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Are you finding it hard to find areas where you can save? If so, you are probably not alone. Quite often when people talk about getting out of debt, they hear three suggestions:
- Save $1,000 for Emergency Expenses
- Make sure minimum payments are being made on ALL accounts, then pay extra on one account until it’s paid off.
- When all accounts are paid off, increase savings up to 3-6 months salary or living expenses.
This is actually good advice, but many people find it hard to meet the first suggestion, and give up. So, let’s talk about a few ways to save that first $1,000.
- The easiest way is to determine if you have things of value that you are able to sell. If so, sell them and put the earnings into your savings account.
But, what if you don’t have anything you can really part with that is of value to others? Consider any services you are able to offer others (babysitting, lawn mowing, etc). Can you take a second job and dedicate those earnings to your savings/debt?
- Consider tracking EVERY PENNY you spend for one week. You may be surprised at where a few cents/dollars here and there is going. Perhaps it’s a coffee in the morning, a snack in the afternoon, etc.
If you’re spending a few odd cents here and there, think of an alternate solution (bring a snack from home, make coffee at home in the AM, bring a cup from home and refill it throughout the day), anything to avoid spending anything extra for ONE week. If you’ve been spending CASH, keep a jar or ziplock bag with you. Each time you would normally buy something extra, instead, put that cash into your savings container. If you’ve been spending on your debit card, keep a journal with the amount. Each day (or end of week), transfer that amount (consider rounding up) into savings.
Hopefully, you’ll be inspired by the amount you’ve saved in the ONE WEEK CHALLENGE, and can continue. If you’ve tried this, how much were you able to save each week or month? I’d love to know, and sharing would help encourage others on the same path