Home Saving Save Up Quickly With These 40 Creative Budgeting Ideas

Save Up Quickly With These 40 Creative Budgeting Ideas

ShannonSeptember 2, 2019
Calculate your monthly utility bills, and see if you can do better. Credit: Shutterstock

9. Try to Lower Your Monthly Utility Bills

Everyone has to pay your bills, no matter where you live. But there are almost always ways to cut down on your monthly bills. Call your electricity, phone, internet, and gas companies to ask if they are willing to give any kind of discount for being a loyal customer. You may have to ask if there is a “customer retention department”.

Sometimes, saving money is just a phone call away. Credit: Shutterstock

If your utility companies are not willing to budge, you may want to consider switching to another company Sometimes, there will be sign-up bonuses that will give you a great deal for one year when you first sign up. Look for offers, and make a switch, if only temporarily.

It’s okay if you don’t go on vacation one year. Credit: Pexels

8. Skip Your Vacation 

If you have a steady full-time job, you may put some money aside from each paycheck to go towards your vacation. If you are trying to reach your goal of getting to $25,000, you may want to consider putting off a vacation for at least a year or two, until you reach your goal.

You can always take time off to relax at home. Credit: Pexels

Considering that most vacations cost anywhere from $1,000 to $5,000, this is a huge chunk of money that could put you one step closer to your goal. Instead of flying to an exotic location, consider giving yourself a “stay-cation”. Relax at home, read a good book, and get things done.

You can get several roommates to help you cut down on living expenses. Credit: Pexels

7. Get a Roommate (Or Two)

If your living expenses are really high, and it’s not possible to break your lease any time soon, you should consider getting a roommate or two. By splitting the cost of your rent in half, you can immediately begin putting that extra money towards your goal of saving.

Having a roommate can be a fun and rewarding experience. Credit: Pexels

If you rent was $1,500 alone, it can go down to $750. After one year, that adds up to $9,000. That’s a huge chunk of money towards your $25,000 goal!

You can rent out your spare bedroom on AirBnB. Credit: Shutterstock

6. Rent Out Your Extra Bedroom on AirBnB

Do you have a two-bedroom apartment, but you’re just one person? You could be bringing in some extra income by renting out a room on AirBnB. If you live in an urban area, you will be almost guaranteed to be fully booked at all times, as long as you are offering a reasonable rate.

AirBnB is a great way to bring in extra income. Credit: Shutterstock

Every location is different, and the amount of money you can get for your space may vary drastically. However, let’s assume you can make $100 per night from renting out a room. Multiple that $100 by 10 nights per month, and that’s $1,000, or $12,000 per year towards your goal.

You can make delicious coffee from home for a fraction of the cost. Credit: Pexels

5. Drink Coffee at Home

A lot of people refuse to give up their habit of going to Starbucks for a $4 coffee every single day. They make the excuse that it gives them a place to study outside of the house, or that it’s the only coffee that helps keep them awake. Sorry to say, but most of those reason are just excuses. If you went to Starbucks and spent $4 per day 365 days a year, that’s $1,460…And most people spend more than $4 per trip.

Why not make yourself a cute coffee bar at home? Credit: Pexels

That is a significant chunk of money that could be going towards your $25,000 goal! Instead of going to Starbucks, get the K-Cups or a bag of coffee grounds, and start making the exact same coffee at home. You can give yourself an equally relaxing atmosphere with good music, a coffee bar, and everything else, too.

Everyone loves Netflix, but sometimes, you don’t use it. Credit: Pexels

4. Cancel Subscriptions You No Longer Use

Almost everyone has a monthly subscription that they put on a credit card and completely forget about. It could be a video streaming service like Netflix or Hulu. Maybe it’s your gym membership, or a fee to join an online course. Even if it is only $10 a month, that adds up to $120 per year. Considering that you may have multiple subscriptions, this could be several hundred dollars you are wasting.

There are a lot of different video subscription apps out there. Credit: Pexels

Instead of thinking in terms that maybe some day you’ll use it, cancel, and wait until you are actually ready to start again. For example, maybe there is a blizzard that is forcing you to stay home from work for a few days, and you would love to get that Netflix subscription back. Get it back for one month, and then cancel it.

Investing in stocks will help your savings grow over time. Credit: Pexels

3. Remind Yourself Of How Much Your Investments Will Be Worth

Once you get in the habit of investing wisely, you will realize that every dollar counts. Suddenly, “It’s just $5” turns into- “But that $5 could become $10.” There are a lot of different ways to invest, and there is no one-size-fits-all answer on how to do it. You may want to invest in the stock market, or start a business.

Get ready to start taking investing seriously. Credit: Pexels

If you are trying to save for retirement, it becomes more important than ever to start investing. When you invest in a ROTH IRA, your retirement savings will grow to the point where if you start saving in your 20’s, you can become a millionaire by the time you retire.

If you are not making enough, you might need a new job. Credit: Pexels

2. Switch Careers

If your job is not paying you enough to save money and achieve your goals, it may be time for you to update your resume and switch careers. Yes, this is easier said than done, and sometimes, it might feel like you are lucky to be employed at all. If you really want to make a big change in your career, it may require you to take a class, move to a different town, or say goodbye to co-workers who have become friends.

You may need to start going on interviews. Credit: Pexels

Remember that at the end of the day, you are the only person responsible for your success and well-being. And sometimes, you have to make the choices that are going to be the best for you, and your future. Always be looking out for your own best interests, and consider all options.

No matter how hard it is to make more money, don’t give up. Credit: Pexels

1. Don’t Give Up

Remember that the journey to saving $25,000 will be a long road. It will not always be easy. In fact, it is more likely that you will have a lot of issues along the way. Just remind yourself how important it is to get to the goal you desire. Whether it’s a new house, a debt-free life, or anything else, you will feel proud of yourself in the end.

You will feel so proud of yourself once the journey is over. Credit: Pexels

Also remind yourself that this is frugal lifestyle to save your $25,000 is only temporary. Once you are done with your timeline, you can go back to living however you want. The more strict you are with your saving habits, the easier your future will become. You can do this! Don’t give up.