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Does saving $1,000 in a month 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. \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 such as driving for Lyft or Uber or selling items online.\u00a0<\/p>\n At the same time, cutting back on routine spending, from streaming service subscriptions to dining out, 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 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 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 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>\nBaby steps<\/h2>\n
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