Baby steps can make a big goal look much more achievable. A $5 daily savings goal is a small commitment that can have a big impact over time. Following this practice for a year adds up to $1,825 to fund your emergency savings account, put a down payment on a car, or treat yourself to a vacation.
Saving money works best when you have clear goals that fit into your daily life and habits. We’ve figured out 5 easy ways to save an extra $5 per day without sacrificing the things you enjoy most.
The average American family wastes more than $2,000 worth of food every year, according to the National Resources Defense Council. That means a typical family is throwing away about $5.47 daily in the form of spoiled or unwanted food.
Reducing food waste (and the wasted money that goes with it) works best when you have a plan. Use these tips to get started:
The classic money-saving tip is alive and well, and even easier to do in the digital age. You no longer need to sit at the kitchen table clipping coupons from a newspaper (although it’s still worth glancing through flyers if you’re planning a big retail purchase). Websites and a variety of apps let you search for promo codes and special offers in a matter of seconds. You may find $5 or more in savings on many of the goods and services you need. Here are a few popular options to hunt for deals:
Use an ATM from a competitor to your bank, and you could get hit with multiple fees. The ATM’s bank may charge a fee for processing your transaction, and your own bank adds a fee for using an ATM outside of their network. The combined fee is often around $3-$7, and it can be even higher if you’re using a non-bank ATM.
Instead, when you need cash, find a nearby ATM from your own bank. Another way to get cash more cheaply is to use the cash-back option on a retail, such as a supermarket transaction. Purchase an inexpensive item you needed anyway to get the most value out of your money.
Lots of people enjoy unwinding in the evening with their favorite show or sports game. But if you’re typically logging into a streaming site like Hulu or Netflix, it may be time to consider whether the cable bill is a worthwhile expense.
My husband and I got rid of cable when we realized that out of 200+ channels, we only regularly watched 3. Why pay for something when we didn’t use 98% of it? Once we got used to accessing new episodes a day or two after they aired, we never looked back.
One “cord-cutter” fan estimates he saves $533 annually, even after factoring in the cost of additional streaming services. Depending on your cable bill and which streaming options you purchase, you may save even more.
(Can’t find your favorite TV shows without cable? Apply this tip to another form of entertainment you’re not using fully. Membership fees can add up, and they’re easy to miss if you’re only charged quarterly or annually.)
For some of us, the issue isn’t that the budget is too tight to spare $5 without changes, but that being disciplined about saving is challenging. Set up a daily, weekly, or monthly auto-transfer so you don’t even need to see the money leave your account. If you like to have a visual reminder, hang a progress chart, or mark your calendar every day you meet your savings goal. Using a symbol like a chart or gold star is better than saving $5 bills in a jar in your apartment since the actual money will be more secure in the bank.