How To Save $3000 in 3 Months When You Are Broke

Want to learn how to save $3000 in 3 months? Check out these tips to save money when you are broke! 

I originally published this post when I first started blogging, and it quickly became one of my most popular articles—and I can see why. Nearly 80 percent of Americans are living paycheck-to-paycheck, and according to a GOBankingRates survey, 39% have no savings at all.

If you’re in a similar situation, you’ve probably asked yourself:

• How can I save money when I’m broke?
• How can I  save money on a low income? 
• Is saving money still possible when I don’t even have enough money for my bills?

I hear you! Saving money can feel like an impossible task when you’re living paycheck-to-paycheck. Trust me, I’ve been there.

Years ago, if someone had told me I needed to save money, I probably would’ve laughed because it just seemed out of reach. So, for a long time, I didn’t have any savings at all!

What I didn’t realize back then was that there were countless ways I could have been saving money, even on a low income.

Over the years, I’ve discovered many creative ways to save, and now I want to share some practical tips that have worked wonders for me—tips that can help you save $3,000 in just three months! It’s an achievable goal, even on a low income, and who knows? This could be the first step toward something bigger, like saving $100,000 in three years (which I did).

If you want to learn more money hacks, head over to this post where I shared 50 of the best frugal living tips we used to live on one income. 

Ready to learn how to save $3000 in three months?

Let’s dive in!

Save $3000 in 3 Months: Money-Saving Tips

1. Get Rid of Financial Leaks

Financial leaks are small, often unnoticed expenses that, when added up over time, can take a significant bite out of your budget. That’s why I strongly encourage you to track your spending and see exactly where your money is going.

You can do this by keeping a simple record of your expenses in an Excel spreadsheet, jotting them down on paper, or using budgeting apps to help you stay on top of your finances.

Here are some common areas where you might be wasting money:

• Starbucks Coffee

If you’ve never considered it before, that daily $4 coffee quickly adds up—$28 a week or a whopping $336 over three months.

If giving up your Starbucks habit seems impossible, here’s a way to enjoy it for free: take surveys with Swagbucks.

Swagbucks is a fun rewards program that lets you earn free gift cards and cash for activities you already do online, like browsing the web, watching videos, or shopping. The most popular way to earn points, though, is by answering paid surveys.

It’s free to join, and they even offer a $5 bonus when you sign up today. As a Swagbucks user myself, I can assure you it’s legitimate and you really do get paid.

Get your $5 bonus here.
(Note: Don’t forget to confirm your email to receive the bonus!)

Related: How to Get Free Starbucks: 6 Hacks for Earning Starbucks Gift Cards

• Convenient Drinks

Drink more water, but don’t waste money buying it. Vending machines charge $1 or more for a bottle of water or a can of soda, which adds up fast.

Instead of spending money on drinks from gas stations or vending machines, bring your own. I personally recommend a Brita filtering water bottle—it’s super convenient because it filters water right in the bottle, and you can take it with you anywhere.

By bringing your own water wherever you go, you can easily save about $30 a month, or $90 in just three months!

• Credit Card Payments

Missing credit card payments means late payment fees and may also increase your interest rate. Late fees can be as high as $39, depending on your credit card’s late payment policy. And with compounding interest, you could lose even more money.

• Wasting Energy

Save energy because it’s expensive! By cutting back, you could easily save at least $40 a month, which adds up to $120 in just three months.

There are plenty of simple ways to lower your energy bill. Try switching to LED lights, unplugging appliances when you’re not using them, or air-drying your clothes instead of running the dryer. Another great tip? Batch cooking and meal prepping. It not only saves time, but it also keeps you from having to turn on the stove every day!

• Gym Membership

Did you know that 67% of Americans with a gym membership never actually use it? And even those who do only manage to go about twice a week, on average. Are you one of them?

If you’re not making the most of your gym membership, it might be time to switch things up. Consider replacing it with free fitness activities—there are tons of options out there!

Gym memberships can cost anywhere from $30 to over $100 a month, depending on where you go. Canceling yours could save you $100 to $300 in just three months!

