How to Save $3,000 in 3 Months (11 Best Tips to Help You)

Yes, it’s possible and even easy to save $3,000 in 3 months if you know how and what to do.

This article reveals some of the very important techniques and tips to help you easily achieve this.

 

First things first…

Can you relate to this scenario?

There you are driving in your vehicle, and it is Saturday morning and you are running a few errands.

You’re listening to your favorite radio station or your favorite playlist.

Then without warning, your car starts to sputter and jerk, and then finally the motor shuts down, and taunting you from your dashboard is a red blinking light illuminating a picture of the car’s engine.

You look at the gas gauge and it reads half a tank and everything else seems to be working but you are not going anywhere.

Welcome to the world of frustration and anger in that not only is your car not running, but your day has been pretty well shot.

Besides, you just had enough money to cover the items on your shopping list.

And now you’re looking at the grim reality of a major car repair.

 

Importance of Saving 3000 Dollars in 3 Months

Would it be any comfort for you to know that you are not alone?

In a recent survey conducted, over half of the Americans were asked about what they would do financially in the situation, or the event of car or major household repair needed.

Many said that they would fall well short financially.

41% of the Americans polled said they wouldn’t be able to handle a car repair bill of $1000 or more and if there was some other emergency, they would be in the same difficult situation.

Of those individuals that indicated they wouldn’t have the money, 37% say that they would rely on the plastic that they carry in their wallets or purse.

Additionally, if they didn’t have the financial capabilities with their credit card, they would have to take out a small personal loan or go to a family member to ask for the money needed.

This certainly stresses the need for having an emergency financial reserve to count when it rains because when it rains it pours.

 

Saving $3,000 in 3 Months Can Be Easy

Many freethinking Americans want to know the reasons why to do something.

As part of our DNA, we don’t like to be told what to do. We want to consider our actions based on their value to us and why it is necessary.

For some, $3,000 may not seem like a lot but for others, it may seem like a huge amount of money.

In either case, it is important to set a goal and $3,000 is an important monetary milestone due to the reality that for some it may equate to three months of expenses.

For example, if one was to lose their income or be sidetracked for whatever reason, would they be able to pay their monthly expenses?

Those expenses would include paying a mortgage or rent, putting food on the table, utility bills, etc.

Therefore, it is important to have a soft place to land if something does happen that is not anticipated.

Many financial gurus recommend that an individual save an amount equal to 3 to 6 months of reserves that will cover their living expenses.

Another important reason why an individual should consider saving $3,000 is that it will help provide a more restful night’s sleep.

Whether we admit it or not, lack of financial resources and worrying about money from paycheck to paycheck can be a considerable drain on our emotional well-being and spill over into our physical health due to related stress.

Having a $3,000 cushion in the bank will not only insulate the individual against unexpected bills that may come their way but also help relieve some of the worries about finances.

Another good reason to save money, in this case, $3,000 is to solidify one’s future.

By saving $3,000 good saving habits will form and when the money continues to grow, money can be transferred from the savings account into more robust investment vehicles.

 

11 Best Tips to Help You Save 3000 in 3 Months

 

1. Take One Day at a Time

Many successful self-help programs teach the participants to focus on manageable objectives.

When wishing to have $3,000 in three months saved, the focus should not be on the $3,000.

The focus should be on bite-size morsels.

Therefore, the first tip is to take the achievement of this goal one day at a time or one step at a time.

To do this divide the $3,000 by 3 (months) and then further dividing that figure by the number 30 (days in the month).

If my math is correct, the equation equals 33.33.

This number represents $33.33 that you need to earn or scratch from your budget per day or a combination of both.

For example, if the cable service is stopped (assuming it’s $100 a month), you have just saved your first $100 for the month or 3 days of the 27 needed at $33 per day.

You are at 10% of your goal.

Does that seem more doable?

Does that make you feel any better?

It certainly should!

 

2. Create a Budget 

Yes, it’s a must that you create a budget.

For the uninformed, a budget is a financial tool that is created by determining what the sources of income are and what the expenses are.

On the income, side will be the salary and any other income that is received.

There may be payment for odd jobs, selling items through online websites, etc. Make a line item for each revenue stream and total the income column.

Now do the same for the expense side of the spreadsheet or form.

Examples of expenses would include rent, mortgage, utilities, cell phone service, insurance, gasoline, food, etc. Now total up those expenses.

You now have a budget.

Hopefully, your expense side of the ledger reflected your desire to save 1,000 a month by including a line item for savings.

The mathematical difference between the two is either a positive number, a negative number, or they may be equal.

If a positive number that amount can go towards your savings and if a negative number let’s get to work.

 

3. Take the Budget Scissors

Now pick up the budget scissors and begin to take a realistic look at expenses. Is there anything that can be cut out or reduced?

For example, when you go to work do you take a lunch or eat out.

If you happen to spend $10 for lunch per day, you could pack a lunch and save yourself, perhaps $8.00 per day.

That’s $8.00 less than the $33 that you need daily.

