How to Save Up Money Fast

So, you need cash. Maybe you just found the home of your dreams and it requires a down payment. Or you’ve decided to propose to your beloved, and you’d like to buy her a diamond ring. Whatever the reason you need to save money fast, there are lots of ways to do it.

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Determine exactly how much money you need to come up with, and how much time you have to save it. Divide your target amount by the number of months or weeks you have until the payment is due. For example, if you need $1,000 for a trip you want to take six weeks from now, you’ll need to save about $167 per week until then. If you need $10,000 for a down payment on a house you plan to buy in three months, you’ll need to put aside about $769 each week.

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You know what a spending spree is. But have you ever tried a saving spree? It’s when you make a deliberate effort to spend very little money over a defined period of time, and save it instead. You know you can live without new clothes for a month, though maybe not for a year, so it’s easy enough to stick to the plan. Simply refuse to buy things you don’t need right now.

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If you’ve cut your spending to the bone and you’re still not coming anywhere near your saving target, it may be time to address the other important factor in the equation: your income. Consider ways you could boost your pay, like picking up more hours at your current job. Or get a side gig which could enable you to save faster. Side gigs that many people can do include: babysitting, cleaning houses, picking up a bartending or waitressing shift, walking dogs or doing other odd jobs.

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If you don’t have time for extra work hours, perhaps you have a few things lying around your house that someone would pay to take off your hands. Still-functional electronics, designer clothes, jewelry, collector’s items, old toys and bikes may have significant resale value.