• Not Planning Your Shopping Well

Plan when to shop and write a list before you hit the stores so you don’t forget any items and go back to the store later. Going to the store multiple times a week not only wastes your time and gas, you are also prone to making unplanned purchases.

• Insurance

You could be wasting money on your insurance without even realizing it.

A recent study found that drivers who stick with the same insurer for more than 8 years could save up to 19% by switching. And if you bundle your home and auto insurance with the same company, you might save even more!

By plugging these financial leaks, you could be looking at potential savings of $300 to $1,000 (or more) in just three months.

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2. Save Money When Eating Out

Did you know restaurants typically charge a 300% markup? That means when you pay $30 for an entrée, the actual cost of the food is only about $10 if you were to make it at home.

Considering the average American spends around $3,000 a year dining out, you could potentially save up to $2,000 just by cooking the same meals at home!

But when we do eat out, we have a few strategies to keep the bill in check:

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A fun way to save money is by tracking it! Use this cute saving challenge printable to stay motivated while saving money!

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3. Meal Planning

Food is one of the top three expenses for U.S. households, making up 12.5% of the average budget—just over $7,000 a year.

The good news? This is an expense you can easily reduce with meal planning. I was honestly surprised by how much I’ve saved since I started planning our meals!

Here’s why meal planning is a game-changer:

• It helps you avoid buying unnecessary ingredients and cuts down on food waste.
• It allows you to create meals that fit your budget, keeping your grocery spending in check.
• It makes you more intentional about what you eat—so if you plan for healthier meals, you’ll actually eat healthier!

Related: Simple Meal Planning Tips to Save Money.

Need someone to create a meal plan for you?

If you don’t have time to create meal plans to follow every week, let Erin from the $5 Meal Plan help you!

For only $5 a month, Erin will email your weekly meal plan + shopping list, where every meal only costs $2 per person or $5 per family. You’ll also never worry about buying extra ingredients you won’t eat, hence reducing your food waste. 

For a limited time, Erin offers a FREE 14-day trial through this link. If you like the service, you can continue using the service for only $5 per month. Otherwise, cancel it before the trial period ends and you’ll still get free meal plans for two weeks.

Potential savings in 3 months if you meal plan: $300 easy in 3 months.

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4. Do It Yourself

Before hiring someone to fix something, always check for DIY tutorials on YouTube or do a quick online search.

Believe it or not, I even learned how to cut my own hair just by watching YouTube tutorials, and it’s really not as hard as you’d think. Like anything in life, the more you practice, the better you get.

Now, I’m not suggesting you give up all of life’s little luxuries, but if you’re on a tight budget and looking to save money, there are plenty of things you can DIY. And no, it’s not just about cutting your own hair—you can achieve great results on your own and keep that extra cash in your pocket.

Here are a few other things you can DIY to save even more:

• Gifts
• Home maintenance
• Homemade cleaners like detergent
• Home organizers or decor
• Altering or upcycling old clothes
• Kitchen essentials
• Homemade food – check out this list of food you can make from scratch to save money!

With a bit of effort, you can take on these tasks yourself and save a significant amount of money in the process!

5. Find FREE Money

This free money comes in the form of gift cards, bonuses, cash-back, or even cold hard cash. I know I mention cash-back apps and websites a lot on this blog, but that’s because I personally use them—and they really do pay me for things I’d be doing anyway, like shopping online or buying groceries.

If you want to start earning free money too, here are some of my top recommendations:

• Rakuten

Get paid for making purchases you were already planning on. When you shop online through Rakuten, you earn cash back on your purchases—and for every friend you refer, you can earn an extra $25!

Bonus: Rakuten will also give you $10 just for signing up. You’ll receive the bonus after making your first $25 purchase at any of Rakuten’s partner stores. It’s an easy way to start earning right away!

• Swagbucks 

Swagbucks is a search engine, cash-back site, and survey site in one. You can earn points (which you can redeem as cash) by using the app to shop online, answer surveys, or watch videos. Receive a $10 bonus by signing up below.

