Please note: This article originally came from the The How to Save $5000 in a Year Chart over at TheMinisterofCapitalism.com and includes unique features like: the ability to have a Robot read the article to you & a story on how it's not always pain & drudgery when saving money. (To get the link to the printable chart mentioned below, please visit the link above.)
Saving money is an important goal for most people, but it requires discipline. And sometimes it just boils down to having a plan or program helps increase the chances that you'll reach your financial goals!
In this article I will show how to save $5,000 in one year just by setting aside small amounts each week-a feat which many would normally find difficult. You may think this sounds impossible when reading about such a big figure but there are plenty tips included here to help cut costs so much more can be saved every month
$5,000 may sound like a lot of money to save but it actually comes out to less than $100 per week. The savings can be achieved through the use of our free printable chart and tips for cutting expenses which you’ll find on this page!
Soo, What Would you do with $5000?
What should you do with $5,000?
There are so many things!
You could build up your retirement savings or take a vacation.
You could use it for the purchase of an expensive car if that’s what floats your boat (of course that might not be the most financially responsible move).
I'm sure you've got all kinds of ideas.
So why use a savings challenge?
A savings challenge can help make saving money more fun and enjoyable. Making a boring topic exciting can mean that you’ll also be willing to stick with it, even when the going gets tough!
Increased Accountability
The savings challenge is a great way to be accountable for your money. Whether you start it or not, once the process starts, there will always be a desire to want to progress towards your end goal.
The nice thing about this challenge is that it gives specific weekly goals so long-term plans are possible without feeling too overwhelming.
More Competition
Why not take a savings challenge along with your friend? Having someone else to compete against can really motivate you and make it seem like more of an accomplishment if you win.
And, if you compete with someone else, if at any point you find yourself losing, you'll be motivated to get back on track!
We've Done all the Maths for you
The challenge is a nice way to save money in just one year. All you need do it deposit the amount listed for each week and by the end of this time, your account will have reached five thousand dollars!
No need to be a maths wizard!
Some Ways to Start Saving $5000
Saving money can be hard, but it doesn't have to be. With these simple steps you can free up some cash to help your bank account grow and get closer towards achieving financial independence.
One great way for those living paycheck-to-paycheck is to cut back on spending by just a few dollars per day. Breaking down the process into more manageable tasks will make the process of saving much easier – all without any sacrifice in quality or happiness along the way too!
Set Up a Budget
You might be wondering why we even recommend starting one in the first place but trust us when we say that a well thought out spending plan will put your money to use and allow you more freedom than ever before!
So get out a pen and paper and start figuring out where you need to spend your money on essential purchases.
Track Your Expenses
With a budget, you can’t be sure if the money is being spent wisely unless it's also tracked. I recommend recording your expenses every day so that everything will stay on track and at the end of each month, seeing how much was spend in total with what aspect for future adjustments to save more!
Reduce The Amount You Spend on Your Cell Phone
With all the major carriers, you could probably save hundreds of dollars per year by switching to a discounted pre-paid carrier.
Get Rid of Satellite or Cable TV
For years, my wife and I have saved money by canceling cable TV. We did it about 8 years ago when we realized that the only thing worth watching on most channels are old movies or shows from before you were born! Now all we need is an HD antenna for less than $50- why pay more when there's so much available online? During football season (and really any time of year), our favorite pass-time has become Netflix binging sessions where they have endless options including House Of Cards OR The Blacklist .
This is just a portion of the many money saving ideas that are stuffed into the original article mentioned below.
If this subject really tickled your senses, you can also see:
https://theministerofcapitalism.com/blog/how-to-save-5000-in-a-year-chart/
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