How To Save $500 In 30 Days No Matter How Much You Earn
Imagine having $500 in your account with your name on it? For many, saving money might seem like a stretch with bills, groceries, the mortgage—everything in between—money seems to be spent ten seconds after you make it but with consistency, discipline, and an action plan, it is possible to save.
According to a 2016 GOBankingRates survey, 35 percent of all adults in the U.S. have only several hundred dollars in their savings accounts and 34 percent have zero.
To build a robust resources fund here are five painless simple steps anyone can follow no matter how much you earn that will put an extra $500 in your account in 30 short days.
1. Opening a savings account
If you want to save, you need to open an account that’s specifically for saving. When you open the account schedule automatic withdrawals—even if it's just for $5. You want to get the fund open and growing right way without human error.
2. Spare change
Every week, clean out your purses, pockets, backpacks and anyplace else you think of for all the pennies, nickels, dimes and quarters you can find and start a change jar. Then cash in coins for dollars.
3. Din in, not out
There’s nothing wrong with eating out, it's convenient, easy, and if you’re not careful it can be expensive. Food consumes a large portion of most people’s spending plan. Breaking the habit can be one of the easiest ways to save money. Consider alternative options like meal planning and lunch solutions to keep more money in your pocket (account).
4. Review your needs and wants
Take out a sheet of paper and create two columns: needs and wants. Review your bank statements for the previous month and identify expenses that are wants. When you decide you can live without that expenses--cut it and put that money in your savings.
5. Do a one month fast
For 30 days, temporarily cut all non-essential spending by going on a money fast. A money fast is an excellent way to give a boost to your savings or to help you meet a goal. In doing so, results in extra cash flow which can go towards paying off debt, savings, or towards a needed purchase.
It might seem like a stretch to save money but with consistency, discipline, and an action plan, it is possible!
Share with me, what ways have you saved $500 in just 30 days.