-Spend Money Challenge
A great savings tip for trying to put extra money away is trying a no-spend challenge. To do this, make a list of all your essentials that you must spend money on every month. These essentials should include items like gas prices, auto insurance (if you commute/use your car regularly), and other regular expenses.
After you’ve figured out how much money you are committed to spending each month, stick to that number. Avoid the urge to shop for extra items you don’t need, and you may be surprised to find you are spending less money each month. The more you save money, the sooner you’ll be able to reach your goal to save $1,000 in 30 days.
View Your Insurance Policies
After signing up for an insurance plan, most people just let it fall into the background of their lives and forget about it. But if you check in with your insurance companies often, you may find that you are often eligible for a better deal on a cheaper plan.
For example, if you’ve had a vehicle for a while, you may be qualified for an improved car insurance plan. To find out if you could be getting a better deal on your insurance costs, feel free to reach out to your insurance companies at any time. The more money you save on insurance, the faster you’ll be able to reach the goal to save $1,000 in 30 days.
Watch Your Monthly Subscriptions
Between music, television, and other media streaming services, it can be easy to forget which ones we’re signed up for. Take some time to look over the debit expenses on your checking account and make a note of which streaming services you’re paying for. Then, think about how often you use each of those services. Do you really need Netflix, Hulu, Amazon Prime Video, and that Crunchyroll subscription? Probably not. Cutting costs on monthly subscriptions you don’t use all the time can be the perfect way to save money without disrupting your everyday life.
Pro tip: try the la carte method. Instead of having many different subscriptions, just individually purchase one item at a time as you want them. That way, you’re paying for the only thing you want. An example of utilizing the la carte method would be canceling an annual pass to a museum or amusement park, and purchasing a day pass for the individual days you want to go. When you’re free of the obligation to utilize your annual pass, you may find you go less often than you thought!
Get a Separate Savings Account
Separating your extra money into a second savings account may help you prioritize your funds so you can save $1,000 in 30 days. Sometimes, if you see you have more money in your checking account than you thought, you might be tempted to splurge and spend on something you wouldn’t have if you didn’t see that money in your account. By physically moving your money into another savings account, you will be less likely to spend it spontaneously. Out of sight, out of mind!
Carpool and Share With Friends
When looking to save money, taking turns driving to work with co-workers may be a great way to cut costs on your daily commute. To start a carpool at your office or workplace, feel free to ask around or post a flyer in a public area to see if anybody is interested.
Why You May Need to Start Saving Money
There are many different reasons why people may need to start saving money. Some common personal finance areas people often struggle with are:
Keeping up With Bills
Insurance costs like car insurance and other monthly expenses can add up quickly. If you don’t make enough money to pay your bills, it can be extremely difficult to save money and set aside $1,000 in 30 days.
Struggling With Debt
Credit card debt, student loans, medical costs, and more can put people in a pit of expenses that make it a struggle to save $1,000 in 30 days. When all of your extra money is going towards debt, there sometimes isn’t enough to set aside for any kind of savings challenge.
Having a Shopping Addiction
When we’re stressed, it can be tempting for many people to turn to shopping or unnecessary spending in order to find some sense of joy. After a long day at work, sometimes buying a new decoration for your house or spending a little extra money on some treats at the grocery store can help us feel better, or so we think. But when you’re trying to save money, needless shopping can really set you back.
Thankfully, you can overcome these financial struggles and get your budget back on track with a little bit of planning and discipline. Once you have your expenses under control, you can start to focus on saving money to get $1,000 in 30 days.
Save $1,000 in 30 Days Using the Envelope Method
The envelope method, also known as the envelope budgeting method, can help you save enough money to reach $1,000 in 30 days. By using the envelope method, you can visualize where your money is going and create a customized budget. When you gear your budget towards your specific needs and goals, you can prioritize your spending to make sure you reach $1,000 in 30 days.
Here’s how the envelope method works:
First, make a conservative estimate of your monthly expenses and label an envelope for each. You should include all essentials like gas, insurance policies, food, various bills, etc. You can even get a free printable online to decorate your envelopes and make your savings challenge more fun. After you have all your required spending mapped out, plan how much money needs to go towards each essential every month.
Then, every time you get a paycheck, cash it right away and distribute the money into their designated envelopes. Physically seeing where your money is going can help you visualize your budget and make more conscious decisions about your dollars. You can even set a specific envelope for your savings challenge goal of setting aside $1,000 in 30 days!
Other Ways To Get More Money
Perhaps you don’t have time to wait to save $1,000 in 30 days. If you need cash for emergency expenses now, here are a few options that could help cover your costs.
Find a Loan
A fast way to get $1,000 in 30 days would be to simply take out a loan. Funding like online personal installment loans could be a way to get the money you need without cutting expenses upfront. However, don’t forget that loans have interest rates. So, if you decide to use a loan to save $1,000 in 30 days, make sure you have enough regular income to cover paying back your loan plus the interest costs.
Ask Your Employer About Overtime
Working overtime hours is another way to earn extra money when you’re trying to save. After you reach 40 working hours within a given workweek, any additional time spent working means your employer owes you overtime pay.
With overtime, you get paid time-and-a-half, so working those extra hours can earn you even more money. Being paid time-and-a-half means that your pay rate becomes one and one-half times your original rate. So, if you earn $18 an hour regularly after you reach 40 hours for the week, you’ll start to earn $27 an hour. By working just a few extra hours a week, you could start building an emergency fund or work towards a savings goal of getting $1,000 in 30 days.
Work a Second Job
If your current job doesn’t offer overtime pay, you could try getting a second job to save money. If you have a 9-5 job during the week, you could get a second job working weekends or before/after your regular working hours. But, make sure you also focus on your mental health and don’t overwork yourself. Trying to save $1,000 in 30 days is a great personal finance goal, but not if it makes you unreasonably stressed.
Have a Yard Sale
Having a yard sale is something most people do when they have extra or unused items piling up around the house or in storage. By selling items you already own, you could clear out some space in your living area as well as earn money for your savings account.
To prepare for a yard sale, go through your house and really focus on everything in the room. Are there items stored away that you haven’t used in a few years? Do you have clothes in your closet that no longer fit or aren’t a part of your daily wardrobe anymore? Did you forget you had that extra television in the attic? Chances are there are things around your house that you wouldn’t mind selling in order to earn more money for your savings goals.
Now that you know a little more about savings tips and tricks, doesn’t saving $1,000 in 30 days seem much more manageable? Setting your budget up for success doesn’t have to be complicated; all you need is a plan and motivation. Good luck!