How to Double Your Savings Fast

How to Double Your Savings Fast

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[kimberleychapman]

Thanks for this, Rachel. I’m on baby step 3, and I’m almost finished and will be moving to step 4! I have cut eating out about 95%, which means not going to the pub once a week (unusual here in the U.K.). I have culled many items when I moved, selling them, and adding to my savings - it works! My side hustle profits go entirely to savings! Since I started the baby steps, it’s been about 2 years… it’s so worth it!!! I encourage everyone to go for it, one step at a time, because there’s so much freedom with no debt! ❤😊

[lindadorman]

I started reselling my clothes, home furnishings and other stuff during the pandemic when my employer shut down. You'd be surprised at what people will buy. Soon I was making more than I did working for someone else and my side hustle became a full-time business. I paid off $30k debt, have a fully-funded emergency fund and am saving for retirement. Plus I set my own schedule and work from home - what could be better?

[anneburoker]

I loved the auto-transfer in my bank account. I set it up to transfer money to our savings account from our daily spending account and that has worked very well for us. I keep an eye on the bottom line but this gives me peace of mind that savings are a priority. Thanks for sharing.

[christiS]

Yep it’s a spending fast - no spend may or June etc. and a pantry challenge- eat what’s in the pantry already. For me it’s vacation. Lol. BS 4-6 I pay cash but still I love to get out there ! Lol

[AvalonMisty]

Use the Gift Cards. If it has a small balance left I hand it to someone going inside the store. Most of my clothes come from Thrift Stores. Some I buy have the original brand tags in them. I get compliments on my selections.

[fatimamanneh]

Yes cut cable it will save you $200 a month

[RiSkyNick]

Eating out is the hardest for me. I love food, and trying new resturants😋

[mrbaboy]

The cable was the easiest. The easiest. Think about it. The only stuff you usually watch - at least for me - was cooking, history, and local news. Didnt need 500+ channels. Even when it was slimmed down, still didnt make sense

[micheletopolosek]

What is your take on high yield savings account?

[May-qbvx]

It’s not 100% up to the baby steps, but I consider paying myself as a monthly expense. I still prioritize my student loan repayments above everything else, but I still pay my savings a bit beyond the $1, 000 starter emergency fund. But in counting my savings as an actual expense, I don’t end up living paycheck to paycheck. I actually pay myself first even though I don’t give myself the biggest chunk (that’s still my student loans)

[karenhobson]

Wrapping the car is usually a scam. Got a bogus check a couple years ago when I agreed to do this.

[zachandkateshives]

Has Ramsey considered making YouTube videos for kids? Teaching them how to think about money before they make the mistakes?

[deathbysonar]

Trade your fiat for Goldbacks. Goldbacks have appreciated in price from $2.00 in 2019, to an average of $3.75 at the end of 2021.

[lindseylane]

Wrapify is NOT worth it.... unless you're a gig driver. I driver across town from home to work.... over 100 miles. The monthly check was under 50bucks. You have to take time from your day to travel to and from the selected companies that will wrap your vehicle.

[caeligratia]

If you're a student, rent your books!!!!

[RPMcMurphy]

1. Ditch cable/satellite. Go with streaming only. I promise you won’t even miss them. Access your local channels via antenna signal.

2. Save restaurants for celebrating only, like birthdays and anniversaries. Still utilize a budget for the check.

3. Switch internet providers every few years. Take advantage of introductory prices and take advantage of new equipment.

[boredoreos]

Oh, I thought this was about doubling my net worth fast lol.

[karenjensen]

We rarely eat out unless on vacations.

[GabrielMartinez-sdpc]

People still have cable? And if so, why aren’t you on at least YouTube Tv? All the channels probably a third of the cost

[princessaome]

That thing about the side hustle… bs! You say you’ll get extra $400 a month but you don’t because: taxes!