American billionaire, Warren Buffet once advised, “Do not save what is left after spending but spend what is left after saving”. The impulse to always spend money is common to all human beings, but we need to save for rainy days.
And you can start cultivating a healthy savings culture by setting aside $1,000 of your earnings in a month. And it isn’t hard; you need only to start. So here is a list of 10 ways you can save at least $1,000 in a month! Yes, $1,000 in 30 days!
1. Budget and Choose How to Save
Personal and home budgeting is important to help you know how much you spend in a month. This enables you to estimate what to spend for the new month and where you can reduce costs.
For instance, the goal is to save $1,000 for the next 30 days. Find 10 areas in your budget where you can reduce spending and save $100 or find 20 areas where you can save 50 dollars each.
Also choose a platform for saving. Do you want to save that cash every day in your piggy bank or would you like to use a savings app linked to your account?
2. When Shopping, Buy Only What You Need
It is important to remember that in order to reduce spending and increase savings, only buy what you need. Always write down what you need and avoid impulse purchases. Buying groceries that you need can help you save $25–$50 dollars a week. Endeavor to also buy things in bulk.
3. When Buying a Product or Service, Consider Alternatives
Consider many alternatives before choosing one thing. It can help you save a couple dollars. And try going for cheaper brands and generic products.
4. Avoid Getting Into New Debt
To truly save, you have to eliminate debts. When shopping, try to use cash instead of your credit card to avoid new debts or overspending. This makes you avoid impulse purchases for non-budget items.
5. Cut Costs on Gas
Car owners are constantly spending on gas, but cutting costs on fuel can help you save about $100 a month. It also reduces costs on paying for parking tickets. Consider other options like carpooling with colleagues, using public buses and trains, and riding a bicycle. Only use your car when it is truly needed and plan your journeys well.
6. Reduce Eating Out
Another way to save extra cash is to reduce eating out. Preparing your own meals and fess frequent visits to restaurants can help you save up to $200. Similar to this, you can also pack your own lunch for work and save about $5 daily.
7. Reduce Spending on Subscriptions
Reviewing how much you spend on various subscriptions can help your savings goal. You might want to cut or reduce costs on any of the following; Cable TV, internet subscriptions, mobile app subscriptions, gym memberships and the like. Think thoroughly about that subscription and if it gives value to you. If it doesn’t, don’t renew them. You can save up to $200–$300 in this aspect alone.
8. Get a Penalty Jar to Help Get Over Splurges
You would be surprised at how much you can save on those splurges (the little things like soda, coffee, pastries, candy, booze, and cigarette) you constantly buy. To give up on those can be hard but here is a solution. Get a penalty jar and for every time you buy one, save that exact amount in that jar. This will help you to reduce splurges and still save between $100–$200 dollars a month.
9. Start a Savings Challenge with Family and Friends
Share your savings idea with friends and family and challenge each other to save a certain amount daily, weekly or monthly. This helps your accountability when it comes to savings.
10. Think of How to Make Extra Cash No Matter How Small
Saving is not only about reducing costs but finding new means to make extra income. Find something to do during leisurely time that can get you extra cash. It could be anything from freelance writing, design, blogging, woodwork, teaching, photography, etc. Just find out what you are good at and have it earn cash for you.
Now you have seen ways to reduce costs and set aside some cash to have a monthly savings of a thousand dollars. So go ahead and start saving today!