We’ve all heard the importance of having six-months’ worth of expenses in savings. But, before you can get there, you need to save your first $1,000. How do you make it happen? More importantly, how do you do it quickly? Let’s take a closer look at how to quickly save a $1,000 emergency fund.
Have a Yard Sale
You’d be surprised at how much money you can make with a yard sale. Those $3 pairs of jeans and $5 video games can quickly add up. If you have larger pieces, like furniture, you may clear a few hundred before the day is half over.
Sell Things on Facebook Marketplace
Don’t waste your time trying to get top dollar for your best items at a yard sale. Instead, put these items on Facebook Marketplace. More people will see the items and you’ll make more money. On the other hand, don’t waste your time trying to sell smaller items on Facebook and running all over town meeting up with people to make a few bucks.
List Items on eBay, Mercari, or Poshmark
There are so many places to sell items online. Three of the most popular platforms are eBay, Mercari, and Poshmark. Each site is best for selling different items, but some items can be cross posted on more than one platform to help them sell faster. You will get a lot more exposure through these sites, but remember that you want to stick with posting large, heavy items locally to maximize profit.
Switch Providers and Insurers
You can save a lot of money by switching providers and insurers. Instead of continuing to use satellite or cable, opt for a streaming service. You can save over $1,500 a year. While that won’t get you your first $1,000 immediately, adding up the money saved by switching multiple providers can make a huge difference.
Take the time to also sit down and get new quotes on car and home insurance. You can also shop cell phone carriers and internet providers to see if you can get a better deal from a competitor. You may even be able to shop your electric company if you live in a state and area where you can shop utilities for the best deal.
Cut Unnecessary Expenses
Last, but not least, get rid of the expenses you don’t need. Look over your bank statement and see what you’re paying for each month. If you pay for services you don’t use, stop. You’d be amazed at how much money you’re spending on things you don’t even use.
Cut Unused Subscriptions
Do you have a gym membership you pay for every month that you never use? Or perhaps you have Netflix but don't really have time to watch it much? Check your bank statements carefully for those subscriptions that you pay each and every month and evaluate how much use you're getting out of them. If you're not getting much value from your subscription, consider cancelling it.
Get a Second Job
If you have cut things in your budget as much as you can cut them and sold everything in sight but you're still not able to save money quickly, consider getting a second job on the side. You can deliver pizzas a few nights a week or pick up a side hustle that pays well to quickly add to your income and get those extra savings.
Believe it or not, you can come up with your first $1,000 for an emergency fund in less than a week. Sell the things you no longer use, switch providers, and cut unnecessary expenses. The money will add up faster than you might have thought.