Here’s How You Can Save $5000 A Year!

There’s are tons of advice on ways to save money, investments, and building a fortune. But how often do these work? Is there a one-size-fits-all when it comes to investments and savings? Well, the experts would say no because most of the advice that these blogs give is made with the assumption that you have a lot of disposable income available to save.

But that’s not the case with most people. Does that mean that people who live on a meager income or have a hand-to-mouth existence cannot save? Well, the answer to that question is a big no! You can save money no matter small your income. Follow these tiny little steps, and you could save as much as $5000 or more over the next year.

Look up Deals and Discounts

While deals and discounts are a marketing gimmick to get people to spend money on things that they don’t need, they might come handy when you are planning on buying something. For instance, if you are heading to Costco to buy a couple of items, it would be great to look up and find all the available discounts.

See how many of them are against the things you want and get yourself the deal. Besides this, you could also make sure to have all your major spending on one reward credit card. This way, you will pile up all the reward points and will be able to use the points for a bigger spend at a later date.

Stop Eating Out

Take outs to drain you out of your money, and sooner than you realize.  Every day people end up spending hundreds of dollars on eating outside. While it might be saving you hours of work on cooking, you’re burning a hole into your pocket, one meal at a time! If you start consuming home-cooked food, instead, you will save thousands of dollars every year. Besides the expenses on buying food, you might also run the risk of ruining your health. And the hospital expenses that come with it aren’t going to be any cheaper either.

Instead, if you cook your meals, you will save ample money on the food, reduce your carbon footprint by living a less wastage life, and invest in your health. After all, why push your hard-earned money down the drain when you could save it up in your bank.

Fix the Basic Repairs by Yourself

Not every repair around the house needs an electrician, plumber, or a mechanic to fix it. See if you can figure them out on your own and fix them. This will help you save a lot of money and also be self-reliant. Afterall at the time of a pandemic, it is safer to stay away from strangers rather than risk contracting the disease. You have YouTube to your rescue for fixing those minor repairs.

You could also start changing the oil in your vehicle and start doing other minor chores around the house. This will help you save a lot more money than you realize. For instance, giving your children a haircut, doing your facial, mani, and pedicure at home, etc., will help you save a lot of money.

Get People to Return Your Money

We all have that one person we lent money to but never asked back for it. This is the right time to go and make those calls. While you had made a nice gesture and helped a friend in need, it is only fair to get it back. However, be gentle yet firm. The first step to taking smart financial decisions and saving money is to address all your bad debts.

No matter how small your savings are, it could find a place in your next vacation funds or your retirement savings. So, do not think twice and make sure you get all those borrowers to pay you back. This includes any pending gas or food money that your friends promised to pay for but never did.

Use these tips that are easy for anyone to follow. And you will soon be saving up a whole lot of money without even realizing it. While it might not seem like a lot when you are saving it daily, think about it, even if you’re saying a $15 a day, you’re saving over $5000 a year. And remember, money not spent is money saved!