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You Can Save $1,000 in Only 3 Months

By Edited Jun 4, 2016 1 0

The subject of how to save money is not commonly addressed however, it is quite an important thing to do regularly. If you lose your job unexpectedly, having some savings set aside can mean the difference between getting by and falling into poverty. It can allow you to retire or keep you chained to your desk. This can be the difference between poverty and the ability to take care of any unexpected emergencies like having to make a quick trip to the dentist or fix your roof. This can be the difference between sending your children to school or not being able to provide a good education for them. In this current economic uncertainty, a well funded savings account will be a godsend in the event of an unexpected break in wages. If you don't put some money aside, it could be really uncomfortable should you not get your regular paycheck, so there's value in considering it and beginning to save if you haven't started already.

Having saved up $1,000 is a good beginning. Many people wish they had extra money put aside for an emergency, or to start a fund to save for something in particular. Needless to say, you will find yourself sleeping a whole lot easier with a thousand dollars in your pillowcase in the event you ever need it. In the grand scheme of things 3 months isn't a long time; the majority of people can go without particular things over the 3 month period in order to accumulate money. 3 months to save $1,000? Here's how. If you do the math, in order to save $1000 in three months, you need to put away $83.33 every week, which equals to $333.33 each month. That means, that if you get paid every two weeks, then you need to put away $166.67 each pay period. Saving money comes easily if you coordinate your deposits with when you receive your paycheck; if you get paid bi-monthly, for example, factor that into your plans.

Your best choice is to save the amount you've decided on right away before you go to the mall or pay your bills. If you lack the willpower to do it on your own, have your bank deduct the money automatically from your paycheck so a specific amount will be transfered to your savings account. If you don't see it then you won't miss it. Remember this when you are starting to save money; continue saving and don't stop. You have to do this for six paydays, meaning twelve weeks, if you want to take three months to save $1,000 or your goal won't be reached. If you stay consistent, in about 3 months, you will easily have a thousand dollars at your disposal in case you have some sort of emergency, or anything else you may need to take care of.

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