Save 5000 in a year without cutting entertainment
You’re looking to save money and not be bored. It sounds difficult, but it doesn’t have to be. You can even lose weight and get healthier in the process!
Some articles on how to save 5000 in a year talk about making more money. The problem with that is that’s focused on earning more money not saving more money.
We spend a lot of money and time on things we don’t really need. Saving is something we know we need to do, but often don’t.
Here’s how you save 5000 in a year without cutting entertainment:
Step 1: Cut your phone bill
A couple with a family plan on a major carrier runs about $90/mo plus taxes and fees of let’s say $10 per month.
With wifi almost everywhere you go, you don’t really need that expensive bill. You can use a service like TPO Mobile (referral link), who gives part of your bill to charity each month, to cut that huge expense to $18/mo per person, so $36/mo total plus taxes. This saves about $60/month for $720 in a year.
Step 2: Cut the cord on cable.
Drop the $100/month expense and replace the bloated package with Sling ($20), YouTube (free), Netflix ($11) and Hulu ($8) for about $40/month. You’ll have plenty of choices for entertainment. Save $60/month for another $720 in a year.
You don’t lose entertainment, you just get rid of the 100+ channels you don’t watch. There are plenty of funny and interesting shows on Netflix, Hulu and Youtube. Plus, with Sling you get a bunch of regular cable channels for a lot less money.
Step 3: Cut your home phone service and/or business phone service
Replace a home phone with Google Voice (or nothing) will save about $120 in a year (I’m basing this on it being a cheap add-on to your cable plan).
Business phone service is the killer. Whether you’re a freelancer or have a small office, having a business phone service is a huge drain on the pocketbook. There are better alternatives.
A business phone line from AT&T (a company with special government benefits and awful prices for everything they offer) is $60 per month. You can get a business phone line with Sideline for $10 per month or Flyp for $8 per month. That switch saves you $50 per month per line, which adds up quickly if you have a few lines.
Replacing one business phone line with a smart app for your phone saves $600 in a year.
Step 4: Fewer trips to Starbucks
Having just one fewer latte per week will save you $220 in year. And if you usually got a muffin or other snack with your latte, you’ll save another $130 in a year for $350 in annual savings.
All that sugar and gluten is super unhealthy anyway, they cause inflammation and drain your energy instead of giving you the boost of energy you’re seeking.
Plus, you could drink a LOT more water and feel much better.
After four steps we’re halfway to our goal to save 5000 in a year! Let’s finish strong!
Step 5: Drink Less Alcohol
You don’t have to give up drinking entirely, but going alcohol free for 30 days would be beneficial for your mind, body and wallet.
If you drink at home instead of the bar, you save a ton of money and get to know your friends better.
Instead of going to the bar to watch football every weekend, have a few friends over and split the cost of food and have them bring their own drinks. One trip to the bar with a snack and 3 drinks is easily a $50 tab after tax and tip.
Staying at home instead of hitting the bar at that price once a week saves $2600 per year!
That’s it. You save 5000 in a year with that one extra step. Alcohol is a massive expensive that we often overlook. Reducing the amount we drink or giving it up entirely can radically change our overall well-being.
You managed to save 5000 in a year and you didn’t have to give up watching movies or shows!
If you want to save more or didn’t save the full $5000 from the above steps, try this:
Rent the movie on Amazon Prime for $3 instead of at the theatre to save $10+/movie/person.
Cooking instead of going to a restaurant twice per week would save at least $15 per week per person or and additional $780 per year per person.
What would you do with an extra $5000 per year? Get out of debt? Invest in crypto? Travel the world? Let me know in the comments.