How to Save $1000 Fast This Month (10 Practical Ways)

Saving is a habit that not no one is born with – but everyone can learn.

Easier said than done? The smarter of us know, it’s also not that easy to save. We live in a society that runs on trade and commerce. With marketing all around promising us fixes and relief if we just buy, buy, buy.

Probably why half of Americans are living pay check-to-pay check.

Whether you’re starting as a Gen-Z or nearing retirement, we all have saving goals and dreams that need financing. Maybe it’s that new phone, dream vacation, or being one step closer to freedom – a good finance strategy is just the power to make that dream real.

So How Do I Actually Save $1000 This Month?

It might seem like a daunting task, especially if you’re not used to saving before. (Or maybe you’ve only been saving sporadically.)

But saving is a discipline that can be learned – and entirely achievable. Here are 10 practical ways you can start right now to reach that goal.

1. Tell Yourself You Can

Yes, this counts as practical.

Your money mindset is a distinct combination of your beliefs and feelings about money. It influences your choices related to saving, expenditure, and money management. If you don’t believe it’s possible to save $1000, you’re probably not going to even try. Your brain will continue to look for evidence to support that.

People with a positive money mindset often hold beliefs such as:
– saving $1000 is not hard
– I don’t compare myself to the Jones
– I believe in my capability to reach my financial goals

Your money mindset determines how you perceive debt, how you view people with different incomes (like the Jones), your confidence in investing and saving, and everything in between. Your self-concept and money mindset believe will make or break you.

2. Track Your Spending and Create A Budget

At it’s core, personal finance is understanding where your money comes from and where it goes. And you can’t get to your financial goal without first knowing where you are first.

And it’s not as scary or complicated as you think – believe me, I had the same overwhelm when I first started. What I found instead was that the constant disarray and financial stress was scarier. Awareness and clarity is key – even if the numbers hurt.

And the best way to understand your money is a budget! If you don’t know where to start, you can check out the one I personally use here. But there are other free services that help like Mint (free).

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One of the best budgeting methods out there is – happily – a very simple method: The 50/30/20 Budget. It divides your money distinctly into three categories:
– 50% of your income is allocated to your needs (rent, food, utilities, etc.)
– 30% of your income goes to wants (entertainment, going out, vacations, etc.)
– 20% of your income goes into savings

Of course, there are several methods out there that are more suited to your lifestyle. It’s never a one size fits all scenario. If you set yourself with a very ambitious goal, you’re not only less likely to reach it, but also more discouraged to start again. Best set something realistic that suits your personality and build up that habit slowly – nothing is built in a day, after all.

3. Stop the drip

Cut out unnecessary subscriptions and unused memberships.

Planet fitness is a successful business because it markets themselves to people who don’t actually use gyms. In fact, 67% of all gym users don’t actually use their memberships. Since the average gym membership ranges between $20-$100 per month, that’s roughly $1200 per year you’re paying…and for nothing. That could be $1200 saved and back in your pocket.

Amazon Prime memberships is cheap for one month, but averages about $100 per year. It’s great savings if you order a lot, but if you can wait a little longer and can’t justify the saved shipping cost, you’re better off without it.

Sometimes we forget we even have subscriptions and memberships. Time to go through your statements to shut off that drip for good.

What else is chipping away at your monthly paycheck on things you don’t use?

4. Cook at Home Instead of Dining Out

This was a little tricky for me to adopt the most since I enjoy food and my time with friends.

After cutting down on outings, I had to streamline and be careful with groceries. It was fun to cook, and I saved quite a bit buying bulk.

But I admit there was a bit of a learning curve, since I got bored cooking the same thing. Happily, I found the $5 meal plan. They planned my meals and recipes and grocery lists. They streamlined my grocery bill so none went to waste. I got the hang of meal prepping and – true to their word – I averaged about $5 -$7 per meal.

The service had several options for the gluten-free, and they have a 14-day refund policy in case you find this doesn’t work in your family. You can check out the $5 dollar meal plan out here.

5. Automate your Savings

If you cannot trust yourself with temptation or just want to make saving much easier, automate your savings with the “set it and forget it” principle. You’ll reach your $1000 goal without even realizing it!

Setting up automatic transfers usually means transferring money from one account (typically checking) to another account (usually a savings or investment account) at regular intervals.

This ensures a portion is consistently set aside regardless if you remember to do it manually or not. And if you can make that as easy as possible – why not? Save your time with less of the administrative hassles.

