7 Strategies to Help You Raise $1000
If you are just starting to get control of your finances, you may be working on saving up an emergency fund. $1,000 is a great amount for a mini emergency fund while you work on getting out of debt. This may seem like a lot of money, especially if you are living from paycheck to paycheck. However, there are strategies that you can use to raise that money in just a month or two. With this in place you can start paying off your debt much more aggressively. Most likely you will need to employ at least two of these strategies to come up with the money that quickly.
Hold a Yard Sale or Sale Items Online
You likely have things around your house you no longer need or use anymore. You can raise some extra cash by selling them. A yard sale allows you to sell a bunch of items quickly in one go, but it also is where you will learn the lowest amount for the items. You can eBay items or list larger items on Craigslist to earn quick cash that you can put straight into a savings account. You should be able to make between $200 and $300 on this without too much work.
Try Out a Second Job
Another option you can do is take on an extra job. Be sure that you choose the best part-time possible and that you are working for more than minimum wage. When you do this, you will be able to save up money to put toward your emergency fund or savings goal. A second job can be draining and it is not a long-term solution to an income problem, but working one can help you raise cash quickly. You may also want to look at a temp agency for a weekend work. You can make another $200 a month if you work just twenty extra hours at $10 an hour.
Stop Eating Out
If you are eating out at lunch or several times a week, you may be able to find money to save by cooking at home and taking a lunch to work each day. If you just cut back on eating out at lunch each day and you are spending about $7.50 a meal that adds up to $150 a month that you can put into savings. If there are two of you in the family, you can double that. Additionally, if you cut back on dinners out (which tend to be more expensive) the savings can add up fast. Just be sure to put the money you are saving into your savings account.
When you want to save money fast, it means that you need to stop all unnecessary savings. Try canceling your cable and signing up for a cheaper alternative like Netflix or Hulu. You can also temporarily reduce your cable package and save money there. This can be around an $80 a month savings depending on your current cable package.
Cut Your Grocery Spending by $100
Try cutting back your grocery bill by a $100 for the month. Switching to store brands and shopping the sales can help you find an extra $100 at the grocery store over the month. Meal planning and budget friendly meals with less meat can help the savings add up more quickly. It will take planning but is completely possible. If you switch from name brand items to the store brands, you can save money, and if you look for a discount grocery store you can also save money on the same items.
Go on a Spending Fast
A spending fast is a great way to save money. In a spending fast, you do not spend money on anything except for planned, necessary expenses. For example, you may plan on filling up your gas tank so that you can commute during the month. You may also have a tight grocery budget but you limit what you spend on eating out and entertainment costs. You may also stop spending on clothes and other items that you would like but you do not really need. Take all of the money at the end of the month and put it in your savings account. This could be as much as $500 depending on your spending habits.
Stop Your Bad Habits
One easy way to save money is to stop spending on the habits that cost you the most money. Even if you do not quit some completely, you can likely save money by cutting back on what you normally do. Cigarettes and alcohol are very expensive and can add up quickly. Impulse shopping and spending just because it is a good deal can cost you a lot of money too. Gambling is another habit that can cost a lot and if you can stop for just a month or two, you may be surprised at just how much you save.