Here's How You Can Save $500 This Month

Image Credit: Twenty20

I know what you're probably thinking: "How the heck am I going save $500 in one month if I can't even manage to have that much in my bank account."

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I, too, was once a nonbeliever. At one point in my life, you couldn't tell me that I could save $20 in one month, let alone $500!

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Once I buckled down and actually tried to save using this method, I was super successful with reaching my goals.

So here's how you save like the true boss that you are:

Everyday for the next 30 days, you're going to save a certain amount of money. The only things you'll need are self discipline and a calendar.

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Before you begin on this savings spree, you need to determine how you are going to actually stash your cash. Saving your money in a cereal box in the freezer is fine...but there are some better options out there. With physical money, it's easier for you to get tempted to stick your hand into the honey pot. Because of this, you should look into stashing away the savings into an account that you don't have easy access to. There are some awesome online savings accounts out there, but here are my faves:

Capital One 360 Savings

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Ally Bank

American Express

So now that you've determined how you are going to stash your cash, it's time to save! On day 1, you are putting away $1. On day 2, you are putting away $2. And so on, until day 30. At the end of the month, you should have a total of $465 saved!

Now, I know you're probably wondering where all of this"'extra money" is going to come from, right?

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Well, if you make a few small changes in your daily routine then you should have no problems at all during this 30 day period. For instance, instead of going to Starbucks every morning, try making coffee at home or drinking the free stuff in the office.

Bring your lunch to work instead of ordering out everyday. Step away from that vending machine. Walk or ride your bike instead of driving. Say no to going to happy hour with your crew for once in your life. The point is that there are plenty of opportunities for you to cut back and save. It's just a month; you'll survive.

Use the cash you saved to pay down your debts or build your emergency fund. And take yourself out for pizza, you've earned it!

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