How to Save Money Fast Automatically Effectively?

Posted by Grace under Personal Finance on February 26, 2016

Want to learn how to save money fast every month? Here are the effective ways to save money quickly easily, effectively, practically and automatically. Do you want to save a specific amount of money in a specific period of time? Or you just want to set aside some cash every month?

Awhile ago, Investment Total published an article about the best ways to save money whether you want to save them for your wedding, for education or for other things that really matters most.

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You are not into racing, saving money is not like racing a car. Wherein there is only one champion and you need to drive your car super speed to win. You don’t need to be in a hurry, just make sure you have a financial goal if you want to succeed in managing your personal finance.

How to Save Money Fast Automatically

There are easy ways to save money but in this article, let us discuss on how to save money fast automatically. A reader asked a personal finance question last night, Benjie wants to know about saving quick cash;

Hi Grace, I am a loyal fan of InvestmentTotal.com, I would like to know how to save up a lot of money fast for a car, for a house and for my kids. I want to save money really fast within 2 years I should have $300,000.00. I am looking forward to hear from you. – Benjie, Singapore

I have conversation with Benjie, actually he is a Overseas Filipino Workers. He wants to go home with enough money to buy his dream car, his dream house and build some education funds for his kids. I idolize those types of workers. Benjie is a good provider for his family needs. If you were Benjie and also a OFW (Overseas Filipino Workers), what would you do to achieve his financial goal — to save money amounting at least $300,000 withing 2 years?

How to Save Money Fast for Car, House and Education

InvestmentTotal admin already published an article about this question. But, for the sake of answering my reader’s question, let me share to Benjie and to other readers on how to save a lot of money fast.

  • Proper Budgeting
  • Saving by Pay Yourself First
  • Wisely Spending – Avoid Over Spending
  • Save Money Fast Automatically

Those four areas can help anyone who wants to quickly save money whether it is for a car, for a house or for a students education.

how to save money fast

Image Credit: Steven Depolo on Creative Commons 2.0 via Flickr

First, proper budgeting. If you don’t know how to budget, you can’t save a lot of money because you are prone to overspending. You have no clue where your money is going. You have no idea where’d you put your money. So, start budgeting your money.

As a tip, learn from Warren Buffet in his famous quote; “Do not save what is left after spending, but spend what is left after saving”

Second, you can save money fast if you know how to pay yourself first. What does pay yourself first mean? It simply means, you have to save money for yourself first before spend money for other people. There are different pay yourself first strategy you can use, just set aside money every month with self-discipline.

Third, wisely spending your money can help you save money faster. The hint is simple. Just buy the things you really need instead of buying the things you only want.

As a tip, learn from Warren Buffet Quote on spending. “If you buy things you do not need, soon you will have to sell things you need.”

Lastly, learn how to save money fast automatically. How to save money automatically? Simple, just do an arrangement in your bank that issue your paycheck. You have to tell the bank to save some percentage of your net income. Maybe 10% is fine. If you receive $5,000 per month, tell the bank to save $500 for you every month.

For more information, please read the best of InvestmentTotal.com personal finance article entitled how to save money.

How to Save Money Fast – Benjie’s Question

Now, let us answer Benjie’s question. How to save $300,000 quickly for his dream house, car or for his kids education.

If I were Benjie, I will create a saving plan that indicates how much money to save per month to acquire enough money for the things he wants to possess. Example, assuming Benjie wants a brand new car that cost $20,000, when is his plan to buy his dream car? Benjie should save $1,666 every month if he wants to buy a his dream car the following year.

Also, if he will just save, he can’t save money enough money fast for his dream car, house and education funds. He should invest money if he wants to obtain enough money. Saving is a wise decision but investing money is a smarter move.

What about you, what would be your advice to Benjie? Should you recommend automatic savings? What is your recommended tips on how to save money fast? Share your useful money saving tips now by writing a  comment below.

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