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Episode 222 - How to Save $1000 in Less Than 60 Days

Are you tired of living paycheck to paycheck, with seemingly no room to save money or pay down debt? If so, you're not alone. Many people find themselves in a similar financial situation, struggling to see a way out. But what if I told you that there is a way to save $1,000 quickly, within the next 30 to 60 days? 

 

Review Your Spending Habits 

The first step towards saving money is to review your spending habits. Print out your last three to six months of expenses and highlight all unnecessary spending. This could include expenses on restaurants, convenience stores, frequent grocery trips, online subscriptions, or any non-essential purchases. You'll be surprised by how much you can save by cutting back on these expenses. 

Consider a Side Hustle 

If you're looking to boost your savings quickly, consider taking on a side hustle. In today's gig economy, there are numerous opportunities to make extra money, whether it's through food delivery, grocery shopping, or driving for ride-sharing services. By dedicating just 10 hours a week to a side hustle, you could easily reach your $1,000 savings goal within a month or two. 

Sell Your Stuff 

The average household has over 300,000 items, many of which could be turned into cash. Whether it's clothes, electronics, or household items, decluttering your space and selling your excess belongings can help you reach your savings target faster. 

Saving money and getting out of debt may seem like daunting tasks, but with the right strategies and mindset, it is entirely possible. At Debt Free Dad, we have helped thousands of individuals take control of their finances and achieve their financial goals. 

Resources Mentioned

Get better results with your finances in 30-60 days - GUARANTEED. Watch this video to learn how! - https://www.debtfreedad.com/payoff-debt-in-60-to-90-days 

Free Tools and Downloads at www.debtfreedad.com

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Episode Transcript: 

Ryan: What if I told you there was a way that you can save 1, 000 really fast? And by really fast, I mean within the next 30 to 60 days. If you're anything like me, you're probably thinking, there's no way I can do that.

With all of my bills and everything that I pay, I don't have anything left over at the end of the month.

Let me tell you, It is possible.

My name is Ryan Nelson. I'm one of the co hosts here at the debt free dad podcast, and I've paid off 160, 000 in debt. And now I love helping other people get out of debt as well.

So here at debt free dad, we have helped thousands of people pay off tens of millions of dollars. And today I'm going to share three ways. That will help you save a thousand dollars fast.

We've helped thousands of people pay off tens of millions of dollars here at Debt Free Dad.

And today I'm going to share three ways that will help you save a thousand dollars in the next 30 to 60 days.

 I was just like you at one point. [00:01:00] I was living the paycheck to paycheck lifestyle. We had. Bills. We had payments. We had payments on everything.

And by the time we were done paying our monthly bills, we had nothing left over.

There was no way that we could save money or pay down any debt.

At least that is what we convinced ourselves to believe. And we used a lot of excuses to affirm that belief. When we finally stopped making those excuses, Uh, we started to actually see real progress in our personal finances. And one of the first things that we accomplished was we saved a thousand dollars for our emergency fund and we did it in under 60 days.

And like I said, we've helped thousands of people do the same thing.

So number one,

is reviewing your spending. The very first thing that we encourage all of the people we help to do is take a look at your monthly spending.

Don't skip this part. Don't skip this exercise. Most people think that they're not overspending. That they're doing all the right [00:02:00] things with their money. Um, we just had Craig, uh, on our episode in episode two 21 of the debt free dad podcast.

He thought this, uh, exercise was a little silly. Um, he kind of says that in the podcast and he is, his mind was a little blown, uh, after he did it. So we want to encourage you, make sure you do this. So basically what this exercise is, is you're going to print out the last three to six months of expenses.

You're going to print all those out. All the places that you're spending money. It could be your checkbook. It could be, um, credit cards. It could be Venmo. It could be PayPal, uh, and then you were going to go through and you were going to highlight.

All of the unnecessary spending. So when we talk about unnecessary spending, things like restaurants, uh, convenience stores, uh, grocery stores in the sense of like, how often are you going, like, are you going grocery shopping and then find yourself going multiple times a week? Um, so you're going three, four times a week.

Um, so grocery store spending where maybe you're overspending, uh, [00:03:00] Amazon. Uh, any subscription services, um, that could include things like TV. Basically anything that isn't required to live. So things, you know, we're not looking for things like your mortgage or your rent. Um, or maybe you have a car payment that you have to pay.

