Saving $1000_ Expert Advice

In this Deep Dive episode, the hosts discuss the topic of saving $1,000. They discuss how $1,000 is an attainable goal for many people and can be achieved in a relatively short amount of time. They also mention the importance of having milestones and how reaching $1,000 can be a motivator to continue saving. They discuss common goals for saving $1,000 such as paying off debt, building an emergency fund, or taking a weekend getaway. The hosts then discuss different strategies for reaching the $1,000 goal, such as cutting back on luxury expenses or exploring a side hustle. They emphasize the importance of finding a saving strategy that fits one's lifestyle and motivates them. They conclude by encouraging listeners to take small steps towards their savings goal, such as bringing lunch to work or brainstorming a side hustle. Welcome back, everyone, for another Deep Dive. You know how much we love to take one fascinating piece of financial advice and really get into the nitty-gritty? Absolutely. Today ... Love it. ... we're tackling how to save $1,000, and we found this really cool source material framed as a call-in to a financial advisor. Oh, nice. And it just got me thinking, like, $1,000 is such an interesting number, right? It is. It's attainable. It's attainable for a lot of people. It's not like saving for retirement, you know, where you're like, oh, my gosh, like, how could I ever possibly do that? Right. This is something you could actually achieve in a relatively short amount of time. Totally. And I remember when I, like, first hit that, like, $1,000 mark in my savings account, it was such a huge motivator ... For sure. ... to keep going, you know? Absolutely. Like, it felt like a real milestone. It is. It's like proof of concept, right? Yeah. Like, you know, I can do this, and ... Yeah. And then, like, $2,000. $2,000 doesn't seem that far away. Yeah. Exactly. And then, you can kind of snowball it from there. Totally. And I love that the source material kind of dives into, like, why people want to save $1,000. Yeah. They use these examples, like a $500 flight for a weekend getaway ... Right. ... or paying off a $1,000 credit card balance ... No. ... or even starting, like, a three-month emergency fund, which ... It's huge. Yeah. Depending on where you live and what your expenses are, like, that could easily be over $1,000. Absolutely. So, what resonated with you from, like, those examples? Well, I mean, I think they're really common goals, right? Yeah. I mean, I think so many people are either trying to get out of debt or, you know ... Right. ... trying to build up that emergency fund, because you just never know what's going to happen. Totally. And then, that weekend getaway, come on. Yeah. Who doesn't want, you know ... Everyone needs a vacation. Exactly. So, I'm curious. Yeah. Like, how does the source material actually say to get to that $1,000 goal? So, they actually break it down based on different timelines ... Oh, cool. ... which I think is really useful. Okay. So, let's say you want to hit your goal in, like, three months. Okay. They suggest cutting back on one luxury expense. So, think, like, your subscription boxes, or maybe eating out a little less ... Oh. ... and just putting that amount directly into savings. Interesting. So, you know, if you're spending $50 a month on a subscription box ... Right. ... maybe you cut that out, and all of a sudden, there's your $150. Yeah. Could you give up, like, your daily latte for a bigger goal? That's a tough one. I know. I think it depends on the why. Right? If you're really passionate about that vacation ... Right. ... or finally getting out of debt ... Totally. ... I think those small sacrifices become a lot easier. Yeah. And they even talk about, like, micro-savings. Yes. In the source material, like, rounding up your purchases to the nearest dollar. Oh, that's a good one. And putting the difference into a savings account. Yeah. I love that one. And it really does add up. Like, I've tried that before. Yeah. It's pretty amazing. It's amazing how those little things can make a difference over time. Totally. Have you ever tried, like, any of those tactics? Oh, yeah. I mean, rounding up is a classic. Yeah. And it's so easy now. Yeah. A lot of banks have it built in ... Totally. ... to their apps. Yeah. So you don't even have to think about it. Yeah. It just kind of happens automatically. Exactly. That's awesome. But, you know, for those who might need to reach that $1,000 sooner ... Yeah. ... the source material recommends exploring a side hustle. Oh, interesting. Even a few hours a week ... Right. ... you can bring in some extra cash to really accelerate your savings. That's a really good point. Yeah. So it's finding what works for you. Right? Yeah. Your personality and your lifestyle. Exactly. Some people love the hustle. Yeah. Some people don't. Yeah. That's such a good takeaway, I feel like, for our listeners. That there isn't, like, a right way to save. It's all about finding a strategy that fits your ... Exactly. ... circumstances and motivates you. What works for you. Yeah. Exactly. Your lifestyle. Totally. What change could you make today ... Hmm. ... to start working towards your own $1,000 savings goal? Yeah. Maybe it's bringing your lunch to work tomorrow. Right. Maybe it's skipping that impulse buy online or even just brainstorming a side hustle. You could start ... Yeah. Every journey starts with a single step. I love that. So true. All right, everyone. Thanks for tuning in to another Deep Dive. We'll see you next time.