Did you know you can save more money in three months without sacrificing yourself too much?
“Money, money, money must be funny. In the rich man’s world” go the lyrics from the widely-known song from Abba. It is no surprise that we need money for everything, and this awful inflation has put a huge mark on us because of the raised prices, especially for groceries.
Because most of our readers were interested in finding out more about budgeting, in today’s article here at Frugal American, we will dig deeper into how to save $5,000 in only three months without troubling yourself too much. If you don’t plan on saving the money to buy something, you can set it aside for your emergency fund.
Sell your stuff
If you want to save more money in three months, one of the first things you can do is look around your home and see what you don’t need anymore. Make a list of them and try to sell them on sites like eBay, Etsy, and even Facebook Marketplace. In the past few years, because of the pandemic, a lot of people have started to sell their clothes and household items online. And it works very well!
While clothes are probably the best items you could sell, you can also look for home decor, furniture, electronics, or books you no longer use. Take pictures of every item and upload them. Some people offer discounts if they sell multiple items. Try it!
Make a shopping list only with the stuff that you need
Have you ever thought about having a no-spend month? Well, it’s possible to save more money if you have a stable to-buy list to check when you’re in the grocery store. You’ll also refrain from making impulsive purchases! One smart strategy to start organizing your shopping excursions is to plan and cook your meals on a budget.
Plan out your week’s meals before you get to the grocery store. Make a list of everything you need for the pantry, including all the ingredients for meals. In my case, this worked just great! Doing this also helped me decide what to eat every day without spending a lot of time in front of the fridge. If you want to save more money ($5,000 if possible) in just three months, you can also look into possibilities at budget food stores and stay away from name-brand products.
Follow a budgeting plan (envelope method)
Planning and monitoring a savings goal is challenging if you don’t know how much you make and spend each month. Establish a monthly budget that you will stick to and think about how to improve your budgeting techniques before attempting to save $5,000 in three months.
Because it’s highly recommended by most financial experts, I tried the envelope method, and guess what? It worked wonders. At least in my case, and I don’t brag that I managed to get rich overnight or at all, following a concise plan helped me save more money.
Let me tell you how it works. Envelopes are used in this approach to organize your monthly spending budget. Cash is first placed inside the envelopes that have been labeled for the various expenditure categories. Don’t even think about overspending! Once the money from the envelope is gone, that’s it. You wait until the next month.
Thinking about starting this challenge yourself too? That’s great. I support you in doing it. That’s why I recommend you buy this 100 Envelope Challenge Binder A5 which costs only $13.99 on Amazon.
If it’s possible, try a side hustle
It doesn’t matter if you’re a retiree or if you’re still active in the working field; side hustles are for everyone who wants to save and produce money. One of the simplest side gigs to begin with is food delivery; other gigs include driving and coaching. While it’s simple to get started, your earning potential may be restricted.
Take into account a few other things before beginning, such as the size of the city in which you currently reside, as the demand for ride-sharing may not be as great there. Depending on your goals, compile a list of advantages and disadvantages.
Take advantage of discounts
If you want to save more money in the long run, you should take advantage of coupons and discounts. Consequently, this increases your accessible funds to save $5,000 in three months. Joining a discount program makes sense if you often visit a certain shop.
You can also look for discounts by checking with your employer or any membership organizations you are part of. Employee discounts on anything from mobile phone contracts to auto insurance are frequently provided by corporations. If you’re not sure, ask the HR department at your workplace to see which discounts are available. Furthermore, another way to save more money is to use coupons. They are available on some websites and in physical format in newspapers.
If you’re looking to save more money, you may also be interested in reading How to Spend Less Money and Still Have a Full Shopping Basket!