Saving money is a given in the real world. There’s bills to pay, rent to keep track of, and the everyday necessities it takes to make a nice living.
But what happens when you need to save a decent amount of money in a short amount of time?
There are reasons for having to accomplish this like paying off debt, working toward a much-needed car loan or just wanting to take a vacation, ASAP.
It may seem unrealistic at first, but there are doable ways to tackle it. You just have to have the right mindset.
On that note, here’s how to save money in a short amount of time:
1. Budget your weeks.
Figure out what you spend in a week. Your cost of living definitely needs to be considered in order to save more. If you aren’t budgeting your week-to-week expenses, start now. This keeps you in check of what you need to spend money on and what you don’t.
If you aren’t budgeting already, our monthly template will get you started.
2. Consider these questions:
- How much do I usually spend on food?
- How can you cut back in the next few weeks?
- Are there cheaper options/brands I could purchase instead?
- How much do I spend on transportation?
- Can I cut down my travel time at all during the week? Is car-pooling an option?
- How much do I spend on rent/bills?
- Are my bills fair? Can they be lower?
These are the main expenses that that occur on a weekly (though some may be monthly) basis.
If you can determine exactly what is spent a week, than you can really start understanding how to save more money, which leads to the next point…
3. Cut out unnecessary expenses.
The amount of “stuff” that you spend money on would make a shockingly dramatic difference in your bank account if you didn’t buy them. The things that you are used to purchasing, try to replace or cut out all together for the time being.
Do you really need to get your nails done at the salon? Do you really need the new matte lipstick, along with the 7 others in your collection? Do you have to eat at a restaurant more than once a week? Definitely not.
Start cutting back on the wants and only purchase the needs. When we are used to indulging in our little weekly expenses it seems like it would be hard to break it. The truth is, however, you will be just find without them.
Go the extra mile: If you’re really struggling with this, we have a step-by-step guide for you right here on How To Create a Budget That Works With Your Spending Habits.
4. Put more than half of your paycheck into your savings account.
This is probably the most important aspect of all. Save way more than you are spending. Cash just enough for you to pay for your necessities during the week, with a little wiggle room. The best and most effective way to see your bank account rise is to save as much as possible when you get that paycheck.
Make sure to put the appropriate amount into your savings, as well. You don’t want to put in too much and have to transfer some money from your savings back to your checking. Depending on your bank, you can get charged for doing this a certain amount of times. The bottom line: Avoid transferring too much.
There are also incentives that banks give away for saving or using their debit/credit cards, where you can actually earn money back! So, pay attention to those, too.
5. Choose hobbies that require little to no spending.
We’ve got to keep ourselves entertained, right?
If you’re a heavy spender on activities, sports, and going out with friends, start finding other things to satisfy your free time. It’s totally doable to cut out our routine (and probably overpriced) outings and replace them with exciting new adventures.
Reading, going to the park, riding bikes, jogging on a nature trail, watching Netflix, hosting get-togethers at your place, and cheap bottles of wine go a long way.
Maybe it isn’t your ideal way of having fun, but it sure beats the price of what you’re used to. The options are endless, you just have to get a little creative.
6. Get a side hustle.
What better way to save more money, than to have more money coming in? There are so many jobs that you can pickup on the side, depending on your schedule. There are always shifts to pickup at bars where you can rely on tips, parents looking for babysitters (that more often than not, pay extremely well), and freelancers looking for writers/bloggers.
The only thing you’re giving up here is time, but the outcome will be even greater than you expected.
Explore other options, define what is is you’re good at and what you can handle doing, in addition to your regular job. A side hustle is no joke and you will have to rearrange a few things to accommodate the demands, but just like anything else, it will become routine.
You can do it!
Keep working toward what you want. If it’s going to cost a little extra, a little sooner than you were hoping, just work week by week.
Before you know it, you’ll see your bank account just where you want it to be and it’ll be all thanks to your self-disciplined, financial-conscious, and determined self.
How will you save more money?