Saving money for a rainy day or an emergency fund doesn’t have to involve drastic changes and dramatic cutbacks. Just think: if you save just $5 a day for a year, by the end of the year you will have an extra $1,825.
So how can you save $5 a day?
Drive Less. If you live in an area that requires you to drive often, try to consolidate your trips so you’re not driving back and forth to the same locations as often. If you live in a major city, try to walk or take mass transit. Cut back on using your car and you’ll not only save gas money, but also prevent wear and tear on your car.
Shop Deals. Whether you are food shopping or buying a sexy new outfit, always keep your eyes open for any specials, discounts or deals that you can take advantage of. Check online to see if there are any special coupons or discounts that you can print out and “like” your favorite brands on Facebook, where you can often find coupons.
Drink Less. Water, coffee, juices and cocktails all add up. Drink tap water, brew coffee at home and maybe even invest upfront in a juicer, coffee machine or water purifier, each of which may cost you money upfront but will save you money overtime.
Save Change. We often underestimate the power of loose change. Quarters, nickels, dimes and even pennies add up. Collect all your loose change in a jar and, when full, go directly to the bank and deposit it into your savings account.