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Super Saving: How to Add $10,000 to Your Savings Account in One Year

Posted by : Premraj | Posted on : Thursday, June 30, 2016

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If you’ve ever done any research on financial freedom you’ve likely come across the terms “emergency fund” or “rainy day fund”. Essentially it means to have money put aside in an account to save for one of those days you need it. While experts go back and forth on exactly how much you should save, the gist of it is… you need to have that emergency backing.

When you’re living on a tight budget as it is, it can be challenging to save a few pennies, let alone a few thousand dollars. There always seems to be something that needs immediate financial attention. OR there’s not enough money to go around. You realize that finding ways to save will prevent you from having to borrow funds later – and really getting in a jam.

The question for many is how… how in the world do you find the means to save hundreds of dollars each month. What if we told you that it’s possible to save as much as $10,000 in one year? Dave Ramsey, financial author and motivational speaker, gives you some suggestions here, but, check out this list of solutions below:

Stop Buying Lunch – $1800

Do you eat out for lunch every day? If so, you could be throwing money down the drain. Even if you have a modest budget of $7 per day for lunch, you’re looking at approximately $1800 per year per person. However, bringing in leftovers from home or packing your lunch can cost a lot less.

Stop Driving to Work (Carpool) – $850

According toSC Johnson, the average person commutes about 20 miles round trip to work. In doing so, you easily go through a gallon of gas per day. Hitching a ride with a coworker on the other hand could save you approximately 260 gallons of gas or around $850 in gas costs per year.

Stop Watching Cable – $960 – $1008

According toYahoo Finance, the average household spends about $99 per month on cable packages (excluding premium channels). That’s a whopping $1200 per year for a service you likely use ¼ of the time. By cutting the cable cord and utilizing free or affordable platforms to catch up on shows and movies, you could save yourself a decent amount of money. Even if you subscribed to Netflix and Hulu, you’re looking at a combined cost of $16-20 per month. So you could easily save anywhere from $960 to $1008 for the year.

Share a Cell Phone Plan$888

US News states that the average Verizon Wireless cell phone bill for an individual was approximately $148 per month for a total of $1776 per year. While cell phones have become a pretty commonplace item to have for families, it doesn’t have to be so expensive. Now that most carriers offer unlimited plans that include unlimited talk, text, and data, sharing your monthly plan should be easy. Even if you don’t have enough members in your household, you could share a plan with a family member and split the costs. Splitting the costs in half would save you $888 for the year.

Buy Generic Brands – $4716

Did you know that the average American family of four will spend about $786 a month ($9,432 per year) on groceries? That’s a hefty price tag to get your three square meals a day. If you want to see significant savings, the best thing to do would be to start switching to generic or store brand products. They are typically half the price of name brand products which can slash your grocery bill in half saving your family a whopping $4,716 per year.

Make Your Home Energy Efficient – $600

According to Energy.gov, the average American family spends about $2,000 per year in energy costs. By utilizing energy savings tips such as changing lightbulbs, sealing off cracks, reinsulating the attic, and unplugging unused appliances you can save as much as 30% on your energy bill each year.

$10,000 seems like a whole lot of money when you consider your budget and bills. It might almost seem impossible to accomplish. However, if you simply take a step back and evaluate your spending habits, you may find that there is room for savings. By trying each of these tips listed above over the next 12 months, you’ll without a doubt have $10,000 in an interest bearing savings account before you know it.

 

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