Those things are kind of necessary at this point, but things that are not necessary, like where you like restaurants is a good example. So highlight all of that unnecessary spending. And at the end. Add it all up,

and I got to tell you, um, for the majority of people that we help, there is. A significant amount of money that they find when they do this exercise. And in some cases it's enough money that within 60 days they can have that thousand dollar emergency fund saved.

Um, pretty quickly. Some people do it in less than 30 days. so that is number one, print out all your bank statements, print out all your statements, highlight all the unnecessary spending, and then add it all up. I think you're going to be shocked.

Number two, this one is, you know, kind of my favorite. Um, it's a side hustle.

And I know like. You might [00:04:00] roll your eyes a little bit and be like, Oh, I knew it. They're going to just tell us to work more. Um, this isn't forever. Like I said, we're talking about how do we save a thousand dollars fast? Um, we live in this day and age and in an economy and in a place where there are so many ways that you can make money.

Um, you can make money doing food delivery. Uh, you can make money grocery shopping, uh, you can make money driving people around. Um, there are so many different ways that you can do this. Um, I personally have done food delivery and to this day I still occasionally do it.

We're talking 10 hours a week. You know, if you're, if you're willing to commit 10 hours a week, uh, you know, for a month or two, depending on where you live, it's again, it's not everywhere, but for most places you're going to be able to make a thousand dollars. Um, if you commit 10 hours a week to doing it.

Um, so consider a side hustle. This isn't forever. The cool thing about this gig economy we work in is you don't have to like apply and then quit and all that stuff. You just do it, do it for, you know, You know, a [00:05:00] couple of months, get your emergency fund and then stop. You don't have to keep doing it.

Um, if you're like me, I think you're going to find out like, Hey, you know, I'd rather do that and make some extra money than sit around and watch TV or, you know, waste time on the weekends. I think we all have time. I think that's the one thing you have to challenge yourself with.

This is like, if you'd say, and you don't have time, do you really not have time or are we just using that as an excuse? I used to, I used to love that excuse that I don't have time. I don't have time to, to go do this, but then I'd find myself scrolling through my phone or watching TV or finding unproductive things to do.

Um, and I know we all want to relax. I get that. Uh, but right now what we're trying to do is like, how do we save this money? And we can do anything for 30 to 60 days. If you can do it for 60 days, you're going to find out, wow, wow. Yeah, I saved this money and I did it quick. Um, so that's number two, get yourself a side hustle

and number three, sell your stuff. You may have watched it as on PBS. Um, it [00:06:00] is the antiques roadshow. And I always make a joke cause my wife and I always watch this and we see people bring stuff on there, um, that ends up being worth a lot of money.

And I always just use the phrase. Sell your stuff, you know, cause, some stuff is worth significant amount of money. And I know that people have sentimental value, so I'm not saying in every case that makes sense, there was a study done and the average household has over 300, 000 items in it.

Um, you have stuff sitting in the corner. You have stuff sitting in your garage. You have stuff sitting in your cabinets that you have said, I'm going to use that one day, or I might use that one day, or maybe. Now is the time to kind of let go of that thought process. Maybe you will use it one day, but right now the goal is like, let's save money.

Let's get this emergency fund funded.

I don't want to dive in a ton here of all the different things you can do.

Amber from debt free dad, uh, recently did a podcast episode all about how to turn your junk, uh, into money and lots of different places where you can sell it

That is episode number [00:07:00] 206. So I would encourage you. To check that episode out. She's going to walk you through basically how to turn your clutter into cash. So number three is selling your stuff.

So there you go. Those are three proven ways. That we have seen over and over again with the people we've helped that have been successful in saving. 1, 000 in the first 30 to 60 days. And I'll be honest in many cases, people are saving more than that. People are saving two or 3, 000.

So it's a 30 to 60 day challenge. I'm challenging you to do this. You can do this. I didn't think it was possible. I've done it. We've helped lots of people. Craig, as I mentioned in one of our recent podcast episodes, who didn't think it was going to matter. He did it. Um, the thousands of people we've helped, they've done it.

This is possible. So saving money and getting out of debt. Is possible.

If you want to learn more about how debt free dad can help you take control of your finances and [00:08:00] save money and pay off debt, head over to debtfreedad. com where we have a lot of free resources to get you started.

I appreciate you listening today and we will catch you on the next episode.

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