We all want to have the security of some savings behind us for when those unexpected bills pop up; flat tire, new washing machine or even some savings for a rainy day. But a lot of us are stuck in the cycle of living pay day to pay day which is a hard routine to get out of. Maybe saving little amounts at a time doesn’t work for you because you don’t see results, or maybe you only have a short period of time to save some money up and that’s when you can set yourself big goals, A.k.a. saving €1000 in a month!
If you have a partner and you share both your incomes together then of course this is going to be a lot easier than if you’re saving on your own. If that’s the case don’t worry just try to save €1000 in two months or a goal that’s big enough to challenge you but also doesn’t mean you’ll be living off ramen for the next while.
My husband and I decided that we needed a couple of no-spend months, just so we can build up a good amount of savings and then relax a little. So we sat down and decided that we were going to basically live off one Income. My husband’s wages every week would go into our joint bank account where all our bills comes out, including petrol money and groceries. Basically that’s how we plan to save €1000 in a month. However, of course we still had to work out how we were going to just live off one income. So here’s my top tips for saving €1000 in a month!
- Budget Aggressively. Work out how much you need a month/week to pay all your bills and necessities. If you need more of a guide on this then here’s a link to how to start budgeting so you’re not living Paycheck to Paycheck. Seriously try to work out how little you need to spend in a month and most importantly stick to it! I’ve often read about the 30day rule, which basically means if you want something wait for 30 days, and if you still want it after those 30 days then you can go buy it. Most of the time the desire for whatever it is you wanted to buy has passed by then, so it really narrows down impulse buys and you’re left with only purchasing the important things. Even better the 30day rule means you should have a whole month of no spending once you begin! Hence saving €1000 in a month should be easy as ABC!
- Meal planning! This is something I’m pretty passionate about and here’s a more detailed post on how you can Meal Plan in 5 Simple Steps. So once you’ve budgeted a certain amount for food, simply planning your meals out can help you stick to that budget. With a meal plan you’re less likely to buy food that you’re just going to waste, and you’ll save petrol and time by planning one big shop a week instead of several smaller trips (where you end up buying things you really didn’t need in the first place). Also try different shops and compare prices, sometimes you’ll find a better deal in the bigger supermarkets in the sales over a typically cheaper shop like Lidl or Aldi.
- Entertainment. Now here’s where things can really make a difference. If you’re the type of person who lives for the weekend or loves going out for dinner with your friends. Instead of going out and spending €30 each on dinner and a glass of wine, why not invite a friend round and learn how to cook a meal together. You can even split the cost if you ask them to pick up a few of the ingredients. You’ll get to spend some quality time with your friends doing something new together and save a pretty penny too! Or if you’re a big movie buff and are always forking out on expensive cinema tickets and the crazy popcorn prices, try going to matinee showings which are nearly always half price. Big tip: If you eat beforehand you’re not as tempted to hand over your life savings for a small Coke and popcorn. You could cut the cinema alltogether and still get your movie fix by signing up to Netflix to save even more bucks. Another idea Is having a pot luck Dinner, invite friends round but have them bring round a dish each. You get loads of food, and even better the pressure is off you to buy, prepare and cook everything! There’s loads of ways to cut back in this area! Just find your weak points and brainstorm cheaper alternatives.
- Travel. Here’s another area where you can cut back alot on. Running two cars is very expensive: Fact. Both me and my husband are young drivers so the insurance is sky high for us, not to mention money for petrol, tax, maintence and repairs. If you have two cars and its a necessity then by all means run the two cars. For my husband and I we didn’t have a notion how we were both supposed to get to work with only one car, especially because I start work an hour earlier than him and finish 2 and a half hours earlier than him. That’s when compromise kicks in. He compromises getting up early with me at 7a.m. And brings me to work, and for the days when he can’t collect me I have to compromise and hang around work for a couple of hours until he’s finished. We’ve both worked out ways to try and make the most of this time though. I spend the extra hours waiting after work writing blog ideas or doing research (a.k.a. Spending hours on Pinterest looking up kittens). Although this may not be ideal for us, we’ve made it work for now at least. If there was a bus stop near our home then we’d definitely consider using it more. Public transport can be a great way to save money if you’re trying to go car free. Once you start using buses/trains/trams you learn the routes and schedules, and nowadays you can get almost anywhere with public transport!
- Don’t get discouraged. The worst thing you can do is give up before you’ve even gotten started. Saving doesn’t come naturally to a lot of us in fact it could be your worst nightmare. So don’t set yourself a goal that’s unattainable, you’ll only disappoint yourself later. You have to start off small and build your way up to be a pro. So if you’re not ready for the challenge of €1000 in a month then set yourself another goal that you know you can accomplish. Everybody is different and we all use different techniques in order to save, so makes a savings goal that’s personal for you and figure out what strategies work best in your circumstances. Once you start you’ll never look back!
But remember saving isn’t about how much money you have, or how much money you wish you had. It’s a personal savings account for you and your circumstances. Someone who is saving for a deposit on a house is going to be very different to someone who is saving up for a holiday. We all have our reasons but let yours be to give you peace of mind to know that your wages aren’t going down the drain. Now you can sit back, relax and make the most of your spare time!