For most of us, saving money is something that we look for on everyday purchases or any other financial transaction. Personally, I always make sure whenever I am doing a financial transaction like purchases I aim to try to get the most out of my money.
I remember after buying our first house, we were in the need of a refrigerator and other things for our house. After searching different options on saving money, I was able to get a 20% discount on a refrigerator! We saved a decent amount of money and we used it to purchase other things that we needed at that time.
It is always a good idea to have an emergency fund, especially when unexpected expenses arise. Increasing your savings by $7,000 this year might sound a bit hard at the beginning but with some adjustments, careful planning and dedication I believe is totally doable!
You could use this money for different purposes like paying off debt, increasing your emergency fund, a dream vacation or for a special purchase. Think about the endless possibilities where you could use this extra money.
I’ve listed some ways you could apply and start saving money now. These methods could or could not fit your particular needs. However, in some way or another if you start taking the proper actions and follow most of these steps you could save probably even more than $7,000 this year!
How to Increase your Savings by $ 7,000 This Year
1. Cut the Cable
In case you didn’t notice, cable TV absorbs a big chunk of your take home pay. Every year the cost of cable TV gets higher. In fact, a recent research from Leitchman Research Group confirmed that the average cost of cable TV per household is around $103 monthly. This is a total of $1,236 per year! The worst thing is not only that but the fact that most people overpay for this service.
Fortunately, there are other options to consider when replacing the cable. For example, with a digital antenna like this one, you can watch local channels for FREE! Besides all the free channels you will also have the opportunity to enjoy HDTV shows!
Also, if you would like continuing watching your favorite network programs, a great option is to pair your digital antenna with an Amazon Prime Subscription. By combining both you will have not only access to tons of movies, music and TV channels on demand but also you will get access to two-day FREE shipping service on millions of items sold on Amazon. You can sign up for Amazon Prime and start your 30-day FREE Trial here.
Estimated Savings: $1,108/year
2. Budget your Grocery Expenses
Budgeting every month could have the potential to save you a lot of money! However, some people find budgeting too tedious… and let’s face it… sometimes it is! But, if this daunting task could save you hundreds or even thousands of dollars every month then it deserves its own time to set it up!
You could set up your budget and check how much goes in and how much goes out for every expense of your house. But one important thing about budgeting is that it could save you a lot of money every month on your household grocery expenses. If you are consistent and stick to your budget you could save at least an average of $100 per month on your grocery expenses (this could vary depending on the size of your family).
Estimated savings: $1,200/year
- How To Create a Budget: Budgeting for Beginners
- 11 Ways to Save Money on Groceries Without Using Coupons
- 5 Things to Consider when Setting a Budget
3. Use Ibotta for Cash Back
Besides setting a budget for groceries every month whenever I do my grocery shopping I love to use Ibotta, which is my favorite money saving app. With Ibotta, you earn cash back from your regular purchases at the store such as fruits, veggies, dairy, bread, household items and so on! You can even get cash back just for submitting your grocery receipt! Definitely, Ibotta is a great tool to use to start saving money. The best part of this app is that is FREE and super easy to use!
You can earn $10 by just signing up through my link and redeeming your first rebate. Make sure to enter the referral code WIKIJSJ so you can claim your first $10 as a welcome bonus!
Also, this article about Ibotta includes how you can successfully claim your first $10 welcome bonus!
Estimated Savings: $400/year
4. Start Taking Online Surveys
Taking online surveys is an easy way to earn extra money. Companies will pay you for doing a relatively easy task such as completing surveys, watching TV, reading emails or playing games. With online surveys, you have the opportunity of making a good side income every month and save this towards your savings.
I have personally used different online survey companies to make extra money. The best part, besides being a super easy way to earn some income, is that you can do it on your spare time while watching TV or drinking your morning coffee.
Online survey sites that I recommend are Swagbucks (Free $5 bonus just for signing up! Also, in this post, I show you how to make an average of $300/mo), InboxDollars (Free $5 bonus only for signing up), MyPoints (Free $5 bonus after 5th survey), Pinecone Research (Pay is $3 per survey), Survey Junkie (Fastest and easy way to start earning money), Vindale Research (Free $2 for completing your profile), VIP Voice ($1,000 free drawing), Global Test Market, CashCrate, Earning Station and Survey Club.
Estimated Earnings $600/year (It could be more or less for each person. It will only depend on the amount of time and effort you are able to put into it).
