There are many reasons you may want to save some fast cash. Maybe you need quick money for Christmas gifts, an Emergency Fund, or to pay an unexpected bill. Saving $1,000 as fast as possible will allow you to pay for whatever you need without swiping a credit card to cover the bill! The feeling of covering your needs in cash without using a credit card is amazing.
You may also want to save $1,000 as fast as possible for your starter Emergency Fund before you start to pay off your debt rapidly. This money will help you cover a lot of emergencies while you’re paying off debt so that you don’t have to go back into debt by swiping a credit card if something unexpected pops up.
Whatever your reason, I have a foolproof method to help you save $1,000 fast. With this method, most will be able to save $1,000 within 1-2 months.
So how can you save $1,000 as fast as possible?
Here’s my foolproof method!
6 Things to Do to Save $1,000 As Fast as Possible
1. Open up a savings account or create a savings envelope specifically for the $1,000
Once mistake some people make when trying to save $1,000 fast is to keep the money in their wallet, in their checking account, or in their normal savings account.
Don’t do this.
By creating a savings account specifically for your $1,000, you make it easier to keep track of the money and less likely that you’ll pull money out of it for a lame reason. If you try to use a regular savings account to save your $1,000, you may find that you’re so used to transferring money in and out of that account that the $1,000 you try to save never stays put!
That’s why I recommend creating a new savings account or savings envelope just for this $1,000!
If you’re less likely to spend cash, try saving the money in a cash envelope. Set it somewhere that’s inconvenient to access so you’re not tempted to spend it when you’re out and about. If you want save your funds in a savings account, try a high yield savings account like Ally that will keep your funds protected, earn you higher interest, and take 2-3 days to access funds to make sure you aren’t transferring money out for no good reason.
Once you have a dedicated savings account or envelope for this $1,000, you’re ready to move on to the next step.
2. Cut back your current spending to create more “extra” money at the end of the pay period to save
Keep paying your bills on time and paying for necessities like groceries, gas, rent, and other essentials, but cut back on as much of your optional spending (like restaurants, personal spending, Target and Amazon runs, mani/pedis, clothing, and random purchases) as possible.
Take the money you would have spent on these things and save it instead. You can usually save $100s of dollars per month by doing this, adding to your $1,000 savings quickly.
3. Make as much extra money as possible to supplement your regular income by working side hustles or gig jobs
Making extra money will help you save $1,000 as fast as possible! There are so many ways to earn extra money through a side hustle or side gig, but these are some of my favorites for earning fast cash.
All of these methods to earn extra cash will pay out within 2 weeks so you can get your $1,000 saved fast:
- Deliver groceries for Instacart or Shipt
- Deliver takeout orders for Doordash, Ubereats, GrubHub, Postmates or Favor
- Sell things from around your home
- Refinish and flip some furniture pieces for a profit
- Yard work
- Clean houses
- Donate plasma
These side hustles are amazing ways to make extra money and can definitely earn you $1,000 or more in a month! You don’t have to stick to just one of them either, try a few of them to help put more money away!
4. Put any extra money you earn or save into your savings stash immediately
If you cut back your spending (e.g. cut out clothing spending and restaurants for a month) and didn’t spend $150, put that $150 into your savings account or envelope as soon as you can. If you earn an extra $200 for doing a side hustle gig, save it as soon as you have the cash in your hands.
Money sitting around in your checking account is just asking to get spent!
Get the money saved into your savings account or envelope as soon as humanly possible!
5. Do not touch it or spend it for any reason except a true emergency or for its intended purpose!
One of the top reasons people have trouble saving money is that they set money aside into savings and then transfer it back into checking when something comes up and they are low on funds.
We’re not doing that this time!
Once the money is saved, leave it there.
Do not spend it.
Something I’ve found that helps immensely with saving money (and actually leaving it saved) is to keep a budget and track your spending to ensure you don’t need the money for another necessity.
6. Keep a Paycheck Budget to help you stay on track
How can you ensure you save money and don’t need to pull it back out of savings again for a necessity that pops up?
A budget is how!
My budgeting method has you plan out each of your paychecks (a paycheck budget) and plan what every dollar will do before you even earn it. Then, you’ll track your spending throughout the pay period to ensure you’re on track and not spending money that has been earmarked for rent or groceries. Click here to get my free budgeting spreadsheet and start budgeting to help you keep your savings saved now!
With a budget in hand and keeping track of your spending, you’ll be sure to keep your spending in line so you can have extra money every pay period to add to your $1,000 savings and make sure you don’t transfer it back out again or spend it!
While saving $1,000 fast cash feel daunting if you’ve never done it before, it is possible! By following these six steps you can save $1,000 fast (likely within 1-2 months)!
Then you can use the $1,000 for whatever it is you need it for or keep it saved for an Emergency Fund!