How to Save Money … Fast!

save money fast

Want to save money fast? Here are a few tips.

How to save money fast.

#1: Eliminate your debt. It may sound obvious but eliminating your debt will help reduce the amount of money you have to spend every month on credit card bills. Once that extra money is freed up you will have more of it to save. Plus it helps your credit which will help you get financed for a new car.

#2: Set tangible goals. Instead of saying I need to save $10,000 in two months, set a realistic goal that fits your financial situation. Don’t stress yourself out trying to reach unattainable goals. Estimate your monthly bills and income and go from there.

#3: Write done your spending. Keep a journal of what you spend every day, then write down what you saved. Keeping track of what you spend versus what you save is an excellent way to get motivated to save more.

#4: Trim your budget. Find ways to cut out extra expenses. Things like little trips to the gas station and Movie Theater add up quickly. Cut out these unnecessary expenditures and watch your savings stack up.

#5: Make savings your priority. If you really want to save your money quickly make savings your priority. Pay yourself first and then pay your bills. That will ensure that you will be saving money regardless.

#6: Reduce your bills. Sounds easy enough, but in reality you can save money on monthly bills like health and auto insurance and use that money to save. There are various ways to reduce your insurance premiums just talk to your adjuster to find out where you can trim some of the fat.

#7: Use coupons. When you purchase the necessities of life use coupons where you can. For example, items like toilet paper, paper towels, and detergent ect can all be bought with a discount if you know where to look. Buy the local paper and clip out the coupons to save money.

#8: Look to bundle your bills. Instead of paying for items separately look for ways to bundle your bills so you can save more money. Often packaged deals can be 20 percent cheaper, and if you get that discount put it in your savings fund.

Photo credit: StockMonkeys.com

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Disha

2comments
Simon @ Modest Money - August 8, 2013

Couldn’t agree more, especially on tracking your expenses, and probably itemizing them into categories. This will help you track what you spend broadly on each category and gives pointers as to the areas you should be cutting back on. Its also handy when it comes to budgeting.

Reply
    Sara - August 16, 2013

    Right on. Categorizing your expenses can really open your eyes to how you’re spending.

    Reply
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