How to Save A Lot of Money in a Short Time

Have a big goal but not a lot of time? Enter now… 100 per cent spending crackdown. This means taking temporary but drastic measures to reach a short-term goal. Your goal can be anything! Maybe you want to go on a great vacation after the pandemic is over, buy expensive shoes, or pay off your credit card. The more specific and meaningful it is, the better.

Because 100 per cent spending crackdown is hard, you’ll need a good reason to hold onto when things get tough. Want to get started? Evaluate every single spending decision, big or small, and be ruthless. Here are some examples of a self-imposed crackdown.

Not ordering lunches or coffees

Easy one, right? Being out on the road with three hungry kids is just poor planning. Stopping for even a cheap meal is $40. Instead, plan ahead with snacks in the car or put up with the whining until you’re home.

Not going out for entertainment

Even when everything reopens, finding no-to-low-cost entertainment at home and in your neighbourhood can really save.

No big-ticket purchases

Cars, TVs, couches and garden upgrades. All of this can be paused until you’ve reached your savings goal.

Kid activities (when they all re-open)

Summer Camp? Skiing? Swimming lessons? On hold, hold and hold.

No fancy cheeses or foods

Who doesn’t love great food? Well, a spending crackdown is an attitude. You have to let your inner Scrooge permeate every decision so that it becomes second nature. This means being mindful with your grocery shopping and meal planning. Fancy foods are out for now, but that doesn’t mean healthy eating takes a back-seat. Simply be careful where and when you shop, and buy what’s in season.

Do you have to give it all up while you’re saving for your goal?  Of course not. Just be conscious to dial back your spending and focus that money towards your big goal. Savings opportunities are everywhere you look – good luck!