How To Save $5000 In 3 Months

For some individuals, how to save money was not prevalent in our home growing up.  Likewise, saving was a word we heard individual say, but was never taught how to actually save.

You might say how will I save that much money in 3 months and why do I need it. For sure, being financially secure, putting a down payment on a house, having an emergency fund, are a couple of good reasons why you need to save $5k.

How will I save $5000 in 3 months? Savings are generally made by spending less today so that you will be able to have more in the future. The importance of saving money has to be understood in depth because savings enable you to not be completely dependent on your monthly salary to sustain your current lifestyle and also to plan for your long term financial security.

Well I’m going to tell you

Pay yourself first is a great way to save

What is paying yourself first? It is taking 10% minimum from your income and putting it into your savings account first before spending on anything else including bills. Just remember paying yourself is key when it comes to saving for anything.

Moreover, it is more convenient to do via automatic savings before you do any other spending, so paying your daily, weekly, Bi-weekly or monthly saving for your $5000 goal. To reach the goal in 3 months an individual would have to save $55.57 per day, $417 every week, $833 bi-weekly or $1667 per month.

Create a budget to save

One of the first steps in saving money is knowing one’s budget. Not knowing your income and expenses is not knowing where you want to be and this will lead to not achieving your saving goal.

So, knowing how much you are making and spending is very significant when you are on a budget. Create a monthly budget, this will be a guide on how to save $5000 in 3 months.

Having a budget helps you get to where you want to be financially. Furthermore, this will help you to stay on track and will give you some reassurance that you will reach your financial goals.

Living beyond your means can be stressful. But with budgeting, you can work toward putting yourself in a position that gives you more control and a little more peace of mind.

Monthly Expenses

Make a list of all your fixed expenses, meaning what you pay every month:

Mortgage

Utilities

Insurance

Loans (student loans, auto loans, credit card payment). Review your monthly expenses and update them as necessary. This can help you reach your long-term and short-term goals.

Side hustles increase savings

For individuals who think they cannot save that much money because of their income here are tips to increase your income. Start doing side hustles, they are great ways to make extra cash. Most of the time, if not all, you create your own hours. Here are some lists of some:

Instacart Shopper

DoorDash

Uber taxi/food 

Lyft

Pet sitting

Baby sitting

Become a tutor if you are good in any subject

Create your own business

Become a virtual assistant

Sell things that you know you will not use or wear again.

Return items/things  (clothes/shoes) back to the stores, some stores return policy can be up for late return.

Plan Ahead

Make a list of the things you need at the supermarket, this will definitely help with unnecessary and impulse spending. Also, Coupons are very helpful when shopping at the supermarket or any store that collects coupons.

How to reduce expense to save

Meal prepping is another great way to save money because knowing what you want to eat  for dinner for the week will help you to save.

Cancel unused subscriptions like cable, gym membership, Netflix, HBO, hulu is very important when it comes to saving for that $5000 goal or any money saving goal.

In addition to that, it is crucial to keep in mind that when these services are not needed, you should cancel them because it is something you do not need.

Cut back on eating out, $5 and $10 adds up. For example, $5 for a cup of coffee/tea for a work week adds up to $25 for the week. You will end up spending $300 for 3 months.

Bring coffee/tea to work

Take your own lunch and snack to work

Do not take out payday loan

If not using your gym membership, cancel it.

You don’t need to buy brand name products at the supermarket. Unbranded products work and taste the same, usually the same brand name company makes the unbranded products.

Be Confident In Yourself and Savings

And last, have a positive mindset for everything, especially in achieving your goal. You might think you cannot do it, but you can. I believe nothing can beat a doer, you might not succeed the first 3 months, but not giving up will get you to your goal. You’ll be surprised by how much a simple change of attitude can help you to manifest more money and prosperity.