Maybe you’re trying to save for a car, rebuild your emergency savings fund, or pay off debt. Or maybe you’re trying to figure out how you’re going to pay your bills this month. Whatever the reason, you need more money. . . like, now.
Well, you’re in luck! I have 10 ways to save money quick. These tips will help you get some quick cash in your pocket and have more money flowing into your bank account for the future. Let’s do it!
How to Save Money Fast
- Cut additional spending.
- Save on the essentials.
- Create a meal plan.
- Selling things.
- Pick up a side hustle.
- Look for insurance.
- Stop investing.
- Adjust your tax return.
- Gamify your saving.
- Make a budget.
The fastest way to save money is to cut those expenses you don’t need. What I mean is, instead of making the most, it’s time to start spending the least (who would have thought?).
Start by logging into your bank account and taking a good, hard look at your purchases from the past month. Note the requirements versus the needs. If I were you, I’d put the kibosh on those wishes for a while to get that money back in my pocket!
Yes, I said. I want you to hold off on extravagant purchases – like getting your nails done, going to a sports game, and even things like TV subscriptions and morning coffee runs – at least for now. Those are all good and fun, but they aren’t necessary (I know some of you are going to come at me for that, but it’s true).
Here are some ideas on expenses to cut:
- Streaming or cable services
- Gym membership
- Subscription boxes
- Amazon Prime
- Shopping for clothes
- Go to the movies
- Sports tickets
- concerts
- Trips to the hair or nail salon
- Restaurants
- Coffee shops
- Excessive pet care costs (Fido is washed home this month)
2. Save on the essentials.
How about those expenses for you fail break? There are many ways to reduce the cost of household expenses – such as being aware of your water use. Turn off the water while you brush your teeth, people, and fix that pesky running toilet. You will be surprised at the savings!
Or even something as simple as adjusting the thermostat can help lower your electricity bill. You can also get your phone bill down by switching to a more basic plan or canceling the monthly cover.
And when it comes to saving money on gas, use an app like GasBuddy or Waze to find the cheapest gas prices in your area. Or carpool to work if you’re really serious about saving – even if it’s just a few times a week, that can add up to hundreds of dollars a month, depending on your commute!
Food will literally eat into your paycheck like nothing else. If you’re trying to save money fast, you need to break up with McDonald’s and tell Chick-fil-A that you’ll catch them on the flip side. My mother used to say it, and it’s true: “We have a McDonald’s at home.” And so are you.
Because starting today, you are going to go to the store to buy your groceries and cook your own food at home. Yes, it’s meal planning time! A meal plan does for your money what a budget does for your food – it gives you an organized plan to save money and stress (more on budgets later).
Start by making an inventory of your pantry. Then, choose a few budget-friendly meals for the week based on ingredients you already have (see, we’re already saving money!). From there, take what you need from the store and decide which nights you will cook and which nights will be leftovers.
I love planning meals that I can freeze for later. Then, when you come home exhausted from work, instead of ordering DoorDash hunger and paying twice the cost in delivery fees, you can reheat your delicious homemade lasagna. Wow, my mouth is watering. . . and my bank account is growing!
As you create your meal plan, try some of these ways to save money on your next grocery trip:
- Access your pantry before you shop (I call this “taking inventory”)
- Stick to a list
- Choose generic
- Buy what’s on sale
- Make meals without meat
- Shop at a cheaper grocery store
- Buy in bulk (when it makes sense)
- Bring cash only (this will keep you from dropping unwanted extras into your cart)
4. Selling things.
Do you want to save money fast? It’s time to clean your house! Seriously. You probably have more money than you know hiding in your closets, cupboards and garage. I’m talking about selling your stuff.
So, do some spring cleaning (even if it’s not spring) and find things you can sell and turn into cold, hard cash. Old sports equipment, hobbies you gave up on, clothes you no longer wear, that framed art print you got as a gift but never hung up – list it all online or organize a garage sale.
If you are questioning whether or not you want to sell something, my advice is to let it go. Most things you can buy later if you really need to, but you probably won’t. That exercise bike has a spider web, and you haven’t used the ice cream maker yet. Stop being delusional. Sell them.
