How to save $1000 fast
How to save $1000 fast
Baby step one in gaining financial freedom is the ever so important emergency fund of $1000. Many people try to skip this step and move right into paying off debt, however the true importance of this fund is to cover you from basic unexpected emergencies, like a minor car repair, of doctors visit. Having this cushion prevents you from putting this expense on a credit card which would erase any gains you have made by skipping this step and basically get you right back to square one. So how can you get $1000 really fast, well here are some ideas.
1. Overtime at work, you already have a skill that pays you so why not see if you can get some extra hours or projects at work. This may or may not be an option but an easy first step.
2. Moonlight, if you work in a trade or field that you can use your services on the side why not. (unless your employer will find out and fire you) If you’re a painter or teacher or mechanic or whatever maybe some side jobs are the answer. Get creative.
3. Get a second job, I know it sucks but delivering pizzas or driving for Uber may be something you have to do for a while to get ahead.
4. Provide services around your community, perhaps you could babysit, mow lawns, rake leaves, wash cars, tutor kids, walk dogs, whatever it takes. Remove your ego from the equation and get out there and hustle.
5. Cut expenses, this seems like a no brainer but you would be surprised how many people overlook the extra money they are wasting each month. This is also where a budget is crucial. Cut cable for a while, become more energy conscious, carpool, pack your own lunch, don’t go out to eat, whatever you can do to cut unnecessary expenses during your initial baby steps will help.
6. Shop your policies, this includes insurance, phone, cable, whatever services you subscribe to that can be renegotiated. You can save hundreds on insurance and cable alone by shopping around. Any savings you create should go right into your fund.
7. Sell your crap, we as Americans have sooo much stuff that there is a multi billion dollar industry build around us storing our extra items call the self storage industry. Take a solid inventory of the extra items in your house, attic, garage, basement, storage unit wherever and get them on Ebay.com, Craigslist or have yards sales. This is idle cash and it will relieve stress by removing this clutter.
8. Sell your toys, this is a tough one. If you have a toy that is costing you money every month it may be time to sell it. That boat, motorcycle, ATV, or even golf club membership, it may be time to part ways for now.
9. Rent a room, perhaps getting a roommate or renting a room on AirBnB is something to consider, the extra cash and maybe helping hands depending on who the roommate is might really help out.
10. Cash in unused vacation time, putting the vacation on hold may be something to consider and getting the cash payout instead could help you to get the ball rolling.
11. Cash in rewards points, check your credit card statements and see if you have any rewards points you can cash in, don’t take the airline miles, try to get a cash deposit or statement credit.
12. Start sharing an app, Browser apps like Ebates and Honey are free to join and you get paid for everyone you refer and uses the free app to save money on their online purchase, you also save money on your online purchases when using the apps yourself. It’s a win-win.
If you have other ways on how to save $1000 fast please share in the comments so our community can benefit as well.