When it’s spread out over a whole year, you really don’t have to cut your expenses by that much per month in order to save thousands of dollars this year. Just a couple hundred per month will do it! Here are 5 ways to save thousands of dollars this year. Here, we’re going for the big wins. 😃
5 Ways to Save Thousands of Dollars This Year
Some of these I talk about in our other posts about saving money, but they’re worth repeating in case you’re not already taking action on making changes in your life. 😉 They’re not all easy, but they make a big difference. Just try picking ONE that you can implement this month.
1. Cut cable
With programs like Netflix and Amazon Prime video, cable looks less and less attractive with each passing month. If you haven’t snipped your cable yet, that could be a potential $1000-2000 a year that you could save by switching to a cheap monthly streaming service. I also like to be sneaky and sign up for HBO Now (HBO’s non-cable subscription option) for the two months of the year that Game of Thrones and Silicon Valley are out, and then cancel it for the rest of the time. For the rest of the year, I use mostly Netflix. 🙂
2. Give up your car
I’ve written entire posts on how to survive without a car, and I know this isn’t an option for most people, but if you’re paying for a car payment, gas fill-ups, and car insurance, you could be saving $3000-5000 a year by giving up your car in favor of public transportation and moving closer to work (or working from home if possible). Where there’s a will, there’s a way. You can also try taking the occasional Uber or Lyft if you need to be driven somewhere like the airport. Try my codes for a free first ride up to $20:
3. Stop eating out (except for special occasions)
This is one on the list that anyone can do. I find that when I eat out all the time or get Starbucks a lot, I get used to it and it just doesn’t feel special anymore. That kind of ruins the whole fun of eating out! But if you save eating out for special occasions or, say, once a month, you can save hundreds of dollars each month and make it more of an experience instead of a given. Instead, make cheap meals at home (even things that don’t require cooking like sandwiches, salads, and instant rice ;)).
4. Move to a cheaper place
Rent or a mortgage can end up being the biggest fixed expense in your budget, but if you move somewhere a little cheaper or perhaps a smaller place or with fewer amenities, it’s possible to save an extra few thousand dollars a year. With a few pretty decorations, it won’t even feel like a sacrifice. 🙂
5. Cut out impulse purchases
If you spend money on things like extra snacks at the register, buying lottery tickets, water bottles at the mall, a shopping trip when you already have enough clothes, or new makeup that you don’t really need, if you just cut out (or cut down on) these impulse purchases, you could save thousands of dollars over a year. Also check out our blog post on how to stop impulse spending.
P.S. You can also save money by getting cash back on things you were already going to buy with Ebates!
There are lots of ways to save thousands of dollars in your spending over the course of a year. You just have to get a little creative and learn to delay gratification. 😃 Good luck!
If you’d like more tips on budgeting and saving money, check out our ebook Budget Transformation.