This article was inspired by The How to Save $5000 in a year chart over at TheMinisterofCapitalism.com, whose website includes stuff like: the ability to have a Robot read the article to you & a story on how someone saved $40,000 per year by slacking off. (To get the link to the printable chart mentioned below, please visit the link above.)
Saving a cool 5 grand sounds hard.
But I can tell you that with a few simple tweaks, you'll be able to get there in no time.
In this article, I'm going to cover a few great ways that you can start saving money - without having to deprive yourself of everything fun.
But first you need to visit the link above, and download the free printable chart that will show you exactly how much you need to save each week in order to save $5,000 in a year.
HINT: the amount changes every week.
With that out of the way, let's look at some great money saving ideas.
You Have to Commit
So you want to save $5,000?
If that's the case, you’re probably not the type of person who finds saving money easy or comfortable. (But I'm going to lessen the pain, I promise!)
I understand this because as humans we all resist change- but what if there was a way that would make changing easier and give us more success?
It's just a matter of developing small, simple habits that put our savings and financial success on autopilot.
And this savings challenge is going to help you do just that.
So if you're committed and ready to go, let's move onto the next step.
The Only Options You Have
There are three ways you can save money: by cutting your spending, earning more income or a combination of the two.
So if you are making about the same amount of money as those around you, but can't seem to keep up, then it's probably time to look into how you can start reducing your spending.
Money Making Tip: A lot of people don't know that you can make extra money on your off hours by driving for rideshare services.
This means, if you have an car and are comfortable with technology then this is perfect opportunity to start earning some extra cash - pushing you towards your $5,000 a year goal!
Evaluate What You're Spending Your Money On
With the printable chart you've already downloaded and printed, you now have a gameplan for how much money you need to save.
The next step is to go over all your expenses and see if there's anything you can completely eliminate or at the very least, cut back.
Re-evaluating some of your reoccurring expenses can sometimes result in a savings of $100-$300 a month!
Go over your big expenses like heat, electricity - even insurance.
See if there's any way you can switch to a competitor, get a better rate, or make an adjustment so you end up paying less.
The Gameplan
It’s time to get into the nitty gritty now. You need to look at and decide on the exact steps you have at your disposal.
Once you've decided on what's right for you get started!
If you need more income , can you grab some extra hours at work or start a side hustle?
Or can you work online for a while when you're done your day job?
Would starting your own blog make sense for you?
Remember, you can only reduce your expenses so much.
After that, you will HAVE to increase your income in order to meet your financial goals.
This is just a fraction of the many money saving ideas that are stuffed into the original article mentioned below.
If you're enjoying this, you'll adore this:
https://theministerofcapitalism.com/blog/how-to-save-5000-in-a-year-chart/