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Thread: Fastest way to save a lot of money in a short time

  1. #1
    Featured Member wish's Avatar
    Sep 2006
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    Default Fastest way to save a lot of money in a short time

    I知 trying to save money (a lot of money) maybe $15k in less than 5 years. Im not 100% for what but I am thinking about cosmetic surgery which is $15k. Maybe I will find something else to use it for. Idk. Maybe it値l be a down payment for a house.
    Either way I have a manageable amount of debt and decent credit. I知 starting from scratch. I also need to start a retirement fund. Ugh. Any suggestions?

  2. #2
    Featured Member Winged Dinghy's Avatar
    Sep 2008
    The dirty south
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    Default Re: Fastest way to save a lot of money in a short time

    $15,000 in less than five years is totally doable. You could probably save it in less time.

    Try going to extreme frugality route. Read Early Retirement Extreme and Mr. Money Mustache.

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  4. #3
    God/dess SnuffleUffleGrass's Avatar
    Mar 2009
    HearstCastle, Rosebud
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    Default Re: Fastest way to save a lot of money in a short time

    Ok don't laugh but here are the eternal pro-tips I learned for this kind of saving-

    * buy very few non-essential items. Own less than one closet full of clothes and shoes.

    * NO eating out. Pre-make/cook meals in bulk, freeze them. Buy a crockpot. Get a Costco card & make bulk grocery purchases the only splurge in life.

    * Get rid of using/owning a car. Move somewhere you can walk to places & use public transportation.

    * Freeganism (that means dumpster diving.)

    * Do your own haircuts and manicures at home.

    * Keep your rent low.
    Beware the Pinkie Drama Queen...w000000 LA Woman, You're My Woman- The Doors

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  6. #4
    God/dess carmen_b's Avatar
    Apr 2007
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    Default Re: Fastest way to save a lot of money in a short time

    The easiest way ( or a variation ) is probably to PUSH yourself through a few more shifts per month ( such as an extra $600-$1000 a month ) and then just don't touch it. Keep it accumulating . Easier said than done but it's possible.

    I tend to binge work when I need to save.

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  8. #5
    God/dess rickdugan's Avatar
    Apr 2010
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    Default Re: Fastest way to save a lot of money in a short time

    Not to sound trite, but work more and spend less.

    Now I'm not sure that I ever went as extreme as Snuffle, but I do agree with cutting out the non-essentials and her comments about cooking your own food and freezing. I'm not sure that you need a Costco card, but check out the sales flyers each week from your local markets and stock up on your meats (and freeze) and non-perishables when they are on sale. There are also many staples that are almost always cheap and/or on sale somewhere, like onions, garlic, carrots, celery, potatoes, rice, and other basic cooking supplies.

    I really cannot stress the cooking thing enough. As I always tell my kids, if you can cook, you'll always live rich. It takes patience and some mistakes along the way in order to get good at it, but it is well worth the effort. I am a decent to good cook and my wife is a fantastic cook and baker. We feed a family of 5 for around $500 per month and we eat extremely well, including meat for at least two meals per day and lots of fresh produce and dairy items. We could do it for even less if we cut out some of the luxury items that we splurge on from time to time, like higher end steaks, baby back pork ribs, certain yogurts and some other stuff. When you can take almost any piece of sale meat and turn it into something yummy and nutritious, you have a lot of power over how you live and it also has the nice side benefit of giving you a healthy hobby.

    If your debts include high interest credit cards, then pay them down as fast as possible and stop using them for purchases. That does NOT mean closing them as this can hurt your credit, but rather just pay them down. You'll be amazed at how quickly your disposable income will go up if you pay at least double the minimum payment each month for a year or so.

    And I agree wholeheartedly with Snuffle about keeping rent low. When you pay rent, you're just paying for someone else's mortgage. Getting over your head on a rent payment is one of the easiest ways of putting yourself on a hamster wheel that someone else owns.

    Just a few thoughts fwiw.
    Last edited by rickdugan; 10-26-2018 at 06:50 AM.

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