Short-Term Debt Management: How To Save $500 In Thirty Days

There are lots of ways to develop a long-term savings strategy, but sometimes it's necessary to find a small sum of money in a short period. For example, if you have an unexpected bill like a car repair, you may need to take out a payday loan to help cover the cost. If that happens, you'll have thirty days to find the money you need to pay back the loan. Find out how you can raise $500 in thirty days with the five following money-raising tips.

Set up a monthly meal plan

Busy moms and dads often spend more money on food shopping than necessary, so a monthly meal plan can help you save valuable dollars. Draw up a list of every meal the family will eat for the next thirty days, and buy as many of the groceries you need in one monthly shop. Choose meal options you can cook in bulk and serve up several times throughout the month.

Take the opportunity to use up all the old groceries tucked away in your kitchen. If you've been hording canned vegetables and sauces, use up what you have, so you don't need to fork out for more tins. You can always replenish your stock in a month when you have a bit more cash flow.

Take a payment break

Many businesses and financial institutions allow customers to take an occasional payment break. For example, if you have a loan or a mortgage, the bank will often allow you to miss a payment, so you can use the money for something else. While this will lead to a small increase in the amount of interest you pay, you will also get the breathing space to pay off a short-term debt like a payday loan.

This arrangement doesn't just apply to loans. Your gym may allow you to suspend membership for a month. Online subscriptions to video streaming services and other facilities may also allow you to temporarily cut payments. Always get the provider's permission. If you just fail to make a payment, you could run into trouble.

Set up a sacrifice jar

Most people have daily pleasures. For some people, it's a cup of coffee, while other people enjoy a doughnut on the way to work. To help pay off a short-term debt, you may need to give up these simple luxuries, but you need to find a way to recognize your achievement.

Put the money you save in a glass 'sacrifice' jar. Here, you can see your daily savings build up every morning, and the growing stash of money will remind you what you are trying to do. If you're making a sacrifice for thirty days, stick a reminder of the days remaining until the end of the month next to the jar to give you a target to focus on.

Lock up your car

Gas is a big drain on your monthly budget. Although many people rely on a car to get to work, you can still often cut back on your mileage for a thirty-day period to save gas money.

If you can walk to work, lock up the car completely. If you can share with friends, set up a temporary car pool to cut costs. Alternatively, ask your boss if you can work from home one day per week for the month. Even a few days off the road will help save gas, which will help boost your $500 30-day target.

Switch supermarket brands

There are lots of ways to save money at the supermarket, especially if you are willing to switch down to cheaper brands and own-labels for the products you regularly buy. For example, you may prefer triple-quilted, extra soft toilet tissue with soothing balm, but you can probably find an alternative for around half the price. Every switch you make during your visit to the supermarket will contribute to your $500 saving, and your bottom will forgive you for thirty days.

Shopping with friends can help you share the burden. Supermarkets regularly run multi-buy deals and other discounts that offer some serious savings, but a bulk buy won't help you on your own. Shop together with friends to benefit from the money you can save, and you'll also enjoy some company as you scour the supermarket shelves for bargains.

If you need to raise $500 in thirty days, you'll need to quickly set up a rapid savings plan. With good planning and determination, anyone can pay off a debt in thirty days.