How to save $1,000 in 30 days

It often feels like money only goes out of your bank account but keeping it in there and adding to it can be a real art.

For some, saving $1000 in a month can seem an almost impossible task but when you’re on a short time frame saving can actually be easier. After all, the light at the end of the tunnel is a lot closer, particularly if it means modifying your lifestyle and making a few sacrifices along the way.

So if you want an extra $1000 to take overseas, or you’re $1000 away from your dream car, follow these tips and strap yourself in for 30 days of savings.

Also read: 27 ways you waste your money

1. Free events only - $200

Limiting yourself to free events only will save you at least $50 a week, if not more, which will add up to a big chunk of savings at the end of the month.

You don’t have to put the brakes on your social life entirely, you just have to get smarter about what you do.

Watch a DVD instead of going to the movies, trawl through the ‘What’s On’ pages of the paper for free events and exhibitions or jump on a bus or a train and explore somewhere you’ve never been before.

If you rope your friends into the challenge it will make it a whole lot easier, plus you’ll have someone to talk to instead of sitting on that picnic rug alone.

2. Stick to the list - $100

It’s easy for grocery bills to get out of hand when you’re wildly grabbing every new item that catches your eye. And it’s not entirely your own fault - grocery stores are designed in a way that makes extra purchases almost impossible to resist.

From the positioning at eye level to the candy bars on the way to the checkout in what is actually called an “impulse lane,” us mere mortals are no match for marketers’ tricks.

Bring the impulse buys to a halt by sticking to a shopping list and it could cut up to $25 off your average weekly shopping bill, or $100 in a month.

3. Swap the car for the bus - $160

Often we are either ‘public transport people’ or ‘car people’ and that’s that, but if you’re able to make the switch to the bus or the train, try it out for a month and see the affect it has on your savings.

Of course the small savings on petrol are often cancelled out by the cost of public transport but if you include parking at say, $8 a day, and time spent in traffic then you’ve got yourself a sweet deal. Time is money after all.

The extra $40 dollars you’ll save a week adds up to $160 bonus dollars over the month.

4. Dry July - $120

Whether you have a glass of wine a night or save all your boozing for the weekend, no one can deny that the dollars add up.

While you could just cut back rather than cutting out alcohol all together, a dry month is a great option for your health as well as your wallet.

Plus, these days, going cold turkey for a month is not only socially acceptable, it’s almost fashionable. At approximately $30 a week (for some, substantially more) your lack of boozing could save you $120 in just 30 days.

Also read: A key financial habit that can make you rich

5. Cutting coffee - $105

Whenever there’s a list of things that can be cut, it seems as though poor coffee is at the top of it. Unfortunately, it’s for good reason. At around $3.50 a day, buying a hot hit of caffeine is a habit that really stacks up.

Even if you aren’t a coffee addict, buying a can of soft drink or a bottle of water a day all comes off your bottom line. Pocket an easy $105 by kicking your caffeine habit or using a refillable water bottle.

6. Online marketplace - $100

What do you have sitting around your house that you could sell?

If your initial reaction was nothing then you’re not looking hard enough. The old saying ‘one man’s trash is another man’s treasure’ has never been more true than in the age of the internet.

Maybe it’s old DVDs or clothes that you don’t wear anymore or even a piece of furniture that’s more in the way than anything else.

Whatever it is, it’s almost guaranteed that someone out there will buy it for the right price. Try your hand at eBay or Gumtree and see how much money you can make in 30 days. Chances are you’ll find it slightly addictive.

7. Get your hands dirty - $70

There will always be jobs that you’d rather pay someone else to do. It could be washing the car or getting your shirts dry cleaned but no matter what it is that you prefer to outsource, for the next 30 days make it you mission to get it done yourself.

Depending on what services you usually pay for and the amount you spend the savings here will vary but by cutting out a couple of things you could DIY you will be one step closer to your savings goal for the month.

Also read: Three ways to become a superannuation millionaire

8. Go veg - $70

This option may be completely off the table for some hard line omnivores but the savings that can be made from cutting meat out of your diet for a month are undeniable.

By substituting meat for other sources of protein such as eggs, cheese, beans and dare we suggest – tofu - for a month you could make some major savings.

Even eating out costs become more manageable when you look towards the vegetarian end of the menu.

9. The piggy bank - $60

Go retro and bring out your childhood piggy bank because saving your loose change is a great way to generate some quick cash.

Putting away $2 a day in silver or gold coins will add up to a cool $60 over 30 days. Just be prepared to smash that piggy at the end of the month, or if you can’t bear the thought, find one with an opening at the bottom.

10. Interest pays - $15

Last but not least, having your savings in a high interest savings account is the best way to make money out of thin air.

Keeping $5,000 in an account paying 3.6% interest a month will result in an extra $15 a month that you can transfer out for your spending pleasure or, better yet, keep in the account to produce more sweet money.

Total = $1,000