Are you trying to save money? Well if yes then I have an amazing 52-week challenge for you that will help you save $5000 in one year. These are my tried and trusted ways of saving over $5000 in one year.
Did I just give you déjà vu?
I will tell you what happened to me yesterday and you tell me if it gives you déjà vu. I was having my usual coffee from the fancy coffee shop next to my house and that when I realized that I have been drinking this coffee for past 1.5 years. It hit me that I have spent over $6500 on this coffee when I can easily make similar in my house or even in my office.
It took a moment of realization and a cup of coffee for me to make up my mind that I need to start looking at my finances.
It was a turning point for me. I decided to get my life together and start saving money.
Guide 101 on saving $5000 in one year:
People want to save for different reasons. Be it an exciting trip to Disney land, college fund for a kid or a hassle-free retirement, saving money will help you to achieve your goals.
Today I will share with eight amazing tips that will lead you to not only making more money but also to saving more. These tips helped me get $6000 in my bank account by the end of the year. My top goal was to save $5000, but I ended up saving $6000 with all the efforts I made.
So it is about time that you take out your notepad and start noting down everything I discuss today.
- Make money while binge watching Netflix:
Like most of the people around me, I was also very skeptical about the paid online surveys. I always thought that they were a scam, but once I decided to give them a try, I was really impressed by how easy it is to make money with these paid surveys. It started with filling one survey and then there was no looking back for me.
Imagine sitting in your couch and answering a few questions while being the couch potatoes? Pretty amazing, right?
Right now there are plenty of survey sites that I am working with but my favorite one at the moment is Survey Junkie. The reason I find them to be best is that they always pay in cash.
Some other amazing survey sites that I enjoy working with are:
- Get your money back after shopping:
Getting your money back after shopping? That doesn’t sound right, except that it is 100% right. While I was on my mission to save money I came across Ebates. I did a little bit of research and was blown away by the reviews.
Since the day I figured out what Ebates was, it is the only way of shopping that I know.
Signup for Ebates is completely free which means you don’t have to worry about it being a scam. If you want to know how it works then there is little bit information for you:
While you are onto online shopping, start with signing in to the Ebates account. Once you have signed in, start shopping by clicking on the store you want to buy things from. Once you are done with shopping, there will be the cash back in the Ebates account.
You will be surprised to see how many major brands work with Ebates. The cherry on the top is that there are plenty of promotional events held by the sponsors that will double the cash back for you.
Using these cash back programs will help you the most to save a tremendous amount of money.
Read Also: Top Apps for Beginner Investors
- Opening account in a new bank:
A quest to save money when ahead, I decided to take a step further and open a new bank account. However, this is when I decided that I didn’t need just any random bank account. I needed one that will help me to reach my money saving goals.
I did my research and took recommendations from a few friends who helped me know that online saving accounts are the easiest way to reach my goal. Online saving accounts have low fees, and interest rate tends to be on the higher side. This is the reason I expanded my research on which bank to choose.
My research landed me to the CIT Bank. I was pleasantly surprised to see that they were paying more than 0.0001% interest. Furthermore, the APY (annual percentage yield) was almost 25% higher than other banks.
Another plus point for me was there were 0 monthly fees and no minimum deposit required policy while opening the account.
- Putting money to some good use:
One of the best ways of speeding up saving money is by becoming an investor, and that’s what I did. I became an investor with the Lending Club.
When you become an investor with the Lending Club what happens is that your money is used to issue different loans that will help different people to start their business, get the loan or even clear their debt.
Being an investor with the Lending Club, you should expect the return between 4%-6% which is excellent. However, one thing that you need to know is that you will need $1000 to start with. Also, the more you invest, more return you will get.
- Renting out the room in the condo with the Airbnb:
Rent your home with Airbnd and save almost $5000 a year.
A few years back, there was this huge convention going on, and each and every hotel in my city was full. This was when I learned about Airbnb. My neighbor had been renting out her apartment to Airbnb for quite some time, so I asked her how it works.
Initially, it was not easy for me to rent out the apartment just like that and leave it unattended. However, it didn’t take me long to get comfortable with it. I was almost shocked to know that I could rent my condo for nearly $200 for one night which was double during the peak season.
This is an ideal deal for people who travel a lot. Imagine being on vacation and coming back to cash made by your house? Isn’t that amazing?
- Make money by losing weight:
I know it sounds a little bit funny, but there is actually a thing as making money by losing weight. My friend and I joined this amazing HealthyWage Wellness challenge, where they pay you for losing money.
There is a small amount for losing every pound. However, if you are the hard working kind and not a couch potato like me, then you might even end up winning the competition and getting $10,000.
My advice to people who want to make money and also want to lose weight, do checkout HealthyWage review.
- Sell everything you don’t need and don’t use:
Okay, this one was an eye-opener for me. I was out for a run when I came across a backyard sale, and there were some amazing things there. I asked the person hosting the sale why he was selling such cool things, why not keep them? His reply was an eye-opener for me. He said ‘I don’t use any of these items. They have been sitting in my house for ages just because they were cool’ and I thought well this is it. I have been holding on to things just because I thought they were cool.
I went back to my house and started checking every corner of the house with a notepad making list of things that I don’t use what so ever. I was so surprised that it was a page long list by the time I was finished.
Now comes the part where to sell these things. Luckily, I knew plenty of free apps that let you sell every item you decide to declutter from your house. I decided to use the app Declutrr because this app had a scanner that allowed me scan the bar of the items I was selling. Once it scanned the barcode, I got an immediate offer for it.
Once you decide to accept the offer, you will get a prepaid postage envelope sent to your house. Use that envelope to ship your item, and you will get paid the very next day.
I also used eBay and Poshmark to sell a lot of my clothes. Since I lost weight (and also made money from that), I had a lot of clothing items that won’t fit me anymore. I took this as a sign and decided to sell them. To be honest, selling clothes was more easy and quick as compared to selling other things.
Read Also: 11 worth trying work from home jobs
- Be your own personal trainer:
My friends always told me that if I wanted to be in shape, I had to have a personal trainer. Trying to act all posh and having my personal trainer, I didn’t realize that how much I was paying him.
I might have continued to work with the personal trainer, but luckily I came across an amazing app called Aaptiv. This app is like having a personal trainer for only $9.99 per month.
This app has a huge library full of all types of workout that are very easy to follow.
The best thing is that they have different difficulty levels: Beginner, intermediate and advance. You can choose as per your stamina and need.
I legit saved a huge amount of money that I was previously paying to my personal trainer.
Saving money is easy:
By the end of the year, I was able to save $600, and this is when I realized that saving money is not that had. One of the most important thing that you need is determination. Once you make your mind that you have to save money, you will find more than just eight way to save money. You can easily make small changes in your routine, and you will be amazed to see how much difference it will back. The saving amount in your bank account will be worth all the planning that you did the entire year.