How I Plan to Save $3,000 in 60 Days (No, Seriously)
I find this time of year to be the best for side hustling
Summer is my favorite season, like, ever. The sun is shining, the bees are causing me panic attacks by purely existing, and my spending habits tend to slow down as soon as The Calgary Stampede (pray for me) is past. I'm probably the odd-man-out in this sense. While most people tend to want to do more, and participate in all the activities because it's finally warm enough outside, I'm spending 99% of my days with my wallet left at home, and my running shoes on.
Summer is the only season where most of my favorite things to do are free.
Running, hiking, picnics, tanning, and sports – I do them all. Which, with an average cost of $0 a pop (besides my regular fixed expenses), I save mad money.
But, $3,000? This will be the first time I attempt something so drastic.
How do I plan to do it?
For the entire month of May, I tracked every dollar I spent. I knew exactly where my quarters disappeared to, exactly why my money was lessening, and how much was being blown on non-necessity items. It was eye-opening to say the least.
In total, I spent $3,414.37 of my $4,554.94 income.
Now, I'm no genius, but I'm pretty sure that's way too much money. Considering only $1,200 of that amount are fixed costs.
So far in June, I've spent around $500 on variable expenses and we are now half way through the month. In other words, I'm doing MUCH better. I also leave for Europe, well, tomorrow…
Meaning that for the rest of the month, I will not be spending any money other than funds saved for travel. Now that's a smart way to get ahead financially.
*she winks and then realizes that's not very realistic*
It`s true. My way of saving $3,000 extra dollars in the next 60 days is kind of hard for anyone else to attempt. However, there are a few ways you can join me in pumping up your saving this summer!
My tricks and tips:
Say no. To everything.
As much as I love to go out and try exciting new things in the summertime, this is the best place to cut back. If you ask me to go to a movie, go for dinner, check out a new music festival, or travel to a new city – I’ll say no. I'd rather watch a movie on my iPad outside, BBQ steak and have a fire, find a free event in a local park, or camp somewhere closer to the city.
Pick up side jobs. For real this time.
Increasing your income is not a new and fabulous idea that will completely change your world. However, I find this time of year to be the best for side hustling. Spend your evenings working at a local ice-cream shop, try out landscaping on the weekends, serve part time at a rooftop patio! There are ways to enjoy the weather, be social, and get paid – you just need to be creative.
Pay yourself first. And pay yourself too much.
Normally, I pay my bills, set aside cash for each category of my budget, and save what little of that income is leftover. However – in the summer I ensure I double the percentage I normally save. Rather than 20% of my paycheck, I give myself 40%. Turn off the AC, walk instead of drive, and seriously just spend less money on wants (AKA, rompers and Sephora runs).
Stop paying bank fees for your chequing account.
It’s never a bad idea to open a new savings account to get your financial goals rolling. I’m used to paying $14.99/month just to keep my current account up and running, which can add up quickly. However, after recently discovering that EQ Bank has a Savings Plus Account which charges no monthly fees, requires no minimum balance, and allows unlimited day-to-day transactions, I was on board. Not to mention, the interest rate is at 2.30% right now (which is way higher than my other high interest savings accounts).
PS: As a special treat for my readers to get your summer savings started, new accounts opened have the chance to win one of 10 $150 deposits into your new savings account! That's basically the easiest way to increase your savings this summer. Talk about winner-winner-chicken-dinner.
It's not as impossible as it sounds. I promise.
I know that realistically, asking you to double what you normally save in the most exciting months of the year seems, well, cruel. But any opportunity you have to increase your future revenue or tackle a financial goal seems sad to miss.
Plus, this extra cash you save now can be used to head somewhere tropical when the sunshine and bumblebees head south! Just saying.
How much money do you plan to save this summer?! Let me know in the comments!