11 Easy Ways to Save $1,000 in 30 Days

Saving money isn't always easy when the cost of living has gone up. In fact, a recent survey shows that nearly a third of Americans have $100 or less in their savings account.¹

So, how can you ramp up your savings when you need it quickly? Here are some proven ways you can stash your money so that you can achieve your financial goals.

1. Create a Budget

First and foremost, creating a budget can help you plan out your monthly income, expenses and savings. There are different ways to create a budget. The most popular ones include the 50/20/30 budget and the zero-based budget. These will give you a big picture of where your money comes in and goes out. Plus, you can strategize the amount to allocate toward your savings goals.

2. Automate Your Savings

An easy way to proactively set aside money in your savings account is to create an automatic savings plan. With online banking, you can set up automated transfers on a regular basis.

For example, if you get paid by your employer biweekly, you can take a portion of your paycheck and transfer it to your savings account. This “set it and forget it" method takes only a few minutes to schedule and will motivate you to see your money grow in your account. Level up by using a money-saving app, such as Acorns, Chime® or Qapital, that can help you reach your savings goals faster.

3. Create a Savings Bingo Sheet

If you like a fun challenge, you can create a "bingo sheet" to encourage you to save $1,000 in 30 days. The concept is simple: The card will have varying amounts. Each day, you choose an amount on the sheet and put that money aside—using either physical cash or digital money. Then you can cross off that box. It's a cool visual to show your progress.

4. Negotiate Your Bills

Whether it's your TV, cell phone, insurance or internet subscriptions, you may find it helpful to call your service provider and see if you can reduce the amount you pay each month. Pro tip: Ask the provider if they'll give a discount if you pay in full for a year or bundle services. Before you make the call, it's a good idea to research what competitors are offering.

Generally, the best times to renegotiate are when you're no longer in a contract or during Black Friday or Cyber Monday. And if you're a student, you may be able to get a special discount. It may take an hour or two of your time, but you can reap the benefits of these savings.

5. Separate Wants From Needs

With social media influencers and your friends showing off their latest outfits, it can be hard to determine whether you really need an item or not. For example, buying groceries to feed yourself is a need, but a pair of designer shoes is a nice-to-have item. So, the next time you find yourself about to pay for the items in your (virtual) shopping cart, take a moment to reflect if they're a necessity.

6. Plan Your Meals

When you're hungry and you don't feel like cooking, it can be tempting to order takeout or delivery. However, the costs can quickly add up, especially when there are fees, taxes and tips. If you take the time to plan out your meals for the upcoming week, it will help you determine your grocery shopping list.

Here's a hack: Get creative by choosing a theme for the week. You can choose a type of cuisine, such as "Mexican food week," where you incorporate tacos, quesadillas or nachos. Alternatively, you can pick a type of meal, such as different types of salads, that you can enjoy throughout the week. That way, you can save money on food and cook healthier meals at home.

7. Buy Generic Brands

A simple way to save money is to skip the name brands and buy generic brands instead. For example, instead of buying name-brand packaged goods or medications at the grocery store, opt for store brands. Typically, both products have similar quality and ingredients, but the store brand will be more cost-effective. Pro tip: To find generic brands, you may have to look at the lower shelves, as they are not always placed at eye level.

8. Cancel Unnecessary Subscriptions

Are you finding that you haven't streamed any TV series or used your gym membership lately? A 2022 survey found that consumers spent an average of $219 on monthly subscriptions—$133 higher than respondents originally estimated.² It's a good idea to tally all your monthly subscriptions and figure out if you're actively using them. You may discover other types of subscriptions, including digital, news, music, food boxes, software, gaming and shopping. If you haven't used them in a while, you can cancel your subscriptions to help cut expenses.

9. Resell Your Gently Used Items

If you go through your closet, you may find some items that no longer serve you. Instead of throwing them away, you can make some extra cash by selling your gently used items online or at a garage sale. Apps including Facebook Marketplace, eBay, Decluttr and Poshmark allow you to sell your clothes, home goods and electronics to buyers who are looking for a deal. Not only can you earn money, but you can also declutter and avoid adding these items to the landfill.

10. Pick Up a Side Hustle

If you have a knack for making custom art or tutoring kids, you could put your talent to good use and make extra money on top of your day job. Some gigs even pay right away. For instance, Rover is an app that connects dog owners to dog walkers. Or, if you're good at assembling furniture or gardening, you can use TaskRabbit to find people who are in need of your services.

Working on your side gig for several hours a week can add up quickly. In fact, half of Americans have a side hustle—even if they earn $100K from their day job.³ People at all income levels are looking for ways to create multiple streams of income to make ends meet.

11. Use a Cash Back Credit Card

Last but not least, using a cash back credit card for everyday spending can help you earn money while you spend. Whether you're buying groceries, dining out or pumping gas, it can help put some money back in your wallet. If you're looking to sign up for a credit card, check out the Synchrony Premier World Mastercard®, which has no annual fee and offers cash back on every purchase.

Keep Up the Momentum!

After 30 days, tally the amount you saved. If you achieved your savings goal, you deserve a high five! But if you didn't quite get there, rest assured that's OK, too (we're human after all). Don't get discouraged—instead, focus on making small adjustments so you continue to feel motivated to keep saving next month. Before you know it, you'll be able to book your dream vacation or buy the new gadget you've been eyeing.

 

Sandy Yong is a personal finance writer, TEDx and keynote speaker, and the award-winning author of "The Money Master." Her work has been featured on a variety of platforms, including BiggerPockets, TurboTax and MoneySense.

 

LEARN MORE: 40 Simple Ideas for How to Save Money Fast

 

Sources/references

¹ Taylor, H. Here's How Much Americans Have in Their Savings Accounts in 2023. GOBankingRates. Published June 11, 2023.

² Subscription Service Statistics and Costs. C+R Research. Published May 18, 2022.

³ Fragassi, S. Side Gigs 2023: 50% of Americans Have a Side Hustle — Even If They Earn $100K. GOBankingRates. Published March 29, 2023