How to save money fast

Do you want to save money fast? We have got some ideas on how you can make this a reality. None of these ideas will make you a fortune but with discipline, commitment, and consistency you can find yourself with more money at the end of the week, month, quarter, or year.

Here are ways to save money fast.

1. Get on a budget: Without a budget you will keep wondering where your money went. With a budget you intentionally send your income on deliberate assignments, such as savings.

2. Cut down unnecessary spending: In preparing your budget clearly define your needs versus wants. If you are serious about saving you might want to cut down on the wants in the short run.

3. Get multiple streams of income: One of the best ways to save money is to find ways of increasing your income. You could take up a side business, a second job, or offer your service.

4. Cook and pack your own meal: Eating out could be a large expense. A meal plan for the upcoming week could be of help so you don’t run out of ideas of what to cook.

5. Stop paying for convenience: Paying for convenience can save time however it can cost you money. Be deliberate about reducing your expenses on things that are not your priority.

6. Automate your savings: If you find it difficult remembering to set aside a sum of money as savings, consider giving your bank a standing order to deduct funds from your account, or set a direct debit on your checking account.

Kick-start your savings by creating your monthly budget. It’s the first step towards reaching your goal of saving.

ABOUT THE AUTHOR

pfmAcademy is committed to helping young professionals become intentional about their finance through practical personal financial management tips.

Before I joined PFM Academy, I was just a classroom teacher and a lover of make-up. Like, if I were taken to a drugstore on a blank cheque, I will go for all the makeup items in that store. Then, one evening I had a 1-1 session with Tolu from PFM (we use to be church members during our childhood) and she asked how I was doing in my profession. I complained on how “Teachers take home, were unable to take them home here in Nigeria” she asked of my passion and encouraged that I could use that to start a ‘side blessing’ that’s what she tagged it. During the lock down I enrolled for a makeup course where I came out second best and boom! I began my side blessing after that. I makeup people for good money and yes, I still buy makeup products but this time, I buy for people and then make my profit. Thank you, Sis.