How to Save Money Fast: 10 Tips for More Cash in the Bank
One interesting side effect of the pandemic has been that it’s putting saving in the limelight. More Americans have seen the importance of having an emergency fund. In fact, the US savings rate hit 33 percent earlier this year.
Whether you’ve been saving for a little while or an emergency expense has you needing to get some funds ahead now, you’re looking for the best advice on saving.
These 10 tips for how to save money fast will help you get more cash in the bank today.
1. Start with a Budget
The first step for how to save up money fast is to start with a plan. After all, it’s hard to figure out where you can cut back or start saving if you’re not looking at the big picture of where your money is going right now.
Start by outlining every expense you have, from rent down to subscriptions. Don’t forget debt payments or the electricity bill. If you need to, pull out previous bills and jot down the exact amounts.
Once you’ve done this, take a look at what you make in a month and what you should ideally spend. Some costs will be fixed, so you may not be able to make changes there.
Finally, be sure to factor savings into your budget.
2. Eliminate Debt
If you’re wondering how to save up your money fast, then take a look at what’s going out of your accounts to service debt.
The cost of debt often outweighs the benefits of savings. The interest rate on an auto loan is usually higher than what you’ll make by putting your money in a high-interest savings account.
You might think it’s a good idea to start putting money into that account, but it’s actually a better idea to pay off your debts. This will free up more money in the long run, allowing your savings to really add up fast.
Use the snowball method to pay off debt faster. Start with the lowest amount owing, then roll that payment into the payment on the next smallest loan.
Once your debt is gone, that money can all go straight into savings.
3. How to Save Money Fast Just by Asking
Another way to free up more of your budget is to ask. You can often score discounts and deals just by asking.
If you’ve been a good credit card holder, for example, you might be able to ask your card issuer to give you a break on the interest rate. Talk to your insurance provider and see if they can’t offer you something for having a clean driving record.
Your phone company, Internet provider, and more may be willing to offer you a better deal to keep your business.
4. Trim Your Costs to Save Money
Asking for discounts is one way to start trimming your costs. You can combine it with this next entry on the list of how to save money faster tips.
Look back to the budget you made. Where can you cut your costs? You could switch to a different phone plan or Internet package.
You might be able to trim your grocery bill. You can buy less or choose generic brands. Look for sale items, and plan to cook big batches of meals at home.
Do you have any subscriptions you’re paying for but not using? It’s time to get rid of them.
5. Put Savings on Autopilot
Suppose you’re wondering how to save money really fast for a house or you want to kick start a retirement fund. It’s a good idea to put your savings on autopilot.
You can set up automatic withdrawals to a savings account. You may even be able to ask your employer to set up deductions to savings.
Some bank accounts and credit cards offer cash back features as well. Take advantage of these.
6. Practice Your DIY Skills
Another great tip for how to save money fast is to learn to do things yourself. Instead of going out to eat, think about learning to cook a delicious meal at home. You can master your morning cup of coffee no problem.
Even tasks like oil changes for your car can become DIY jobs. Check out YouTube and follow along with the steps there. You’ll save yourself quite a bit of cash and learn a helpful new skill.
7. Freeze Spending
If you’re an impulse shopper, this tip is designed just for you. Take the money you were going to spend and stick it in your savings for 30 days.
After 30 days, if you still think you want or need the product, then you can take the money out. Most of the time, you’ll have forgotten about it or realized you didn’t need it. Your money thus stays in your savings.
An easy way to reduce temptation is to unsubscribe from email newsletters. Marketers are great at getting you to want things you don’t need, so don’t even let those emails near your inbox.
8. Start Tidying Up for Tidy Sums
Another step you can take is to declutter your house.
You may find there are plenty of items you want to part with that could bring you a pretty penny. Try selling some of these items online, take them to the local pawn shop, or even consider having a yard sale.
Once you’ve finished tidying up, you may find you have a tidy little sum to start your new savings account.
9. Take Advantage of Employer Pension Plans
If you’re thinking about how to really save money fast, then it’s time to take a look at your employer’s pension plan options. You may be able to take advantage of an employer match for your contributions.
Pension plans often take automatic deductions from your paycheck, so this helps you meet your savings goals automatically. Your employer’s contributions will help you build your savings even faster.
Keep in mind that the pension plan can be cashed out before you retire, but it’s best if you leave it for the long term. Also keep in mind that saving and investment gains can be eaten up by the cost of debt, so put your funds to paying down debt first.
10. Become an Eco-Friendly Homebody
If you really want to save some cash, think about making some lifestyle changes. Going green and sticking closer to the home could help you save even more.
By sticking closer to home, you’ll spend less money on gas or commuting. Invite friends over for an evening instead of going out on the town.
You can also think about reducing your energy costs around the house. Even just turning out the lights or getting an extra hour of sleep is friendly for both your wallet and the environment.
Get Ready for a Brighter Financial Future
If you’ve been wondering how to save money fast, these ten tips will help you kick start your savings fund. Try any or all of them and you’ll soon have more cash in the bank.
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