Saving money is hard work. It isn’t easy to cut money out of your budget without dramatically affecting your quality of life – but it is possible. And, of course, it is worth it when you are able to trim back your spending successfully. Even seemingly small items can add up to big annual savings when you look back at the end of the year.
The list below includes five ideas for how you could save $1,000 in the year ahead. Some of these points might not apply to you, but hopefully you can benefit from at least one or two of them. And who knows – if you can actually use all five, you just might save $5,000 in the next twelve months!
Cut the Cord
Many people are cutting cable out of their budget, and you just might be able to do the same. You can easily spend $100 or more on cable on a monthly basis, meaning you are likely spending beyond $1,000 on this service in a year. If that sounds like you, think carefully about how much you actually use the cable you are buying.
It may be possible to replace your cable subscription with an alternative, like a streaming video service – saving you nearly $1,000 a year as a result. We’ve done this and save about $1,500 per year. If you buy something like the Amazon Fire TV Stick you can still get most of the same content with little upfront cost.
If you use your gym membership, you probably shouldn’t drop it – the health benefits associated with regular exercise are likely worth more than the financial savings you could enjoy. However, if you pay for the gym each month without ever stepping foot inside the building, now might be the time for a change.
If your gym membership is as expensive as some around the country, this is another budget cut that could get you near $1,000 in savings for the year.
Downgrade Your Ride
Do you lease your vehicle? If so, you might be able to save $1,000 per year (or more) if you are willing to downgrade to a less expensive model. Sure, you might have to give up your heated seats or that fancy entertainment system, but you will love the savings that you enjoy as a result. Of course, you need to make sure that your lease will still meet your needs from a mileage perspective, so don’t go too far in cutting back.
Cut Two Meals Out a Month
Believe it or not, cutting back on your restaurant trips by two meals a month could actually add up to $1,000 in savings over the course of a year. You only need to save a little over $80 per month to hit that mark, which may not be too tough if you are used to eating out at nice dinners and ordering drinks and dessert. You can still go out from time to time, but make it a goal to cut out two per month and see what that does for your budget.
Don’t Go on Vacation
Vacations are fun, of course, but you could stand to save $1,000 by simply skipping a vacation this year. In fact, depending on the kinds of trips you usually take, you might stand to save even more than $1,000. You can always take a staycation instead! If a vacation is still in your plans, check out Expedia to get money saving deals.
Have you cut any of these things to save money in your budget? Can you think of any other ways to save $1,000 in a year?
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