How To Save $5000 In 3 Months! | Clever Girl Finance #Finance

so a big part of financial Wellness is saving and achieving your financial goals and you may have a goal of wanting to save $5,000 perhaps in the next 3 months right and you might want to use this money towards a house down payment towards a purchase towards your emergency fund but this is

a goal you may have for yourself and so if you had an extra $5,000 right now what would you do with it share in the comments hey everyone my name is Bola shumi I’m the founder and CEO of clever girl text-decoration: none;">Finance I’m also the author of the clevergirl Finance book series and my latest book choosing to prosper welcome to clevergirl

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance TV so in today’s CashNews.co we’re going to talk about how to save $55,000 in 3 months and I’m also going to share some actionable tips so that you can

actually accomplish this goal that you have set for yourself so saving $5,000 in a few months is definitely realistic but what does it really mean what does it look like to save $5,000 in 3 months well let’s break it down so three main ways to be able to save this $5,000 in 3 months is based

on how you allocate the Savings over that time period keep in mind that I’m using 3 months as an example depending on your Income and your goal you may decide to save this money in less time or more time but we’re going to focus on 3 months for right

now so you may decide to take the monthly approach of saving a specific amount of money every month for a 3month period until you get to $5,000 and that would mean saving $1,667 each month for three months to get to $5,000 for many of us a monthly Savings timeline seems normal

because a lot of us plan our financial goals monthly and so what you can do is just build that $1,667 into your monthly budget in order to be able to achieve saving $5,000 within 3 months the other way to break it down is by Saving bi-weekly in order to get to $5,000 in 3 months and this would mean

saving $833 every 2 weeks so if you get paid by- weekly this is an easy way for you to build the Savings goal into your budget because every time you get paid you know that over the next three months you’re going to transfer $833 to your Savings account for

that $5,000 Savings goal and then the third very common way is to do a weekly Savings plan to get to that $5,000 in 3 months and that would mean saving $417 every week and so for people who get paid weekly this would be building that amount into your budgets or

just knowing that once a week you need to transfer $47 into your Savings account for that goal of 5K over the next 3 months so as I mentioned saving $5,000 in 3 months might be easy for some people and difficult for others you know because for many people saving $1,600 a month is a

lofty goal but if you think this is something that you can do I’m going to share some tips as to how you can actually make make it a reality starting with number one which is find ways to increase your Income so if you are really focused on saving this $5,000 in 3 months what

ways can you increase your Income right the number one way to saving more money is making more money and this could be getting a part-time job starting a lowcost side hustle that can bring you in some cash or looking around your home and seeing what things you have that you can

downsize things you own but no longer use things that your kids have outgrown things that are sitting in your spare bedroom or your garage these are things that you can easily sell and get some extra money like it sometimes is so surprising how much money people have in their homes that

they’re just sitting on those appliances those baby strollers those clothes with tags on all those things add up to dollars that can help you achieve your $5,000 Savings goal within 3 months number two use discounts and coupons and whatever money you save from using those

discounts and coupons put it in that dedicated SA Savings account for your $5,000 a lot of grocery stores offer coupons in their weekly fire when you’re first walking into the store and sometimes all it takes is a quick Google search to see if a retailer online has a coupon

keep in mind that when you’re using discounts and coupons this should not be for extra spending right CU now you’re trying to save this 5K you’re trying to find ways to save more money instead you want to look for discounts on coupons on things that you already plan to spend money

on that are built into your current budget so you’re not spending beyond your budget instead you’re trying to see how you can maximize your current budget by leveraging discounts and coupons and putting the difference into your Savings account number three plan ahead

with your shopping and when you plan ahead with your shopping you can minimize unnecessary spending and one way to plan ahead with shopping or not shopping is to do a no buy or low buy period of time where you’re not buying beyond your Essentials or you’re minimizing ing how much

you’re spending beyond your core Essentials and this can help you save more money towards your $5,000 goal number four see if you have opportunities to cut down on your biggest expenses so sometimes right um all it takes to save additional money is to take a good hard look at your existing

expenses so write down your current big expenses go over your budget and see which of those big expenses can you cut down on where can you save money if you really want to save that $5,000 uh as soon as possible do you have a spare bedroom and do you have a friend looking for somewhere to live that

you can rent out that room to them and save that money towards your goal um are you able to negotiate or find better deals when it comes to things like Insurance coverage uh for example think about ways in which you can reduce your biggest expenses maybe not permanently but

temporarily by the way if you are enjoying this CashNews.co I’d love for you to hit the like button subscribe to this Channel and tell your best girlfriends about Covergirl Finance I

would also love for you to visit clever girlf Finance.com we have over 30 plus completely free courses on our website our blog gets updated every single day and I would love

for you to check out the clever girls no podcast this is a podcast where I host every week with a new guest and we talk about all things money life career business and Etc okay let’s get back to the CashNews.co number five we’ve talked about the big expenses but look for small

Savings right so classic Financial advice is to cut back on your expenses and that is correct but it doesn’t mean giving up the things that you love right so I would say for example let’s say you love your daily coffee you don’t need to cut back on this because

you’re saving but instead look for opportunities where you’re spending money on things that you’re not using or don’t truly matter to you so for example you may have a Netflix and Hulu and HBO Max subscription but you really only watch Netflix right and maybe the shows that

you signed up to uh Hulu and HBO Max 4 are not in season so you can cancel those subscriptions put the money towards Savings and when those new seasons of those shows come around resubscribe and this is a way that you can save on small expenses but as we all know those small

expenses can add up to a big deal $20 a month here and there $30 a month here and there can be a few hundred that can get you closer to your $55,000 Savings goal number six pretty obvious but it is to follow a budget a budget helps you stay on track to spend what you said you were

going going to spend and to save what you said you were going to save and also to find Opportunities to spend less if possible so you definitely want to get on and focus on sticking to your budget so that you can achieve your $5,000 Savings goal and number seven pay yourself first

by automating so studies show that when you automate your Savings you are more likely to save more money on average than when you don’t simply because the money is not there for you to spend you don’t see it you can’t think about it can’t debate about it it

just goes straight to Savings a lot of times when money hits your account from your paycheck you may intend to save x amount of money but you end up saving less because you’re like oh I’ll just buy this thing I’ll just pay this bill I’ll just do that thing

and before you know it you have less money to save however when you automate the money goes straight from your paycheck into your Savings account and there is no mental debate and as a result you save more so consider paying yourself first by automating your

Savings so your Income and your potential to earn more money is what is really going to help you determine if it is realistic for you to be able to save $5,000 in 3 months however regardless of that you can just adjust your timeline right so that you’re able

to build a timeline that makes sense for your Income and expenses in order to reach that $5,000 mil Milestone it is a great idea to challenge yourself to save $5,000 in 3 months but it has to be realistic for your budget so do you have a Savings goal that you want

to achieve over the next 3 months what is it how much do you want to save it can be less than $55,000 it could be more than $5,000 share in the comments so that we can cheer you on I hope you guys have enjoyed tuning into this CashNews.co if you have please hit the like button share this

CashNews.co with your friends and stop by clevergirl Finance.com we have over 30 plus completely free courses to help you on your journey to financial wellness and I would

also love for you to subscribe to this channel thank you so much for being here and I will talk to you next time