Here are the top 11 ways anyone can save a lot of money quickly, regardless of career or lifestyle.
Whether you are wondering how to save money fast for a house, to pay bills, or for another reason, these eleven ways to save money can help you save money in no time.
It’s easy to save money fast if you have a high salary, but learning how to save money fast on a low income requires some clever ways to save money and innovative thinking.
Whether you’re learning how to save money fast as a teenager, how to save money fast as a student, how to save up money fast as a kid, or just how to save as an adult with a low-paying job, you need to engage in some corner-cutting and out-of-the-box thinking.
Here are the top eleven brilliant money-saving tips.
1. Sell Stuff That You Don’t Need
One of the easiest ways to get a quick cash influx is to look around your house and find stuff you don’t need, then sell it.
Thanks to online platforms, it’s easier than ever to turn your trash into someone else’s treasure.
This is also a good tip for how to save up money fast as a kid because you can sell your toys, gadgets, and unwanted Christmas gifts (just make sure that you get parental permission before accidentally selling something important).
2. Cut Out Unnecessary Expenses
This seems too self-explanatory to be one of the clever ways to save money, but most people don’t realize how much extra money is seeping out of their budget.
Make a detailed budget tracking all of your expenses in a 30-day period, then examine them all with a critical eye to see where you can cut out expenses.
Do you really need to eat out that often?
What about canceling your subscriptions (yes, including Netflix)?
The bare-bones life may not seem fun, but you can find free alternatives to the most frivolous expenses, such as borrowing movies from a library instead of paying for a streaming service.
Plus, if you are saving up for a short-term goal, you only have to live minimally until you meet it.
3. Look at Bank Offers
If you need to figure out how to save money fast as a student for tuition or books, look into offers at different banks.
Some banks offer you a bonus that can be hundreds of dollars for opening an account with them—and sometimes, if you take that offer back to your bank, they’ll match it.
This tip could net you several hundred dollars in a month.
4. Set Up Automatic Transfers to Your Savings
If you don’t already have a savings account, make one.
Having a designated savings account, even if you are struggling to figure out how to save money fast on a low income, makes it easier to set money aside rather than keeping it in your checking account.
Then, set up automatic monthly transfers to your savings so you don’t accidentally spend that money.
5. Look at Your Debt
If you’re on a low income, chances are you may also have debt. Figuring out how to manage your debt is one of the most important of the ten ways to save money.
When deciding what to do with your new savings, prioritize paying off debt first.
Then, look into refinancing loans to get a lower rate, or if you need cash now, put off paying for one month.
6. Use the Cash Envelope System
When you shop online or with a credit card, it’s easy to pretend as if the money isn’t real, while cash is more tangible.
Try taking all of your money for the month out of the bank and putting it in different envelopes, one for each expense you anticipate during the month.
This is also a great way to figure out how to save money fast as a teenager.
7. Find Another Source of Income
If you have a big financial goal, for example, if you are trying to figure out how to save money fast for a house, cutting back on expenses won’t be enough to save up that amount.
Instead, try to pick up a second job, ask for a raise (and more responsibilities) at your existing gig, or start your own business or side hustle.
8. Look for Ways to Lower Your Bills
You may think that your bills are fixed expenses, but you can sometimes find ways to lower them.
For example, lower energy bills by making your home more energy-efficient or wearing a sweater instead of turning up the heat.
Shop around for new providers for services such as your phone or ask your existing providers to take away services you pay for but don’t use or offer loyalty discounts.
9. Take Discounts Where You Can Find Them
Many people are paying more than they should for everyday items.
Shopping around and couponing is time-consuming if you are working full-time.
Luckily, there are apps now that automatically find store and manufacturer coupons for you.
Plus, check in with your job to see if you can get discounts from them on certain expenses, such as your phone bill.
10. Time Big Purchases Properly—and Do Your Research
If you’re saving up for a big purchase, such as a house or a car, doing your research can help lower your savings goal, making it easier to save money fast.
Check out whether there are any programs in your area that offer favorable rates for borrowers meeting certain conditions, such as young couples, low-income buyers, or veterans.
Also, do your research on when you are buying or leasing your big expenses and from whom.
Shop around to make sure you are not only getting the best price but also avoiding hidden expenses.
Be sure to do research on when is the best time to make a big purchase.
For example, car dealerships offer better rates at the end of each quarter as they try to meet goals, so it will cost less money to buy or lease a vehicle during these times.