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7 ways to save 1000 dollars fast | Paycheck to Paycheck
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What are 7 different ways to save 1000 dollars and yes your math is correct if you do all 7 then you could save an extra 7k. I'm going to break down very simple ways that you can save 1000 dollars.
7 ways to save 1000 dollars fast
Usually: Im not going to complicate this to make me look smarter than I am, simple solution work better than complicated ones.
1. Lower expenses
Why: IF you feel like whenever you get paid, you don’t know where your money went then this is why
Steps:
- Write down all your expenses and your income
- Give your money job to do ( I use a budget with 6 envelopes to give each dollar a job from Emergencies, Investments, Debt repayments, expenses and fun and even charity)
- Repeat it, every time you get paid ( do not complicate it)
2. Pay yourself first
Why: Everyone takes a piece fo your money before you do, Uncle Sam, your landlord, and all the other bills you pay for
How: You have to take 10% before you get paid no less, I currently take around 45%, but that’s a little crazy.
Steps: ( if you can't afford 10% go back to step one and figure out what expenses you need to cut or reduce.)
- IF you get paid to take 10% and put aside in high yield savings account
- Repeat, and don’t spend the money until you hear the third way.
3. Make your Money Multiply ( where does this money come to multiply, well from the 10% you’ve been yourself)
Why: you want to create some income for yourself, and the more money you have, and if you're maintaining your expenses, then the more money you can save
How:
Dead Money: Keep it in a savings and earned .15%-2% ( lower now since the fed rates were cut)
Safe Money: Etf’s are great they keep your money safe and earn an average of 7% ( sometimes 12 but that’s very odd)
Healthy money: 7-12 %: That might mean investing in a business, or lending some money
Wealthy money: 12% and up Well you could negotiate a real estate where the rent gives you an annual return of 12-20% depending on your down payments.
Steps:
- Grab that 10% and put it to work, and experiment.
- One Rule: Either invest from a place of knowledge liker reading books or taking courses or invest from the advice of wealthy people. ( im talking real wealthy not like these day traders that lose 80% of the time and say they are winning)
4. Increase your ability to earn: getting a college degree or certificate
Why: You do this to increase your earning potential, and I know the debt is extremely important.
How:
Chipotle, Starbucks and a lot of companies have programs to pay for your college, ask your job about it.
Payout of pocket for a degree or certificate you like that’s “profitable.”
Or Get a loan, the return on investment is much higher, so it'll be worth it.
Steps:
- Decide what you want to get certified in
- Do it and don’t overthink it
- Forget the time it'll take and the money ( its an investment )
5. Secured retirement income
Why: I know you might be young or older, it doesn’t matter. The problem is that one day you won't be able to work as hard for that money. So you want to be safe.
Steps;
- Talk to your employer and ask them about the options they provide
- Decide if you want to create your own base for retirement or automate it with retirement funds.
- Stick to it.
6. Own your own home
Why: why would I buy a home when I could just rent and save money, well short term you will but not in the long run.
How to Fix:
- If you are currently renting which we are, decide if you want to do that forever or if you want to own your own home eventually.
Steps:
- Talk to Bank and get prequalified
- Save for a down payment
- Take real estate course to decide what type of home you should buy
Goal: By the time I turn 23 or 24, I should have my first investment property.
7. Don’t get scammed: Don’t believe the get rich quick schemes
Story:
* PRO TIP*
INFORMATION IS EVERYTHING
👕Merch👕
✅2 FREE AUDIOBOOKS✅
🎁ACORN FREE $5🎁
⚡FREE KINDLE UNLIMITED⚡ (traditional reading)
👨🏽💻DISCORD PRIVATE GROUP👨🏽💻 ( Limited - Comment if Full)
Social Media~
Snapchat: tommy28fly
7 ways to save 1000 dollars fast
Usually: Im not going to complicate this to make me look smarter than I am, simple solution work better than complicated ones.
1. Lower expenses
Why: IF you feel like whenever you get paid, you don’t know where your money went then this is why
Steps:
- Write down all your expenses and your income
- Give your money job to do ( I use a budget with 6 envelopes to give each dollar a job from Emergencies, Investments, Debt repayments, expenses and fun and even charity)
- Repeat it, every time you get paid ( do not complicate it)
2. Pay yourself first
Why: Everyone takes a piece fo your money before you do, Uncle Sam, your landlord, and all the other bills you pay for
How: You have to take 10% before you get paid no less, I currently take around 45%, but that’s a little crazy.
Steps: ( if you can't afford 10% go back to step one and figure out what expenses you need to cut or reduce.)
- IF you get paid to take 10% and put aside in high yield savings account
- Repeat, and don’t spend the money until you hear the third way.
3. Make your Money Multiply ( where does this money come to multiply, well from the 10% you’ve been yourself)
Why: you want to create some income for yourself, and the more money you have, and if you're maintaining your expenses, then the more money you can save
How:
Dead Money: Keep it in a savings and earned .15%-2% ( lower now since the fed rates were cut)
Safe Money: Etf’s are great they keep your money safe and earn an average of 7% ( sometimes 12 but that’s very odd)
Healthy money: 7-12 %: That might mean investing in a business, or lending some money
Wealthy money: 12% and up Well you could negotiate a real estate where the rent gives you an annual return of 12-20% depending on your down payments.
Steps:
- Grab that 10% and put it to work, and experiment.
- One Rule: Either invest from a place of knowledge liker reading books or taking courses or invest from the advice of wealthy people. ( im talking real wealthy not like these day traders that lose 80% of the time and say they are winning)
4. Increase your ability to earn: getting a college degree or certificate
Why: You do this to increase your earning potential, and I know the debt is extremely important.
How:
Chipotle, Starbucks and a lot of companies have programs to pay for your college, ask your job about it.
Payout of pocket for a degree or certificate you like that’s “profitable.”
Or Get a loan, the return on investment is much higher, so it'll be worth it.
Steps:
- Decide what you want to get certified in
- Do it and don’t overthink it
- Forget the time it'll take and the money ( its an investment )
5. Secured retirement income
Why: I know you might be young or older, it doesn’t matter. The problem is that one day you won't be able to work as hard for that money. So you want to be safe.
Steps;
- Talk to your employer and ask them about the options they provide
- Decide if you want to create your own base for retirement or automate it with retirement funds.
- Stick to it.
6. Own your own home
Why: why would I buy a home when I could just rent and save money, well short term you will but not in the long run.
How to Fix:
- If you are currently renting which we are, decide if you want to do that forever or if you want to own your own home eventually.
Steps:
- Talk to Bank and get prequalified
- Save for a down payment
- Take real estate course to decide what type of home you should buy
Goal: By the time I turn 23 or 24, I should have my first investment property.
7. Don’t get scammed: Don’t believe the get rich quick schemes
Story:
* PRO TIP*
INFORMATION IS EVERYTHING
👕Merch👕
✅2 FREE AUDIOBOOKS✅
🎁ACORN FREE $5🎁
⚡FREE KINDLE UNLIMITED⚡ (traditional reading)
👨🏽💻DISCORD PRIVATE GROUP👨🏽💻 ( Limited - Comment if Full)
Social Media~
Snapchat: tommy28fly
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