- How to Make $1000 a Month Working From Home
- How to Make $300 a Month of Extra Income
- 7 Easy Ways to Make Extra Money Now
- 12 Money Making Apps to Earn Extra Money
5. Avoid Eating Out
I think the majority of us enjoy eating out and have a great time. But honestly, it is an expensive treat! With this, I am not saying that you should never go out and enjoy a good meal at your favorite restaurant.
However, if you haven’t give it a thought, the average meal at a restaurant cost around $12 per person ( this could be more or less depending on where you live). So, simple math means that for two people going out to eat twice a week would be $48/week and this means that it will cost you $192/month eating out! This yearly is a spending of $2,304!
But if your goal is to save money for a specific purpose in mind then limiting the days of eating out would help you to save a lot of money! One way to replace eating out and save you a good amount of money is planning your meals for the week. If you need help on planning your meals for the week a great option that I recommend is the $5 meal plan.
For only $5/ month you will get the meal plan for the week and the exact shopping list you will need to make the meals sent right to your inbox. Every meal will cost approximate $2 or less to make. It will save you a lot of time and money!
Estimated Savings: $2,304/year
6. Cancel the Gym Membership
The average cost of a gym membership is around $40-$60 per month. Also, keep in mind that the majority of gyms will charge you for the initiation fee. So, counting all monthly costs and fees of going to a gym will cost you around $720 yearly!
However, getting in shape doesn’t mean you would have to drain your pockets on a gym membership. There are different alternatives to stay in shape on a budget or even for FREE! For example, if weather permits, you could take advantage of outdoor walks or run. These types of exercises are not only good for your body but they are also FREE!
You could also use tons of free Youtube videos to exercise. But, in the case that you prefer to follow a plan to exercise, I highly recommend my favorite workout video, Focus T25. I’ve used this specific workout routine not too long ago and I really loved the results! This option is more affordable than a gym membership and also worth it!
Estimated Savings: $720/year
7. Switch Car Insurance Companies
There is a high probability that you have stuck with your car insurance company for a while. If so, it is the time to start considering other places where you could get a great auto insurance coverage for a better price. Also, you don’t have to wait for your current auto insurance to expire. You could switch insurance companies at any time.
Another important thing to look for when hunting for auto insurance is to drop the coverage you don’t really need. Most of the time, these extra things could get quite expensive and take a big part of your money. Always look for the best auto insurance coverage that fit your current needs. Sometimes people add things that don’t necessarily need and this brings up to their costs.
Estimated Savings: $200/year
8. Sell your Stuff
Have you ever noticed how many things you have around your house that are not being used anymore? Things such as clothes, books, shoes or even old furniture can be sold through different places nowadays. Take advantage of the internet and start selling your old stuff. I once organized a garage sale and made around $800! So, making money by selling your own stuff is possible.
You could also start selling through eBay, Amazon, Craigslist or even Facebook and start making a good side income from it. There are many people that make a good living by selling their own stuff online or flipping items for profit.
Estimated Savings: $600/year
Total Potential Saving per Year $7,132
The list above has some steps that could help you to boost your savings this year. Following all the steps mentioned above your total potential savings for this year is $ 7,132! You could follow all the steps on this list or you could follow some, but one thing for sure is that with any of these steps you could have the opportunity to save a good amount of money this year.
Do you have any other ways to save money? What are they? I’d love to hear about it!
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My Top Favorite Resources:
Swagbucks: This is my favorite survey site where you can make extra money every single day. With Swagbucks, you earn SB points each time you answer surveys, search the web, shop online, play games, watch videos and more! Then you can redeem your accumulated SB points and convert them into cash via Paypal or gift cards. You have the opportunity to earn up to $35 per survey. So, it is definitely an option to try. Receive a free $5 bonus just for signing up today through my link here.
VIPKID, is an online teaching service that provides teaching English to children in China between the ages 4-12. VIPKID is currently hiring remote teachers and you could make between $14 to $22 an hour by working in your free time from home (or anywhere). If you have a bachelor’s degree in any field, this could be a great opportunity for you. This article explains all the requirements needed to become an online English teacher. Click here to learn more about VIPKID.
Ebates is an easy way to make extra money when shopping online. It is very easy to use, you go to their website and click the link from the store you would like to buy from. They give you cash back from shopping thru their links. You can also use discounts and coupons while shopping online. You can sign up for Ebates here and receive a $10 cash back FREE!