Running a business is hard work and making money to support your dreams matters. What matters even more is saving money. I use to be that girl who had no savings. Depending on her dad or siblings to bail her out of a jam. Thats not cool at all at any age over 21. Today, I want to share how I learned how to save additional $3000 a year without even thinking about it. There are a couple ways you can save or earn this money to save.
Goal In Mind
One of the first suggestions I can say is have a goal in mind when it comes to saving. Yes, saving in general is good but if you’re a spender not a saver having a goal to work towards is great. Having financial goals helps you set yourself up for success in all areas of life. We are not meant to live paycheck to paycheck and unhappy. Financial freedom is possible for everyone. My first savings goals was $500. This might not seem like a lot but for a person who shops when they are emotionally stressed it was. I felt the money was sitting in my account and I had the right to spend it. After, I did $500 savings goal I learned about Dave Ramsey who mentions if you’re paying off debt you need $1000 in savings then attack your debt. Now, that I am aggressively paying off debt my goal is always just to save 10% of what I make a year.
This by far is the easiest way to save an additional $3000 in a year. So many times people make saving harder than it really is. I have discussed automation of savings before but today I wanted to give you a couple options. Especially if you’re motivated by a goal for financial freedom. Saving $60 a week would add up to $3,120 a little over your goal. However, before you grip about you don’t have that to spare pull out your bank account. Go over it highlighting every affordable luxury you purchase. Yes, unnecessary stuff you buy at Target counts towards affordable luxuries. Most people throw away on average an additional $300 a month on food, coffee and more. Fine tune your spending and put it towards your automation of saving. If I cut going to Starbucks and buying flowers at least once a month I would save on average $72. Yearly that would save me $864 dollars that can go towards my savings goal.
I rather not call them side hustles so we will use the term gig right now. Everyone says clean out your closet, sell items on eBay or amazon and other things of that nature. Well, I have a better option for you. Task websites such as; Fiverr and Elance are perfect to places gigs on that can fuel your savings account. Gigs start off at $5 per gig. If you did 600 gigs in a year you have $3000 but you’re a pretty smart person you would create gigs that are slightly a little more constantly. Such as editing blog post $10 for every 500 words, edit youtube videos for $20 maximum 15 minutes and so on. You can create gigs for just about anything then work it around your schedule. If you had a simple one gig that you charged $75 for, that is only 40 gigs to make your goal of earning the $3000 to save.
Learning how to save an additional $3000 in a year is not hard. Its about being accountable and going after it. Money will not be tight if you learn how to manage it.