7 Little Ways to Save $1000
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Need to save up for a really cheap car, a new business wardrobe, or 1000 $1 bills to put in your bathtub and swim around in? Try one or more of these simple tips to save cash and you’ll find squirreling away $1000 a breeze.
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Pay Off Your Debt Faster
Whether it’s credit card debt, a student loan, or a mortgage, paying more than your minimum monthly payment can save you a significant chunk of change in just a year. The great thing about this tactic is that you end up making far fewer payments and settle your debt that much faster, and you’ll save hundreds or thousands of dollars in interest.
When you pay off your debt at a faster rate, you pay less interest–it’s that simple. So pay above your minimum monthly payment on that that line of credit, or initiate an accelerated bi-weekly payment plan on your mortgage, and you can look forward to big savings in your pocket and being debt-free that much faster.
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Sometimes saving money can be as simple as moving it from one place to another. Every week, try putting twenty dollars in an envelope in a place of prominence in your home: next to the fridge, for example. You’ll still have access to it just as you would in your bank account. But the point here is to play a bit of a trick on your consumer brain: by putting that cash somewhere special but visible, you’ll be less likely to raid your savings until the year is up.
Want an alternative to an old-fashioned envelope? Set up automated monthly money transfers to a special savings account that makes it difficult or costly to withdraw from. Either way, in 12 months you’ll have saved $1,040. Twenty dollars a week too daunting? Start with $10.
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Cut Back on Your Daily Dose
Many of us have a daily habit we just can’t, or won’t, kick. Smoking is an expensive one, but buying a daily latte or even a daily doughnut can add up. Your everyday habits can be an immense, though fleeting source of pleasure and comfort, but they’re also a gold mine of potential savings. Treat that daily latte as a once-weekly luxury and you could save $750-$900 a year.