Fast Track Savings Challenge – Tips to Boost Your Savings Fast!
Okay Ladies, today we start the fun (and work) of saving money.
Today’s Savings Mission is to set a savings goal for the month.
1. Choose an amount to save.
The first step in setting your Fast Track Saving Challenge goal is to set a dollar amount that you hope to add to your savings. You will be much more likely to actually save money if you choose a specific amount to save rather than relying on the vague idea that you will “save more money”.
Our family is going to save $500 this month to rebuild our emergency fund after all of the expenses of moving into our new house (read more about our new home here).
2. Write down your goal.
Studies have shown that people who write down their goals exponentially increase their chances of achieving those goals. Once you (and your husband if you’re married) have decided on a dollar amount, write down the amount as well as what you are saving for and place your written goal in a prominent location.
I made a poster to hang on the wall over our desk and a piece of paper to stick on our fridge but you can print the Fast Track Savings Worksheet here or the 1 Month Money Makeover Savings Target Sheet here.
Keeping that savings goal in our sight will help to motivate us and remind us not to spend any extra money.
3. Designate a savings location.
Once you decide your savings goal you will need to decide where you will put the money. Will you add it to your savings account in the bank, place it in a jar in the kitchen or save it in an envelope in your sock drawer?
Having a physical location for the money will give you another psychological boost and a visual cue to motivate you to see some change (pun intended!).
We will be saving money in an envelope at home and then adding the money to our savings account each week.
4. Think about changing your spending.
To actually add that money to your savings you are going to have to change some of your current habits. I will be sharing ideas this month but right now take the time to think about one or two habits you can change such as ordering pizza on Friday nights or buying lunch out for work.
Having a plan will enable you to save more.
If you’re in, leave a comment with your savings goal for this challenge and one spending habit you plan to change for the next few weeks.
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Congrats on starting classes Vanessa! We are all at different places so maybe this is just time for you to start thinking about ways to make money that you implement later. Glad you can join us in spirit.
My goal is to save $300 this month and my one habit I’m changing is to shop with a list for items that are needed and sticking to that list.
Great plan Tammi — a list will definitely help.
I would like to save $200 towards an emergency fund this month.
We’d like to save $300 over the next few months to spend on Christmas. Plan to eat out less & stop spending on miscellaneous items for grandkids!
We want to save $2000. I am quitting the spa.
I would like to save $500 to move.
I would like to save $300 this month towards my first home purchase.
I’m hoping to save 300.00 this month to put towards Christmas!!!
We hope to save $200 by not eating out.
Our goal is to save $200 this month. We have already cut back in most areas, but I can improve my grocery spending and I plan to declutter and sell items.
I want to save $500 this month. This money will go to my medical bills (currently $1,700). I will be creating a meal plan using the foods we already have on hand, and will stick with it. I will also utilize ways to make a little additional money on the side, ie Swagbucks, surveys, etc. I have gone from working part time to working full time, so I think that will help the most!
Sounds like a great plan Evelyn!
I will be saving $300 this month by having a spending freeze. This $$ will go towards my debt repayment and emergency fund.
Oh, hope you are feeling better Fawn! Sounds like a great plan to allow yourself a splurge every now and then. You will have something to look forward to which should help your motivation. 🙂
I bet that you will be surprised at how much you can save by making those two changes Shawna. Good plan!
You can do this Chari! Thanks for joining us!
$3500 emergency fund + bringing our weekly money jar balance current $350. Bonuses & cutting back ( keeping better track of) spending.
I want to save $400 for Christmas and $1000 for an emergency fund. Christmas money will be saved in my locked fireproof box at home. Emergency fund will be in a second bank account.
I will be having a yard sale in a few weeks when it gets cooler, increase my activity on Swagbucks and SurveySavvy and look for more opportunities to earn money online.
We haven’t been on vacation for years and have tickets to the Packers game?(first time ever) so, with this mini weekend vacation in the middle of September. Our Fast Track Savings plan will be to save $600 by months end. We will do this by cutting back Lon grocery $ and spending on grandchildren to often! Great plan & TY for motivating us!
My pleasure Debbie!
I Will save $300.00 to put towards my new home by not eating out all the time.
I would like to save $1000 this month. I am going to stop eating lunch out. I will have my dad hold this $$ for us.
We will save $200 this month. We will do this by no midweek trips to the grocery store! We have set up a special savings acct.
I’m aiming for $200. I plan on earning some of it through a garage/rummage sale for 1 or 2 days. The other will be through coupons. I don’t eat out much, as I tend to bring my lunch to work. Then I do bend over and pick up pennies or other coins on the ground. If there are any refunds on items I use, I will add that to the stash as well.
We are going to increase our savings to 300.00 this month. We will do this by making and sticking to a meal plan.
We need to rebuild our savings (emergency fund) after having to spend all of it for a water line, new furnace & A/C Unit, washing machine and a major car repair. I’m going to start small at $250 this month putting it aside in a drawer and then increase the amount next month.
Post the amount I want to save above my desk and save 20.00 per week in my emergency fund.
I am going to try and save 250. using coupons and not eating out.
Going to try and cut out some eating out this month. Need to save about $300 this month to put toward our property taxes.
I will find more economical dinners and cook at home more often to save money. I would also like to sell some unneeded furniture to both declutter and make some extra money.
1000. No eating out.
$250 is a good goal for us, hopefully more….going to eat from the pantry, it is kinda full 🙂
We actually need to rebuild our savings account, too. I think saving $200 would be a BHAG for us this month, but I’m willing to try it! I think I will put it in a jar in the kitchen so we can see what we are saving. We will save money by doing more pantry eating and intentional grocery shopping (pricing my shopping list as I write it out). We will also be aware of leaks when we are running errands so we don’t stop for milkshakes, etc.
Sounds like a terrific plan Jamie!
I’ve been pursuing such habits for a while now. The change I made this year was to rarely eat out at lunch. I live just a few moments from home so I go home to eat and have done so all but 3 or 4 times for the year.
Great job Carey! Keep up the good work. 🙂
My daughter started college this year and there was additional monies needed, I need to save for repair for my car and rental car if need because I have only one car and public transportation is not good in the area I live in.
Smart plan Anita!
Oh I am so in! We are saving money to boost our savings account and my goal is to stop wasting money on stuff we really don’t need! Quality over quantity is my new moto!