Many banks and employers offer direct deposit of pay checks, too! You can often split your direct deposit into multiple accounts, and you control the frequency and amount that’s right for you.

6. Shop Smart with Coupons & cash back

Millionaire or not, no one wants to pay full price. So why would you if you have the option?

There’s a lot of cash back services that reward customers with a percentage of their purchase price back, either in the form of cash or points. And these are passive savings with the everyday shopping you do anyways! (Especially helpful with Christmas and Thanksgiving)

One of the largest cash pack apps – and by far the best – is Rakuten. (Formerly Ebates). It’s free to sign-up and to use, and as soon as you hit $5 (which is not long), you can cash out via Paypal.

Rakuten is free to use and partners with over 2,500 stores online and in-store. The same stores you already shop at like Amazon, Wal-mart, Macy’s, and Sephora. When you shop through Rakuten’s links, they earn a commission from the retailer, and they share that portion with you in the form of cash back. Sign up free and get $10 cash back

While you’re at it, check out Honey! It’s a browser extension designed to simplify the process of finding and applying discount codes for online shoppers.

Once installed, Honey automatically scours the internet for the best available coupon codes during the checkout process of an online purchase.

When you’re ready to complete your purchase, Honey will present the optimal code, ensuring you receive the maximum possible discount. This eliminates the need for manual searches and the uncertainty of using outdated or non-functional codes. (No more cutting coupons out!) You can check out Honey here!

Using both is even better! 😉

7. Use Cashback Cards

And if you want to further your savings (aside from coupons and cashback apps), utilizing cards with benefits!

The two main types are (1) Cash Back credit cards and (2) Point or Miles credit cards. And often comes with attractive sign-up bonuses.

Choose the card with the rewards the most aligned with your life and goals. While the potential pitfall maybe higher interest rates – that only happens if you do not pay in full.

I avoid that all together by using KOHO, a Canadian Cash Back Pre-paid Mastercard. It operates as both a spending and savings account – where you earn cash back on what you spend AND earn interest on your entire account. Because it’s a pre-paid card, what you get is a Mastercard without fees or interest – because you’re only using cash that you have. No borrowing!

As a result, the average KOHO user saves 7% of whatever money they load into their account.

8. Use Free Entertainment

Despite living in a world of commerce – it’s actually possible to have more fun while not spending so much!

Controversial, I know.

Your public libraries lend out more than just books – often movies and city passes. Your local community events have more than the cultural festivities, they foster camaraderie – would you be a neighbour? The volunteer house is always looking for help. And there are several benefits in hosting a swap meet.

Having purposeful entertainment needn’t cost much. There’s a lot of creative ways to spend your time – I wrote a list on the things I do with my friends that doesn’t break the bank. Perhaps it can help you too!

9. Start a Side Hustle To Increase Your Income

One of the best ways to make $1000 by the end of the month isn’t just to cut your expenses, but to increase your income. That’s not has hard or intimidating as one might think!

For the busy and part-time gigs are not in the schedule, you can utilize survey apps. I personally use a free app called Swagbucks that helped me earn free PayPal cash.

I signed up for Swagbucks for free! Just by answering surveys, surfing the web, and watching videos, you can earn your way to lattes. They also have other gift card options from Starbucks, Walmart, Amazon, and Esso to redeem. Sometimes even Paypal Cash cards. I redeem my Starbucks card at $50 which lasts me 2 weeks on my morning coffee run. =)

If you sign up for Swagbucks now, you can get started with a FREE WELCOME BONUS.

If you’re looking for more than a gig, and something to scratch that entrepreneurial itch, a blogging business stands out as an attractive option. With low start-up costs and many monetization potential, it’s more possible now than ever to make money online.

Unlike the economy, a blog doesn’t exchange time for money with an hourly wage. There’s no glass ceiling, earning potential, or even geographical limitations.

The business grows with you. And since you work according to your own schedule, it makes it easier to juggle alongside other commitments. You can read more how here!

TLDR Summary on How To Save $1000 This Month

Saving $1,000 a month might seem challenging at first, but trust me – it’s entirely feasible.

Start with one or two tips from this list and gradually incorporate more as you become comfortable. Let momentum take you the rest of the way.

Remember, every little bit counts. Happy saving!

How To Save $1000 This Month (Fast & Practical Ways)