Oof. Your goal this year was to cut costs, not increase them—yet somehow you find yourself overspending month after month…after month. Trust us, you’re not alone. But that’s also why our ears perked up when financial expert (and Chase ambassador) Farnoosh Torabi mentioned the idea of a “savings sprint” as a strategic way to get yourself back in the black. Here, how it works—and how much you can save.
First, what is a savings sprint? According to Torabi, this tactic requires you to take a hard look at your spending once a month (or once a season—whatever suits your goals) and zero in on an area where you feel you’ve been a bit too frivolous with your cash. Once you pinpoint that expense, make a bet with yourself that you can cut the cost completely and for a specific amount of time.
Can I get an example? Torabi, for instance, noticed she was spending an exorbitant amount on Ubers and Lyfts. “I justified the expense every single time: ‘Well, it’s cold. Well, it’s dark. Well, I can’t use my phone as easily if I’m on the train.’ But the reality is that I was being a poor planner. I wasn’t getting ready fast enough. I was lazy. I was looking at my bank statement and pinpointed, ‘This is an area where I can make a dent.’”
How about a couple more? Say you make a plan to bring your own lunch four out of five days a week. Or do your own manicures and pedicures for a month. Heck, even forgoing that glass of wine with dinner every time you eat out (and sipping one when you get home instead) are all costs you can feasibly cut.
So how much will this save you? Clearly it’s specific to each situation, but Torabi says that just by being more conscientious about her bad financial habit, she saved herself 80 percent of the cost she would have typically shelled out on Ubers and Lyfts over a three-month period…which worked out to about $500.