For more information about Swagbucks, read my Swagbucks review here.

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Potential savings from using cashback sites: $150 or more in 3 months depending on what you buy.

6. Make More Money

For me, the ultimate key to saving more money is increasing your income. Personally, I was able to save much more once I started earning more.

The good news is there are countless ways you can make extra money these days. In your spare time, you could offer freelance services on platforms like Fiverr, sell printables, or babysit at Sittercity. 

Another quick and flexible option is delivering groceries for Instacart or delivering food and packages for DoorDash, where you can earn around $25 per hour.

You don’t need to put in a ton of extra hours to save $3,000 in three months. If you have a side hustle that pays $25 an hour, working just two extra hours a day, five days a week, would get you there.

Not sure that’s realistic? No problem. Cut it down to one hour a day and combine it with some of the other strategies on this list. In three months, you could still easily save $3,000 without feeling overwhelmed!

If you’re looking for more ideas, be sure to check out these posts on how to make extra money from home:

• 25 Stay-at-Home Mom Jobs that Pay Well
• 17 Amazing Online Side Jobs that Pay Really Well
• 15 Part Time Night Jobs from Home for Extra Income
• How to Make $3000 Fast: 12 Ways To Generate Cash

7. Slash Your Cable and/or Internet

I believe most people have already cut their cable but if you haven’t, it’s definitely time to do so. We cut the cord over seven years ago and since then, we’ve been saving $800 per year!

There are a few cheaper alternatives to cable. There’s Hulu which costs only around $6 per month. There’s also Amazon Prime which not only gives you access to thousands of movies and TV series for only $99 a year, but you also get free cloud storage and free shipping with your account. 

Check out the Amazon 30-day FREE Trial here.

You can also save more money by getting FREE Internet. There are many zero-cost ways to get Internet and save $70 per month or $210 in 3 months. 

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8. Sell What You Don’t Need

We all have extra stuff lying around that we no longer use, and believe it or not, someone out there would be happy to pay for it!

Why not sell the things you haven’t touched in ages? Whether it’s clothes, shoes, or other items you no longer need, you could easily make some extra cash by listing them on platforms like eBay or Craigslist. It’s a great way to declutter and put some money back in your pocket!

Decluttr is also a great place for selling electronics such as iPhones, CDs, DVDs, and tablets. 

Another popular site where you can sell your old electronics is Gazelle. Trade in your old LG Phone for cash at Gazelle and get an extra $5 Bonus on your first trade-in!

You can also sell used items such as books, DVDs, cell phones, Kindle devices, and more through the Amazon Trade-In program. However, Amazon pays only in Amazon gift card credit which is still fine if you shop at Amazon.

Amazon also gives you a free pre-paid USPS or UPS shipping label so all you need to do is send off the items you want to sell.

Related post: How to Make an Extra $100 a Week Effortlessly

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9. Open a New Bank Account

Opening a new savings or checking account is also another hack to get free cash and save more money. 

Many banks are more than happy to give you a sign-up bonus when you open an online savings account or checking account with them. Here are a few examples you would enjoy by opening the following accounts.

• HSBC Advance Checking Account – $350
• Discover Online Savings  – $150 or $200
• Chase Bank Total Checking – $200
• HSBC Premier Checking – $750
• Bank of America – $100
• Citibank – $200 – $600 depending on the type of account
• Chase Savings – $150

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10. Save Money Cooking at Home

Meal planning and cooking at home go hand in hand, and together they can give you incredible savings, in both time and money.

Here are a few strategies to help you put a couple of hundred dollars back into your wallet just by cooking at home. 

• Buy in bulk

If you like to collect grocery coupons, it’s best to put them to use when bulk shopping for food items with longer shelf life. Think along the lines of cereals, rice, pasta, and baking products like flour, cornstarch, and sugar. This way, you get deeper discounts and slowly build a stockpile of food, which comes in handy when you really need to tighten your belt. 

