We’re back, with our very special program – “The $1000 Show.” Dedicated to helping you save as much money as possible around the house.
And right now we’re going to talk about saving money – by, well, saving money! That’s right – socking it away….so you have a nice little sum in the bank, for maintenance, emergencies, or even a down payment, if you’re thinking about making a move.
Now I’m sure we all know the standard advice to saving money. Put it away automatically – using direct deposit…so you never actually even see it. It just goes straight to savings. Right?
And that’s a great idea. Even better if you put it in an account you can’t get to very easily. As in just just going online and taking out $3000 for a new camera of a new TV. Right? You’re always better off having your savings in an account you can’t just click on. A different bank with zero online access….not convenient, but that way you’ll probably think twice before taking out money.
Another technique -talking free money! That’s right free money., When your company offers a match on your 401 K…smart to invest at least as much as you have to – to get the whole match. Again, it’s free money! But sure….you have to save to get it – and that’s good too. But don’t ever pass up free money, right?
OK so that’s all excellent, and it all works great. But right now we’re going to hit the turbo – and talk about how to really ramp up your savings so that you put away the maximum amount possible – as fast as possible.
You might have heard about it – it’s a technique called the No Spend Month. It really works. And you’ll be amazed at how much you can save – and – how fast you can do it!
In a no-spend month, you pay your bills, gas up the car and eat,. But nothing else. That’s right – nothing.
So paying your mortgage or the rent? Check.
Paying utilities and insurance? Check.
Gassing up the car? Check.
Getting groceries? Check.
But that’s just about it.
So – getting lattes at Starbucks? No.
Buying music off iTunes? No.
Going out to lunch, dinner. brunch or breakfast? No.
New clothes? Nope.
OK….how about that new iPhone? You’ve GOTTA get the new iPhone – right? Wrong.
In a no spend month you just say no to all of that. And instead, you ramp up your savings. Put away every dollar you can…instead of spending it on things you don’t absolutely, positively need.
Just search no spend month online -m and you’ll find the testimonials. On the website living well, spending less, Becky wrote in and said she saved $2000 in one month! Kaylee? $1200.
Others said their no spend month turned into two months, or even a year! CNN Money wrote about a woman who saved $18,000 in a year..which she used to pay off her debts! So for some people? It was a great idea, that helped them sock away plenty.
Of course if you click around you’ll also find some people for whom it didn’t work at all – like the lady on the website Studio Calico – who was doing so well, until she bought those Jimmy Buffett tickets.
So how about you? Could you pay your bills – but spend nothing else on anything – for a month? Well, maybe, maybe not. But it’s an interesting idea….especially as I said, if you have to save a lot of money fast – like for that down payment.
And if that’s you – sure. Give it a try! And let’s just hope you can resist it – if Jimmy Buffett comes to your home town.