How to Save Money: 8 Effective Ways to Save Money FAST

In a study, it was found that only 41% of Americans have enough savings to cover a $1000 emergency without going into debt. Here’s a video discussing 8 effective ways to save money FAST so that you can be a part of the minority - Enjoy!

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ONE - Give Your Dollars Jobs
The most effective way to increase your savings is to give each dollar you earn a specific job. You do this by making a budget. A budget is a written-out plan on how your income will be allocated. To make a budget, you first need to determine what medium will use to record and track you budget and expenses. This can be done either with a notepad or an online budget tracker like mint.com or personalcapital.com. Second, track every purchase you make for a month. Third, after you have a sense of how you spend your money throughout the month, next step to to categorize your expenses. Forth, determine budget amounts of each category. Last, track every expense you make and follow your budget.

TWO - Review Your Spending
Now since you have a budget in place and you’re tracking you expenses, you can now review your spending. You want to watch out for subscriptions that you don’t use or recurring bills that you can shop around for cheaper rates. You also want to watch out for random spending that you didn’t plan for in your budget.

THREE - Pay Yourself First
The idea of paying yourself first is when you put a certain amount of money into savings before you pay any of your bills. This can be done by automating your savings. Since you now have a budget, you can set up automatic transfers to be executed the same day as you get paid. Doing this will help you save consistency.

FOUR - Hide Money From Yourself
Most people have their checking and savings accounts at the same bank. So every time they login to check their checking balance, they also see their savings balance as well. If your savings account has a lot of money in it, it can give you the feeling of being ‘rich’ which leads to overspending. The best way to avoid this is to keep your savings at a completely different bank.

FIVE - Pay Off High-Interest Debt
Rates on credit cards can be up to 15x higher than the return on a savings account. This is why you want to pay off high-interest debt ASAP. You can open up a 0% APR credit card, transfer you r balance on the card and try to pay it off before the end of the 0% APR period.

SIX - Negotiate a Pay Raise
Ask you boss for a raise. If you earn more income and keep your spending the same, you’ll have more money to save.

SEVEN - Start a Side Hustle
Like the last strategy, the more you make the more you can save. You can pickup a second job to get more hours or start a side hustle to increase your income.

EIGHT - Sell Unused Stuff Around your House
You can survey your home for stuff you don’t use anymore and sell them using online platforms like eBay and save the difference.

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*Some of the links in this video are from companies that Jonathan Sorunke will earn an affiliate commission or referral bonus. The content of this video is accurate as of this posting date. Some of the offers mentioned my no longer be available. The information in this video is presented for entertainment purposes only and you should refer to the proper professionals before making any decisions.*

Видео How to Save Money: 8 Effective Ways to Save Money FAST канала Jonathan Sorunke