When I was looking at keywords for saving money, how to save money fast came up first and I thought to myself, “I would like to know how to do that.” Who doesn’t want to save money fast?
How can you save money fast? Don’t spend money you don’t have to or in some cases don’t have. It costs money to live: rent, mortgage payments, utilities, transportation and food all cost money. You can’t avoid those living expenses but what about all the discretionary spending we do every day? Let’s have a look at some of the ways you can quickly add money to your bank account.
If you are like most people purchasing a coffee on your way to work is something you do everyday, probably without even thinking. Let’s say you stopped buying that coffee for one year, how much money would you save, in a week, a month, a year?
One week: One coffee for $2 x 5 days is $10
One month: $2 x 5 days x 4 week is $40
One year: $2 x 5 days x 50 weeks (two weeks removed for holidays) is $500
That’s a lot of money spent on coffee that could be going to your savings account. I think I’ve been conservative with the price of coffee too.
How many magazines and periodicals are you subscribing to? How many do you actually have time to read before the next one arrives on your door step. Did you know the library lends out copies of magazines and has newspapers available to read. If you own a mobile device there are also lots of free news apps available from major news stations and if you like a variety of current information can I suggest Flipboard?
ATM and Bank Fees
Are you using ATM machines on a regular basis and paying fees? Consider using only your bank’s ATM machines and those that your bank has approved. Doing so will prevent you from spending money on fees. Consider switching to cash only living, it’s radical but worth it.
You could save even more money by switching to a no-fee bank account. It may not be the most convenient thing to change but it can definitely be worth it. We have an article detailing how to switch.
Lots of money is spent on dining out. A nice restaurant meal can easily cost 5 to 10 times the cost of the ingredients. Our busy lifestyles don’t often don’t leave time for cooking. Change that by making meals ahead of time or doubling recipes when you do cook. Meal planning for the week ahead is a great way to make sure you have a plan for what you’ll be eating and will make grocery shopping easier and cheaper too. You’ll only be buying the things you plan to eat. It’s a win-win. If you like dining out, set aside some money and make the meal special, so you’re having one really good meal out instead of several quick ones to get by.
Everyone wants to know how to save money fast and I know why. Saving money is becoming harder and harder but by putting even these few suggestions into practice you’ll see you still have money in your bank account the next time pay day rolls around.
Until next time, here’s to saving money fast!
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