The habit of saving money is itself an education; it fosters every virtue, teaches self-denial, cultivates the sense of order, trains to forethought, and broadens the mind. This very vital task of saving money is not for the weak and faint-hearted, it demands all your fortitude. $5,000 is a lot of money, and if someone asks you â€˜how to save $5,000 in a year?â€™ youâ€™d go blank.
Considering the average gross annual income of $58,000 (approx.) $5,000 seems like a small chunk of the huge pie. But with The Americans one trillion USD in debt, it is quite obvious that most of their income does not reach their hands. If you look at it now, learning how to save $5,000 a year does not sound like a bad idea.
The world of internet banking and electronic transaction is a necessary evil. While the automated receipts and collections have saved us from recurring hassles; flipside is that the automated payments never let our whole salary see light of the day. This makes saving money harder than the good olâ€™ slipping cash under the mattress stunt to end up saving $5,000 in a year.
The reason why we canâ€™t stop paying for stuff we no longer need is because we donâ€™t know how to stop. And believe us when we say that if you stop these superfluous, outgoing payments once and for all, youâ€™d save more than $5,000 every year in the long run.
Here are 10 bittersweet ways you can save $5,000 in a year. Next 12 months might be tough, but theyâ€™ll surely be worth the smile on your face when you have $5,000 more in the bank than before.
Everyone pays a minimum of $800 every year to their cell phone service provider. The actual cost that phone companies incur is not even 20% of this amount, and Twigby makes it sure that you pay what you should. All you have to do is select your region and cell phone carrier, and Twigby automatically presents you best offers which reduce your phone expenses.
Those gym memberships and NetFlix subscriptions are slowly killing your bank balance from the inside. Most of the people who opt for various subscriptions and memberships donâ€™t even use them, yet pay for them regularly. Itâ€™s time to say goodbye to these unneeded companions with TRIM, as it picks out those recurring payments by running a thorough check on your bank account. One can cancel any given subscription just by dropping a text SMS or a facebook message.
Groceries are the catalyst to a good lifestyle (and survival. Donâ€™t forget survival) and we need to be stocked up with it most of the time. Save yourself money and a lot of hassle by shopping at Walmart. Walmart stores are located almost everywhere and youâ€™d get great deals on everything that they have to offer. If you donâ€™t feel like waiting in queues, shop online at Walmartâ€™s Website. (Check out Walmart Shopping Secrets)
Remember when mom used to save newspaper clippings because they had â€˜discount codesâ€™ on them? Well that is still a thing, and websites like Coupons.com offer free coupons online along with cash-backs. Groupon has exclusive coupons like 100% cash-back offer, while EBates offers a $10 gift card on sign up and a $25 referral bonus. These coupons can get you easy savings of $200 each month. Check out these online coupon websites before you go shopping.
An American adult spends about $720 in a year if he drinks coffee once a day. We all have a better score than that, and when we speak of an All-American coffee; Starbucks represents something beyond a cup of coffee. What if we tell you that you donâ€™t have to pay for Starbucks coffee for a whole year? Hereâ€™s an exclusive chance to get a yearâ€™s worth of free coffee from Starbucks, courtesy of EBC! Told you!
Planning to redecorate your place? Stall it for a year, maybe! A home makeover does not come in cheap and to cover up costs, its best to plan ahead and share your spare room with some newbies on Airbnb. Even if you get visitors for a week in every month, there is a big scope in earning money through Airbnb. Next year out, use this money for your condoâ€™s makeover. Did you ever think of being an hotelier?!
Gather around all the old pieces of tech you can find- phones, laptops, gaming consoles, DVDs; take a picture and upload the information on Swappa. Thereâ€™s no way youâ€™re going to use these old pieces of tech anymore, itâ€™s better to make some money off it and declutter the mess as well. If you really want to know how to save $5,000 in a year, you got to find ways to earn more and save your primary earnings.
As if buying a car wasnâ€™t a hole big enough, auto-insurance is another bummer. Best way to save on auto-insurance? Get an auto-insurance from MetroMile, youâ€™re insured for what you drive and thereâ€™s no fixed insurance cost; just a low base rate to pay at the start. After that, MetroMile charges you for how much you drive and the insurance amount is as low as pennies to mile! A big amount of annual expense can be cut off by switching to MetroMile.
You never thought answer to the question How to save $5,000 in a year would be Take a vacation, right? Itâ€™s not like if you save money you arenâ€™t entitled to a vacation or two in a year. You can definitely go for a vacation, but to make things interesting, this vacationâ€™s on a budget- a tight budget. Go for HomeAway vacation rentals rather than checking in to a hotel, theyâ€™re cheaper and better than a cramped room.
Want to take things to the next level? Pack your bags and get ready for a road trip. Rent yourself a Recreational Vehicle/RV through RVShare. RV rates go as low as $10 a day with RVShare. However if you are not comfortable in driving a vehicle as big as an RV, stick to your sweet four wheels.
We agree that credit score does not save money in a day, but weâ€™re talking big here. Saving $5,000 in a year is very much possible, and a good credit score can get you a larger amount of money in the long run. Studies show that financial situation of people with good credit score is better than that of people with bad credit score. Credit Sesame gives the right advice to pick up your credit score by a notch if you need it. So check out your credit score before your money-saving marathon!
Itâ€™s not about how much money you make. Itâ€™s about how much money you keep, how hard it works for you, and how many generations you keep it for. Now with the New Year bells ringing, you have a plan on how to save $5,000 in a year. You would be surprised when you have an additional balance of $5,000 in your account at end of the year!