When I started saving, I found it was hard to get that first thousand dollars. After I reached that milestone it became easier and easier to save the next thousand.
In a 2023 Nerd Wallet study it was found that Americans save on average about $1,000 per month and Millennials, of which I am one, save a little bit more per month around $1,200. If you’d like to be a part of that group of savers here are some things you can do to save $1,000 in the next 30 days.
(I am not a financial expert. All information is based on my personal experience and research. This information is not meant to be financial advice and is just for educational purposes. This post includes some affiliate links. If you click an affiliate link and make a purchase I may receive a small commission.)
When I take a look at my current budget I see there are some areas I could cut back on to save money. All of those savings can quickly add up toward that $1000 savings goal
Making my lunch at home can cost me $2-$5 per meal as I’m using food that I bought to make multiple servings. That costs me up to $100 a month which means I could save about $100 a month.
Not only do I save money bringing my own lunches to work I tend to eat healthier because I’m making more of a conscious choice about what food I’m eating.
Per the USDA, a moderate-level grocery budget for a family of four is about $1,200 a month. I spend about $350 a month. Some of the groceries I buy are on sale, others aren’t. In doing online research buying discounted groceries can save anywhere from 20-50%.
I have a few streaming services that I’ve been subscribed to and when I’ve cut some or all of them from my budget at once I was surprised at the extra money that I had to assign to other areas of my budget. You may be surprised too.
Determine your reason why
To get and stay motivated on this 30-day journey you need to have a reason why you’re doing this. A reason why you’re trying to achieve this goal. This motivation will be beneficial because it gives you something to look forward to.Related read: How To Create A Monthly Budget For Your Household
Start with your budget
The only two ways to save money are to earn more money and spend less money. Taking a look at your budget will help you see where you can spend less money and find money in your budget. The money you’re able to find in your budget to allocate toward savings will give you a jump start on that savings goal.When I take a look at my current budget I see there are some areas I could cut back on to save money. All of those savings can quickly add up toward that $1000 savings goal
Stop eating out: My potential savings = $200
I spend around $200 a month eating out just by myself. If you’re buying means for more people that could be anywhere from $400 to $500 or more a month that could be saved. With just eating out you could be a fourth or more towards your $1,000 goal.Take your lunch to work: My potential savings = $100
I don’t lunch out often during the week but when I do it averages about $10 a meal. That means if I ate out every day I could be spending up to $200 a month on just lunches.Making my lunch at home can cost me $2-$5 per meal as I’m using food that I bought to make multiple servings. That costs me up to $100 a month which means I could save about $100 a month.
Not only do I save money bringing my own lunches to work I tend to eat healthier because I’m making more of a conscious choice about what food I’m eating.
Related read: How To Use Ibotta To Save Money On Your Groceries
Buy discounted groceries: My potential savings = $70 - $150
Discounted groceries cover a few different things - buying at discount grocery stores like Aldi or Lidl and buying things on sale. I know I’ve been able to save a bit of money on my groceries by doing both and keeping my grocery bill at a reasonable amount each month. If I did both more I’d be able to save even more money than I do each month. Let’s dive into the numbers.Per the USDA, a moderate-level grocery budget for a family of four is about $1,200 a month. I spend about $350 a month. Some of the groceries I buy are on sale, others aren’t. In doing online research buying discounted groceries can save anywhere from 20-50%.
Pause some streaming services: My potential savings $7 - $106
While they don’t cost a ton of money a month, if you’re subscribed to several streaming services pausing them for even just a month could save you a bit of money.I have a few streaming services that I’ve been subscribed to and when I’ve cut some or all of them from my budget at once I was surprised at the extra money that I had to assign to other areas of my budget. You may be surprised too.
Do a no-spend month: My potential savings = $445
A no-spend month is when money is only spent on the essentials for the month. Essentials are categorized as rent/mortgage, groceries, utilities, gas for the car, and personal items like toothpaste and soap.Related read: Saving Money With A No Spend Challenge
Outside of your budget
If you’re still coming up short once you’ve squeezed as much as you could out of your budget it’s time to explore other options. Mostly ones that bring in extra money. Here are a few ideas to get you started.Use up all of your groceries
If you use up all of the food in your kitchen before you head to the grocery store again you can save a bit of money. You’re less likely to have food go bad and have to be thrown out.
Get a part-time job
When you’re making extra income you can save that extra money each month. Some good paying part-time job options are being a virtual assistant, working at a retail store, or even waiting tables.
Fewer trips to the hair and/or nail salon
If you go to the salon monthly, skip a few months here and there. You can wash your hair at home or use nail stickers like those from Dashing Diva to give yourself a nice at-home, budget-friendly manicure.
Earn gift cards
You can do this through reward apps or online surveys. When you earn gift cards you don’t need to spend any of your own money when shopping for essentials.
Use coupons or rebate apps
These are apps that give you cash back on specific purchases you make. You can do this with apps like Ibotta when buying groceries or Rakuten when buying essential items online. I’ve even earned cash back using gas rebate apps.
Sell items online
You can make some extra money by going around your house finding some unused items in good condition and listing them online for sale. The items sold will determine how much could be made.
Do odd jobs
If you aren't able to fit a part-time job into your schedule doing odd jobs can be the next best thing. You can do things like driving for Uber or Lyft, walking dogs, babysitting, mowing lawns or doing other yard work, washing cars, or even cleaning houses.
Moving forward
Once you've been able to save that $1,000 don't stop there. While having $1,000 in the bank is great it's only going to cover but so much. Having what is called a fully funded emergency fund should be the ultimate savings goal.
A fully funded emergency fund can be 3-6 months of your household expenses or even up to 12 months. To get to that fully funded emergency fund a good next savings milestone is $2,000 or having a month's worth of your salary saved up.
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