Everyones savings accounts look a little different.
If youre more like the latter and youre wondering how to save $5,000, its definitely doable.
Savings $1 a day is easy, but you wouldnt have $5,000 for about 14 years.
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But getting it done in a day or two likely isnt going to happen either.
If you saved $14 a day, however, youd reach your goal in about a year.
Thats about $420 a month.
Break it down in whatever way makes it more manageable for you.
If youre not sure where to start with your budget, some of our favorite budgeting apps areCleoandQuicken Simplifi.
Cleo even has a way to automate your savings so you dont have to think about it.
This goes beyond streaming as well.
Look through your credit card statements closely to see what regular charges you have.
We also likeRocket Moneys subscription management feature, too, which checks your bank account for any recurring charges.
Its a great way to discover subscriptions you may have forgotten about or no longer require.
Traditional checking accounts typically dont earn interest.
If you dont already have a HYSA, check outour list of our favoritesto research your options.
If you havent shopped around in a while, you could be getting cheaper premiums somewhere else.
Use something like The Penny Hoardersauto insurance comparison toolto see all your best options in one place.
Then, whatever money you save on your premiums, put into your high-yield savings account.
For groceries, meal prepping and using coupons are classic strategies.
We also have a guide with a full list of tips onhow to save on groceries.
Use acash back credit cardfor stuff youd normally buy anyway.
For online shopping, get theCapital One Shoppingbrowser extension or mobile app.
you’re able to also get alerts for price drops on items you want.
you might even earn a few extra bucks completing surveys with sites likeInboxDollars.
Small wins over time will only get you that much closer to your goal.
And celebrate your wins as you watch your savings climb (in your high-yield savings account).
