If you want to save $1,000 fast, then you need to have a plan. The plan is easy, but you must be willing to implement the plan and more importantly to stick to the plan. Your plan starts with looking at the goal and creating steps to get there. In this case, your goal is to save $1,000 fast. Remember that a goal without a date is only a dream. So, that means our second step is to have a date for getting that $1.000. Choose a timeframe to save the $1,000. You want it fast, so is fast one month, three months, or more? Anything longer than three months is not really fast. Aim for no more than three months. If you absolutely have to, then go for six months, but no more. You are trying to save $1,000 fast.
Step three is to break it down. In other words, how much can you save each week, paycheck, month, etc. Let’s say you decide you are going to shoot for three months. Take the $1,000 and divide it by three. This means you will have to save $333 a month. There are twelve weeks in those three months. Therefore, you have to save $83 a week. If you stretch it to six months, then you have to save $42 a week.
You might be thinking $83 a week is a lot or even $42 is a lot. However, look at it on a daily basis If you are going for the three months, that is $11 a day. If you are going for the six months, that is $5,50 a day. If you buy a Starbucks coffee everyday, that is more than $5.50 a day. Maybe you don’t go Starbuck, but you go out to lunch. and it runs you $11 or more with the drink and the tip. Forego the coffee or the lunch. If you don’t indulge in either of those, look for other places where you spend money that you can stop spending it and save it.
You have a goal, you have a date, and you have a plan. Now, you have to find a place to save it where you won’t touch it and where there’s no fee to store it. The cookie jar or under the mattress are not good places. In fact, your home is really not a good place because you or your spouse will know it’s there and you might decide to spend it. That leaves a bank. Find a bank that does not have a minimum balance, does not charge a monthly fee, and does. Forbes magazine recommends some banks that meet this criteria. Check out the article by clicking here or NerdWallet’s recommendations by clicking here.
The next step, after you have opened you savings account is to make it automatic. This means you are going to have the bank withdraw it automatically every day, week or month depending on which way you decide to go from your checking account. You can also try the Acorns’ app. By using this app you don’t have to worry about setting up the automatic withdrawal. Instead, they will round up your purchase and deposit that money for you. If you spend $4.50 on something, they round up to $5.00. Cha-ching $0.50 gets deposited. another great thing about Acorns is that they invest the money for you in Vanguard index funds. This means you are earning more than with a traditional savings account. One caveat is that investing in the stock market does involve risk. You can make a lot of money and you can lose a lot of money. Be sure you understand and are willing to take the risk.
Another thing you want to do is to track your spending. You can use an app like Personal Capital. It’s free and you can track your spending, savings and even figure out when you can retire.
If you follow these steps, you can and you be able to save $1,000 fast. Stay strong and focus. The Lord is your refuge and strong tower. A shelter when you are weak.