How to Save $1000

Saving money is hard, especially when there are so many shoes. For over fifty percent of Americans, there is less than $1000 in their bank account. Forty-six percent of people count their biggest money mistake as not saving enough money. Financial experts say that the average person should have a savings account totaling three months of your salary. If your eyes just got huge thinking about your zero balance, you’re not alone. That kind of money is almost unheard of to most people who are living paycheck to paycheck.

Every savings plan starts small. No one goes into saving money and thinks about the huge picture because it’s just not feasible to have lofty pursuits. Saving money seems impossible to many Americans, but it isn’t. Even if it takes you a year to save a thousand dollars, at least at the end you’ll have a small cushion.

The Savings Secret

The worst part of saving money for a lot of people is that they think the money just isn’t there, and for some people it might not be. However, for many, it is possible. Make a small goal, like a thousand dollars over the course of a year. If you do the math, that means you’re saving approximately eighty-three dollars a month, or twenty dollars a week. Seems a little bit more possible now, doesn’t it? There is a lot of wasted money in foolish expenditures, and following some small tips can help eliminate those costs.
Give It Up –If you’re one of the five hundred people in a given Starbucks in a day, then you should do some simple math. A five dollar cup of coffee is costing you twenty-five dollars during the work week. You can buy a huge canister of coffee for around $10. If you’re willing to make your coffee at home or give up getting your nails done, you’re well on your way towards your $1000 goal.
Adjust Your Account –A lot of financial institutions offer an account that catches all of the extra change from your purchases and will deposit that amount into a savings account. If your bank has this feature, sign up for it! It’s a great way to start saving without really noticing the deduction from your account. Think about it, are you really going to notice that fifty-four cents being pulled when you purchase something for $20.46? Probably not.
Spare Change –Save your change. Designate a container for all of your spare change. If you’re a regular cash carrier, this amount will add up pretty quickly. If you seldom carry cash, this part of the plan isn’t going to get you to a thousand dollars in a year, but every little bit helps, right?
Discounts –Get every discount you can! If your local store offers buy three, get one free program or buy three and get a $10 gift card, take advantage. It’s usually offered on stuff that is non-perishable like laundry detergent, soap, and deodorant. You’re going to use it anyway, so you might as well create a small stockpile and save the gift cards to use for later purchases. Use the grocery store that has a savings card. Frequent the cheapest local gas station. Do whatever you can to get a discount and then bank your savings.
Track Your Purchases –Due to the popularity of debit cards, we spend a lot of stupid money. Take a look at your bank account at the end of one month and look at what purchases could be eliminated by making a small adjustment. If you’re spending $1.50 every day to buy a soda from the machine at work, buy a case of soda and take one to work with you instead. If you’re going out for lunch every day during the work week, pack your lunch three days a week. You’ll accumulate your $20 a week very quickly when you stop wasting money on stuff you don’t need.

It may seem an insurmountable task to save a thousand dollars, especially if you have mouths to feed and your expenses are out of control, but a few simple adjustments can get you there without even noticing the money. Tuck it away into an account you can’t access easily and watch it grow.