How To Save $3000 In Three Months

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In this article, we’ll take you step-by-step through exactly how to save $3000 in 3 months – an ambitious goal for some, but certainly not impossible. We’ll cover where to save your money, how to track your savings, and ways to save more and increase your income in a short amount of time.

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Whenever we cover the topic of saving money, one point always mentioned is having a budget plan. Having a real, tangible goal – such as saving $3000 in three months – is a great way to keep you accountable in your savings journey.

Depending on your circumstances, expenses, and income, saving 3k in 3 months may be a fairly lofty goal that will require significant sacrifices. For high-earners, it may be a far more achievable savings goal with a few spending adjustments.

Not sure how much you should be saving? Check out the 50/30/20 budgeting rule and calculate your ideal budget.

Is Saving 3k in 3 Months Realistic?

Before we dive into some strategies and savings tips, let’s address the elephant in the room: is saving $3000 in three months even possible for the average person?

For someone earning $6,222 a month (the US average salary), saving $3,000 in three months (or $1000 a month) may be an ambitious but achievable goal.

After all, that’s putting approximately 16% of your income (before taxes) into savings. Tough, maybe, but not impossible.

However, this of course also depends on your current lifestyle – if you have expenses that regularly deplete your full paycheck (with no room for savings), you’re going to need to make some major changes in the next three months to hit your goal.

We don’t know your individual circumstances, so it’s important to take stock of your own situation and assess what is truly possible for you.

Let’s dive into exactly how to make saving $3000 in three months a possibility!

How To Track Your Savings

First things first: you need a way to track your savings and make sure you’re actually on target. Three months isn’t a long time, so you’ll need to leave no room for flexibility with your savings plan if you want to actually hit your target.

If you aren’t currently tracking your income and expenses, make this your first priority. A few good options include:

A budgeting app on your phone. Most are free to use (at least as a basic version) – we like YNAB, GoodBudget, and EveryDollar.
A simple Google Sheet or Spreadsheet to track your income and expenses each month.
A printable budget sheet and savings goal tracker. Old school sometimes works best!

Create A Zero-Based Budget

A zero-based budget essentially means that every cent of your income each month is accounted for in your budget – from essential expenses such as rent/mortgage payments, insurance, bills, etc, to exactly how much you’ll put into your savings.

Rather than allowing your expenses to leave your bank account and saving whatever is left at the end of the month, a zero-based budget means you know exactly how much will be going into your savings pot each month.

Pay Yourself First

Linked to the above is the concept of paying yourself first. Instead of allocating money to your essential expenses and other needs first, put money in your savings pot for future you first.

Of course, you need to be realistic and make sure you have funds for those essential, mandatory expenses such as bills and living costs, but the point is prioritizing saving. Put a certain amount (i.e. $1000 a month to meet your goal to save $3000 in 3 months) in your savings before you allocate money for day-to-day non-essential spending.

This way, the money is already set aside before you have a chance to get distracted by spontaneous spending throughout the month.

Where To Save Your Money?

So we’ve covered how to prioritize saving your money for the next three months, but where’s the best place to save it? Let’s consider a few options.

Savings Account

For such a short period, we’d recommend putting your $3000 in a savings account. Ideally, you’ll find the best high-yield savings account on offer when reading this article, enabling you to capitalize on the highest interest rate for your savings (and giving you that extra boost towards your savings goals!).

For example, if you open a savings account with a 6% interest rate, saving $3000 in three months will earn you an additional $60 in interest – not something to be sniffed at!

Stocks & Shares

A stocks & shares account can be a great way to build your wealth (after building up your emergency fund, of course!), but it’s generally recommended for long-term savings goals.

For such a short time frame, opening a stocks & shares account for a three-month period may not be the best way to maximize your savings.

