You probably believe that you’re never going to improve your finances. After all, you’re not a money expert.
And if you’re like me, you’d rather spend your money on nice things before saving for the future.
While it’s not bad to splurge on nice things like shoes, games, etc., consider saving more than you spend. Use this post to motivate you to save more.
In the next 30 days, you’ll save money using the strategies covered in this post.
But, before applying any advice you need to understand why you’re having a hard time saving. This is to avoid quitting this challenge or reverting to your old ways if you somehow succeed.
Let’s dive in.
Your Budget Sucks
A Gallup poll revealed that only 1 in 3 Americans had a budget for their long-term financial goals.
No doubt, creating a budget is challenging.
Even today I struggle at times with overspending my budget. But, despite overspending, my bills always get paid and I’m still able to save money each month. So, instead of searching the web for the perfect budget, create your own.
The truth is, no one can create a better budget than you. Why? Because only you understand your financial situation best.
For example, you know how much you earn each month and which expenses you can remove. The trick is to create a budget that will allow you to save more and stay committed. Most people don’t want a budget because it restricts them from using their money.
But, you can create a budget where you’ll be able to save money and not feel miserable.
Additionally, budget for the unexpected. Rarely do things go as planned and it won’t help to beat yourself up for not meeting all your budget goals.
It’s better to budget for how you naturally spend your money vs how you’d like to spend it.
You’re Not Clear With Your Goals
It’s hard to achieve anything with no destination.
In the past you may have committed to saving more, only to fail. But, your lack of direction was to blame.
Instead of blindly committing to something, take time to plan. A Harvard study found that students who’d set goals were earning 10 times more than those who didn’t.
And to increase your odds of succeeding, start setting goals the right way.
Money challenges work because they have a deadline and force you to set daily milestones.
How To Save $500 A Month
Now that you have a better understanding of why you haven’t been able to save, it’s time to start saving.
The challenge is simple, you’ll work hard in the next 30 days to save $500 a month. And, you’ll use some of the proven strategies mentioned below to help you reach this goal. You can start this challenge anytime, but there’s no better time to start than today.
As you already know, goal setting is powerful. To help you, I’ve provided a spreadsheet that breaks your goal into daily actionable steps.
Are you ready to save $500 a month? If so, here are legit ways you can put extra money into your pocket in the next 30 days.
1. Cut Unnecessary Expenses
Do you know how much your monthly subscriptions are costing you? Or, the average amount you spend on expenses each month?
If you don’t know this, then you’re most likely wasting more money than you should. After all, it’s not how much money you make that counts, it’s how much you keep.
The solution is to download Personal Capital or Mint to better understand your cash flow. After linking your bank accounts, Personal Capital will break down your monthly expenses. Focus on reducing large expenses first, such as your cell phone, cable, or car insurance.
For example, if your cell phone bill is $150 each month, look for a cheaper alternative. Ask your provider for a discount, or switch to a plan that makes better sense.
Once you’ve nailed some big wins, remove unnecessary monthly subscriptions. Then, use Trimm’s subscription feature to cancel unwanted subscriptions.
Then, use Trimm’s subscription feature to cancel unwanted subscriptions.
2. Sell Your Old Stuff
According to the LA Times, there are 300,000 items in the American household. Odds are that there are dozens of items in your house right now that you no longer use. That’s money you’re leaving on the table.
Check your room, attic, and basement for items you no longer use. Then list these items on eBay. And, to sell your items faster, list them on many listing sites like Craigslist or Letgo.
Not all items sell fast, so stick with popular ones.
3. Drive Uber
Do you have an old car or one where you wouldn’t mind picking up strangers?
If so, Uber can be a great side gig to do on the weekends or in your spare time. While it’s easy to make money with Uber, it’s also easy to cut your profits. Make sure you know the basics before becoming an Uber driver and create a plan to earn a decent income.
4. Flip Items On eBay
The truth is flipping items isn’t as easy as people make it seem. But, with careful research and inspiration, I’m confident you can make it happen.
Be sure to stick with items you’re familiar with. This way you’ll know if what you’re buying is profitable.
To find items check your local flea market or garage sales. If you don’t see success on the first few tries, it’s ok. Stay persistent and might surprise yourself with how much you can flip.
If you have demanding skills such as video editing or web design, Fiverr is a great place to start freelancing. If not, then don’t get discouraged. Find out which skills are demanding and learn a new skill.
There’s a good chance that you can learn a demanding skill in a week or two. Unlike most freelancing sites, Fiverr offers services starting at $5. This doesn’t mean you’ll have to charge $5, but you may have to start with lower fees to get jobs faster.
Save Money Like Never Before
Imagine purchasing the latest iPhone and not feeling broke.
But that’s not all, you’re also saving more money than before.
It wasn’t easy but with hard work, you’ll be able to save hundreds of dollars in 30 days.
The truth is you can live a happier life once you adopt better money habits. But, you need the discipline to take action each day. This challenge isn’t only about saving money, it’s about breaking bad habits.
Most people believe they’re doomed to their bad money habits. But not you. You know have all the tools you need to save $500.
What’s going to stop you this time?