"I need $1,000 fast!" Does this sound familiar? Sometimes you could really use an extra $1000. Whether to pay off some debts or sock money away for an upcoming trip, or just to pad your savings, who wouldn’t want another $1,000 to their name? You may be wondering how to get a thousand dollars fast to save and if it's possible. Well, we rounded up some fantastic ideas of how to save $1,000 fast.
But first, let's dive into how you can use an extra $1,000!
How to use an extra $1,000
Now, I bet you won’t have any problem coming up with ways to spend $1,000. After all, a thousand dollars doesn’t go as far as it used to, and we all could use the money for something. You could also aim to make $500 first, but then plan to increase it to $1,000.
If you’re not immediately saying to yourself “I need $1,000 for x, y, or z,” then here are a few suggestions. Figuring out how to get a thousand dollars is a bit easier once you find the right motivation.
Pay down debt
Many of us carry debt, and there’s nothing to be ashamed of there. But that debt still needs to be paid, so saving $1,000 could knock down your total debt and help you move forward.
Maybe you’ll choose to reduce credit card debt, pay off your car faster, or manage some other debt. All are great reasons to save $1,000.
You might try a 30-day challenge to save money quickly or pick another brief period of time to jumpstart debt payoff. Saving $1,000 fast could take that weight off your shoulders!
Save $1,000 for your emergency fund
Of course, sometimes it’s hard to know whether to pay off debt or save money. While debt payoff is important, it’s worth saying that if you don’t yet have a solid emergency fund, that should probably be your first goal with that extra cash.
It can be tough to save for emergencies when you’re barely making ends meet, but that’s exactly why building an emergency fund is so essential. Even if you can’t save a ton, once you can save $1,000 fast, you’ll have something to fall back on when, well, emergencies arise.
Current emergency expenses
Perhaps you’re in the unfortunate position of being in a current emergency. Roof leaking on your house? Major car expenses due to a sudden breakdown of your only vehicle?
If you don’t have your emergency fund squared away yet, that’s a terrible time to experience a financial setback. But you might be in that position, so implementing these tips to get a thousand dollars in your pocket would be a wise idea.
Start investing
On the other hand, perhaps you feel pretty comfortable about your finances. Your emergency fund is fully funded for six months or more of expenses, you have money left over each month, and you just want to keep the momentum going. If so, a great way to use an extra $1,000 is to start investing.
Anyone can start investing with small amounts of money. You can get over the fear of the stock market, if that’s an issue, and begin your investment journey with additional money you save.
Save for future expenses (sinking fund)
Sinking funds are where you save money for expenses you know are coming. But they might be a one-time thing, like your brother’s destination wedding or a replacement couch.
You might be thinking, “Yes! I need $1,000 to pay for home repairs.” Or for your self-employment taxes, or any other expense that’s upcoming in the not-so-distant future.
Think about the semi-big expenses you may need to plan for. You can set up one general sinking fund if you like, but many people like to open multiple sinking funds for specific needs. Ideas on how to save $1000 fast can help you prepare, so those expenses don’t seem like an emergency when they come.
Reward yourself
And last but not least, don’t forget another fabulous reason to save up a thousand dollars: you! What do you want? You may be covering all your monthly expenses, no problem, but you just need a break.
It’s healthy to reward yourself once in a while, and oftentimes those rewards require a bit of cash. Think about a fun reward for yourself, whether it’s a spa day or a new book, or the money to pay a sitter for a date night.
Have some fun daydreaming about how you’ll use your extra $1000 (or more) to treat yourself. While you don’t have to spend the entire $1000 on luxuries, you certainly have the right to do so! (And there are plenty of rewards that don’t have to be that costly, too!)
How to get $1,000 fast with what you already have
For the first few tips, think about items you already own. Often we neglect to consider our assets when we’re worried about money. Here are some ways how to get a thousand dollars fast using stuff in your house (or bank account).
1. Sell items you no longer want
So many of us have dozens of items around our homes collecting dust. We loved them once, but we no longer have a use for them. You can sell all kinds of items as a way to make a quick $1,000.
For instance, if you collect designer handbags, you could sell them for cash. Another option: there are many places to sell used textbooks, in turn clearing out space on your shelf and putting money in your account.
Go ahead and walk through your home closets or storage space. You just might have collectibles, old kids’ toys, furniture, appliances, or other things you don’t need. Check this list of the best items to flip and sell; you might have some already. Declutter, sell them, and pocket the money!
2. Use cash-back apps
When I say that cash-back apps help you benefit from what you already have, I just mean they reward you for purchases you’re already making. Cash-back apps like Ibotta and Rakuten give rewards for free (on stuff you’d buy anyway).
Most of the best money-making apps are fairly simple to use and don’t take that much time. When you need $1000, you might not get the full amount from cash-back apps, but they can be a great part of your strategy.
3. Get an account with a sign-up bonus
Sign-up bonuses are amazing, but you generally have to have some money in the first place. For example, some credit cards offer bonus points or rewards at signup, or after you meet a minimum spend requirement. (Just use credit cards wisely!)
Banks also offer sign-up bonuses. The caveats are that you generally have to deposit a minimum amount, and often they require you to have direct deposit set up to earn the bonus. But if you’re able to meet the requirements, you might be able to get $100, $200, or more within a few months, just for moving some money over.
How to save $1,000 fast by spending less
Next up, let’s look at some ways how to save $1,000 fast by cutting expenses. Taken individually, most of these may only decrease your costs by $10 or $25 a month. But that can add up quickly.
