How to Save $5000 in 3 Months

Saving $5000 in three months might not seem possible. And if you are a family who lives paycheck to paycheck, this could seem like a monumental task that could take an entire year, much less a quarter of that amount of time. So how can you save $5000 in three months?

Read on to learn everything you need to know about saving $5000 in three months.



The best way to achieve any financial goals is by creating a plan to get you there, and saving $5000 in 3 months is no different.

STEP 1: Look at your bank and savings accounts and see what you already have saved, so you have a start to point.

STEP 2: Once you know your savings goals, break them down into smaller, measurable goals. For example, how much do you need to save each week or month to meet your goal?

STEP 3: Set up a place to save your money. Whether that’s in your bank account, in cash stuffed inside an envelope, or separate savings account if you have trouble holding onto savings.

STEP 4: Create a savings tracker to ensure your savings plan stays on course.


pile of cash on white counter


The prices for everyday food items keep rising with no end in sight. Learning how to save money on your grocery bill can free up money that can then be moved over to your savings.

A good start is paying attention to prices and foods you eat frequently.

Some other ways to save money on your grocery bill are:

  • Bulk – One way to save money when buying commonly used grocery items is to buy in bulk. Buying in large quantities gives you a discount to save more money on your regular grocery bill and can often be the best deal per unit of the product.
  • Meal planning – Knowing what you plan to eat for all your meals before heading to the grocery store is another key component when it comes to saving on groceries. Keeping a list of the exact ingredients you need to make the meals will keep your grocery budget on track and on your way to saving money.
  • Clip Coupons – Coupons are a great way to save money on your grocery bill. Pay attention to coupons and keep an eye out for items you purchase regularly.
  • Buy Off Brand – Another great way to save money in the grocery store is to buy an off-brand instead of the name brand.
  • Try New Stores – Going to the discount grocery store is an excellent way to save extra money. Sometimes, leaving the store you always frequent can lead you to better cost savings.


When you are trying to save money, you have two options: cut costs or increase your income.

Today side hustle culture is alive and well. There’s never been a better (or easier) time than now to make a little extra money.

Some great options for side hustles to get into are:

  • Delivery – Businesses like Door Dash, Uber Eats, Uber, and Instacart– all employ delivery drivers.
  • Freelance Writer – The internet is full of articles and stories about products and how-to’s that need someone to create them. Freelancing doesn’t have alot of start up costs, and there is no real shortage of work in the content creation sector of the internet. If you are looking to jump into work quickly, there are sites like Fiverr and Upwork to get you started.
  • Driver – Being a driver is another side hustle that can net you some quick cash. You typically have to have a clean driving record and a dependable car to start. Although this is a great option for people looking for flexible hours.
  • Second Job – Fitting another part-time job into your current life can certainly be challenging. The key here would be finding something that works within your current schedule.
  • Online Store – A great way to make some extra money and still get out and shop are to have an online store. Etsy, Shopify, Amazon, etc are all great options when it comes to setting up a digital storefront.
  • Graphic Design – Graphic design is an in-demand skill with a variety of applications and ways to sell your skillset!
  • Sell Unused Items– Facebook Marketplace or a yard sale are easy ways to make some extra cash fast.
  • Become a Virtual Assistant

Picking up a side hustle can make you anywhere from $100 to $500 a week, depending on the activity and your availability. If you aren’t sure where to start, consider starting with something that you already enjoy.

If you love animals, consider working at a Vet clinic or pet sitting with the app Rover.

If you are super crafty, check out Etsy. Etsy allows you to sell your own handcrafted items (both physical and digital products), the cost being a small commission.

Get creative!


Another excellent way to build your $5000 in three months savings is to refinance or renegotiate your loans.

Negotiating a lower interest rate has the potential to put several hundred dollars back into your pocket each month.

For example, if you have credit cards with high interest and have been a good customer with a consistent on-time payment track record, you may be able to negotiate lower rates based on that relationship!


Creating and sticking to a budget is an important first step in effectively managing your money.

Organizing your monthly income and bills is the easiest way to see just how much money you have obligated and what you can reasonably cut back.

Conduct an audit of your current expenses to evaluate where you have opportunities to save money and shift it over to savings.

An easy way to do this is by looking at past bank statements or credit card statements to see expenses you can cut.

Pick some easy categories that can be trimmed from your budget, like streaming services, a gym membership, or cutting back on online purchases. Amazon prime has made it easier than ever to spend money without much effort. Taking a look at Amazon online shopping is a good place to start looking to cut back on online spending.


With a no-spend challenge, you set up a specific time frame- for example, a week challenge. Then for that time frame, you don’t spend any money. While the challenge itself is very straightforward, you’ll need to prepare for the challenge. You need to make sure your bills are paid, you have food to eat and gas in your car– whatever you deem a necessity. This simple step of preparing can help you not just stick to the challenge, but it also helps you do identify spending habits that you possibly didn’t realize you had.

That $5-morning coffee run. Buying a quick soda from the office vending machine.

It is often not the big expenses that are knocking us off track. It’s usually many small expenses.



Once you’ve identified monthly bills you can either cut or reduce, consider setting up automatic transfers to make saving money even easier. Automatic transfers allow you to make saving a priority by setting these transfers to happen on a regular basis.

The only word of caution is to ensure you account for these monthly transfers in your budget.


Saving $5000 in three months is not only possible; there are tons of ways out there to help you achieve this goal. By sticking to your budget and making a few adjustments, you can begin building your savings and working your way toward your goal of $5000.

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Kristen is the founder and content creator at Mom Managing Chaos where she teaches busy moms how to simplify and organize their life and finances. She writes about frugal living, budgeting, productivity and organization.