HOW TO SAVE $1,000

Wouldn’t it be nice to log in to your mobile banking app and see $1,000 or more in your savings account? Well, I can help you get there. Did you know that around 64% of Americans have less than $1,000 in their savings? Of course, there are tons of factors on why this happens but some of the biggest reason are lack of saving and too much spending. Try these tips out and see how much money you can manage to save.

 

NO DINING OUT FOR A MONTH

I know this one is a hard one! I eat out at least three times a week and it’s killing my pockets. On average AmericanS dine out four times a week so obviously I’m in good company.  According to TheSimpleDollar.com we can save $8.95 for each time we eat at home instead of going out. That’s $232/month on average; take that and stick it in the bank!

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AT HOME ENTERTAINMENT

We’ve all heard of Netflix® and chill but why not make this a habit for a few weeks? Try inviting friends over to your house instead of going out. Have each person bring a snack, some form of entertainment, and make it a chill night with friends.

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NO CARELESS SPENDING

For a month, try to be intentional about your spending. This means no spontaneous trips to Target® or grabbing a few snacks when getting gas. Stay focused on your planned expenses and that’s it!

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NO ONLINE SHOPPING

For a month, refrain from all online shopping. In fact, you can take it a bit further and vow to not shop for your wardrobe at all for the entire month. This will save you so much!

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It is so important to have money in your savings that remains untouched unless it’s vital. We have to start becoming more intentional and responsible with our spending so that we can have the lives we’ve always dreamed of. I hope these tips were helpful; if you have any additional tips, please feel free to share them in the comments. Stay connected by following me on social @YoungFreeMI.

 

Stay Young & Be Free,

 

Shanacee