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Key Takeaways Personal finance expert Jade Warshaw says Americans can save $1,000 in 30 days by making short-term changes.
The approach begins with creating a budget that tracks net monthly income and expenses.
Warshaw recommends addressing the problem from two angles by spending less and bringing in more money through side hustles.
Does saving $1,000 in a month seem impossible? Personal finance expert Jade Warshaw, who co-hosts The Ramsey Show, a popular financial talk radio program and podcast, says it’s not as difficult as it seems.
Warshaw recently said in an interview with Fox Business that most Americans can put aside $1,000 if they are willing to sacrifice the little things and view their finances with a “scorched earth” mentality. “It’s more realistic than people think,” she said. “Most people are able to do it in 30 days.”
Warshaw said to start with building a budget. “If you don’t have a budget, it’s not going to work,” she said. That means calculating net monthly income, tracking expenses and making sure expenses are less than income.
From that point, Warshaw suggests addressing the problem from two angles by both spending less and bringing in more. That may involve picking up extra shifts at work, starting a side hustle such as driving for Lyft or Uber or selling items online.
At the same time, cutting back on routine spending, from streaming service subscriptions to dining out, can free up additional cash.
Warshaw, who claims to have paid off $460,000 in debt, said groceries and dining are often among the fastest areas where households can reduce spending. Frequent restaurant visits and delivery fees can add hundreds of dollars to a monthly budget. Packing lunch at home instead of buying it during the workday can make a meaningful difference, she said.
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