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Today’s post comes courtesy of Chris at LifeUpswing.com. Chris has a degree in Business Economics from the University of Liverpool, owns a small fast food business, and runs LifeUpswing.com. He will help you to make money, save money, and think about money in a way that will give you back your freedom.
3 Top Tips For Saving Money Fast
Do you feel like you can’t save money? Perhaps you’ve tried before but having a tight budget has made it difficult to build any meaningful savings. The good news is that saving money fast is possible. You just need to know how to do it!
I’ve put these 3 tips together for anyone that wants to save money fast. Maybe you want to build an emergency fund, save for a deposit on your first home, or pay for your dream holiday! Whatever you want the money for with these ideas you can get it saved up quickly.
Save Money Fast By Cutting Expenses
Cutting expenses may seem like an obvious thing to say, but if you do it properly you could easily save lots of money fast!
Start by making a detailed budget. Include every expense down to the last cent. Once you can see exactly where your money is going you can work out what to cut. Saving $100 per week adds up to $1000 in only 10 weeks!
Make sure to review your budget every week. Doing this means you can keep on top of where your money is going and reach your savings goal quicker. How do you decide what spending to cut out? Here are some suggestions.
Entertainment
Eating out, shopping with friends, and trips to the movies are all fun things to do. However, the cost over the month can be a lot. If you want to save money quickly, then cut these things out or reduce them. For example, maybe limit yourself to one meal out a month.
Alternatively, look for cheaper options to do with your friends. You could take turns hosting meals at each other’s homes. If you love to shop, try shopping at thrift stores and making a game of it. Who can get the best outfit for $25!
You don’t have to cut everything out as everyone needs time to have fun and relax. The goal here is to be mindful of your spending and not spend on entertainment unnecessarily.
Food
A big expense for many people is food. Most of us love to eat right! To save money on your food bill try buying cheaper brands when you go grocery shopping.
Another way to save money on food is to always make your own lunch for work. Buying food on the go can get expensive. Plus, it’s much healthier to make your own!
One more tip is to seek out coupons, discounts, and cashback when shopping. If you can earn some money and save some at the same time, then you will save money even faster! Check out sites like Ibotta or the Honey browser extension for cashback and discounts.
Negotiate The Bills
You may not know this, but most bills are negotiable. Check all of them – cable, cell phone, insurances, and energy to see if you can save money. If they can’t be reduced, then check when the contract ends. At renewal make sure to shop around to save money.
Make sure to go through any subscriptions you pay such as gym membership, TV services like Netflix, or magazine subscriptions. If you are not using the service any longer get it canceled!
Remember, your goal is to save money fast. If you can cut $100 a month or more from your bills this will help you reach your goals quicker.
Save Money Fast By Earning More
Earning more money is an easy answer to give, but is it easy to put into action? Yes! Earning extra money is easy, you just need to know how to do it. Plus, any extra money you earn could go straight into your savings helping you reach your savings goal faster. Here are some tips to earn money on the side or increase your income.
Ask Your Employer
If you are currently employed, then asking for a raise is one way to earn more. Depending on your schedule you could also ask to increase your hours or if there is any overtime available.
Your current employer may not be able to help you. In that case, you could look for a part-time job to supplement your income. If you are wanting to save money fast, then you could simply work part-time until you reach your savings goal!
Start A Side Hustle
These days there are lots of ways to earn money on the side. You can earn money on the side working online or offline. Online you could start a blog, freelance, or sell hand-crafted goods.
To make money fast there are lots of jobs you could do offline. Ask around family or neighbors if they need any work doing. This could be cleaning, gardening, or babysitting. Other jobs you could look for include driving for Uber, working as a delivery driver, or being a personal shopper!
Think about your skills and how much spare time you have. Look for opportunities that fit in with your schedule. Any money you earn can be added to your savings helping you save quicker!
Sell Your Stuff
A quick way to make some money is to sell your unwanted stuff. Have a good look around and see what you can get rid of. Shoes, clothes, and technology are all easy to resell.
You can sell things online using sites like eBay or Decluttr to make some quick money.
Alternatively, you could have a yard sale. Make sure to let friends, family, neighbors, and work colleagues know. Put a post online as well. The more customers that come the more money you can make!
One Last Tip To Save Money Fast
OK, here is the last tip to help you save money fast. Sell your car. That’s right, one of the fastest ways to save money is by selling your car or switching to a cheaper car. After paying for housing, a car is most Americans’ second-biggest expense.
Paying the car loan, insurance, gas, maintenance, and any other costs can cost an eye-watering amount in some cases. Many people could easily save $500 a month or more just by not having a car!
Check out local transport in your area to see if it could replace using a car. Don’t just check cost but reliability too.
For many people using local transport is not an option. It may be unreliable, expensive, or you may feel unsafe. That’s fine instead of selling your car you could cut car expenses by getting a cheaper car. Another idea is to ask colleagues if they want to carpool. At least you can save some gas money by carpooling!
Final Thoughts
Saving money fast is definitely doable if you follow these great tips. Make sure to set realistic savings goals and create a budget that you know you can stick to.
If you do this, then you will easily reach your savings goals! You just need to believe in yourself and stick to your budget. You can do it!
Author Bio
Hey, I’m Chris. I have a degree in Business Economics from the University of Liverpool, own a small fast food business and run LifeUpswing.com. I will help you to make money, save money, and think about money in a way that will give you back your freedom.
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