How to Save $1000 Quickly

May 17, 2016

Need to save $1000? Need to save it quickly? Perhaps you need to start an emergency fund, you’re saving for a vacation or a big purchase, or you want to invest it.

It can seem like a lot of money and a daunting task to save $1000. It is, after all, 10 Uncle Bens or 50 – as my son recently said – crisp Harriet Tubmans. (He’s a little ahead of the game.)

So, here’s how to save $1000, and how to do it in a short amount of time.

5 Tips on How to Save $1000 Quickly

 

1. Try a money fast for one or two months

Depending on what you spend in a typical month, going on a money fast could possibly take care of the $1000 in one month. Decide for one or two months that you will eliminate any spending in categories like eating out, entertainment, clothing, etc., and save the money instead. Essentially, you will only spend on your needs.

If you’re married, your spouse needs to be on board. If you have kids, make sure they know what’s going on so that they can curtail their requests, and “no” won’t seem out of the blue. Last month we were able to increase our savings by $500 through our money fast. Keep in mind that cutting back to this extent is temporary.

2. Have a garage or yard sale

Or a tag sale – if you’re a New Englander. Having a yard sale doesn’t have to be a pain. The key is to be organized, not only in your planning but also in the presentation and pricing of your items. Aim to have a garage sale that you would want to shop at. Consider joining forces with your neighbors to increase traffic to your sale. People love block sales!

Scour your home thoroughly for unwanted items. If an item hasn’t been used/worn/played with in the last six months, consider selling it. Schedule your sale on a day that you can take any unsold items down to your local Salvation Army or Goodwill instead of bringing them back into your home. We have had multiple successful $700 – $1000 yard sales.

3. Sell unwanted items online

Similar to above, search your home for items that could bring in a little dough. These would be higher-priced items that you wouldn’t necessarily sell at a yard sale. Look for unused and unneeded furniture, electronics, household items, etc., that could bring in some money.

Go room to room and write down everything you can sell. Do it twice as you may have missed something the first time. Again, use the six-month rule here. Sell your items on sites like Craigslist, eBay, Amazon, Offerup, Gazelle, or Nextworth to name a few.

4. Get a temporary job

Brainstorm what jobs you are willing and able to take on. You could earn extra money by waiting tables, delivering pizza, babysitting, pet-sitting, working for an office, tutoring, or taking on a retail job for one to two months. Consider working overtime at your current job if that is an option. There are a variety of things you could do.

Give careful thought to your own skills and preferences and see what jobs they can lead you to. If you happen to be looking just before the summer months or before the holidays, those are perfect times to find several options for temporary jobs.

5. Lobby your hobby

Do you have a hobby that could potentially earn income? Give some thought to setting up an Etsy shop, selling your items at a craft fair, dusting off your DJ equipment, or using your photography skills beyond your family pics. Like above, consider your skills and likes, and pay close attention to the things you are already doing for pure enjoyment. Could they generate extra income for you?

Trying one or two of these ideas will help you reach your goal of saving $1000 in a short amount of time. Be creative in your thinking and in what you’re open to doing. And remember, whether you’ve chosen to do the money fast or take on an extra job – these changes are temporary (unless of course you really enjoy them and want to make them permanent!).

In an upcoming post, we will explore ways to trim $500 off your monthly budget so that you can have lasting, every-month savings. Get the next post delivered to your email here.

Do you plan to try one of these ideas, or do you have other suggestions on how to save $1000? Let me know in the comments below.