I decided one day to save money (a lot of money) fast - as quickly as possible. And I did it. Now I looked back and wondered how I did it. These are 5 things that I reckoned made me able to save a lot of money fast - as quickly as possible.
- I have a burning desire (a goal).
I know the reason I must save money fast. It is because I have my burning desire - my goal.
That is, I want financial freedom and financial independence.
I know shopping and going clubbing cost a lot of money and give me short term happiness.
However, I know that financial independence and financial freedom will give me a more permanent happiness and a huge sense of achievements.
For financial independence and financial freedom, I persisted to save as much money as possible quickly. And I did it.
- I created a daily actionable items
I have a SMART goal which I broke down to a set of smart small and measurable (daily) actions, which made it easy for me to achieve my goal.
It is easier because I just have to do the small broken down goals everyday and by the end of the year, without realizing it, I achieved it (my goal).
For example, when I decided to save as much as possible, I cut all unnecessary expenses. That means, no take away lunches, coffees and snacks, no shopping, no fines and/or late fees. Click here to find out how to cut expenses.
So I set daily action item:
- no buying anything at all during the day
- do budgeting every payday, remove all possible savings into offset account asap
- on friday, physically withdraw cold hard cash $50 per week for grocery shopping and $50 per week for weekend entertainment. If the money runs out, that’s it, I have no more left.
Click here about my real budgeting process and why I emulated the envelope technique budgeting system.
Everyday, I just have to do those steps and step by step. It is much easier to bite and chew small bites, instead of biting and chewing one large chunk. And (it feels) in a blink of an eye (in around 1 year), I accumulated a lot of savings.
It is small.
It is easier to do.
It is easier to snowball into little achievements and then into bigger achievements. Suddenly, by the end of the year, it is massive achievements.
- I have side incomes
I have side incomes that helped me to save a lot of money fast.
Of course I have days and weeks where I splurged on takeaway dinners and lunches, because I was too tired. The side incomes helps to increase my overall savings.
I obtained side incomes from:
- day trading
- forex trading
I have now stopped day trading and forex trading. It is too time consuming.
- I have a budget that works
I created a budget that works for me. Click here to find out how to save money through budgeting. And click here on how I created a budget that works for me.
Creating a budget that works is an evolution rather than a 1 step process. Keep asking yourself every end of pay period, and see your expenses and savings. Keep asking yourself, where can I improve?
Few things I learn:
- Make sure you are happy.
- Do not sacrifice something that you love and that give you sanity, just because you want to save money.
- Ensure you prioritize your health, eat healthy and nutritious food.
- I stick to my budget that works
Creating a plan without doing it, is useless.
Creating a great plan to achieve to your goal and sticking to it, is great. Click here to find out on how to stick to your budget.
Sticking to a plan and/or to a budget needs:
- most importantly, your burning desire - your ultimate goal - something that you are willing to sacrifice for.
So I hope that you can now save a lot of money fast or as quickly as possible. If you have any questions, ideas, thoughts or comments, please feel free to leave a comment below.
Also … share with me how you save money quickly?