Budgets And Saving

How to Save 500 Dollars in a Month



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Are you looking to save some money? Regardless of what you are trying to save up for, it is a good idea to try and save money every so often. It is a good way to weather a financial storm or to save up for something that you really want like a house or a car. Saving is a great goal, but it can be hard to do, so what can you do to save money?

For example, lets say you want to save 500 dollars in the next month. It might seem like it could be an impossible goal to save 500 dollars in a month, but it can be done. This means you have to save about 125 dollars a week.  How do we accomplish this goal?

The easiest way to save 500 dollars in a month is to cut off the expenses that you don’t need to be spending money on. This means that the extras in food, clothing and going out can be cut. By cutting out soda, that extra pair of jeans or that dinner out, you could save almost half of that goal already.  It is really easy to cut out 20 dollars a week just by cutting out junk food, another 20 on that pair of jeans, and 10-20 more on dinner out.

You are already at 50-60 dollars a week right there. Where does the other half come from? If you have a job, you don’t need to take out a second one. Simply ask for an extra shift each week, or some overtime if you work a full time job. Say you work for 8 dollars an hour and you worked another 8 hours in a week, you get another 40 dollars after tax. If you work full-time and you make 10 dollars an hour, you could make 60 dollars for simply working an extra half day assuming time and a half pay for overtime.

At worst, you are at 90 dollars toward the goal, and at best you might already be there. With some simple cut backs and just some minor additions to your working schedule, it can be done. The rest can be made up with simply stuffing left over dollar bills into a jar, or saving your change on a daily basis.

Saving 500 dollars a month might sound like something you cannot afford to do, or that its something hard to do, but it can be done. It might require some sacrifice, but making even a few small changes can really help you out.

More about this author: Cody Hodge

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