Stop Spending and Start Saving $1,000 With a 90 Day Saving Money Challenge
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Have you ever thought about how much money you spend? No one likes to throw money away, but making a few small tweaks can help you save up some money. Getting started saving is not always an easy task, but starting small with my 90 day challenge can help you to get the savings ball rolling!
I created a free printable to help you with the challenge of saving $1,000 in 90 days. I also put together the following list of ways to reduce spending and boost income to help you tackle the challenge. Let’s get started saving!
Negotiate Your Credit Card Interest Rate
Credit card interest rates can be incredibly high, some well over 20%. Interest calculated at high rates can add up fast. It may be worth calling your credit card company to ask for a rate reduction, especially if you have been a loyal customer for many years. The worst thing that could happen is that they say no, but if they say yes, you could potentially save hundreds or thousands of dollars, depending on your balances.
Stop Smoking
It’s no surprise that smoking is bad for you. Not only is it bad for your health, it’s also bad for your wallet. Smoking is expensive and is not doing you any favors. Quit smoking now and put that money towards your savings challenge fund instead. If you need help with this, many health insurance plans offer help with smoking cessation programs.
Stop Buying Coffee Shop Drinks
Instead of spending $5 on a daily latte or cappuccino, save money by making your coffee at home. Brewing coffee at home can save you a lot of money over time. If you still feel the urge for a specialty coffee shop drink, make it just be a once-in-a while special treat or a once-a-week splurge.
Reduce Eating Out
Plan more meals cooked at home instead of eating out as much. Eating at home usually costs considerably less than eating out. Not only will it save you money, it can also be better for your health. Consider using an online grocery pickup or delivery service to reduce the temptation to buy things that aren’t in your plan for the week.
If it’s in season, buy bulk produce from a grocery or local farmer’s market to can or freeze for later. There are lots of online resources out there that can help you learn how to do this. You can prepare food in bulk with a Crock Pot or Instant Pot and freeze the leftovers for a quick meal later.
Stop or Reduce Subscriptions
Once you subscribe to a service, you’re not likely to cancel it, even if you hardly ever use it. Take the time to cancel any subscriptions you aren’t using regularly, like cable and streaming services. You could instead spend your time doing something productive, reading a book, or learning something new.
If you decide that there are some services you just don’t want to live without, consider stopping them temporarily and then restarting them once you’ve finished the challenge.
Stop Buying Bottled Water
The cost of buying bottled water all the time can really add up, especially if you drink a lot of water. You’ll save lots of money and help keep plastic waste from ending up in the environment.
Consider investing in a reusable water bottle that you like. If you don’t like the taste of your water, consider boiling it first and then putting it in a jug in the fridge. If you’d rather have filtered water, get a water filter pitcher or a faucet filter.
Buy Generic and Gently Used Items
You can really cut back on spending at the grocery store by buying “generic” or store brands instead of more expensive name-brand products. Often times with name-brand products, you are just paying more for them because of the expensive marketing. Also, planning your meals ahead of time before you go to the store can help to keep you from over spending. Incorporating a meatless day can also help to save money.
If you are needing some new furniture or clothes, visiting a thrift store or buying from an online marketplace is a great way to add new items to your home and wardrobe without breaking the bank. No need to buy new items when you can find some great secondhand buys. It’s also great for the environment, as it keeps used items from ending up in the trash.
Save on Utilities
If it’s hot outside, consider getting some fans and turning the air conditioning temperature up a few degrees. If it’s cold outside, try turning your heat down a few degrees to save some money on the heat bill. You’d be surprised how much you can save just with a change of a few degrees. Having a slightly cooler house in the winter is nothing that an extra blanket on the bed or hoody can’t solve. I love sitting on the couch under a blanket in the evenings, and the cooler temperatures make for great sleeping conditions.
Programmable thermostats are also great for saving money on heating and cooling. You can raise or lower the temperature a few degrees when you’re sleeping and when you’re away from home.
Swap any lightweight curtains for thermal lined curtains or drapes to keep from losing as much heat through drafty windows. Seal and drafty windows and doors to keep from throwing money away on your energy bill in the colder months. Visit a local home or hardware store like Lowe’s or Home Depot for some supplies.
Fix leaky sinks and faucets. If you have a water bill each month, a dripping sink or running toilet can really add to the bill. I have fixed leaky faucets and changed out the insides of a toilet myself, and if I can do it, so can anyone else!
Also consider lowering the thermostat temperature on your water heater by a few degrees. Depending on your water usage, lowering the temperature could really add up to savings on energy costs.
Take a Staycation
Instead of going on an expensive vacation trip, look for fun vacations close to home. Go for a camping trip or local day trips instead. This can save lots of money on hotel bills.
Plan a weekend hike at a local park. You’ll get to enjoy the fresh air and get in some great physical activity at a much lower cost than traveling to a far away destination.
Make Your Own Gifts
Instead of buying expensive gifts for friends and family, consider going the DIY route by making gifts instead. You can find lots of cool do-it-yourself gift ideas online. Friends and family will appreciate the time and effort you spent on making something personal.
Declutter
Do some decluttering around the house, garage, and attic for things you haven’t used in a while. Have a yard sale or sell items on an online marketplace site like Facebook or eBay to get rid of things you no longer want or need. As the saying goes, one person’s junk can be another person’s treasure!
Start a Side Hustle or Second Job
Consider temporarily adding a second job or “side hustle” to help create some additional income for the savings challenge. You could drive for Uber or Lyft, become a virtual assistant, work extra shifts at a restaurant, or deliver groceries with Instacart. There are also lots of ways to make extra money online. Check out my 5 Websites to Make Money With Print on Demand blog post.
Earning extra income from multiple sources of revenue can help you learn new skills, gain confidence, save money, and pay down your debt.
Are you ready to save $1,000 in 90 days? By following some of the tips above, you should definitely be able to hit this goal. Once you finish the challenge, I encourage you to not stop there. Create a budget using my 7 Steps to Create a Personal Budget blog post to help with saving even more money.
Check out some of my other posts on saving, making, and investing money:
- How to Save $1,000 for an Emergency Fund in 90 Days or Less
- 7 Steps to Create a Personal Budget
- Financial Checklist: 10 Things to Do Before Year End
- 7 Habits of Successful People Who Are Never Broke
- 17 Ways to Save Money This Fall
- 5 Websites to Make Money With Print on Demand
- Why Should I Invest in an IRA?
Disclaimer: This information is intended for educational purposes and is not tailored for the needs of any specific investor. It is important to conduct your own analysis and research before making any investment. It is recommended to independently research and verify or seek financial advice from a professional in connection with any information on this website before using it to make an investment decision or otherwise.