Or, on your way to work, do you stop for a gourmet coffee or muffin? If yes, you give that up or only on an occasional basis.

That would be another, roughly, $8 saved. Now you have $16 off your $33 daily needed.

Related: How to Save 10000 Dollars in a Year even when Struggling Financially.

 

4. Know that Cash is King

Sometimes the convenience of using credit cards can dull our financial senses. So often it is easy to whip out the plastic and pay for our purchases.

Then when the monthly statement is posted we are sometimes astounded as to what our balance is and wonder how it got so out of hand.

These numbing and robotic purchases will catch up with us and leaving us scratching our heads and scratching for money.

A good suggestion is to pay for everything with cash. When you take out that $5, $10, or $20 bill it seems to “stick” to our fingers longer than our credit cards.

Therefore, by paying with cash we may be more hesitant and decide otherwise.

 

5. Keep Track of Your Save $3000 in 3 Months Chart 

A powerful discipline to control one’s spending and save $3,000 in three months is to make a list and check it twice.

This means that whenever you buy an item, either with cash or with a credit card, write that item down, the date of purchase, and the amount that was paid.

Keep this total running for at least a couple of months and visit it on a fairly frequent basis.

One will be amazed at the way that the nickels, dimes, and dollars flow without restriction from the wallet or purse without any thought towards what is happening.

This sort of mindless spending certainly adds up and answers the age-old question of where does all that money goes?

The itemized list should be reviewed a determination as to what you could’ve done as to not buying those surprising items or deferring the purchase.

Also See: How to Get Paid to Fight and Nonprofit Bookkeeping Guide.

 

6. Reduce or Cut out Eating Out

As of this writing, restaurants have taken a significant hit with a lack of customers not frequenting the restaurants.

Even so, with the health restrictions and the desire to support, eating out can be an expensive venture when the price of a meal, beverages, and the tip is added altogether.

If this is done weekly, the expenses can quickly add up to be $200 or more a month.

Therefore, perhaps to save money a modification of eating out is indicated.

Rather than eating out four times a week or three times a week perhaps cut it down to two or one time.

That way the individual or family are not only enjoying an evening out but helping to rebuild the economy as well.

Also See: Purpose of Having a Budget and Best Budget Planner to Help.

 

7. Opt out of Paying Unused Gym Memberships

I know it’s trendy to belong to a gym and work out with others as part of the exercise and competitive discipline needed to keep exercising.

If the health club is frequented consistently, then by all means continue to do so due to the benefits that it will provide in maintaining one’s health.

However, if the membership is not being used frequently, then perhaps it’s time to opt-out.

Even with the money that might be saved by not going or not being a member, one can invest in home equipment that will serve the same purpose.

 

 

8. Park Your Car 

Any recent trip to the service station to fill up a vehicle will be proof enough to know how expensive the operation of a car is nowadays.

Perhaps then, to save money, it is time to park the car. Not permanently but maybe cut down on its usage during the week.

Rather than driving to work every day, carpooling may be a savings option for all passengers.

Additionally, if the workplace is within a reasonable distance, it might be beneficial to either walk or ride a bike to work one day or two days out of the workweek.

Any way that the individual can cut down on getting behind the wheel and turning on the ignition is going to be more money in their pocket.

 

9. Be Your Best Employer

An important discipline to start exercising is thinking of yourself as an employee when it comes to your budget.

This means that before any other expenses are paid, you pay yourself first.

Therefore, it is important that the individual start setting money aside as their payment.

This can be a percentage of the salary and can range anywhere from 5% on up to whatever the individual can afford.

Again this is a good financial exercise and will help to escalate the amount of savings in the savings account.

Related: Tips for Saving Money from Salary and Tips for Drastically Cutting Expenses.

 

10. Save Money When Shopping for Food

We all need to eat. However, perhaps it’s time to change our eating habits and shopping habits as well to save money.

Some suggested tips on grocery shopping are to stay away from brand names and buy the local brand from the supermarket.

Also, to save money in the long run, perhaps it would be indicated to buy items in bulk and realize shopping savings in that manner.

Also, some discount stores offer food items in their retail outlet.

These items are just as nutritious as the items bought in the local supermarket that has a nationally recognized name.

The reality is that you are not spending for the overhead costs of these national grocery chains.

 

11. Save Money on Utilities

Utilities are another key area that can be focused on to save some money through the course of the month.

By raising the temperature through the summer months and lowering the temperature in the cooler months, savings can be realized with just the short turning of a few notches of the thermostat.

The utilities include natural gas, electricity, water, etc. Additionally, by cutting costs for utilities we are doing our part in preserving our natural resources.

• How to Save Money With the No Spend Challenge
• How to Save Money Without a Bank Account

 

Conclusion

Saving $3,000 in three months? No problem.

This just amounts to saving $33 a day or a total of $1000 a month.

This is doable and is as close and easy as simply looking at your day-to-day and monthly expenditures and trimming excess costs and lifestyle choices that are made.

By following some of these tips and devising your own, you will find that your savings account will be fattening and you as an individual, through some of these lifestyle choices, may weigh less and be healthier.