I truly hope you’ve enjoyed this series and are encouraged to begin saving. Before you go, there’s one more savings method I’d like to share with you. Perhaps the previous savings method (or last six methods) interests you, but you’re afraid they won’t give you big enough results in a short enough time. You may want to save up quickly for a down payment, trip, event, or just some added security. If that’s the case, today is your lucky day. Let’s jump in!
Take a Crash Savings Hiatus.
What’s a Crash Savings Hiatus? It’s a term for when you take a hiatus from spending on anything besides what you need to live, in an effort to save a maximum amount of money in a minimum amount of time. Basically, live on the bare minimum and save as much as you can!
For example, if after you’ve paid all of your bills for the pay period (i.e. 2 weeks) you have $300 left, try living on just $100 for two weeks. Put the other $200 in savings and try to meal plan, eat only the groceries you buy, skip the fun events that cost, skip the lattes or pops or vending machines, avoid driving to places that would require additional gas money, and any other frivolous thing. You can still have fun, just find free ways to do it!
After just eight weeks, you would go from having $0 to having $800. That’s nearly $1,000 in a rather short period of time. Because you can burn out easily if you try making this a lifestyle, I’d suggest only doing this for a short period of time (preferably over winter when people are less tempted to do social activities that might cost).
Whether you start saving $5 from every paycheck or take a Crash Savings Hiatus for two months, challenge yourself to sit some money to the side every month. You’ll be surprised at how much you can save when you put a little effort into it.
If you missed any posts in the 7 Small Ways to Begin Saving in 2018 Series, you can check them all out here. Be sure to share in the comments any topics you’d like to see in a series format.