I’ve saved over $26,000 in the past 7 months. Even saying that number surprises me because it didn’t feel like I was saving that much at all!.
Below is exactly how I saved over $26,000 in 7 months and how you can do it too!
First Choose Where to Save Your Money
The first step I took was to educate myself about all of the different places I could save money.
Through my research, I found that I could save money in a 401(k), an IRA, a Savings account, and a Health Savings Account (HSA).
I then started automating my savings in each of those accounts.
Automate your savings to make it super easy
After I increased my income enough to cover my savings, I set up auto-deposits directly into my savings accounts.
I highly recommend that approach because then you are not tempted to spend the money.
My 401(k) and HSA deposits come directly out of my paycheck from my employer.
I set up the other accounts to auto-deposit from my checking account on pay day.
But what if you don’t have the $26k to save?
Here are 12 ideas on how to make extra money so you can save more.
1. Take online surveys. They’re not get rich quick solutions but every little bit adds up.
You could make around $100 extra a month if you take them regularly.
Plus, you get a $10 bonus just for providing your email address.
- Earn straight up cash with Inbox Dollars.
- Earn gift cards of your choice (Amazon, Target, Starbucks) with Swagbucks.
2. Sell items you don’t need to consignment shops and on Craigslist.
I made $4,500 in April selling stuff I had lying around the house.
You would be surprised by how much money you can make with your extra stuff!
3. Get cash back for things you’re buying online anyways with Ebates.
Ebates has been hugely profitable for me! I have $231 in cash back coming to me in February.
I downloaded their browser tool so I don’t miss opportunities for cash back when I’m buying things on Amazon or other stores.
And if you refer three friends to Ebates, you can get a $75 bonus!
That’s $85 right there, plus all the cash back you will earn with your regular shopping.
4. Get a roommate.
I made $550 a month while I was paying down debt by living with a roommate.
It wasn’t fun to live with a roommate but it was worth the money.
5. Start a blog.
Nothing keeps me more accountable to saving than having to post my numbers online each week.
I created this blog in fifteen minutes with Bluehost and chose the cheapest hosting plan they offer.
6. Apply for new jobs and negotiate your salary.
I was afraid the first time I negotiated my salary but it worked! I’m now super confident.
Here is my story of how I negotiated my compensation $80k more.
7. Pay off your loans so you can put that money towards savings!
I recently paid off nearly $90,000 of debt.
8. Track your spending with Personal Capital and try to stay away from your spending weaknesses.
Mine is Chipotle.
It adds up!
Personal Capital is free to sign up and it tracks your net worth too.
9. Avoid social spending.
Invite your friends over to dinner instead of meeting out at a restaurant.
10. Get outside more.
Hiking, going to parks, and going to the beach are all cheap activities if you do them right.
11. Save money on travel by collecting hotel miles and airline points.
12. Cut cable.
I recently cancelled my DirecTV subscription and now put that money towards savings.
Protect your savings by keeping an eye on your accounts
Once you save all of this money, you should probably protect it.
I use the free app Credit Sesame to monitor my accounts and check my credit score.
Credit Sesame emails me when anything changes with my accounts such as a higher balance on one of my credit cards or other suspicious activity.
It also finds all the accounts associated with my name so it found an old Bank of America credit card I forgot I had!
Credit Sesame is free to use.
Remember why you’re saving in the first place
I was in massive debt two years ago and now I’m aggressively saving as much as I can.
I hated living paycheck to paycheck and feeling like I was never going to get out of the hole.
I’m saving all of this money now so that I can give my family a good future and so that I can eliminate my stress.
I used to get SUPER stressed out about money and I never want to feel that stress again.
How do you save more money faster? Are you contributing to any savings or retirement accounts not mentioned here?
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