8 ways to save $1,000 when you're living paycheck to paycheck
Flickr/Matteo Mazziotti
Have you ever wondered why your paycheck disappears the moment you bring it home?
Why you can't get ahead no matter how hard you try? Or, why nearly every "surprise bill" sends your finances into a tailspin?
If any of those questions describe your life, you're not alone. According to a study released earlier this year, nearly half of Americans are living paycheck-to-paycheck.
If you're running out of money all the time, what you really need is a lifeline. For most people, breaking the paycheck-to-paycheck cycle involves a) earning more money, b) spending less money, or c) a little of both.
With a few simple strategies, you could even save up your first $1,000. While it would be nice to have a savings cushion for a rainy day, that's money you could use to cover surprise bills or bail you out in an emergency.
But, it all starts with you and the steps you take to change your life. Here are eight easy ways to start saving $1,000 when saving anything seems impossible.
1. Open a targeted savings account – and earn bank.
Saving money is hard enough on its own, but it's especially difficult when you don't have a separate account just for savings. The good news is, you can set up a targeted bank account and actually get paid for doing so!
Currently, Chase is offering three different promotions that can help you save your first $1,000 with almost no work at all. With a Chase Premier Plus Checking account, for example, you'll earn $300 as a new customer just for opening an account and setting up direct deposit.
Certain fees do apply to Chase accounts, but there are plenty of ways to bypass them.
2. Earn money in your free time
If you have any free time during the day or the evening, you could be earning small sums of money you can use to get ahead. While this probably sounds crazy, there are several online businesses that will pay you to take surveys or complete simple tasks using your home computer.
Once you sign up, you can usually earn $10 – $30 just by answering questions or rating products or services! Some companies will even pay you to watch videos or print coupons at home!
One of my personal favorites is Inbox Dollars. This website will pay you to watch videos, answer questions, and even surf the web.
3. Stop paying crazy-high interest rates
If you're living paycheck-to-paycheck and trying to dig yourself out of high interest credit card debt, one simple solution can help you kill two birds with one stone. By refinancing your debts with a new card with a lower interest rate, you can save money on interest and lower your monthly payment. And since you're paying less interest every month, you can get out of debt faster, too!
One of my favorite balance transfer credit cards is the Discover it. With this card, you'll get 18 months with 0% APR plus 1-5 percent cash back on everything you buy. A balance transfer fee does apply, but the card will never charge an annual fee.
If you're drowning under the weight of high interest credit card debt, consider giving a balance transfer card with 0 percent interest a try.
See the rest of the story at Business Insider
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