5 Ways To Save $5000 In A Year
May 17, 2025
How to Save $5,000 in a Year—Even on a Low Income
But don’t worry—if that sounds impossible. I’m going to break it down and share 12 realistic and normal ways to make it work!
Savings Breakdown:
To save $5,000 in a year, you need to set aside:
📅 $5000 per year
📅 $417 per month
📆 $96 per week
📅 $13.70 per day
Ways to Find Extra Money to Save
💰 1. Cut Unnecessary Expenses (Even Small Ones!)
- Swap coffee shop runs for homemade ($5/day = $1,825/year!) which is not enough to buy a house, but it can help with savings.
- Cancel unused subscriptions ($10-$30/month adds up!)
- Meal plan & limit takeout (cutting $50/month = $600/year)
💼 2. Find an Easy Side Hustle
- Sell clutter (old clothes, electronics, furniture) = $500+
- Babysitting, pet sitting, freelance gigs = $50/week = $2,600/year
- Maybe doordash or uber a few days or nights, depending on your schedule.
📊 3. Automate Savings & Track It
- Set up automatic transfers ($20 every few days = painless saving!)
- Keep a visual tracker to stay motivated
🎯 4. Use Windfalls & Extra Money Wisely
- Tax refund? Save half before spending!
- Work bonuses, birthday money from nana, or rebates? Add them to savings!
🔄 5. Make Saving a Fun Challenge
- Try a No-Spend Month and stash the extra cash. I tried to do it in January. It was an absolute fail. I don’t remember if I did a follow up video. I may have mentioned it in some video. My son got sick, I then got sick. My sister was supposed to visit, so I needed extra things. Then a blizzard changed those plans.
- Do the 52-Week Savings Challenge (save $1 the first week, $2 the second, and so on—ends with $1,378!) I need to make some free printables of savings challenges. Someone remind me please.
Do you have any suggestions? I love reading about suggestions. What I like about our small but growing community, others who have been there or are still there now have some really helpful suggestions. Please leave your suggestions in the comments.
