Related: How to Invest Your Retirement Savings
5. CIT Bank Premier Savings account
The CIT Bank Savings account offers an impressive 1.75 APY—higher than many other savings accounts.
This is ideal for bulking up your emergency fund, storing your house down payment, or any other savings goals.
6. Create a new income source specifically for savings
This can be a part-time job, contract work, or creating a side business. You can choose which ever works best for you. But one of the advantages of contract work or a side business is that they can be ongoing. That means they can help you with long-term savingsxxf goals, as well as more immediate ones.
Whichever income source you choose to create, it will be absolutely critical that the income earned goes directly into savings. Like cutting expenses, you can do it only so long as it takes to reach your savings goal.
It doesn’t have to be a lot of money either. If you can earn an extra $250 per month on a very part-time basis, you can save $3,000 within one year.
Related: Have Fun With Your Savings and Spending
7. Sell everything you don’t absolutely need
If you’re like most people, you probably have a house full of stuff you need, and an equal amount that you don’t. Even if you think it’s junk, the stuff you don’t need could be worth some money. Gather it all together, clean it up, and get ready to put it up for sale.
Do some searching on the web to determine reasonable pricing. (eBay has an Item Pricer App that will help you check eBay prices).
There are different ways you can sell your items:
- eBay
- Craigslist—works best for larger, higher priced items
- Amazon
- Holding a garage sale, or tagging on with someone who is
- Flea markets and swap meets
- Consignment shops
- Depending on how much un-needed stuff you have, you can generate anywhere from a few hundred dollars, to a few thousand. And that’ll look a lot better in your bank account than stuffed in a closet or attic.
8. Guerrilla warfare tactics to save money
This one really depends on where you’re at in life. It’ll be easier for people who are single or married without children. But the basic idea is to radically lower your cost of living. That will mean targeting your major expenses, rather than trimming around the edges of your budget.
The possibilities here are enormous. Let’s say you’re single, and currently living in an apartment that costs $1,000 per month. By taking in a roommate, or becoming a roommate in someone else’s apartment, you might cut your rent down to $500. That would enable you to save $6,000 in one year.
Another example: You have a late model car with a $500 monthly payment. You sell the car, pay off the loan, and buy a “beater”. Sure, you’ll have higher repair bills, but it’s unlikely those will total anything close to the $6,000 that you’ll save on car payments.
Both options seem extreme on the surface. But if you’re looking to save money fast, these efforts will get you there.
Summary
Any one of the above methods can help you save a significant amount of money quickly. So, select the one that works best for you. If you have no savings, and you want to save money fast, you’ll have to choose one or more to make it happen.
This article has been republished with permission from Money Under 30.