10 Creative Ways To Pocket Over $20K
Do your financial goals seem to be out of reach? Saving is important, but it is difficult to know how to get started. That is where we come in. Here are 10 creative ways to save over $20,000.
Pay attention to recurring payments. Potential savings: $1,200 -$2,000 annually
Unknown fees or recurring expenses on your account could be money-sucking expenditures you don’t need. A typical cable bill is $100 a month ($1,200 a year); an unused gym membership can add up to be $800 annually. Once you understand where your money is going, you can strategize ways to remove those monthly expenses and increase your savings. Many individuals are opting for less expensive on-demand streaming services or relying on at-home fitness apps to cut costs without compromising their health or entertainment.
Increase your income. Potential savings: $2,500 annually
Easier said than done, right? But there are several low commitment opportunities you can make money on. For instance, rebate apps or online surveys. If you have the time and energy to take on a slightly larger side gig, you can consider driving for a ride sharing company, becoming a mystery shopper, dog walker or renting out your guest room, earning you an additional $200 or more a month.
Consider a roommate. Potential savings: $12,000 annually
Did you know you should be spending 30 percent of your gross monthly income on housing? Did you also know the average monthly rent cost of a 2-bedroom apartment in or near downtown Denver is around $2,000? Consider getting a short-term roommate to reduce the amount you spend. This could result in saving close to $1,000 a month.
Kick your café fix. Potential savings: $1,100 annually
Your daily morning latte is not the healthiest for your wallet or your waistline. Studies show that the average person spends $3 on coffee each day. If you limit your habit to once a month that is a savings of $1,064 annually. Or you could even save $1,100 a year by making your coffee at home.
Try other forms of transportation. Potential savings: $1,150-$4,000 annually
If your office is downtown, where average parking runs about $17 a day, you may want to consider scrapping the drive in (and the subsequent $20-plus gas bill every time you fill up), and checking out public transportation options instead. Find other ways to save money on the commute. For example, take the bus, carpool, or ride your bike to work.
Never pay full price. Potential savings: $960-plus annually
Here’s a fun tidbit: grocery stores release their weekly sales on Wednesdays. What’s more, clearance items usually get stocked on shelves in the early morning hours or late evenings, meaning this might be the best time to get drastically reduced items. If you switch to buying generic brands, you could save nearly $20 a week. Here are nine other shopping strategies that can save you big.
Curb your dining out habits. Potential saving: $1,500-$3,000 annually
The average household spends an around $3,000 per year on dining out. Even if you reduce the frequency of dining out by half, that is still a significant savings. Brown bagging your lunch, cooking easy-to-make dinners that leverage low-cost, healthy staples like beans, rice, spices, etc. or prepping meals in advance, are some of the ways you can easily recoup dollars without sacrificing taste.
Master the 72-hour rule. Potential savings: $5,400 annually
The average person spends $450 per month impulsively. Whenever you feel the urge to splurge, force yourself to wait 3 days before deciding whether or not to buy those items in your Amazon cart. This will help stave off any impulse buys and make you less likely to buy big ticket items you don’t need.
Make saving automatic. Potential savings: $8,000 annually
Paying yourself first is probably one of the most impactful things you can do to pave the way towards financial freedom. Setting up an automatic transfer from your checking to your savings every paycheck is an effortless way to do so. If you try aiming for the rule of thumb: 20 percent of your monthly salary to savings, you could be saving $8,000 a year (off a $40,000 salary).
Make saving easy with an Anywhere Account with eSave. Potential savings: $325-plus
Speaking of automating savings, when new customers open a FirstBank eSave Account Package, an automatically linked saving and checking account, you could receive a $300 cash deposit after meeting these qualifying steps. In addition, if you rack up $500 in your eSave Savings account within the first year, you may be eligible for an additional $25.
The great thing about the eSave Package is how quickly your savings can grow. For each Visa Debit Card, Bill Pay, or Electronic Funds Transfer transaction, FirstBank will transfer an amount you specify (1 cent to $99) from your Anywhere Checking account to your eSave Savings account, making ‘paying yourself first’ out-of-sight and out-of-mind. Swipe your card, save money. It’s that easy.