How to Save $5,000 by the End of the Year — Effortlessly
Your habits at home could be wasting cash.
From slashing bills in half to stashing away extra dollars, these pro tips are guaranteed to boost your bank account .
Saves $1,275! Set aside a few dollars every week.
“Putting a percentage of your paycheck aside every month may feel like a heavy financial burden, but done in tiny increments, you’ll barely notice and can pocket hundreds by year’s end! For example, if you put $10 in a savings account each week, you’ll have $500 by December.
Some banks even let you set up automatic transfers from a checking to a savings account so you don’t have to even think about it. Another easy way to save? Starting this week, set aside $1 in an envelope, then $2 the next week, then $3 the next week and so on. By the end of the year, you’ll have $1,275 in cash.”—Tanya Peterson, vice president of FreedomDebtRelief.com
Saves $1,080! Cut the cable cord.
“The average cable bill is about $90 per month, and chances are, you’re not even watching a majority of the channels you’re paying for. Simply canceling those services and subscribing to one of the many streaming services, like Netflix, Hulu, or Sling TV (some of which start at under $10 a month!) can save you hundreds. And if you’re an Amazon Prime member, you already have access to thousands of TV shows and movies as part of your membership!” —Bethany Hollars, money-saving strategist for BrickSeek.com.
Saves $140! Size up your pots.
“When cooking, match the burner size to the pot size. Putting a six-inch pan on an eigth-inch burner and letting the heat go past the pan wastes about 40 percent of the heat generated. Using the right-size burner can save you over $40 a year on your overall bill. And if you skip the dry cycle on the dishwasher and let dishes air-dry, you’ll save $100 more in the kitchen.”— Pamela Braun, cookbook author and founder of MyMansBelly.com
Saves $492! Let your debit card help ‘create’ cash.
“Sign up for a free app like Acorns or a Bank of America debit card — every time you make a purchase, they round it up to the next dollar and save you the difference. For example, spend $4.15 on a latte, it will round it up to $5 and move $0.85 from your checking to your savings account. On average, the app saves you $246 per year, and if you use your debit card more often, it could easily double the amount.” —Joanie Demer, co-founder of TheKrazyCouponLady.com
Saves $300! Heat less water for the house.
“It takes a lot of energy to heat the water for (and then dry!) just one load of laundry. Simply using the washer’s cold water cycle (it cleans just as well as hot water) can save $60 annually, and while a dryer can cost around 30 cents an hour to run, hanging as much as you can to air-dry can cut another $10 a month from your utility bill. Also smart: Lower the temperature on your hot water heater from 140 degrees Fahrenheit. (the default setting from most manufacturers) to 120°F to save an extra $120 — you probably won’t even notice the change since most of us don’t shower in water hotter than that anyway.” —Logan Allec, founder of MoneyDoneRight.com
Saves $360! Ask providers for a deal.
“Here’s a little-known secret: Often, service providers for phones and cable have loyalty discounts or promotions running that they will not automatically apply to your account unless you ask. Just calling to ask for a better deal can save a couple hundred dollars in minutes!
For example, I recently called my internet provider, and due to a new promotion, I was able to lower my bill by 50 percent —for the same service! The call may take a little time, but the payoff of saving every month after that makes it worth it.” —Matt Woodley, money expert at MoverFocus.com
Saves $600! Take the $5 bill savings challenge.
“For the rest of the year, every time you get a $5 bill, put it away in a jar, box or envelope — any place where it is out of sight, out of mind. It will surprise you how much your savings will add up at the end of the month (or year!). This is a fun little challenge you can do with friends or other family members to see who can save the most money. I did it and ended up with almost $600!”— Maria Smith, parenting blogger HandfulOfThoughts.com
Saves $300! Pocket big bucks at the gas pump.
“The AAA estimates the average American spends 7 percent of their income on gas, so if you make $45,000 a year, you’re shelling out over $3,000. But you can make 10 percent of that back! First, find a low-priced gas station close to your home or workplace using an app like Google Maps or Gasbuddy. Then make it your go-to station to fuel up at on the same day each week. This ensures you consistently get the best price rather than shelling out a higher amount elsewhere when the low fuel light goes on. Next, join that brand’s loyalty program for rewards and use a credit card that has gas as a bonus category so you get about 3 percent cash back. All told, you can save up to $300 a year.” —Miguel A. Suro, writer at RichMiser.com
This article originally appeared in our print magazine.
