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Does saving $1,000 in a month<\/a> seem impossible? Personal finance expert Jade Warshaw<\/a>, who co-hosts The Ramsey Show<\/em><\/a>, a popular financial talk radio program and podcast, says it\u2019s not as difficult as it seems.\u00a0<\/p>\n Warshaw recently said in an interview<\/a> 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 \u201cscorched earth\u201d mentality. \u201cIt\u2019s more realistic than people think,\u201d she said. \u201cMost people are able to do it in 30 days.\u201d<\/p>\n Warshaw said to start with building a budget<\/a>. \u201cIf you don\u2019t have a budget, it\u2019s not going to work,\u201d she said. That means calculating net monthly income, tracking expenses and making sure expenses are less than income.\u00a0<\/p>\n 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<\/a> such as driving for Lyft or Uber<\/a> or selling items online.\u00a0<\/p>\n At the same time, cutting back on routine spending, from streaming service<\/a> subscriptions to dining out<\/a>, can free up additional cash.\u00a0<\/p>\n Warshaw, who claims to have paid off $460,000<\/a> in debt, said groceries and dining are often among the fastest areas where households can reduce spending. Frequent restaurant visits<\/a> 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.<\/p>\n \u201cFor the average person, they could spend anywhere between $12 to $15 going out for lunch, but making that same lunch at home, you could save half and only spend $5 or $6,\u201d Warshaw said.<\/p>\n Ramsey Solutions, the financial education company founded by Dave Ramsey<\/a> in 1992, recommends seven baby steps<\/a> to help people take control of their finances. The first step is what Warshaw described: Saving $1,000 for a starter emergency fund. After that comes paying off all debt, saving three to six months of expenses and investing 15% of household income in retirement.\u00a0<\/p>\n Warshaw said that people trying to get out of debt<\/a> could consider temporarily pausing their retirement contributions until they pay everything off. She also recommended being realistic about expenses, especially during the holidays.<\/p>\n \u201cIf a family says, \u2018I\u2019d like to save $1,000 in the month of December,\u2019 well, it\u2019s going to be tough because you\u2019ve got Christmas going on,\u201d she said.<\/p>\n These baby steps are difficult for most Americans to follow. According to a Bankrate survey<\/a> released in February, only 47% of Americans said that they had enough money to cover a $1,000 emergency expense. Around 30% indicated that building an emergency fund and decreasing their credit card debt were equally important to them.\u00a0<\/p>\n \u201cMost American households want to grow their savings, but few are making meaningful progress right now,\u201d Stephen Kates<\/a>, Bankrate financial analyst, said in the report. \u201cRather than trying to tackle everything at once, I recommend focusing on the single most important financial priority in 2026 and making consistent progress there first.\u201d<\/p>\n<\/p><\/div>\n Does saving $1,000 in a month<\/a> seem impossible? Personal finance expert Jade Warshaw<\/a>, who co-hosts The Ramsey Show<\/em><\/a>, a popular financial talk radio program and podcast, says it\u2019s not as difficult as it seems.\u00a0<\/p>\n Warshaw recently said in an interview<\/a> 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 \u201cscorched earth\u201d mentality. \u201cIt\u2019s more realistic than people think,\u201d she said. \u201cMost people are able to do it in 30 days.\u201d<\/p>\n Warshaw said to start with building a budget<\/a>. \u201cIf you don\u2019t have a budget, it\u2019s not going to work,\u201d she said. That means calculating net monthly income, tracking expenses and making sure expenses are less than income.\u00a0<\/p>\n<\/p><\/div>\nBaby steps<\/h2>\n
Key Takeaways<\/h2>\n
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