What would you do if you had an extra $10,000 (ten grand) in your pocket today?
Just think of what an additional $10,000 a year could do for your family.
A few simple changes in your shopping habits can really add up to some BIG savings. Find out how to save Ten Grand this year!
I spoke about this topic on my Savings Segment on Fox. Watch the replay video here:
The reality for many of us is that an extra ten grand would cover our living expenses for a few months, pay off the remaining debt we owe, or help fund our child’s college tuition down the road.
No matter what financial situation you are in, I believe you can save an extra $10,000 this year! Read on to find out the specific ways you can save ten grand this year.
Stop Eating Out
In this example, I am going to use a family of four, but of course, adapt these numbers to fit your family.
The average person will spend roughly $8-$12 on each meal they eat out, and this is usually before tip.
For the sake of our example, I’m going to use $10 a person. For a family of four, this would be $40 total, not bad right? Although it’s never that cut and dry. You see when families dine out; there’s usually appetizers and soda involved making your total closer to $15 a person. Now your total would have reached $60 for your family of four, and including a 20% tip, you’ve now spent $72 on one meal for your family.
Even if you only eat out once per week, that is still $3,744 a year! However, most families will go out to eat twice per week doubling the expense for a total of $7,488.
Instead of going out to eat, keep your hard earned $3,744 in your pocket and make your meals at home.
Make crockpot meals, so you don’t have to spend time cooking or freezer meals if not wanting to cook is the issue. If you don’t want to do dishes, try out a one-pot/pan meal to lessen your clean up.
Back up a second, because I want to be sure you realize just how much of an impact this has on your finances. Even if you only spend our original number of $40 per week, that will amount to $2,080 in one year.
I know it will feel odd, but give yourself a raise and eat in instead!
Cut Your Cable Bill
When I was a kid, Netflix wasn’t even invented yet, and the idea of streaming your shows didn’t exist. In those days, if you wanted to watch something you had to have cable.
Cable is no longer a necessity, and there are so many wonderful alternatives to cable that work just as efficiently. If you still want to enjoy the Olympics, Super Bowl, and watch the ball drop on New Year’s Eve, purchase a digital antenna to watch live TV without cable (they are only around $80 total, not monthly!).
If you want to watch some of your favorite shows, streaming services such as Netflix, Hulu, Vudu, and Sling TV can allow you to watch all the shows and movies your heart desires. At $100 or more each month, you can’t afford not to cut your cable bill!
When we cut our cable bill a year ago, we found that it saved us over $600!
Go On A Clothing Ban
The average American household spends about $2,000 on clothes each year. This includes outerwear, bathing suits, work clothes, and even yoga pants. And don’t forget the ever-so-important fashion item: SHOES!
If you are working at a job that earns you $20 per hour, this means you will work for 100 hours just to afford your clothes!
The truth is that many of us have all the clothes we need right in our own home!
Unless you have a growing toddler or kids in the house, you can probably get away without buying new clothes for a while.
Save that $2,000 per year on something more important and learn to take care of the clothes you have. (we’ll leave the shoe spending in the budget for right now)
Stop Buying Books & Magazine Subscriptions
It always stuns me to see how many people pay for their books. The average cost for a new book is about $12, and this is if you can find a bargain. This does not include the price of an audiobook, which is closer to $20 or an ebook.
If you are buying reference, textbooks, or cookbooks, you could spend even more.
Avid reading families will pay nearly $288 for books each year if they purchase a mere 12 books a year (only one a month). Which for a four-person family, comes out to only three books per person for the entire year!
Instead of buying your books get free books instead! Use your local library or Prime Reading if you have a Prime membership and stop paying for your books. And don’t forget the free magazine subscriptions! I never pay for those!
Adding It All Up
Were you keeping up with all that math along the way? It’s time to summarize the savings towards ten grand.
Stop Eating Out Twice A Week: $7,488
Cut Your Cable Bill: $600
Clothe Yourself Outta Your Closet: $2,000
Get FREE Books: $288
TOTAL = $10,376 ($6,632 savings if you only eat out once a week)
As you can see, with a few simple changes, anyone really can save ten grand this year. It may involve changing some habits you’ve had for years, but I promise it will be worth it in the end! If you think you can’t make it for a year, take 52 sheets of paper and write inspirational sayings on each one to help you go 52 weeks without clothes and restaurants. As each week passes, count down your time and count UP your savings account! Watching progress happen always inspires you to keep going!
YOUR TURN: How often do you buy new clothes? How often do you buy books? Let me know in the comments below!
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