If lately, you have been struggling with your finances, perhaps bad credit and debt have even become a huge issue that is affecting your entire life. Therefore, moving forward with a plan to pay down debt or just even saving more money can be the best course of action.
Say, for example you have a goal of saving $1000 dollars by the end of the 2016 calendar year – so in 3 months time. In order to achieve this goal, there will of course be some planning involved that will enable you to be more successful in this area.
To get off to a good start, you will need to begin by setting up a plan for saving. For example, this can mean looking at how you can save between $300 – $400 a month over these next 3 months to reach your goal of $1000.
Now that you have an amount in mind per month – next will be to find methods of actually saving this money. Again, a good place to start will be to look at your current expenses, as well as the amount of money you have coming in. This of course, leads into the first method of planning to save money . . . that being the budgeting process.
Budget & Reduce Spending:
If you want to save money, you have to look at how much you are currently spending. Are there areas of your life where you are overspending and/or can cut back on??
For example, in order to save some money – can you cut back on some of the following expenses:
Food & Household Necessities: can you cut back on how much you are spending on food and household products each month? Will switching grocery stores or option to buy less expensive food and product brands allow you to save some additional money? Could eating out less and preparing meals at home also allow you to reduce your overall food costs? These are just a few questions to ask yourself as you try to save some extra money each month.
Services & Utilities: are there any services you are paying for that are costing way too much? Can you reduce your phone, internet or cable bill each month? What about reducing the amount of money you are spending on services such as dry-cleaning, gym memberships, and even filling up your vehicle with gas? In terms of utilities, can you cut down on your hydro and electrical bills over the next few months? As well as remembering to power down and unplug your devices, electronics, and lights to help lower electricity costs, can you look at conserving your water usage too?
Ultimately, you will have to decide if these methods of saving money are realistic for you in your daily life – and if some of them are – great, you can give them a try as soon as possible and try to reduce your expenses and save a bit more.
Start Earning More:
Now, if saving in these areas is not enough to get you to your magic amount of $300 – $400 each month, then another method of saving some additional money will involve not just saving what you have, but also attempting to earn a little more.
Fortunately, these days there are a variety of ways you can earn a little bit of extra money, without compromising your ‘day-job’.
Online Employment: for example, you could look into part-time work performing online tasks such as content writing, blogging, or website support. These are just a few, however with the versatility and convenience of the internet you can find something that is both in your ‘wheelhouse’ as well as a flexible option for you.
Selling Items: in order to earn some extra money by the end of the year, you could also sell items you already own. Again, the internet can be a great help in this area, as you can list items on sites such as kijiji or eBay – and reach a wider demographic of potential buyers.
Items such as used books, furniture, clothing and electronics are good examples of objects you may already have in your possession and may no longer need or want. However, you may be able to find them a new home with someone who does – not to mention you can earn some additional money in the process. In the end, the money you can earn from the sale of these items, you can put these funds towards your savings right away.
Open a Savings Account:
Lastly, as you are continuing to save, it is best to have a separate account to house this money over the next few months. Having a separate savings account can be a beneficial method of protecting this money as well as even enabling it to earn interest. Additionally, a tax-free savings account, for example, can also allow you to watch your savings grow while your savings are shelter from taxes.
With that being said, since you are looking to save money in a relatively short amount of time – perhaps the best reason for allowing your money to remain secure in a separate account, is that you are less likely to touch this money when paying for other things along the way.
All in all however, a saving account is a very effective method of ensuring your money stays put, allowing it to avoid tax fees, as well as even reaping the benefits of compound interest growth.
When all is said and done, since you are in a bit of a time-crunch when it comes to saving money – you may find that some of these strategies will be more suitable and obtaining during this 3 month period. Ultimately, however, there are options of saving some additional money by the time 2017 rolls around.
With a plan of action, you can certainly be successful in saving $1000 in just 3 months. Just find what works for you and it is possible to save the money you need to improve your financial situation in a relatively short amount of time.
