How to Save $1,000 Fast

Published on April 19, 2021 by Lauren

Lauren Cobello » Budgeting » Saving Money Hacks » How to Save $1,000 Fast

The first step to getting out of debt is building your emergency fund. There’s a reason why this is common wisdom in the world of personal finance. Learning how to save $1,000 fast can help to lower your financial anxiety and build your confidence. It’s so critical because an emergency fund will take the hit when you get a flat tire, or when a medical bill pops up out of nowhere, or when rent or property taxes spike unexpectedly.

Rather than reaching for your credit cards, this emergency stash is a shock absorber that will keep you from sinking further into debt. Some months, you’ll find that your energy goes toward refilling this account after it has taken a hit. Other months, forget it exists (unless you’re tempted to take on new debt for a truly unexpected need).

A general consensus for your goal emergency fund balance hovers around $1,000. I’ll state here that you’ll want to consider your personal situation when setting the bar: if you’re part of a family of eight, that $1,000 probably isn’t going to pull you from the weeds when you need it. So if you have a large family or live in a particularly expensive city, or simply know that $1k won’t cut it, come up with a number that works best for your lifestyle. If that flat tire, medical bill, and rent hike all hit in one month, could $1,000 cover you?

Maybe it would only cover two of the three scenarios, but it’s definitely a start. In this article, I’ll give you some tips on how to bank $1,000 quickly, and get on with your debt-payoff journey.

The mother of all closet cleanouts

When was the last time you Marie-Kondo-ed your clothing closet? Looked through your shoes and handbags, and heck, the wardrobes of your spouse or kids? This is my very first recommendation for getting started because it’s going to gain you some fast momentum.

Empty that clothing closet and get ruthless. Especially if you haven’t worn it in a long time. Those aspirational size 2 jeans? Those heels that matched one single cocktail dress? It’s time, ladies. And I’m not talking about a giant charity dump.

Keep your eyes peeled for the diamonds in the rough, even if they are shoved under a pile full of sweaters. I recently sold a pretty spring handbag to a coworker that I hadn’t touched in years. It had too many pockets and the thing drove me crazy, but my colleague was completely enchanted by the organizational possibilities and the gorgeous blush-colored leather. $160 in cash later, my first sell of the season was made.

If you’re guilty of indecision, or the victim of gifted clothing that still has tags, bank on this stuff! If you’re hanging onto it with tags, it’s not being worn– and it can be working for your emergency fund instead of hanging in a closet. Look up your local consignment stores, or list items in great condition on Mercari or Poshmark for some speedy cash.

Children’s toys

You don’t need your own children to capitalize on this money-making method, but I promise it will help you reach your $1,000 goal faster. Selling gently-used toys online is an easy income stream and a win-win for both buyer and seller.

Tackle those boxes in the garage, the basement, the attic, and even your kids’ rooms. If they haven’t shown any interest lately, or even forget it’s in the house, will they even miss the clutter when it’s gone? Clean up your space and recoup some much-needed cash while you’re at it. Sites like Mercari are great for toys as well, and so is eBay (just be sure to avoid these items that can be eBay pitfalls).

Even if there aren’t any kiddos in your own home, offering to declutter for a friend or family member can be a brilliant favor, too. Offer to split the income with the child’s parents– or even the child!– to invest in newer, more age-appropriate toys they will appreciate.

I’ve maxed out on selling my clutter… how can I save $1,000 fast?

Have you scoured your closets and run out of stuff to offload? That’s okay– you still have options for how to save $1,000 fast. I know what it’s like to hustle, get creative, and still fall asleep worried about money at night. That’s why I’ve created an exclusive online course that will help you build your $1,000 cushion in ONE MONTH.

Imagine that a month from now, you can rest easy, knowing you have emergency savings account that’s there when you need it. Even more than that, you can start making serious headway on paying down your debt, because you know that a mishap does not have to result in a credit card charge.

Once you’re able to know that your savings are there, I promise you’ll breathe easier. You may even find that you can think more creatively about ways to pay down your debts aggressively. The unused blender, received as a holiday gift but still boxed in your pantry? Fast cash online. The two hours every Wednesday while your kids are at soccer practice or dance class? Forget the doomscrolling– duck out and run Doordash orders for a couple of hours. The biggest benefit of funding your emergency savings account is that you’ll prove to yourself that it’s doable— and so is paying down your debt.

Quit Losing Sleep

It’s amazing how saving $1,000 fast can improve your mental wellbeing. Instead of fearing financial devastation at every turn, you can know that you have your own back– at least enough to rebound without resorting to credit every time.

More than dollars in the bank, this exercise is about proving to yourself that you do have some control over your own finances. Life happens– it always will. But once you’ve built yourself an emergency fund, you’ll feel empowered to tackle whatever comes next in your debt-payoff journey. If you’re able to bank $1,000 every 30 days for the next six months, think of the progress you’d make! $6,000 could wipe out your remaining auto loan, your highest-interest credit card, or the back taxes that haunt you relentlessly.

Face this challenge head-on, and I promise you, you’ll be well on your way to a happy, fulfilled, debt-free life.

Summary:

It’s sound financial advice to save $1,000 fast as an emergency fund so you don’t have to rely on more credit card debt should an unexpected expense arise (think medical bill, appliance replacement NOT a great sale on new jeans)
Poshmark is a great site to resell your on-trend clothes in great condition.
Other items like household goods and childrens’ toys do better on sites like Mercari or eBay.
Still need ideas? Check out my course, How to Get a $1,000 Savings Account in One Month

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