Rachel Cruze: 4 Ways to Easily Save $1K This Month
Written by
Dawn Allcot
Edited by
Travis Woods
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What would you do with an extra $1,000 a month? That may sound like a lot of money to save, but it’s do-able for many households at different income levels.
Financial expert Rachel Cruze recently shared a video of four easy ways to free up $1,000 in a month. You could use the extra money to pay off student loan debt, add to a house fund, invest or even help pay for a summer vacation, she suggested.
1. Sell Items Around Your House
“You already have an extra $1,000 laying around,” Cruze reminded viewers, suggesting that you start with a closet cleanout. “Find five clothing items you could sell on Poshmark,” she said.
To earn big bucks on the marketplace for new and secondhand clothing, you’ll want to list luxury brands like Patagonia, Free People and UGG. But even if you have clothing and shoes from Target, you can earn some cash.
Cruze also suggested selling furniture, home electronics, and home goods on Facebook Marketplace or holding a garage sale.
2. Stop Eating Out or Ordering Out for a Month
Stop eating out or ordering take-out, including Uber Eats, Door Dash and Instacart for just a month. “The savings will blow you away,” Cruze said.
She reminded people that it’s only for a month — not a long-term sacrifice. Keep your goal of an extra $1,000 in mind, and it should be easy to do.
3. Get a Side Hustle
Acknowledging that people are already busy with work, family, and their personal lives, Cruze suggested getting a part-time job or side gig. “The most important thing you have to remember is that when you’re working towards a financial goal, nothing is permanent,” she said.
You may be able to find a hobby you love and monetize it, earn extra cash babysitting or petsitting, or drive for Uber or Lyft on weekends or a few nights a week to put money in your pocket.
4. Do a Subscription Check
Noting that this tip is now trending on TikTok, Cruze suggested participating in the subscription challenge, where you guess how much you spend on fees and subscriptions and then try to reduce that number. “People are finding hundreds of extra dollars they didn’t even know they were throwing away to unused subscriptions,” she said.
Bottom Line
Being aware of your finances can help you save money. Track the money you spend and look for ways you can save or earn more, even if it’s just to achieve a short term goal.
“It’s always good to make small tweaks, because those things really will make a big impact,” Cruze said.
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