Have you ever wondered how much you would have saved if you stopped spending your money on things that are not that important?
Well, if your answer is No, you need to think about that twice. And if your answers is Yes then I guess you see how much money you have put out there that you shouldn’t have, and be able to save $5,000 in a year.
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Today, I’m going to give you a one year challenge of saving $5,000 In 12 months (1 year). On this post I have put down 6 things you should stop doing to save $5,000 in one year.
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Now here are the top 10 things you should consider to stop spending much money on to be able to save $5,000 in a year.
1. Stop Buying Newspapers and Magazines.
Stop spending your money on expenses entertainment things. If you really love to read, you can consider downloading free Apps that offer free books. This type of apps have great stories some of which you probably haven’t heard about yet.
If you are that kind of a person that buys newspapers and magazines to follow up on new trend and news coverage, you can always do that online completely free instead of spending dollars every single day on a new newspaper.
YouTube is the best free online entertainment website. Whatever is going to be published on the magazine’s and newspapers that you buy daily is also going to be posted on YouTube for free viewing. Everything and more, from music to celebrity news to actually news to fashion and updates. Also Instagram is a great app for all that. Think about it for a second. Also, you should check out Amazon Prime it offers on-demand, ad-free music streaming and unlimited readings on selected books and magazines.
Let’s assume you actually love reading that much. You can always visit your local library and read as much as you want for free. Or borrow several internet magazines and books that you like from a charity shop.
2. Stop Buying Expensive Clothes.
I completely understand everyone wants to look outstanding. People want to look good, and there’s completely nothing wrong with that. But Why spend a lot of money just to look good?. You don’t have to buy famous brand clothes to look good, of course you don’t.
People this days spend so much money on a regular trouser or sweatshirts and shoes just because they have a certain logo of a famous brand name. If you think about it, you will notice you are only spending so much money every year on clothes to make that brand richer every year. Think about yourself for a minute. You might save enough to start your own clothing line the next year.
Plus, there are many websites online that you can sell used clothes on. If you happen to have some spare clothes that you don’t wear anymore or the ones that can’t fit you. You should consider selling them for an extra buck and boost your saving process.
3. Stop Your Netflix Subscription.
Find something else more useful to do. I’m not only talking about Netflix, I’m talking about any expensive TV subscription and all that. WHY YOU SHOULD STOP YOUR NETFLIX SUBSCRIPTION: there aren’t many must watch movies to watch nowadays, and Netflix is getting more expensive. The 4k content on Netflix is low nowadays.
If saving $5,000 this year is your plan then watching TV shows and movies should be out of your spending list for a moment.
Instead of spending 2 hours looking at the screen, go outside and take a walk, cut grass and clean your backyard, wash your car, if your leaving with your parents wash their cars for a few bucks, cook vegetables, learn new cooking skills, eat healthy food hang out with your friends, walk your dog, learn new languages, listen to podcasts, do laundry, do some exercise. Non of this things will make you spend money, instead they will help with your diet and good health
4: Stop Eating Restaurant Meals.
How much money do you put on the table for a restaurant meal? Let’s assume you eat dinner at your favorite restaurant for $15 per meal. Because you love their food you go out for dinner twice a week and spend an average of $15 per meal each. This means you end up spending over $1,500 a year, alone, just on dinner that you eat only 8 times a month. I’m not saying you should stop going out. Go out and have fan, you deserve it. But reduce the number of times you go out, and you could easily save $800 that year.
Buying ingredients and cooking your favorite meal at home will be way cheaper than ordering the same meal. Call your friends out and do a cook out together, you will have fan and save money.
5: Stop Spending Without Money A Plan
Stop spending money without any planning, to be able to save $5,000 in a year the worst you can do is spend money without even keeping track of it. You may be surprised about where your money is going on the long run. Keep a record of what you spend to see how small expenses add up. Actually, you may not think that coffee every once in a while can make a dent in your savings. But the time you will see the sum of your purchases on coffee only, you might change your mind.
The easy way of having a plan on your money spending habits and decrease it tremendously is by breaking your long-term goals into smaller, this way you will figure out what’s important at the time and what can actually wait until you can fully afford it. This way you will know how much goes for saving, and set the right limits on your non-essentials budget easily.
6: Stop Paying For Gym Membership.
Now, I want to be clear here, there is 100% nothing wrong with hitting the gym. I do myself, so you also should, it’s good for your health.
But. Gym membership can really dig out your money if you don’t think of it the right way. Let’s assume Joyce likes to stay fit and healthy, so Joyce decides to pay for a gym membership at a local gym in her town, she pays the full package of a year membership. Now Joyce goes to the gym almost 4 times a week if she’s not busy, but three months down the line, she gets promoted at her job so her work schedule changes.
Now Joyce doesn’t have the 4 days she had to hit the gym, so she goes to the gym only once a week and she’s only free on Sundays, but the gym usually closes on Sundays. So technically Joyce goes to the gym 4 Times a month but she already paid for the whole year membership. Can you calculate how much money Joyce has lost on how many days she hasn’t gone to the gym.
So if you have to go to the gym consider pay-as-you-go classes, or The free way is to go for a run in the park in the morning, or consider workout at home.
Those are the 6 things you should stop doing to save $5,000 in one year. Do you have a useful idea we did not list? Please add it down, at the comment section.