Saving money is tough. Whenever you have a few extra dollars to spend, you most likely want to splurge on a date night, new tech product, or purchase a new toy for your child. But did you know most financial experts recommend that every person has a (minimum) $1,000 savings fund? It’s true! So, how’s your savings account looking? If you need help kick-starting that savings fund, you’ve come to the right place! Today I’m sharing a simple guide on how to save $500 in 7 days. Read on for details!
How to save $500 in 7 days
Today’s post is partnered with brightpeak financial. All opinions are my own.
Step 1: Sign up for brightpeak financial’s FREE $500 Savings Challenge online. Each day you’ll receive one email with different strategies and savings activities to help you build your emergency fund. No spamming! Just 7 days of helpful tips to get your savings account moving. I’ve successfully completed the savings challenge, and now I’m sharing my tips with all of you.
Step 2: Get a savings account. Where are you going to store that emergency fund? I highly recommend that your savings account is separate from your regular bank account. Mine is. It’s easier to save if your money is not easily accessible. By the way, if you open a brightpeak powered savings account and you save at least $50 per month, they pay you for hitting certain milestones. So, find a savings account that’s right for you, and put $100 in it.
Step 3: Eat at home. If you stop for coffee or lunch each day then you’re cheating that savings fund out of $50-$100 per week! I know it’s tough, but you can do it. It’s just one week – and who knows, maybe it will become a new habit. Brightpeak will share some helpful tips on make-ahead meals that will help too.
Step 4: Sell something. I’m sure there’s an item lying around collecting dust that could make you an extra $100. If you haven’t used it in a year, it’s time to go. Cha-ching! Another $100 deposited into your savings account.
Step 5: Examine your budget. Is there a service you’re paying for monthly and not using? Cancel it, then add those funds to your savings account. What did you save?
Step 6: Make a little extra money. Is your schedule already full? That’s okay, brightpeak has some amazing tips on easy ways to make a little extra cash. One recommendation I loved was pet or house sitting. They suggest a few reputable sites to check out too. That’s a potential $50 more in your emergency savings fund this week!
Step 7: Don’t pay off that debt just yet. Yep – you read that right. Brightpeak recommends having a $1,000 savings fund first, otherwise you’ll just keep racking up those credit card charges. Pay the minimums and add $50 more to your emergency account. Once you’ve built up a $1,000 savings cushion in your emergency fund, begin to pay down those credit cards with any extra funds you have.
Did you save $500? You’re halfway to that minimum $1,000 emergency funds!
I implemented several of these tips and boosted our family savings account. Some of these choices allowed for long-term savings, like steps 5 & 6. That means I’ll continue building on those savings funds each month.
Now it’s your turn! Apply these steps on how to save money, along with brightpeak financial’s FREE Savings Challenge, and boost your savings account.