Whether you want start saving money for a home or save money for a car, a holiday or just start a savings habit, there are steps you can take to save money fast and build up a savings account even if you have a low income.
Check out these money saving tips to save money fast:
1. Track your day to day spending
The first thing you need to do in order to save money fast for a wedding that is in a year, for example, is to first track your expenses.
Start looking at your expenses and find ways to reduce your spending or things you can live without.
Perhaps you can reduce the amount you spend on buying lunch at work or the amount you spend with your friends on drinks. Can you live for a few months without cable? Can you walk instead of taking Uber everywhere you go? Can you cancel your gym memberships and find ways free ways to exercise.
Cutting back on these things is extra money that can go to your savings account and help you save money fast.
Use the Personal Capital app, or write down on a notebook and list where your money goes.
Tip: I suggest that you check out Personal Capital. Personal capital is like Mint.com. It’s a great tool to track all of your finances in one place. It allows you to connect all of your financial accounts including your mortgage account, your bank accounts, your investment accounts, your credit card accounts, your retirement accounts, etc. The good thing is, it’s totally FREE.
Maybe you need to go to fewer movies, dinners or buy fewer takeout food.
In fact, the easiest way to reduce your spending is to cut back on takeout meals. In this day and age, we’re so busy we barely have time to cook. Or we might have time to cook but we don’t know what to cook. Or we ran out of recipe ideas and don’t wanna cook the same thing over and over again.
Well, if that’s the case then try $5 Meal Plan. You get meal plans sent to your email with a shopping list you need to make the meals. The meals are easy to make and affordable.It’s only $5 a month and you get the 4 weeks free too. Click here if you’re interested to join.
Bringing lunch to work or cooking dinner at home can save you $50 to $100 a week.
Try $5 Meal Plan and see how much you can save by avoiding takeaways, and transfer that amount to your savings account.
2. Open a high-interest savings account to save money fast
If you don’t have a high interest savings account, you need to create one. A high interest savings account pays more interest than a typical, traditional savings account from your local bank.
If you have a separate savings account, then you want to make sure it’s the best one for you.
So it’s important to open a high interest savings account even if you already have a normal checking or saving account form your bank.
One reason is that, you’ll be less likely to dip into it. Second, your online savings account pays you more interest so your savings will grow even faster.
3. Automate your savings
Saving regularly is the best ways to save money fast. The easiest way to save regularly is to make it automatic.
So set up a regular transfer from your checking account to your savings account after each paycheck.
It does not matter how much or how little you save. The thing to keep in mind is to make it a habit of saving a little bit from every paycheck.
4. Use cash instead of credit
When you’re trying to save money fast, you need to make sure you use only cash when you go shopping and withdraw cash for your expenses. It’s easy to lose track and overspend when you use your debit card or your credit card.
So have cash in hand for your shopping whether it’s for clothes or groceries.
5. Make Extra Cash
When you have extra income, you can add it to your savings account. For example, you can add tax refund to build your savings.
Do you agree with these money saving tips on how to save money fast? Why not? What are other saving money ideas to save money fast on a low income?
Check out some other ways to save money.
- 10 Smart Ways to Save Money on Food and Groceries.
- 10 Best Ways to Save Money in 2018
- 5 Best Money Saving Tips I Wish I Knew In My 20s
- How To Grow Your Savings Faster With Online Savings Accounts
- 5 Signs it’s Time to Save for Retirement Now
- Simple Ways to Save and Budget for your Wedding
- Best Tips to Save for a Down Payment on a House
- Incredible Ways to Reduce Your Expenses and Save Money
- The Only 4 Questions to Ask When Shopping for a Savings Account
- 2 Simple Ways to Save Money for Your Children’s Education
- How To Grow Your Savings Faster
- How To Save on a Tight Budget
- 20 Smart Ways to Save Your Money
- 5 Unbelievable Ways to Get into the Habit of Saving
Work with the Right Financial Advisor
You can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc). Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.