How to SAVE $1,000 FAST?

5 STEPS TO HELP YOU SAVE $1,000 FAST!

Hi everyone, been a while since my last post but I am happy to be back right before the year ends to help you all with your financial needs coming into 2021. It has been an extremely rocky year for most of us but I hope to be able to give you some awesome tips to help you SAVE MONEY FAST!

Of course, just like everything that is worth wile, it takes time to develop the habits to push us to save our money as we are conditioned to spend it. So your first Tip is the one that you will have to sit down with yourself and figure out where you are spending your money.

1. Review Your Bank and Credit Card Statements

I promise if you take your time to do this first step, which can be cringing for most of us, it will really set you up for being able to handle your money to benefit you. The easiest thing to look for is for any SUBSCRIPTIONS that you are paying for monthly that you are no longer needing or are unaware of. For example, if you have a Gym Membership that you do not use any more, try canceling that. Amazon Prime Video Subscriptions that you hardly ever use are great ones to cancel too. Maybe you have a car wash subscription that you rarely take advantage of???

Managing and/or cancelling any unwanted or surprise subscriptions helped me save up to an extra $55 a month that I was just wasting away and did not know about it. try this one right away and even if you save $10 a month, its better than wasting it right?

2. Stop Spending So Much Money On Food.

We all enjoy FOOD! Its how we survive! But understanding how much of that food is a necessity and how much is luxury is super important to help you save up those first $1000 faster. For instance, if you are a coffee person and love a specific kind of coffee everyday, add up how much money you spend a month on that particular coffee.

When I did this, I could not believe how easy a $3.50 coffee drink every once in a while turned into a $63 a month expense.

Do this with some of the food you enjoy that is more on the luxury side and try to cut it in half. That helped me reach my goal of saving $1,000 so much faster!

3. MOVE YOUR SAVINGS

What if I told you that your money sitting in your savings is making you money every month? Intriguing right? Okay, now what if I told you you can multiply whatever that amount is by switching to an ONLINE HIGH INTEREST SAVINGS ACCOUNT. Being loyal to your current bank or credit union is something can be growing your money too slowly.

When I switched over to an ONLINE HIGH INTEREST SAVINGS ACCOUNT I went from earning .02% APY (which was giving me like 10 cents a month) to 1%-4% which I am now earning more than $20 extra a month in dividends. It is a little bit of a hassle transferring your savings around but completely worth it in the long run to help you get to your savings goals.

4. SELL YOUR OLD STUFF

Departing with some of my old stuff that I thought I needed gave me a boost to help me get to my money savings goals much quicker. Look around your house, garage, closet, etc to find valuable things that are no longer valuable to you. You can trade in your old clothes for cash, sell your old video games that you no longer play, or place some items on eBay that can surprisingly be worth a good chunk of change.

I am into tech so getting rid of some old cameras that I have not even touched in years gave me that boost into the money savings that I needed. Think about some of the things that you can sell online or to somebody you know.

5. MAKE YOUR PURCHASES WITH A CASHBACK CREDIT CARD

This has been the most beneficial way to really save my money on purchases that I had to make every month. When i pay my bills, or grab some groceries, by using my cash back credit card, it's like I am getting a discount on every single thing I purchase.

At the end of the month, I use the cash back rewards to lower my monthly statement which in turn helps me reach my money savings goals much faster.

Take these tips and use them a little, or a lot, but I guarantee it will make a positive impact in your financial journey to bring success and control into your life.

Hope you enjoyed this post and if you can please send to some friends to help me help them out.

Happy Wealth Building

-Ruben D.