How To Get $500 In The Bank – FAST!

In another article, “Get $500 In The Bank”, I told you to write yourself a $100 check without cashing it (hanging it on the wall someplace you can see it everyday for motivation) to create a little cushion in your checking account to prevent bounced checks (and hefty bouncing fees).  This is the first step towards getting $500 in the bank and keeping it there.

I also told you, in a kind of snotty way, that getting this $500 in the bank was the first step towards home ownership, and if you weren’t able to do this first step, then you should give up your dream of owning a home. 

Well, that was down-right RUDE!

Yes, it was rude – but it was also true.  It is easy to preach at you about things you should be doing, but it is quite another to offer practical solutions.  And I’m a practical solution kind of guy.  Step one was to create the cushion in your checking account.  Step two and three are below. 

Three steps ANYONE can do that will put $500 in the bank right away.  So, again, if you can’t manage to get the $500 in the bank – even after I show you this anyone-can-do-it 3-step plan, well, just keep renting and miss out on the most proven wealth-building vehicle (home ownership) that there ever was and ever will be.  (Oops!  I got snotty again there)

Step 2:

Step 2 may seem silly to you, and right off you’ll think, “Oh, that will do me a lot of good – NOT!” but come on!  Just play along!  How many other debt management, wealth-building, how to buy a home articles have you read that haven’t gotten you anywhere?  I’m guessing, quite a few.  But this step is so stinking easy to do, and it will get you STARTED, that you just need to do it.  If you don’t have a pile of cash in the bank right now – then DO THIS!!!

Here’s what you do:  Go through all your coat pockets, cups in the laundry room, dresser drawers, car ashtrays, couch cushions, etc., and gather up all your loose change.  (Loose change?  Are you serious?  Hey, just do it – you’ll be shocked how much change you have.  And it doesn’t even matter how much you have.  37 cents?  $20?  Doesn’t matter.) 

“I’d like to open a savings account with this $2.54…”

Once you’ve gathered up your coins, head to your bank and get some of them free paper coin rollers.  While you’re there, find out about how to open a savings account – any rules you need to know.  Then head home and roll the coins up.  You’ll use this as the opening deposit in your savings account.  (Yes, most banks will let you open a new savings account for as little as $1.00.)

How does this help you?  It gets you started.  You’ve actually taken an action step.  You’ve started to build real momentum.  AND you’ve created a “landing pad” for the next wave of deposits you’ll be creating with Step 3.

Step 3 – Remember, ANYONE Can Do This

In Step 3, you’re gonna part with some junk.  Find your old record albums, cassettes, video games, VHS movies, books, and get ready to sell them.  You can use Ebay or Craigslist or try taking your books to a local half-price book store and see what you can get.  Look for other items that may have some value – old coin collections, jewelry, tools, Boy Scout merit badges.  Get these sold!  (Come on, do you want a house or an apartment filled with junk?)

Don’t stop with just YOUR junk.  Ask your relatives and friends if you can clean out their junk for them – if they know why you’re doing it, they’ll be happy to help you out and provide you with lots of cool stuff.

If you don’t know how to do Ebay, etc. yourself and don’t want to learn (Hey, did you miss that part about “anyone can do this”?) then it is NOT hard to find someone who will sell your stuff for you on Ebay and take 30% of the profit – that’s better than nothing if you just can’t do it yourself for some reason. 

Let Your House Seeds Grow

Your goal is a minimum of $500.  Don’t stop until you get $500 in that new savings account.  Once that $500 is in your savings account - DON”T TOUCH IT!  That $500 is your house “seed” money.  Plant it and it’ll grow into a home.  Pull the seeds out of the ground before they grow, you got nothing but worthless dirt.

What did that take you – a day or two?  Did you enjoy doing it?  Many people supplement their incomes nicely doing Ebay-like selling.  Ebay.com has free tutorials that show you step by step how if you want to learn.  This one skill could get you your house faster than you can imagine.  Something to consider doing more of, but at least do it this one time – it’ll feel like progress!  Do it!!!