If you are looking to know how to save 1000 fast to build a basic emergency fund, or following the Dave Ramsey Baby Steps, then you’re in the right place.
Saving your first $1000 dollars may seem like a big task but for most families, it can be done easier than you think.
Having an emergency fund goes a long way towards breaking the paycheck to paycheck cycle. And the best way to save $1,000 is to do it as fast as possible.
Then you can focus on saving more, after all $1,000 is a great start but one big car repair bill will wipe it out.
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7 ways on how to save 1000 fast
How can i save $1000 in a month?
If you’ve never saved anything like $1000 in a month before, this is a big ask. But there’s always a first time.
The key to your success is your focus. Create a no spend challenge where you aim to really cut back to essential bills only. Whether for one week or a whole month. Why not start the new year with a no spend January? 31 days of no spending is just the ticket for big savings.
You can also aim to have a number of no spend days this month to help you achieve your target.
1. Make one small change to your budget
Often there are little changes we can make to the budget that do not affect us in a big way but can add up to a big savings when we stick to it.
Take a look at your budget for things that come out that you may not be taking full advantage of.
Do you really use all of your streaming subscriptions? Cutting one you do not use out can often save you well over $100 a year.
Do you tend to buy a bottle of water every time you stop at the gas station? Start carrying a reusable water bottle instead.
The best way to save $1,000 is through many tiny acts of saving money.
Forget the big savings (because you’ve already been there and done that). Focus on the small things you can do every day.
2. open a new savings account
One of the best things you can do to start building your savings is to make a new savings account away from everything else.
Aim for a new bank or placed where it is not visible in your banking app without extra clicks.
This will help you keep your savings separate from your spending money. It will also help keep your emergency savings out of mind making you less likely to dip into it for non-emergencies.
When choosing a savings account consider any promotions going on like a cash reward for opening an account. Also consider the best interest deal you can find to help build your savings faster.
A high-interest savings account is a great way to get the most value for your money while it sits and earns money for you.
3. Set up auto savings
Some banks offer great auto savings programs that allow you to save a small bit of money at regular intervals. Others offer to round up when spending to help you build your savings painlessly.
These auto savings programs are a great way to save money without having to think about it.
The amount coming out of your savings is often less than a stop at the gas station for a drink and snacks but quickly adds up without you noticing.
How to save 1000 fast? Get the money out of your account as soon as you are paid. Like the very same day.
Talk to your employer to see if you can have a small chunk of your check deposited into a different account on payday.
This keeps a small chunk of your money from ever reaching your main bank account allowing you to put a small bit in savings without feeling it missing from your budget.
This is a great way to keep your savings out of sight and out of mind making it easier to grow your savings account.
4. how to save 1000 fast – Look for cash rebates
Look for small places you can bring in extra money. Any extra can be placed into your emergency savings account to help you reach your goal to save your first $1000 dollars.
Every dollar counts and you can make the most of it. Cash rebate and reward apps you can scan your shopping receipts with are a great way to earn small amounts of extra money with very little work.
Toss this into your savings account for an easy way to fill it up without taking from your family’s everyday budget.
I try very hard to never buy something without a discount code or coupon. Why pay full price if you can get even 2% off?
There are plenty of apps and browser extensions that can help you save money or give you cashback including:
Shopping apps can save you money and give you cash back. There are many different ones around but these are the 2 FREE ones I recommend.
Fetch – is a receipt snapping app. Do your grocery shop as normal. Take a photo of your receipt and upload it to Fetch to earn cash back and reward cards.
Many companies also offer money off coupons if you subscribe to their newsletter.
5. Sell things you no longer need
Spring is here and it is time for yard sales. Even year round you can take advantage of yard sale sites online to help list and sell items you no longer need.
This is a great way to make extra money and more space in your home reducing your stress. It can also be a great eye-opener to areas where you tend to waste money so you can make changes.
After selling your unwanted items you can toss that money right into your emergency savings account to put a big dent in your first $1000 savings.
6. how to save 1000 fast – Look for odd jobs
To build up your emergency savings look for odd jobs you can do to earn a little extra money here and there.
This can be babysitting, doing yard work for neighbors, house sitting, or helping someone with repairs you have the skills to do.
Taking on odd jobs is a great way to raise your income for both building your savings and paying down your debt faster.
Related post: How To Make 300 Dollars Fast: 30 Proven Ways
7. Turn your passion into a money maker
It is good to have hobbies that are just for fun and relaxation. But you can go a long way in building your emergency savings if you dig through your hobbies and look for things you can list for sale.
Handmade items make great gifts and sell well around the holidays making for a great way to earn a bit of money to buffer your emergency fund.
Related post: 41 Frugal Hobbies That Make Money For You
How to save 1000 fast for emergency savings
Saving money is all about spending less than you take home. Additionally it can be about earning extra money that is ring fenced for your savings.
All you might need to do to achieve your savings target is to monitor what you are spending you money on.
If you are on a low income, to save money fast might mean you need to follow all of the tips above and more.
The key thing is, don’t give up, keep saving something each and every day. If it takes you 6 weeks to reach your target, hey, it’s only 6 weeks!
Start taking back control of your money by grabbing your copy of the Money Saving Starter Guide today.
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Last Updated on 8th October 2021 by Emma