Follow these 10 Commandments & Save $5,000 in a Year!

how to save 5000 in a year

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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 ‘how to save $5,000 in a year?’ you’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; the flipside is that the automated payments never let our whole salary see the light of the day. This makes saving money harder than the good ol’ slipping cash under the mattress stunt to end up saving $5,000 in a year.

The reason why we can’t stop paying for stuff we no longer need is that we don’t know how to stop. And believe us when we say that if you stop these superfluous, outgoing payments once and for all, you’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 they’ll surely be worth the smile on your face when you have $5,000 more in the bank than before.

1. Cut your Cell Phone Bill by 50%!

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.

2. TRIM your Automated Payments!

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 don’t even use them, yet pay for them regularly. It’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.

3. Shop and save…

Groceries are the catalyst for a good lifestyle (and survival. Don’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 you’d get great deals on everything that they have to offer. If you don’t feel like waiting in queues, shop online at Walmart’s Website. (Check out Walmart Shopping Secrets)

4. …But Save before you Shop

Remember when mom used to save newspaper clippings because they had ‘discount codes’ 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.

5. Why pay for Coffee?

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 don’t have to pay for Starbucks coffee for a whole year? Here’s an exclusive chance to get a year’s worth of free coffee from Starbucks, courtesy of EBC! Told you!

6. Make room for Makeover

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 condo’s makeover. Did you ever think of being a hotelier?!

7. It’s not Tech Treasure, its Trash

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. There’s no way you’re going to use these old pieces of tech anymore, it’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.

8. Save on Auto-Insurance

As if buying a car wasn’t a hole big enough, auto-insurance is another bummer. Best way to save on auto insurance? Get an auto-insurance from MetroMile, you’re insured for what you drive and there’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 a mile! A big amount of annual expense can be cut off by switching to MetroMile.

9. Frugal Vacation time!

You never thought the answer to the question How to save $5,000 in a year would be Take a vacation, right? It’s not like if you save money you aren’t entitled to a vacation or two in a year. You can definitely go for a vacation, but to make things interesting, this vacation’s on a budget- a tight budget. Go for HomeAway vacation rentals rather than checking in to a hotel, they’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.

10. Raise your credit score

We agree that credit score does not save money in a day, but we’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 the 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!

It’s not about how much money you make. It’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!

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