Ways to Save $1000 in a Year

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The first thing you need to do for financial stability is to open up a savings account. You need to have a savings account because the extra savings will help you to provide for your spouse and children in case of an emergency. Having extra available cash in savings will help your family during a period of low or no income. The same strategy applies if you ever need extra cash to repair your car or your house or to pay for unexpected doctor bills.

What You Can Do

Begin a savings fund now. Deposit any surplus money, and simply allow your savings fund to grow every month or every paycheck. Even though you may find it difficult to deposit money into your savings when you do not have a lot of spare cash, you can still accomplish this goal if you have discipline. You can actually save $1,000 by the end of this year without experiencing any stress!

Follow these tips if you want to grow your savings without even noticing that you are saving money:

  1. Provide for your own needs first.
    It is imperative that you create surplus funds, so always pay for savings account before you use your money for other expenses. Set aside a designated amount of money you are able to save every time you receive your paycheck, and then make it your top priority to deposit this amount into your savings account first. This practice guarantees that you save money on a regular basis even if the amount you save is not a large amount.

    • Find out if your financial institution offers an automatic transfer function. Make arrangements with your bank to transfer a specified amount of money from your checking account into your savings account on an automatic basis whenever you receive your paychecks. If you do not see the money, you will forget that you transferred the funds. You will not even remember that the money is in your savings account!
    • If you begin a savings strategy at the beginning of the year, saving as little as $5 every week equals a sum of $260 by the end of the year.
  2. Make it more difficult to access your money.
    While you do need to keep some money accessible in case you need it, making most of your funds more difficult to access makes it less likely that you will spend money that you intended to save.

    • For instance, open your savings account in a bank that is located several miles from your residence. The strategy here is that if your savings is in a bank that is harder to access, you can avoid the temptation of withdrawing funds you use to buy products that you do not really need.
  3. Put all of your spare change in a piggy bank or other type of container.
    Even though putting spare change into your piggy bank is not going to make you wealthy, this practice still equals additional savings. You will find it surprising when you see the amount of extra cash you accumulate by depositing all of your spare change in a piggy bank or container every day. Fill a piggy bank or other type of container with your spare change, roll the coins in paper wrappers, and deposit the money into your savings account.
  4. Save money slowly, but try to save something every day.
    Even though it may seem as though it is going to take forever to save $1,000, you can save this amount of money if you add money to your savings on a regular basis. Simply arrange small goals you want to achieve, and then pursue each of these goals separately. Can you find a few items or services that you do not really need? Is there any strategy you can follow that enables you to deposit extra money into your savings each week?

    • If you open a savings account that offers 1 percent interest, and you deposit $3 into this account every day, you will have an extra $1,100 by the end of one year. Is there something you can eliminate today that enables you to save an additional $3? You need to think about saving a small amount of money every day; if you succeed, your savings are going to quickly add up to a nice little bundle!
    • You can save more than $1,800 per year if you simply deposit $5 every single day into a savings account that has a 1 percent interest rate.
    • Spend a little bit less each week so you can reach your savings goals. There is no need to give up everything you enjoy. Simply make good choices with regard to your daily spending to save as much money as possible.

You can save a good deal of money for your future even if you start saving in small amounts. Moreover, taking small step allows you to develop a good savings habit that you are able to practice every day. If you begin saving money this very day, you will build up a small emergency stash in a short amount of time!

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Exceptional People Magazine is where self empowerment, hope and inspiration happen. I’m Monica Davis the founder of Exceptional People Magazine and my mission is to enhance the quality of life of all people by promoting goodwill, unity and better living through positive media. Through this magazine you will be inspired to reach new heights.

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