10 Ways to Save $1000 (Even on a Tight Budget)

February 17, 2021 | Mason Roberts

Woman saving money

The biggest risk of paycheck-to-paycheck lifestyle is that being hit by an emergency will likely put you further into the money hole. And the longer you scramble around to get the cash you need to handle it, the worse the problem is likely to get and cost you in the end.

Here are some ways to save some money fast, so that when trouble comes knocking, you’re not caught off guard. We also explain when a title loan could help.

1. Cut Cable

Cable-cutting is a classic way to save some money in American households. Considering the average cable bill is over $100, it’s understandable why it has become so popular. After all, you can likely watch most of what it has to offer on your computer…

2. Leave Only One Subscription Service

Multiple subscriptions are what’s killing your budget when you’re looking for ways to save money. Leave just one subscription service, while you’re trying to save. You can have Netflix OR Hulu, but not both of them together. At least until there’s $1000 in your savings account.

3. No Premium Apps

Premium apps are another thing we overpay on these days without thinking twice – after all, they make life so much easier.

Either switch to free versions (which, while devoid of perks, still offer the basic services) or look for free alternatives. Fortunately, these days you can always find a few.

4. Quit Smoking

Even if you’re only smoking half a pack a day, it still means you’re paying up to $100 a week for cigarettes.

And if that wasn’t a good enough of an incentive to stop, then consider this: a smoker’s insurance costs more than non-smokers, and that discrepancy grows worse with time.

So that’s another way smoking increases your expenses, and if you’re looking for ways to save money, quitting the habits that hurt not only your budget but also your health should be your priority.

5. No Eating Out

Another time-honored way to save money is cutting eating out and takeout, switching to cooking meals at home.

While it may seem time-consuming and tiring, it’s on most money-saving advice lists for a reason. Adjusting budget around food usually pays the best, because it is the category most of us are likely to overpay on.

6. Stock Your Freezer and Pantry on Sale

Cutting takeout means your grocery budget will likely increase. To mitigate the expenses, try to buy more expensive items on sale and store them in the freezer and pantry.

Freezing foods works best with meat, fish, and frozen pre-made foods. Though you can certainly put other foods there as well. Many people freeze greens and soups to be enjoyed later.

7. Buy in Bulk

Another way you can cut down on grocery bills is bulk buying at stores like Costco. Do keep in mind that bulk buying means spending a lot of cash right away. So, you need to plan your store visit (and maybe even save for it), but if you go smart about it, you could save between 20% and 80% of what you’d usually spend on each item individually.

Bulk buying works best for items that you need in everyday life and have long shelf lives – toilet paper, dish soap, laundry detergent, canned food, and even coffee are all on the optimal choice list. Though, it can also work even with fresh foods. In this case, all you need to do is to freeze the extras.

Woman holding title loan cash

8. Negotiate Your Bills

Did you know that you could be paying less on some of your bills? If rent and utility bills aren’t possible to be negotiated (though in some states, like California, Connecticut, Delaware, Illinois, and some others, electric bills can be negotiated), focus on your car insurance and credit cards bills. There are even apps to help you figure out what you can cut – try Trim or Truebill.

9. Consolidate Debt

If your biggest monthly expense is debt payoffs, you could try to consolidate debt. Consolidation essentially means bundling your debt and putting a singular (typically lower than multiple combined) payment towards it.

Just don’t be hasty with it and consider different options from multiple financial institutions to finding the one that would work the best for you.

10. Automate Monthly Savings

The easiest way to save money is to make money saving your priority. Figure out how much of your paycheck you can set aside each month without going broke – and automate your savings. When your paycheck comes in, some of it should go into savings.

You can start with just 2% and work your way up – what matters is that saving money becomes a habit, and you learn to budget what’s left.

What Do I Do if I Don’t Have Money Saved?

If you haven’t yet started saving, and an emergency strikes, getting a title loan would be an optimal option to try, as it allows you to get cash fast.

What Are the Benefits of Title Loans?

Getting a car title loan through Illinois Title Loans, Inc. is a simple and straightforward process. As long as you’re over 18 with an ID to prove it, and your car title is in your name – you can apply and get approved.

You’ll be accommodated the entire way, whether it concerns your income or the loan payoff schedule. Illinois Title Loans, Inc. welcomes all credit types, so you don’t need worry about your bad or nonexistent credit history.

The entire process lasts 30 minutes on average, and, if you are approved, you get the cash the same day.

How Do I Take out a Title Loan?

  1. Go to our Home Page and fill out the online form.
  2. Wait for the loan representative to give you a call and set up a meeting.
  3. Bring your car, your lien-free vehicle title in your name, and your government-issued ID to the title loan near me meeting location.
  4. Wait for the loan representative to assess everything, and determine the amount you qualify for.
  5. Get your approval and cash.

Succeed By Using These Ways to Save Money

Saving money is a big challenge, especially in the modern world of money-sucking conveniences, like gadgets, subscriptions, and other useful but unnecessary things. However, any goal is accomplishable with the right approach. So, take into consideration the ways to save money presented above – and you are sure to succeed!

And if you ever run into an emergency, don’t hesitate to get in touch with Illinois Title Loans, Inc. for fast cash financial solutions!