Cash Savings

Saving your money in cash will not give you any opportunities to earn additional income on your $3000 in interest. However, it may be an appropriate option for you if:

You would prefer to see a physical pile of cash growing over three months
You are paid in cash and/or don’t have a bank account
You use a cash envelope budgeting system
You are less likely to spend cash over money in a bank account

Ways to Save Money Without Increasing Your Income

Saving $1000 a month to reach a $3000 goal in just three months is no small feat. It demands significant cuts in your monthly spending, especially if you’re not in the high-income bracket. While a six-figure earner might hit this target by simply forgoing their daily latte, the rest of us need to adopt more substantial measures.

Here are a few tried and tested strategies for seriously cutting down your expenses to help you save money without having to increase your income.

Reduce Your Expenses

Begin with a thorough review of your spending. Track every dollar for a month to identify where your money is going and where you may be overspending.

Often, we spend on things we don’t truly need or even enjoy. By categorizing your expenses, you can see which areas offer the potential for significant savings.

Whether it’s dining out less, opting for public transportation, or being more energy-efficient at home, small changes can lead to big savings.

Establish More Frugal Habits

Frugality doesn’t mean living a joyless life (I’ve been doing it for years and I’m happy, promise!); it’s about making smarter choices that align with your financial goals. This could mean meal planning to reduce food waste, shopping second-hand, or learning DIY skills for home repairs.

It’s about valuing resourcefulness over convenience, which not only saves money but often leads to more satisfying and sustainable living.

Eliminate Unnecessary Subscriptions

In today’s subscription-based economy, it’s easy to lose track of recurring payments. From streaming services to software, and even gym memberships, it’s crucial to evaluate which subscriptions you truly use and enjoy.

Canceling those you don’t need can free up a surprising amount of cash, helping you move closer to your savings goal.

Embrace FOMO & Make Social Sacrifices (Temporarily!)

The fear of missing out (FOMO) can often lead us to spend impulsively, especially in social settings. Temporarily scaling back on expensive outings, opting for more budget-friendly entertainment, or hosting gatherings at home can significantly reduce your spending. Remember, these sacrifices aren’t forever—they’re strategic choices to help you reach your financial objectives more swiftly.

By implementing these strategies, you can make substantial progress toward your saving goals without needing to increase your income.

It’s about being intentional with your spending, prioritizing your financial future, and finding satisfaction in the journey toward your goal.

Ways To Increase Your Income For Three Months

While cutting expenses is crucial if you want to meet such a specific goal, boosting your income can also play a significant role in achieving your financial goals.

Here are some practical ways to actually increase your cash flow over the next three months.

Freelancing

Leverage your skills and expertise by taking on some freelance work over the next quarter. Whether you’re a writer, designer, programmer, or possess another marketable skill, numerous online platforms such as Fiverr, Upwork, or PeoplePerHour can connect you with clients in need of your services.

Start by creating a compelling portfolio and reaching out to your network. Even dedicating a few hours a week can lead to a substantial boost in your income.

Ideally, you’ll offer freelance services in a market you already have skills and experience in – so you can put together your portfolio and references in one evening and dive straight in. With a three-month window, you don’t have time for much else.

Selling Second-Hand Items or Clothes

Take a look around your home for items you no longer use or need. That clutter in your closet, garage, or attic could be worth significant money in pushing you that bit closer to your $3k goal.

Utilize online marketplaces such as Facebook marketplace, local selling apps such as Depop, or even garage sales to turn your unused goods into extra cash. Find out the best places to sell second-hand clothes (if you’re a mom, these are great places to sell second-hand baby items!).

Key tip: Make sure any extra money earned goes straight into your savings pot!

Survey Sites & Apps

While it might not make you rich, participating in surveys on Swagbucks or InboxDollars can provide a steady stream of modest income – plus, it’s a money generator that requires no additional skills or training, so may just be the ideal side hustle for a short three month period.

Many websites and apps pay users to take surveys, test products, or perform simple online tasks. It’s an easy way to make money in your spare time, and every little bit helps when you’re working toward a quick savings goal.

Our recommend survey sites to consider getting started on are:

Swagbucks
InboxDollars
MyPoints

Just ensure you use reputable platforms to avoid scams and maximize your earnings.