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13 Tips To Help You Save An Extra $1000 In A Month

This sounds hard but I am intrigued.

1. Set a goal that you really, really care about.

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A common mistake that people make is saving for the sake of saving, instead of saving towards a specific goal. People who have a goal they really care about are much less likely to give up, and more likely to go above and beyond to achieve their goal. One Mastering Money student, 21-year-old Henry, managed to save $23,000 in less than nine months because he had a very powerful goal in mind β€” saving to fund a contributory-parent visa for his mum to come to Australia.

"My mum’s visa is my key driving force...Having that goal has given me a lot of focus and clarity, so I’m a lot more mindful of how I spend my money because I know that every dollar I spend is a dollar away from that goal.”

2. Sell your clutter.

20th Century Fox

We all have stuff lying around the house that we never use anymore, which could come in handy for someone else. The great thing is that it's never been easier to sell your clutter.

SkilledSmart CEO, Paridhi, managed to save $750 in less than a month by selling various household items on Facebook Marketplace, including kitchen appliances, furniture, handbags and board games. "I've sold things that usually I'd just throw out, assuming no one would buy it...but you really just never know!"

3. And look for free second-hand items before buying something new.

Universal Pictures

Likewise, if you're in need of new appliances or furniture, check out Gumtree or Facebook Marketplace to see if you can pick up a freebie before opening your wallet. A friend recently picked up a free marble dining table β€” which would have cost a few thousand dollars to buy β€” because someone was moving house and didn't want to deal with taking it to the tip.

4. Downgrade or eliminate under-used subscriptions.

Viacom

From gym memberships, to apps and streaming services β€” over time, it's easy to accumulate subscriptions that we forget to cancel or review. It's always a good idea to regularly make some time to review all your subscriptions. Ask yourself the hard question: "How much do I actually use this?" If you don't want to completely get rid of it, consider downgrading your plan.

The great thing about this is, it's not just a one time saving β€” you're going to save money every single month!

5. Track your spending.

CBC

This might be tedious, but trust me, it works. Writing down everything that you've spent in a day, week or month makes it easy to see where you could afford to make some budget cuts.

As well as ensuring that you're living within your means, it also makes you feel good to write down savings you've deposited and see the progress that you're making.

6. Start cooking at home more.

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We all need to eat, but few people realise just how much they spend on food. Have a real look at how much you spend on eating out, how frequently you eat out, and ask yourself why you eat out. Is it because it's just easier? Or is it because you enjoy the social aspect? How much would your lifestyle be impacted if you started cooking an extra 1-3 times a week?

You don't have to cook at home 100% of the time, but even doing a little extra cooking each week β€” and a cheeky bit of meal prep for lunch the next day β€” can make a massive difference to your bank balance.

7. Consider re-negotiating your rent.

CBC

Housing is by far the biggest expense most people have. Even a slight reduction in your housing costs can equate to a massive saving. For example, just $10 off per week means you'll save $40 that month, and $480 over the course of a year.

Most people don't realise that you can actually negotiate your rent. Landlords need good tenants who will take care of the property, and will hopefully stay for a long period of time. So if you've been a really good tenant, and the market is a little damp, then you could try your luck with negotiating your rent β€” just like this couple did.

8. Wait at least 48 hours before you actually buy something.

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A lot of people struggle with impulse buying, and spending for the sake of spending. So, a really good strategy is to enforce a "waiting-period" between the time you see something and want to buy it...and the time you allow yourself to buy it. This gives you time to figure out whether you really need it or not.

9. Start a side hustle.

Fox

Thanks to the internet, it's never been easier to have additional sources of income on top of your regular day job. You could start tutoring primary or high school kids, or even babysitting or pet sitting. Consider turning a crafty hobby into something you can sell on Etsy, doing odd jobs on Airtasker or driving Uber every now or then.

It doesn't have to be all-consuming, either β€” you can choose how much time you want to invest into your side-hustle. But even an extra $50 a week adds up to $2,600 over a year β€” which could fund a sneaky trip to Bali.

10. If you want to save on rent, consider house sitting.

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While it's not necessarily the most stable, long-term housing solution, house sitting is a great way to eliminate the cost of rent in the short term. Lots of house sitting also involves looking after pets β€” much like the assignments you can find on The House Sitters β€” so if you're an animal person, it's kind of like a free holiday!

11. Rent out some of your unused space.

Nickelodeon

If you've got a spare bedroom, some garage space or even a shed that you're under-utilising, you might be able to make some extra dosh on renting it out. If you're not actually keen on hosting people Γ  la Airbnb, that's fine too β€” lots of people are just looking for cheap storage spaces in their neighbourhood. Pop up some photos on Gumtree and see if you get any bites!

12. Use gift cards and vouchers to offset the cost of new goods.

ABC

Hands up if you've ever received a gift voucher that you've never used? Instead of using pre-paid credit cards for luxury goods, allocate them towards expenses, like your car registration or groceries.

Also, when online shopping, tools like Honey and Frugal Feeds can help you make sure you're paying the cheapest price for things you're about to buy.

13. And sell any unwanted gift cards online.

NBC

Okay, back to the unused gift cards. If you receive any gift cards or vouchers you know you're not going to use, why not convert that into cash by selling them online? Sure, you might only get $70 in cash from a $100 voucher, but that's $70 of value in your pocket compared to $0 of value from something you won't use.

Have any other tips for making and saving money in the short term? Let us know in the comments!