All about the challenges of Midlife Finance

Smart ways to save cash fast

Sometimes you just need to save money quickly.

Maybe it’s the deposit for the house of your dreams, a new car or study fees or debt that needs to be paid off fast. Whatever the scenario, there are ways you can cutback and boost your bank balance so much quicker if you:

Eat at home. It’s amazing how much money gets spent on eating out or buying lunch at work. Create a meal plan and eat all your meals at home and brown bag your lunch with the previous night’s leftovers or other planned meals that don’t cost a lot.

Sell something. Look around your house and you will see books, DVDs and PC or console games you are never going to play again. Hold a garage sale or advertise items online and live by the theory of one man’s junk being another man’s treasure.

Swap nights out for nights in. Rather than spending a fortune on an evening out, stay in and entertain yourself. Enjoy good old fashioned board games or invite friends around.

Take a second job. As a long term solution this may not be a feasible option, but if you need to save money quickly this can be a great quick fix. Waiting tables, serving behind a bar or working for a delivery company are easy ways to generate fast cash within a short period of time.

Create a service. If you are strong offer yourself out as hired help for home or office removals, if you bake well make cupcakes to order and if you are great with dogs offer a dog walking service. A little bit of creative thinking can ensure you find extra ways to make and save money on the side.

Cut back on all expenses. If you need to save quickly, a smart way to do this can be to cut back on all your expenses and for a few months only spend what is absolutely necessary. Pay the minimum amount required on all bills, live as frugally as possible and use public transport or obtain lifts wherever possible.

In the future build up your emergency resources so you do not have to undertake these measures. Always expect the unexpected and be prepared to work hard to make your cash reserves work for you.

photo credit: flickr bfishadow

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