• Buy seasonal produce

Another important thing to remember when meal planning and cooking at home is to create menus around seasonal produce. For example, make coleslaw and stuffed cabbage when cabbage is in season. It’s important to note–cook recipes that won’t go bad so easily, so you can batch cook and keep the rest in the fridge or freezer until it’s time to eat. Also, for cheaper seasonal produce, explore your local farmer’s market. 

• Cook less meat 

Meat is expensive, so reducing meat consumption can be a great way to reduce food expenses. Explore delicious veggie recipes, and you might surprised by how yummy, easy, and cheap they are. Or look for cheaper meat cuts, such as chicken thighs, pork shoulder, chuck roast, ground meat, and beef brisket. Try to “extend” your recipe by using less meat and adding more filling ingredients like beans and lentils. And if you’re looking for protein-rich food but don’t want to spend more on meat, you can always go for eggs. 

11. Save money on insurance 

I know insurance is a necessary expense, but there are several ways to cut costs on insurance and save a couple of hundred bucks a year. 

• Regularly shop for quotes and policies

If you’ve never made a claim, you are a “safe driver,” and you have a high credit score, it’s worth the effort to shop for new insurance once or twice a year. You might be surprised by how much money you can save if you switch policies or insurers, giving you adequate coverage but a much lower rate. 

• Ask for a discount

You’ll never know until you ask, so don’t be shy or awkward, and just ask your insurance agent if you qualify for any discount. For car insurance policies, you may qualify for a good student discount if you’re a student with excellent grades, and homeowners may enjoy a discount for installing a home security system. The bottom line is that you need to connect with your insurance company to ensure that you are getting all the discounts you are eligible for!

12. Find free entertainment

If there’s one thing the pandemic taught me, it’s that fun doesn’t have to come with a hefty price tag. We made it through months without concerts, music festivals, or movie outings, and guess what? We still found ways to enjoy ourselves. Now that we’ve come out the other side, it’s clear that there are plenty of ways to entertain ourselves without spending a fortune.

So, if you are looking for free or cheap ways to have fun, consider the following:

• Go out for a hike

It’s a great way to avoid the crowd, reconnect with nature, and even get some exercise. Consider walking around the neighborhood if you’re not near any hiking trails.

• Go on a picnic

Eating out is expensive, but not on a picnic. Whether picnicking in your backyard, at a nearby park, on the river, or at the beach, it’s much cheaper than eating out in restaurants. Pack a gameboard or frisbee, bring a book or a fishing rod, and you won’t mind passing the time without spending another dime. 

• Camping

Another great way to immerse yourself in nature is camping. Some camping sites may charge you a fee, but you can find free ones, especially on national forest lands. It’s also an educational experience for kids, as camping can take them out of their comfort zones. You can play games, gather around the bonfire, and make s’mores – all of which costs next to nothing!

• Visit free local events 

Chances, there are free community events that you can attend. The Farmer’s Market is a great place to start, as you’ll see many people and various products. You could take the kids to free outdoor cinemas. Or, there may be free classes that align with your interests, whether those are yoga classes, cooking classes, crafting, etc. These events are a great way to connect with other community members and make new friends. 

13. Earn money from your hobbies

Do you have a hobby that you spend a lot of money on? It’s about time to do it in reverse and make that hobby make money for you. I think most hobbies can generate an income in one way or another, making it a great way to help you save $3000 in three months. Here are some of the most profitable hobbies to consider: 

• Blogging

Blogging is one of the best ways for many men and women to generate extra income right from their own homes. Blogging is a profitable hobby if you want to express yourself and share your knowledge and expertise with a broader audience. You don’t need much to start your blog, and only a few technicalities are involved in setting up one. Once you’ve established your blog, you can monetize it through ads, paid or sponsored content, selling merch and digital products. 

• Crafting

Crafting handmade products is another great hobby that you can make money from. Whether you enjoy making jewelry, hair accessories, home decor, or personal care products, there’s always a demand for them. It’s easier to sell handmade products now that you can set up your own digital store on Etsy or Shopify. 

