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What are some instances where you need to make and save money right now? Maybe you want to replenish your emergency fund or need to beef up your savings to pay for a periodic expense like back-to-school shopping.
The good news is you don’t have to wait until your next paycheck to make extra money. Money expert Dave Ramsey shares a list on Ramsey Solutions of easy ways to swiftly earn and save money.
Here are 10 easy ways to save money fast.
Make a Budget
Don’t already have a budget? It’s time to make one. Many people won’t budget because they believe it’s restrictive, but even Ramsey himself has said this isn’t true.
Budgeting allows you to put yourself in control of your money. You can spend and save money with the help of a budget and give your money a plan to reach your financial goals.
Cut Extra Expenses
This is one of the fastest ways to save money. Usually, you can get started just by looking at your bank account or credit card statements. Are you subscribing to a streaming service you never watch? Cancel the subscription. Have you been dining out more frequently during lunch? Time to start making lunches. Do you buy a latte every morning? Start brewing coffee at home.
Once you’re able to determine wants versus needs, you can find the purchases you can pause, or cancel entirely, and put the extra money toward your savings.
Meal Plan
You might have already started doing this after cutting some of your extra monthly expenses. Prep meals for each week to better organize what you’ll be eating — and have it ready-made as a bonus — and save the extra money.
Find Ways To Lower Home Expenses
Some bills, like electricity and water, cannot be cut entirely from your budget — and with good reason. If you need to save money fast, you can get creative with lowering these monthly costs.
The Ramsey Solutions post recommends adjusting the thermostat, switching to a basic phone plan and using gas-friendly apps to find cheaper gas prices in your local area.
Work a Side Hustle
You might not realize how many side hustles are out there that allow you to start working and get paid fast. A few examples provided by Ramsey Solutions include driving for a rideshare company, delivering food, house sitting, dog walking and mowing lawns or offering other landscaping services.
Sell Stuff
Some of the easiest money to make is likely in your closet. If you have unworn or gently worn clothing, shoes or accessories, you can utilize a reselling platform like Poshmark to price these items and sell them.
If you need to make money even sooner or have bigger-ticket items like stationary bikes or sports equipment you want to sell, host a garage sale to make extra money and clear out the clutter from your attic and basem*nt.
Adjust Your Tax Withholding
By lowering the withholding on your W-2, the post on Ramsey Solutions reads, you’ll be able to take home more of your paycheck by adjusting how much you pay in taxes.
Hit Pause on Investing
According to Ramsey Solutions, it’s OK to stop investing if you have significant debt or do not have an emergency fund created with three to six months’ worth of expenses. Pausing your investing efforts will allow you to put more money back into your budget and allocate it toward your needs.
Once you’ve built an emergency fund and/or paid off debt, you can go back to investing 15% — at least — of your gross household income again.
Shop Around for Insurance
You can keep an existing, expensive insurance provider or find a different provider offering the same amount of coverage for much less. Shop around and see what’s more affordable and available to you.
As a pro tip, Ramsey Solutions recommends using the Coverage Checkup to determine which insurance you need to add, tweak or drop and using an independent insurance agent to shop for the best rates.
Make It Fun To Save Money
Turn it into a game, like doing the 100-envelope challenge, or commit to a no-spend month. The winning prize is saving extra money, and you’re in it to win it.
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