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4 Ways to Save $1,000 By Next Memorial Day

May 15, 2018 | By Daniel Dewitt

Let’s be real: saving money can be difficult. Even a simple goal like setting aside $1,000 can seem unattainable for many of us. But like most things in life, with a combination of patience and persistence, it’s entirely possible. The key is to have the determination to set a saving goal for yourself and see it through. Are you up for the challenge

Memorial Day weekend is often our first opportunity of the year to relax and kick back, which is one of the motivating factors that makes it a perfect start and end point for your $1,000 saving challenge. It is, after all, a holiday all about remembering, and having an extra thousand sitting in your bank account by this time next year will give you the spending power to enjoy your three-day weekend in whatever way you choose.

Here are simple 4 ways you can save $1,000 or more by next Memorial Day.

Eat Less Fast Food

In today’s on-the-go society, eating out can feel like the only option to feed yourself throughout the course of a busy day, but one thing many of us fail to take into account is just how expensive it can get. While one meal is relatively cheap in the grand scheme of things, but over the course of time the expense can really start to add up, on both your wallet and waistline.

If you want to know just how much eating out costs, you first need to remember that a year has 52 weeks in it. During an average week, keep your fast food receipts and get a grand total, then simply multiply it by 52. The number may surprise you. Even if you spend only $10 a week on eating out, that’s $520 you are spending on unhealthy fast food, more than half of your $1,000 goal.

Don’t Be Haunted by Old Bills

This is a source of expense that many of us overlook, but sometimes even long after you’ve canceled a service like a wireless plan or gym membership, you still could be getting charged for it. In almost all cases it’s a simple clerical error, but just like with saving money, a small monthly charge can add up over time, and most people never look at their bank statements or credit card bills close enough to ever notice these recurring “ghost” charges.

Cut the Debt

Sometimes you have to spend money to save money. While you most likely had a good reason for using credit cards or title loans to cover an expense, you probably have few good reasons for why you haven’t paid these debts down yet. And the truth is that the longer you let your debt grow and accumulate interest and possible late charges, the more they will cost you in the long run. Paying off your debts may mean tightening your belt in the here and now, but keep your $1,000 goal and next memorial Day in the front of your mind for inspiration.

Carpool

Studies have shown that people who commute for work are on average less healthy, less happy, and more stressed out than those that don’t. And while most of us who commute don’t have another option, one thing we can do to decrease both stress and the expense is to start carpooling with a coworker. Switching off days driving to work will reduce your gas costs by half, and reduce the wear and tear on your car at the same time. You also get days where you can simply sit back and enjoy the ride, making it a win-win for everyone involved.