We want you to save your first $1,000 as soon as possible. I don’t care what you have to do to get it (within reason). Once you get there, smile, and get to work knocking out your debt. Feel the stress release in your life. This is only the beginning to the peace and ease you will experience once this debt is eliminated. Here are three ways to help you raise that $1,000 emergency fund.
- Sell Something. Don’t just sell something. Sell everything. Look around your house, especially your garage and attic. Don’t forget your CD/DVD collection. You might be surprised what some of these items might fetch on eBay or on craigslist. A couple of years ago, I sold a VHS of an old 80’s BMX movie, RAD, for $120.00. It was out of print and it was Christmastime. Rad.
- Draconian Spending. Hey, desperate times call for drastic measures. The definition of draconian, according to dictionary.com means, exceedingly harsh; very severe. The example it gives; “draconian budget cuts.” Try to have fun with this, but see how little you can spend in a month. Try not spending anything at all. Eat dinners from your pantry and your freezer. Only go to the grocery store for essentials (essentials means milk, not beer. Nice try.). I guarantee you will get that $1,000 very quickly.
- Check Your Budget. Is there something in your budget that you could cut or eliminate, even if it is only temporary? This is not as extreme as tip #2, but I am sure there are ways to cut your spending. Don’t tell my wife, but monthly mani-pedi’s are not essential. Or how about cutting back on the Saturday night bar debacles? (Those were intended for some co-workers that I have been helping, but it may help you, too.) Cut those out for a time and you will have the $1000.00.
These are three SIMPLE ways. I’ll write later about less simple (but still quite easy) ways, like negotiating your monthly bills. What are you doing / have you done to get your first $1,000 saved?
