Do you want to know 5 ways that you could save close to $2,000 in one year? Saving money has to start somewhere. Depending on what expenditures you cut back on, you may be surprised by how much you could save. Small expenditures can add up as shown below. If your current financial situation is tight, evaluate where your money is going. If you want to go on vacation or even start an emergency fund, you must start somewhere. All of these things may not be applicable to you, but can you think of anything that you can cut out that's a regular expense?
The savings will add up! Check out these ways in how you could save:
1) Cut out one coffee or drink per week. Do you get coffee daily or get a drink on a frequent basis? Cutting it out just once per week can add up. If you're coffee or drink is around $3, you can start saving around $3/week, which adds up to $156/year.
2) Cut out eating out once per week. If you eat out more than once/week, it can add up quickly, especially if you have a family. For one person, eating out can be approximately $5-$10 for one meal depending on where you go. Let's say your average is $7.50 per meal. Start saving that $7.50/week and that's about $390/year.
3) Use Store Apps for groceries. You may be able to clip coupons or earn rewards all from a store app depending on where you shop. If you can find what's on sale beforehand and add it to your grocery list, you may be able to save. This allows you to find what's on sale and only purchase what's necessary. Even if you save $3/grocery trip with rewards/coupons 4 times per month, that's $12/month. That's $144/year!
4) Unused subscriptions/memberships. Do you have a gym membership or some other subscriptions you don\'t really use? Even if your gym membership is $10/month, evaluate how often you go. Do you go once or twice every couple of months? If it's infrequent, you might be able to find other alternatives such as working out at home. Maybe you can go for a walk or buy some free weights and find free online workout videos. $10/month adds up to $120/year.
5) Find local free entertainment or stay at home. According to the Simple Dollar, the average household spends $2,482 a year on entertainment which is close to $103.42/month. If you slash that in half, you may be able to save close to $1241/year. Find local entertainment in your area or watch a movie at home if you have a streaming subscription. Borrow a movie from a friend, play a family game at home, or take a walk on the canal downtown. There are many other free options when it comes to entertainment and your wallet will thank you.