7 Quick Actionable Steps to Increase Savings by $500
The average American in their 20s has about $3,470 in savings across all of their accounts. This isn’t nearly enough for an emergency fund, which experts recommend should be anywhere between three to six months of your typical expenses.
So, how do you go about learning how to save money fast? First, you’ll need to figure out how much you’d like to save per month. Increasing your savings by $500 each month actually isn’t that hard to do as long as you’re diligent and have a plan to follow.
Whether you’re just starting out saving or need to figure out ways to save money for something special, here are a few actionable steps you can take to increase your savings by $500 easily.
How to Save Money Fast
Open the Right Savings Account
It’s hard to optimize your savings if you don’t have a savings account. And, with the right savings account, you can even earn money without doing anything but continuing to place more cash into the account. We suggest looking into a rewards savings account or a high-yield savings account. The BBVA Build My Savings Account, for example, offers to match 1% of your total transfer amount to the account, up to $50 for 12-month plans. While this isn’t $500, it’s better than nothing. Plus, you’ll need someplace to store your savings so you don’t spend it.
Start Meal Planning
You’ve probably heard this before, but eating at home truly does save a lot of money. Americans tend to spend upwards of $800 a month on food, and this includes both groceries and eating out. So, separate the two budgets out and try to cut your restaurant expenses in half and then reduce your monthly grocery bill by about a quarter. How? Meal plan! Download a weekly meal planner for budgeters and plan out each and every meal you’re going to eat. Then, head to the grocery store with the shopping list in hand to make those meals and don’t buy anything else.
Cut Back on Subscriptions
Americans spend, on average, just under $240 a month on subscriptions. From gaming services to streaming platforms and even beauty subscriptions and digital magazines, we imagine you’ve got a few subscriptions of your own. Sit down and look at your bank account to figure out where your money is going. Then, cut back on as many subscription services as possible. If you can, split the costs with friends or family members. Or, try to go a month or two without any subscriptions at all. Chances are, after a couple of months without them, you’ll realize you never really needed them in the first place.
Think About a Side Hustle
You’ve got a skill. We all do! Put that skill or hobby to good use and take up a side hustle to earn a few extra bucks per month. Teaching English online is popular and fits in most American workers’ schedules. You can earn up to $2,800 per month teaching English in the mornings and on the weekends. Or, sell your art on Etsy, become a dropshipper, or write blogs for other people in your spare time. All of these are easy ways to monetize a skill or passion you have. And, odd jobs here and there add up over time. If you really want to increase your savings by $500 per month, take up a side hustle that earns you $125 a week. It’s pretty easy.
Sell Things Online
There are so many things you can sell online to make money. From books and clothes to artwork, photos, and silly services, you can sell pretty much anything online. The key here lies in finding something that you can continue to sell. If you’re interested in just making money fast and one time only, you can sell furniture or old clothes. However, to continue to add $500 to your savings each month, think about other ways to make money off of selling goods. Produce greeting cards, make cool posters, sell stock photos, or had over to Fiverr to see what other crazy, unique services you can sell online.
Take Online Surveys
People who take surveys online for money can earn around $200 a month if they’re dedicated to finding the right paid survey sites and carve out some time each day to sit down and take multiple surveys. With most companies offering between $1 and $5 per survey, and some paying upwards of $20 per survey, it’s pretty easy to see why it’s such a popular way to make extra money. And, it’s a super-easy way to make extra money fast. In fact, with InboxDollars, all you have to do is install the browser plug-in and you can earn over $50 per year.
Earn Cashback on Your Money
Side hustles, meal planning, and selling things online aren’t the only ways to save money fast. You can also sign up for a debit card and bank account that will help you make the most of your money.
By signing up for the Cheese Debit Card, you’re able to access and unlock savings in the form of cashback and savings bonus. When you tack that onto the fact that the card comes with no monthly fees, no overdraft fees, and great interest rates, it’s just as lucrative as any of the other best ways save money.