And if you want to be radical (I am a huge fan of) and save a lot of real money quickly, you can always sell your car and get a cheaper model. Do you hear that? I’m the one screaming, “Sell your car!” That may sound crazy, but it can literally get you thousands of dollars just like that! And life without a car note could mean millions of more dollars for you down the line.
5. Pick up a side hustle.
What’s a good place to go when you’re broke? To work. If you need money quickly, getting a big boost can really help – especially if you don’t have to wait a whole month to get paid.
Some examples of side hustles that pay quickly include:
- Drive for Uber or Lyft
- Delivering food or packages
- House cleaning
- Waiting tables
- Babysitting or housesitting
- Dog walking
- taking pictures
- Selling cakes or baked goods
- Cutting lawns
- Offer lessons in a skill set you have
And if you’re not in too much of a hurry, you can also increase your income by taking on more hours or extra shifts at your current job, doing freelance work, or even asking for a raise. Whatever your schedule, there are plenty of things you can do to get more money in the door as quickly as possible.
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6. Look for insurance.
When it comes to insurance, most people just set it and forget it. But you could be overpaying every month and not even know it!
That’s why it’s important to re-evaluate and look for insurance each year. You might even be paying for coverage you don’t need – like accidental death insurance or whole life insurance (both of which are complete rip-offs, by the way).
Use the Coverage Check to find out what coverage you need to add, modify or drop. Then use an independent insurance agent to search for the best rates. Those monthly savings will make a huge difference! I just finished my annual insurance check, and in the end we did more coverage for less cash. Win!
7. Pause to invest.
This advice will not apply to everyone. But for some of you, a bit of change will come back into your budget starting next month.
Here’s the deal: If you have debt or don’t have an emergency fund of at least 3-6 months of expenses, stop investing. Don’t look at me like that — this is only for a short time. Why? Because you’re trying to do too many things at once.
Look, you don’t have to explain to me how important investing is. I want you to save for retirement (I true do). But first, you need to make sure you have enough to cover those emergencies will pop up – so your 401(k) doesn’t become your emergency fund! Investing while still in debt is like filling a bucket with holes in the bottom. It will all drop off, leaving you with nothing but fees and penalties.
So, stop your investment – and use the savings to eliminate your debt and create a solid emergency fund. Then, you can go back to investing at least 15% of your gross household income. Trust me, when you don’t have debt holding you back, you’ll be able to invest a lot more than before!
8. Adjust your tax return.
Hot character: Getting a huge tax refund is actually not a good thing. It means you overpay your taxes throughout the year and let the government borrow that money interest free for a whole year. Yikes! That’s money you could have been saving for other expenses!
Instead of giving too much of your hard-earned cash to the IRS, take home more of your paycheck by adjusting how much you pay in taxes. You can calculate your tax payment back to get an idea of how much you need to set aside each paycheck for taxes.
Or a simpler way is to look at your refund from last year. Let’s say you got $4,000 back. Take that amount and divide it by 12 if you are paid once a month or 24 if you are paid twice a month. Use that number to reduce your withholding on your W-2. In this case, you would pay $333 less in taxes each month. If you’ve been overpaying, it will feel like an instant raise!
9. Gamify your spending.
Let me just say, saving money is not always easy or fun. But there are ways to make it easier and more fun! And the more motivated you are, the faster you save.
Why not turn your savings goal into a game by doing something like the 100 Envelope Challenge? Or make it a competition between you and your spouse about who can spend less money than the other that week (the loser has to bathe the dog because we save money by grooming).
It also helps to give yourself visual reminders of your goal – whether that’s a picture of what you’re saving for or a savings tracker that you color in every $25 that is saved. Don’t be afraid to be creative and find what works for you!
10. Make a budget.
You can do all the tips I just mentioned above, but if you don’t make a plan for your money every month, you’re not going to see much progress with your savings. That’s why you need a budget.
A budget does not limit your money. It is defines your money. You decide ahead of time exactly how and when you intend to spend the money you have. And having a written plan keeps you on track to spend less and save more.
Not sure where to start? The EveryDollar budgeting app makes it super easy to create your first budget and get your money in order. And get this: On average, EveryDollar budgeters for the first time at once find an extra $332 in their budget a cut their monthly expenses by 9%!
Find money just by making a budget? It doesn’t get any easier than that, guys!