Key Takeaways
- Personal finance expert Jade Warshaw says Americans can save $1,000 in 30 days by making short-term changes.
- The approach begins with creating a budget that tracks net monthly income and expenses.
- Warshaw recommends addressing the problem from two angles by spending less and bringing in more money through side hustles.
Does saving $1,000 in a month seem impossible? Personal finance expert Jade Warshaw, who co-hosts The Ramsey Show, a popular financial talk radio program and podcast, says it’s not as difficult as it seems.
Warshaw recently said in an interview 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 “scorched earth” mentality. “It’s more realistic than people think,” she said. “Most people are able to do it in 30 days.”
Warshaw said to start with building a budget. “If you don’t have a budget, it’s not going to work,” she said. That means calculating net monthly income, tracking expenses and making sure expenses are less than income.
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.
At the same time, cutting back on routine spending, from streaming service subscriptions to dining out, can free up additional cash.
Warshaw, who claims to have paid off $460,000 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.
“For 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,” Warshaw said.
Baby steps
Ramsey Solutions, the financial education company founded by Dave Ramsey in 1992, recommends seven baby steps 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.
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.
“If a family says, ‘I’d like to save $1,000 in the month of December,’ well, it’s going to be tough because you’ve got Christmas going on,” she said.
These baby steps are difficult for most Americans to follow. According to a Bankrate survey 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.
“Most American households want to grow their savings, but few are making meaningful progress right now,” Stephen Kates, Bankrate financial analyst, said in the report. “Rather 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.”
Key Takeaways
- Personal finance expert Jade Warshaw says Americans can save $1,000 in 30 days by making short-term changes.
- The approach begins with creating a budget that tracks net monthly income and expenses.
- Warshaw recommends addressing the problem from two angles by spending less and bringing in more money through side hustles.
Does saving $1,000 in a month seem impossible? Personal finance expert Jade Warshaw, who co-hosts The Ramsey Show, a popular financial talk radio program and podcast, says it’s not as difficult as it seems.
Warshaw recently said in an interview 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 “scorched earth” mentality. “It’s more realistic than people think,” she said. “Most people are able to do it in 30 days.”
Warshaw said to start with building a budget. “If you don’t have a budget, it’s not going to work,” she said. That means calculating net monthly income, tracking expenses and making sure expenses are less than income.