If you need to save $1000 fast, here’s 21 ways to reach your savings goal.
Bite Sized Read:
- Life happens and there are many times in life where you might need cash fast.
- Our 21 ways to save $1,000 fast include cutting your supermarket bill, automating your budget, and looking for a better deal on your power bills.
- Your income will vary so how long it takes you to save $1000 will be different but remember, you can do this.
We’re not here to judge you for needing cash, we’re here to help make it happen!
There are so many times in your life when you need cash at the last minute. It could be a broken-down car, a washing machine that floods the house, or an unforeseen debt.
Life happens and no one should judge you in tough times. Putting together an emergency fund will mean that you have at least $1,000 to help you respond to life emergencies. It’ll take everyone a different amount of time to get to $1,000 but it is achievable.
Here’s 21 ways that you can save $1000 fast:
Save $1000: Cut back your spending
1. Adopt a 24 hour rule on spending decisions
Be clear on your motivation. Your future employer may ask you the question outright. Have an answer prepared and ready to go.
2. Try a no-spend month to control your spending
Taking a month to spend only on essentials like your rent will help reset your financial habits.
3. Subscribe and unsubscribe to mailing lists
Subscribe to mailing lists that will help you develop strong financial habits. And unsubscribe from those alerts that will tempt you to spend when you don’t want to.
4. Cut back on your unused gym membership
If you haven’t used your gym membership despite signing up with the best of intentions, let it go. You could get a refund on the time remaining on your membership or sell it to someone else.
Save $1000: Adopt a savings focused mindset
5. Believe you can save money
If you feel like you can’t save money, you’ll achieve that aim. What you tell yourself is important and you can save money to be able to support future you.
6. Surround yourself with like-minded people
You’re the average of the 5 people you spend the most time with. Surround yourself with people who will help you save money.
7. Set a timeline for your goal
Put together a deadline to save $1000 and actions to get you there in time.
8. Consider the life energy you exchange when you buy something
Time at work is trading our life for money and buying things gives away that energy. Consider what is really worth buying based on this.
Save $1000: Embrace a budget to save money
9. Envelope budgeting can help regulate your cash flow
If you’re feeling like you’re constantly spending money, go back to cash. Using physical money in envelopes for different budget items can help reset your spending.
10. Budgeting apps help you budget on the go
A good budget app will help you monitor your spending to help save money.
11. Automate your savings within a budget
Work out how much you can afford to save each month from your budget. Then automatically transfer that amount into a separate savings account.
Save $1000: Increase your income
12. A side hustle can add extra income to your budget
Work on how much time you have and select a side hustle that makes the most of your skills.
13. Declutter and sell what you don’t need
Go through your house and sort through what you do and don’t need. Sell the items you don’t need on second-hand selling websites.
14. Marie Kondo your wardrobe, selling the rest
We wear 20% of our closets 80% of the time. Take inspiration from Marie Kondo and sort through your wardrobe, selling your clothes that longer spark joy.
15. Ask for a raise if you can show your value
Rather than asking your boss for a raise for doing your job, be prepared to show how you’ve added value.
Save $1000: Save money on everyday expenses
16. Edit your ongoing financial subscriptions
Go through your bank statements for regular amounts paid each month. Look at subscriptions you actually get value from and cancel the rest.
17. Negotiate your power bills
Compare your power bills with other providers and consider switching to a better deal.
18. Break up with takeaway apps
Delete takeaway apps off your phone and buy ingredients to cook with so you have no excuses.
19. Save money on your grocery bills
One of your biggest expenses is likely food so saving money on your grocery bills adds up.
20. Check your phone plan
Taking 15 minutes to check your phone plan and see if a better plan could save you money.
21. Switch your bank accounts when appropriate
Many of us still have the first bank accounts we ever opened. Look at other bank accounts and see if you could save fees or get better interest elsewhere.
Having $1,000 saved is a gift to future you.
How long it takes you to save $1,000 will be different but it is achievable. The effort to save now can save you multiple financial headaches in the future.