Everyone would like to save more money, but where do you start? Try some of these 10 tips on how to save money fast and watch the magic.
Maybe, you can incorporate on or two right away and they will make a big difference. Then just keep learning and adding more and more methods of saving money fast.
#1-Believe You Can Save Money
First, you have to believe that you can save money. When you have doubt with this it will be a lot harder. Picture yourself having the amount of money you desire and let that image be printed on your brain. Tell yourself you are good at saving money and you have no problem saving money. Saving money fast hast to be on the front of your mind.
#2-You Need a Monthly Budget
Having a monthly budget is so important! I know, you have been told over and over to budget. It’s hard to have that much discipline. If you really want to save and build net worth then use a simply monthly budget with net worth. Just do it! Go ahead and click here to download the one I use for free.
Budgets will hold you accountable and give you more drive to achieve your financial goals. You do have financial goals right?
#3-Shop For Better Insurance Rates
There is no harm in shopping insurance companies for better rates. This is just another thing many people don’t do because they are laborious. This is a great way to save money fast.
Let’s face it, is sucks being on hold (or on forget) with companies! Most of the insurance companies don’t want to be on the phone either.
Just google a few companies and you will see where you can apply for a quote on their website. It really doesn’t take long and you don’t need a lot of information to do it.
Compare apples to apples. For example, your homeowners insurance has a deductible. Make sure the deductible for the new quote it the same or close. Another big one is replacement cost value (RCV) vs. actual cost value only (ACV).
I don’t want to go down the long-drawn-out road of what the difference is between these two different policies are right now. If you have some questions about this please send me a comment.
#4-Change Your Tax Withholding
Some people really look forward to the check they get every year from the IRS. They make plans for spending it. Hopefully, it is to pay down debt.
Too many times it’s like a windfall and people think it is free money they can splurge with instead of saving.
I challenge you to change your tax withholding so that you get the money up front in you paycheck. That extra money can be put toward savings or investments.
#5-Keep Money in Your Checking Account
Challenge yourself to keep, I don’t know, around $1000 in our checking account. How does that help you save money?
When you decide to purchase something you will know that you have enough in your account to cover it. You won’t be tempted to use that dreadful credit card and end up paying more for that X Box in the long run.
#6-Pay Off Debt
You are told over and over to pay off debt. You know you are supposed to. You are reminded every time you see the interest charges on that Capitol One credit card. Urgh! Just throw your money out the window. Those interest charges are the opposite of saving money.
#7-Lock Your Credit Card
Speaking of paying off debt, how about not incurring more? Log into your credit card website and lock that sucker. Most companies have this feature. You can lock it (so no one including you can’t use it) and unlock it whenever you need to.
Then you will be forced back to the checking account for purchases and maybe think twice about it.
#8-Sell Your Crap
Get rid of the stuff you don’t use anymore. You know, that old school blender sitting in your basement. You wouldn’t believe how bad someone wants that thing and will give $10 for it.
Craigslist and letgo.com are a couple of places to start. Facebook marketplace or our Nextdoor app where you read crazy stuff about people complaining about barking dogs. Then people reply with some very hurtful comments about how they should invest in noise canceling headphones and shut up.
#9-Put Money in a Microsavings Account
Sign up for Acorns. This is an app that saves your spare change on purchases. Let’s say you go to Walmart and buy Redbull. It cost you $2.50, $2.70 with tax.
Acorns will round that purchase up to $3 and put the 30 cents toward your micro investing account automatically. This can really add up over time and you don’t even miss the extra cents that are taken out of your checking account.
#10-Start a Side Hustle of Side Gig
Start a website and build a business. You can build a real business with the proper training. A very popular online business to start is affiliate marketing.
See also: How to Start Affiliate Marketing Business.
My recommendation for this is Wealthy Affiliate. You can start for free and get going on the training.
Have a website up and running by the end of the day today. For more information (if you are serious about it) check out my Wealthy Affiliate Review For 2020. There is no obligation to get started and it is not a get-rich-scheme.
The most important thing of all this is to take action. Get going in the right direction. You have been talking to yourself (and maybe arguing with yourself) long enough!
You can’t catch fish unless your line is in the water. Just decide today that you are going to take some type of action. Not tomorrow! Today is the day.