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?
Saving money at this rate can be intense and may require some major work to accomplish. So read on learn everything you need to know about saving $5000 in three months.
Saving Money at the Grocery Store
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 place to start is by 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 that can save more money off your regular grocery bill.
- Make a Plan – 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.
Find a Side Hustle
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, Instacart– all employ delivery drivers.
- Freelance Writing – 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. U
- 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 is to have an online store. Etsy, Shopify, Amazon, etc are all great options when it comes to setting up a digital storefront.
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 checkout the app Rover.
If you are super crafty, checkout Etsy.
Refinance & Renegotiate Your Debt
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.
If you are a customer in good standing, it may pay to give your lenders a call and see what you qualify for.
Trim the Fat in Your Budget for Serious Savings
Having a workable budget is super important when it comes to money management.
Having a clear picture of your spending and your income gives you an idea of how much money you have left to allot to savings.
Conduct an audit of your current expenses to evaluate where you have opportunities to save money and shift it over to savings.
Pick some easy categories that can be trimmed from your budget like streaming services or gym memberships.
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.