I wrote this article to help people save $100 quickly so they could afford to attend Dave Ramsey’s Financial Peace University.
Whether you’re in need of financial help or just trying to save money fast, these strategies will help make you successful. Read through them with an open mind.
Saving money takes purpose and action so be ready to change and ready to work hard – your effort will be rewarded.
How to save $100 fast
Let’s define “fast” as occurring within one month from today. Follow these steps and 30 days from now you should have at least $100 saved.
1. Spending moratorium.
A moratorium is nothing more than a suspension of activity. Stop spending money. Period. Make sure the basic necessities of life are covered (food, shelter, warmth, etc.) then stop spending.
2. Freelance or land some other temporary job.
Nothing makes saving easier than earning additional money outside your normal budget. If you have skills of some sort you should be able to land a few gigs/month which will enable you to save at least $100. w00t!
3. Cancel TV and/or Internet service.
If you tell me you cannot save $100 and I come over to your house to find you watching Entourage, I’m gonna put the smack down. Quit whining and cancel your cable/satellite TV service. While you’re at it, cancel your Internet service too… unless you depend on it for income, or something else that is necessary to the functioning of your household.
As mentioned above… you can save money on entertainment every month by signing up for a Netflix free-trial for TV shows & movies, and a Gamefly free-trial for video games rather than renting at a local video store and paying late fees.
4. Stop drinking/smoking.
Much the same, if you’re partaking in either of these expensive and potentially destructive pastimes while complaining that you can’t save $100… smack down. Get your priorities in order and knock it off.
5. Stop eating out and/or going to the movie theater.
One of the first things me and my wife did after embarking upon our debt free adventure, was to eliminate our seemingly insatiable appetite for dinner and a movie nights. After calculating it out we discovered this dirty little habit was costing us around $500/month. Ridiculous. How much are you spending? Write it down, and stop doing it. (Tip by @ericabiz)
6. Start liking beans, rice, and tuna fish.
Rice and beans actually taste really good, and tuna fish is considered a luxury by some, and it’s all quite good for you to boot. How much do you spend on groceries/month? I’m guessing you could save $100 easily by adopting this little nugget of wisdom. For good measure, go ahead and throw and apple in there once/week.
7. Stop buying gifts for others.
If you cannot save $100 in a month then the last thing you need to do is buy gifts for other people. Trust me, they’ll understand.
8. Apply the Pareto Principle to your possessions.
The Pareto Principle suggests that we use 20% of our stuff 80% of the time, and if you’re anything like me you have entirely too many clothes and other possessions. I’m willing to bet that you wear 20% of your clothes 80% of the time, and the ratio of use is probably similar with your other possessions. Instead of storing a bunch of stuff you don’t need, take the clothes to a consignment shop and trade ’em in for a cool Benjamin – hundred dolla bills y’all! (Tip by @2CFC)
9. Sell something on eBay, CraigsList, or Amazon.
Take some of the other non-clothing stuff from step 7 and sell it online. Even if you don’t think you own anything worth selling, go through your entire house, I guarantee you’ll find something.
10. Cancel your home phone.
Unless you need it for business or emergencies, cancel it. Especially if you have or someone in the household with a mobile phone.
11. Lower your mobile plan and/or drop your data plan.
I know, it’s nearly impossible to live without “your precious” but if Schmiegel can do it, so can you. Again, do not cancel the service if you need it for business.
12. Drop your gym membership.
Whether you bought your membership and never go, or if you go every day, cancel it. There are plenty of work out routines you can do around the house for free. Don’t worry, your pecs, abs, and delts will be fine with push-ups, sit-ups, and pull-ups respectively. (Tip by @amabaie)
13. Ride your bike for a month.
If you’re a wuss you can take a break on days when it rains, just kidding, you don’t have to be a freak about it and ride your bike every day, but do ride it whenever possible. Doing this will help give you the exercise you lost by canceling your gym membership while helping you save money and save the environment – what a deal!
14. Donate sperm and/or plasma.
Personally there is no way I would sell my sperm, I don’t believe in it and I don’t want a bunch of my offspring running around out there without me knowing anything about them. But if this sounds like something you could do… I heard there is decent money in selling the lil’ fella’s. Selling plasma is a little less controversial, and while it might not pay as well as sperm, you can still make decent money parting w/this life giving fluid.
15. Go couchsurfing on business trips.
Go couchsurfing when on business trips instead of paying for hotels. Sure, people might consider you weird if you tell ’em about it, but who cares? If you believe in it, the for Pete’s Sake… do it! It won’t work out every time, but it will to work out sometimes; and the more you travel the more you stand to save. What a blessing.
Have you tried all these ideas?
Chances are there is at least one idea above you could use to save $100 fast so what are you waiting for? Without sacrifice there is no reward so muster the courage, step outside your comfort zone, and start saving ASAP.
photo by rachdian