• Graphic design

So you enjoy making event invitations, posters, and flyers for others. Why not make money from this amazing skill? There are plenty of places where you could monetize your graphic design skills, whether as a remote employee or a freelancer. For instance, you can sell services on Fiverr or bid on jobs on Upwork. Another way to monetize your graphic design skills is through Print-On-Demand. POD platforms like Printful, Printify, and Redbubble allow you to upload designs online and earn money when customers request to put those designs on physical products like T-shirts, caps, mugs, and hoodies. 

• Photography

Do you have a nice camera and smashing photography skills? It’s about time you make money from photography. One popular option would be to become a freelance photographer, where you can shoot weddings, birthdays, and corporate events. Or you could earn passive income by taking photos and selling them on stock photography websites like Getty Images, Shutterstock, and Dreamstime. Either way, you’ll make money doing something you love. 

• Gaming

Although online and video gaming gets a bad rap as a hobby, it can be lucrative if you know how to monetize it. One of the easiest ways to make money gaming is to create your own online streaming channels on Twitch and YouTube. You’ll build a community of fellow gaming fans; they can send you money to support you, and you can even sell merch to them. Or, you could earn extra cash testing new games on MistPlay and PlayTestCloud. 

14. Save money on clothing

If you feel like you spend too much money on clothes that would have otherwise nicely fattened up your bank account, consider these ways to save on clothing. 

• Shop end-of-the-season

Still buying winter clothes in November and summer outfits in June? Then you’re bound to spend more money than necessary. Stores typically sell clothes near the end of the season, and this is the best time to snag the best deals. Put those clothes in storage until needed, and you won’t have to pay a hefty price for coats and jackets before wintertime. 

• One in, one out

I don’t like a cluttered closet. So, one of the strategies that works for me is to buy one piece of clothing ONLY if I let go of another. With that said, it pays to do periodic decluttering to see which clothes you still want to keep and which you need to donate and throw away. If you’re always struggling with what to wear, it’s time to keep your wardrobe minimalist. 

• Invest in timeless, basic pieces.

Fashion trends come and go; inevitably, some clothes won’t see the light of day as trends change. And I think that’s a waste of money. Invest in basic and timeless pieces to save money in the long run because they’ll never go out of style. Purchase high-quality black and white T-shirts, a nice-fitting pair of pants, a little black dress, a trench coat, and a blazer. These pieces are easier to mix, match, and accessorize, saving you precious time and money. 

15. Go on a spending freeze

Okay, so we’ve mostly talked about how to save money while spending it. But how about not spending money altogether? 

A spending freeze, or a no-spend challenge, is an amazing way to cut unnecessary spending for some time. This challenge aims to curb impulse spending and teach you about restraint and saving money. For example, you can go for a month without spending on new clothes, take-out food, or unnecessary grocery items. You just stick to the basics and don’t spend on anything else. 

Doing a spending freeze is challenging, especially if you’ve never done it before. Here are a few ways to help you succeed: 

• Set clear goals. Whether you want to pay down debt, add more money to your bank account, or train yourself to refrain from impulse purchases, having a clear goal from the start helps you become more committed to this challenge. 
• Set up an emergency fund. Make sure to have enough money to address urgent financial matters. Without an emergency fund, it can be easy to give up and throw the entire challenge out of the window. 
• Remove temptations. Temporarily uninstall online shopping apps, unsubscribe from promotional emails, and do not set foot in a mall or store. 
• Track your progress. Monitor how much you spent and saved throughout the challenge to stay motivated. Celebrate small wins, but keep your eyes peeled on the long-term goals. 

16. Rewire your money mindset 

I believe that our mindsets have a huge impact on our relationship with money. As for saving more and spending less, we have to understand the true purpose of money. Money is a tool to buy the things we want and need, to secure our financial future, and create opportunities.

So instead of thinking of money as a source of stress, think of it as a source of empowerment for both your short-term and long-term goals. 

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Final Thoughts

There you have it—15 ways to save $3,000 in just 3 months! As you can see, there are plenty of strategies to help you save, no matter what your financial situation looks like. It’s absolutely possible to hit that $3,000 savings goal in three months—you just need to take action and get started today!