Theoretically, it’s easy to save $3000 in six months: just set aside $500 per month and in six months, you’ll get $3000.
The challenging part is when we have no or little discipline with saving money for whatever reason.
Below are 5 tips on how to trick yourself into saving $3000 in six months. $3000 in six months means $500 per month, which is $125 per week.
Please note that this only applies to people with a regular income of at least $2500, if you’re a freelancer, you may want to read How To Stay Dedicated to No Spend Commitment and Budgeting for Irregular Income to help you stay under control financially.
Tips 1: Set a Separate, Designated Savings Account
Most banks allow you to create another savings account for free. Even better, they often give you higher interest if you only deposit without any withdrawal every month. It’s a perfect strategy to deposit $125 every week with no withdrawals. By 6 month, not only you have $3000 in your savings account, you’ll also have some interest earned from it.
Tips 2: Pay Yourself First
As soon as your salary hits the bank, make sure you set aside the amount needed to achieve your saving goal. In this case, transfer $125 per week immediately to your designated, separate savings account. If your employer pays you monthly, make sure you transfer $500 to your designated savings account as soon as possible.
Tips 3: Pretend You Buy Something
This may sound silly, but it works on some people, including me. If you have some sort of itch to buy things unnecessarily, you can trick yourself by pretending you’re buying something.
- transfer $125 to your designated on the night you use to spend for browsing online shopping in the night, just pretend you’re transferring the money to buy something. Do this every week to secure $500 per month, which adds up to $3000 in six months.
- Spend the rest of the night watching your favourite YouTubers, something you can laugh at, someone you can learn from, favourite food recipes, history, short movies, funny cat videos, house interior designs, holiday destinations, anything that can help you spend time productively without spending any money.
Tips 4: Sell Your Old Stuff
Apart from depositing the required amount to your savings account to reach your goal, why not also make money by selling your old stuff? Not only do you have more space in your house, but you also have more money. Here are 7 Tips On Selling Clutters Online.
Tips 5: Get a Side Hustle
Side hustles are a good source of additional income, making it easier to reach your goal of saving $3000 in six months. Furthermore, when done seriously and properly, side hustles can replace your regular job. Here are 7 ideas on how to earn money online.