4. Cut unused subscriptions
First of all, if you subscribe to anything you don’t need or want, cancel the subscription. Netflix, Hulu, cable, magazines, and all kinds of streaming and entertainment can take a ton out of your monthly budget.
Subscriptions and memberships are so easy to start, but often require a phone call or an in-person visit to cancel. You can save money even on a tight budget by canceling any recurring expenses you can.
If you’re just not going to the gym, opt for outdoor exercise instead (the average gym membership costs $58 per month, and plenty of them run much higher).
5. Eat at home
You knew I was going to mention this one, right? If you’re someone who frequently eats meals out at restaurants and cafes, there’s one category where you can save $1,000 fast.
Start keeping ingredients for your meals and beverages at home, and cook and eat there instead of inexpensive restaurants. Imagine—if you currently eat out even twice a week at $20 each time, you can save $40 a week and $160 a month.
6. Stick to a grocery list
Speaking of eating at home, you’ll want to up your grocery shopping game. Grocery shopping on a budget can really help you reach your goal of saving $1,000 fast. I don’t always follow this tip, but when I actually make a grocery list weekly and stick to it, I always save money.
Another tip for this one: if you’re tempted by impulse buys, using online grocery services could save you time and money. Make your list of regular items you need each week and save it in your online grocery account.
7. Drive less
Perhaps this one won’t apply to you, depending on how much you already drive and where you live. But if you currently drive a lot and there are alternatives to driving, you may be able to save $50 or $100 a month by driving less.
If you live in an area that enables you to walk, bicycle, or take inexpensive public transportation, consider those options.
8. Weatherproof your home
Weatherproofing your home is one strategy to save a little bit each month. It may not pay off very quickly, but even a few dollars saved each month on utility bills can add up over time.
You might even arrange for an energy audit—check with your electric company as to whether they offer this service for free. A professional can walk through your home and find all of the ways you’re wasting money through poor insulation, air leaks, low-efficiency appliances, and more.
9. Automation to save on heating and cooling
If you can, automate your thermostat to use less energy when you’re not actually home. You can set the temperature to automatically adjust with many heating and cooling systems. (Plus, try to get used to keeping it a few degrees cooler or warmer to save money.)
The Department of Energy states you can save up to 10% annually by shifting your temperature by 7-10 degrees for eight hours per day. It’s worth making the effort for your finances (and better for the planet, too).
10. DIY small repairs
While there’s nothing wrong with hiring a professional to perform repairs around your house and things like oil changes, you can probably do many of these yourself. Learning to DIY some of the smaller household tasks can not only save you money, but can make you feel like a rockstar, too.
You don’t have to do everything yourself. Learn to prioritize so that you can splurge on certain things while taking care of others on your own. It’s a great way to live a “champagne lifestyle” even on a “lemonade” budget.
11. Use the library and free resources
If you’re looking for a way to save $1,000 fast, look no further than your public library. Chances are, you’re spending money regularly on books, magazines, and other educational resources you could get for free.
For those of you who are moms, the library is an especially powerful resource. Your kids don’t need to own every single book they love; check out books and other materials at the library instead! Frugal ladies can get a ton of value there without spending a penny.
12. Free entertainment
To piggyback on the point above, free entertainment is everywhere. One of the best options for how to save $1,000 fast is to cut everywhere you’re spending to be entertained. Go to the library, first of all, and see what variety they have on the shelves for you.
In addition to the library, if you already have internet access, you can get millions of videos on YouTube for nothing. (A few ads are nothing to be afraid of.)
Try other forms of free entertainment as well—concerts in the park, movies shown at the library, and just a hike in the local forest preserve. Look for coupons and free admission days at museums and other attractions, too. Check out our post for 40 Fun Things To Do For Free With Friends!
How to save $1,000 fast by increasing your income
Finally, let’s not forget about the obvious way to save more money: by making more money! In particular, if you’re already awesome at budgeting well within your income, it may be time to increase that income.
13. Ask for a raise
What's another easy way how to save $1000 fast? One strategy women in particular often overlook is asking for more money. You might be overdue for a pay increase, so consider these ideas of how to ask for a raise and get what you deserve.
The great part about this is you could increase your annual pay by four or five figures instantly. Instead of just saving $25 or $50 here and there, you could add thousands of dollars to your name just by getting a raise.
14. Take overtime hours
If you’re wondering how to get a thousand dollars and a raise isn’t possible, overtime may be an alternative. If you can exceed the Department of Labor’s definition of overtime (more than 40 hours in a seven-day period), you can get paid more.
Working overtime isn’t always worth the hassle, especially if you end up needing to pay for childcare or missing out on too much time with family. But it can be a viable tactic to save an extra $1000 here and there, and you can set boundaries such as only working overtime once or twice a month.
15. Start a side hustle
Of course, if you love your day job and can get a raise or pull extra shifts, that may be a quicker route to an extra $1000. But starting a side hustle that makes good money is another way to increase your income.
Some side hustles are more lucrative than others, and you should choose a niche you’re already somewhat qualified in. You may not be able to earn a lot of money instantly, but many people can add hundreds or an extra $1,000 a month to their income through side hustles.
Check out this complete guide to starting a side hustle for assistance. Plus these 12 great side hustle books can offer inspiration as you begin. Starting a lucrative side hustle is a great way how to save $1000 fast!
Leverage these tips on how to save $1,000 fast!
These tips for how to save $1,000 fast should get you started if you need a boost. Maybe you need to pay off debt to rest easier at night, or maybe you just need some extra cash for expenses. Whatever the reason may be, rest assured you can save $1,000 fast if you put your mind to it.
Once you get your savings up, you can learn how to strategically turn $10k to $100k!