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Depending on your financial situation, saving money can be really tough.
At a time, I was living paycheck to paycheck and saving just a few hundred bucks felt impossible.
However, in order to improve your finances saving is essential.
Here are the top 3 ways to boost your savings quickly:
1. Go extreme for a month
You can do anything for a month. This was a powerful message that resonated with me from the book, The Barefoot Executive.
For one month (or maybe even a little bit more), you can drastically cut back your expenses.
The first place to cut out of your budget are any unnecessary expenses. This would include clothes, getting your nails/hair done, home decor, and other miscellaneous items.
The next area is your food budget. If you’re used to spending $600 a month on food and groceries, cut that in half or more.
What if you could even get your grocery trips down to $20 a week?? That’s a difference of $500!
How to make it possible:
- Watch YouTube videos that share budget grocery ideas
- Shop based on sales
- Shop low cost foods and get creative (rice, beans, pasta, frozen veggies, legumes, etc.)
Then, if there are any subscription services in your budget that you can easily renew later, cancel those for a month.
This first step can help you boost your savings by at least a couple hundred dollars.
2. Sell things around your home
How many things do you have laying around your house collecting dust? From clothes, to electronics, to home decor, you’re bound to find quite a few things you no longer want/need.
Take some time to declutter your home and post those items for sale.
You can use the following selling platforms:
- Poshmark (for clothes/shoes)
- Facebook Marketplace (great for large items)
- and more.
If you want to increase your chances of selling something, post each on multiple platforms.
Depending on how much you have and the types of items you’re selling, you can make an extra couple hundred to thousands in a relatively short amount of time.
3. Find free/low cost items to flip
With a little bit of effort and time, you can make profit from $0.
Where to find free items:
- Facebook Marketplace (or groups)
- In neighborhoods around your area
I take a walk every day and the neighborhood I walk through constantly has free items sitting on the curb.
Otherwise, just do a search on Facebook and Craigslist for free items near you and go pick them up asap!! You can profit even more if you have a truck to pick up free furniture.
You can then clean up the items if necessary and post them for sale on the platforms I listed in step 2.
Where to find low cost items:
- Thrift stores
- Garage/yard sales
- Discount sections of stores
High end/expensive items can be found at thrift shops and garage sales because they have certain price limits, they don’t know what it’s really worth, or they’re desperate to get rid of them. You may have to do some research on the items and brands to look out for.
Again, you would then post these for sale for higher than you bought them for.
There is unlimited earning potential here.
Obviously it takes a decent amount of time and effort to earn some profit, but it is well worth it if you need to save more.
There are options out there to help you build up your savings.
It’s important to have a solid emergency fund and once you have one your financial stress will decrease significantly.
So try these out and let me know how it goes!