Dave Ramsey: 8 Quick Ways To Save Money Fast
For decades, Dave Ramsey has taught people how to take control of their money. Some of his advice sparks debate, but many of his money-saving strategies focus on something most people can benefit from: finding extra cash in their budget right away.
Whether you’re trying to build an emergency fund or just create more breathing room in your finances, these Ramsey Solutions hacks can put hundreds of dollars back in your pocket.
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Create a Budget
If you don’t have a budget, you need to make one. And the best way to create one is by assigning every dollar a job. This way, you'll know exactly where your money goes and identify where to cut.
Many people agree that a budget is restrictive. But having one can free up an extra $100 or $200, which you can direct toward other financial goals.
Create a Meal Plan Every Week and Cook at Home
Dining out and food delivery are one of the fastest ways to drain your budget. The average American spends roughly $3,945 a year eating out, according to the U.S. Bureau of Labor Statistics (BLS). Meal planning can help you save money and reduce stress after a long day.
Plan your meals before grocery shopping to avoid impulse purchases and food waste. Reducing eating out and food delivery saves you up to $300 each month.
Cancel Subscriptions You Don’t Use
You’re probably paying for one or two subscription services you rarely use. In fact, according to CNET, many Americans are losing about $1,000 a year to subscriptions without realizing it.
Log into your bank or credit card statement and note all recurring charges. Streaming services, subscription boxes, premium apps and memberships are usually the biggest culprits. Cancel everything you haven’t used in 30 days.
Start a Side Hustle
Starting a side hustle is one of the fastest ways to create extra cash flow. Ride-hailing driving, food delivery, dog walking and lawn mowing are easy to start side gigs since they have low barriers to entry.
And if you’re not in a hurry to get quick cash, you can work extra hours at your current job or ask for a raise. Taking on one side hustle a month can bring in $500 to $1000 or more, depending on your availability.
Shop Your Insurance Rate Every Year
Insurance is one of those bills that most people set and forget. Shopping your rates around every year, particularly for auto and home coverage, can save you money. Switching companies or bundling policies can save you between $200 and $800 a year.
Ramsey Solutions recommended using Coverage Checkup to help you find which insurance you need to add, drop or tweak.
Sell What You're Not Using
If you declutter your house, you’ll find several items you no longer use in your kitchen, closet, garage or basement. These places are treasure troves for items you can sell fast. From clothes to jewelry, shoes, electronics, equipment and power tools, there’s always something you don’t need anymore.
List these items on platforms like Poshmark, TheRealReal, Facebook Marketplace or eBay. Alternatively, you can host a garage sale and sell the items in person. Depending on what you sell, you can raise a few hundred dollars in a week.
Lower Your Essential Bills
You can’t eliminate some expenses, but you can reduce them. You can lower your monthly bills by adjusting your thermostat, reducing water usage, switching cell phone plans or negotiating service rates. Sometimes, just calling providers and asking for discounts or promos will get you immediate savings.
Adjust Your Tax Withholding
Getting a tax refund may seem like free money, but it isn’t. It means you overpaid your taxes. You can estimate your withholding tax to give you an idea of how much you need to set aside per paycheck for taxes.
If you got a $3,000 tax refund last year, divide that amount by 12 if you’re paid monthly and 24 if you’re paid twice a month. Use that number to lower the amount you’re withholding on your W-4. In this case, you’d be paying $250 less in taxes each month.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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