So you’ve committed to saving money as aggressively as you can. Perhaps you have a short-term goal you’re chasing. Whatever the reason, if you’re going to figure out how to save $100 a day, you’re going to need a game plan.
Is a goal like this even attainable? It’s a fair question. You can’t go pluck a ripe $100 bill from a money tree every morning while your coffee brews. You’ve got to do things the hard way. I believe these five steps will help you the most as you pursue this goal.
How to Save $100 a Day In 5 Simple (Yet Realistic) Steps
1. Create an action plan.
I’m not promising you rainbows and butterflies, here. You’ve just become a marathon runner. Training has begun. You’re not going to run 26.2 miles today. Create a plan of attack to whip your budget into shape a little at a time and get a realistic picture of what you spend in a month.
There is absolutely no way to wander through this and be successful. Be as intentional as you can.
Need some free printable and downloadable budget forms? We’ve got you covered.
To keep you on track and accountable, automate a daily transfer. Start SMALL to develop the habit. A runner starts with one mile, then two, and so on. Start saving $1 a day, then move it up to $5. Continue moving it up as your income and available cash flow are both still in a healthy place.
3. Cut back expenses to maximize your saving potential.
We’ll talk about ways to boost your income in a moment. First, I challenge you to make the most of what you have now. Earning extra money often requires a lot more time – one your most precious commodities. So let’s take a look at some realistic ways to cut back on your current spending each month.
If this is a temporary savings challenge (i.e. 60 days), then get aggressive. We all know how to reduce frivolous spending, but dig deeper for a couple months. Launch a “No-Spend Challenge” and temporarily pause things like:
What would you add to this list?
4. Sell your stuff.
One Benjamin Franklin in the bank every day is a steep order. But if it’s a savings goal that’ll change your life (and those goals often do), then look around your house and sell some stuff. Most articles preach about selling your old iPad or bicycles or shoes.
Let’s get more aggressive. Consider selling the following examples:
- Valuables like jewelry
- Vehicles (i.e. a boat, motorcycle, lawn mower, or even one of your cars)
- House (How much could you save by downsizing?)
- Your hair
5. Bring on the side hustle.
If you’ve made a plan, cut back on spending, and aggressively sold what you could, now it’s finally time to find more work. Here are some ideas that will generate a serious side income (I’m going to skip things like online surveys and mystery shopping.)
NOTE: Side hustles don’t happen overnight! I know from experience as a work-at-home mom with a freelance writing career. It took a significant investment of time and effort to get it off the ground before my income grew. Yours will, too.
- Work remotely from home – Here is Forbes’ list of the top 100 offering remote jobs.
- Teach on Udemy or YouTube
- Get a second job
- Become an online virtual assistant
- Manage social media
- Become a freelance writer
- Open a shop on Etsy or Shopify
- Create a passive income (i.e. book, online course, affiliate marketing, etc.)
As you discover how to save $100 a day (or whatever the savings goal is), think about how you could apply this new power move in other areas of your life. For example, consider how fast your car payment or student loans or mortgage would melt away. Imagine how fast your investment portfolio would grow. Or how you could provide your children with partially or fully funded tuition for college someday.
The possibilities are endless. With focus, determination, and a gameplan, you can direct your income in new directions throughout your various stages of life.
How would you recommend someone save extra money? Share your ideas with us below!
Image via American Advisors Group (Creative Commons)