Strapped for cash? Here are some tips that may help you save up to a grand in just 30 days, it does require some work on your part, in the end it will be worth it.
Create a ‘no spending’ day once a week.
• Postpone a single large purchase until next month. Just wait. New lawn mower — wait. New TV — wait. New dishwasher — wait. You can set a calendar reminder to check on it in 30 days. A couple of things will probably happen when you do this: First, prices will probably drop. Second, chances are you’ll realize you didn’t really need it.
• Go cash-only. Research shows that people spend significantly more when using credit cards instead of cash.
• Buy generic for the stuff you don’t care about.
• Forget going to a bar. Ask people over for dinner. After factoring in all of the moving parts of going out to socialize — gas, drinks, food, tips, tax, and miscellaneous things such as valet or lending money — one night can easily add up to $50 or more.
• Sell one thing on eBay.It doesn’t matter what or how many things you sell. The point is not even to make much money. The point is the symbolism of cleaning your life and generating even a small amount more money than you normally earn.
• Use psychological barriers to prevent yourself from spending money. If you find yourself eating out too much, stuff your fridge with perishables that you have to eat before they go bad. If you spend too much on shopping, unsubscribe from magazines or email lists that make it easier to make purchases.
• Create savings goals. Choose two to three major purchases that you plan to make in the next couple of years and each month, direct a specific amount of money into sub-savings accounts. The amount will depend on your upcoming purchases and time horizon. Treat this money like a fixed cost, meaning you must set it aside every month like you would do for rent or utilities.
• Cut cable. The average American household pays $64 a month for cable — $768 a year. That’s a large sum to pay for a service that people often don’t take full advantage of. Netflix costs less than $10 a month and provides more than enough entertainment to satisfy most families.
