I’m going to show you how I saved $1,111 in less than a month. I will also be revealing 5 ideas that will help you save money fast. The methods are easy, although some may involve an initial time investment. Once you have these five strategies implemented, you can use them again and again on a regular basis. Let’s get started.
How much money can you save by cutting the cable cord?
If you’re like most people, you probably think it’s not worth the hassle. But a lot of people are doing it anyway. Trying to figure out how much money cutting the cord will save you? Start with this basic rule of thumb: The average cable bill in the United States is $107 per month, according to a 2017 report from Leichtman Research Group (LRG). That translates to $1,239 per year. So if you cut cable and switch to streaming services, there’s an immediate potential savings of $1,239 per year($103.25 a month). However, that’s just an average.
Some people spend even more than that on cable. It all depends on your particular situation and habits when it comes to entertainment and media consumption. We’ll get into more detail about that below.
Here are some questions you can ask yourself to determine how much you can save by cutting the cord:
How many channels do I have now?
If you’re paying for a premium package with 200 channels, it’s likely that many of those channels go unused — especially if you’ve got kids who don’t need to watch Nickelodeon all day long.
How much can I save by getting rid of my car?
You don’t realize it, but your car is probably costing you a fortune. Repairs, insurance, gas, and parking all add up. In fact, you could be spending $1,000 a month on your car without even realizing it!
The average American spends $9,000 each year on their vehicle. That’s almost $7,000 more than they spend on food! Trying to save money? Getting rid of your car is one of the best ways to do so.
Don’t believe us? Just look at the numbers. If you get rid of your car today and start biking or walking everywhere you’ll save ($733) a month. Over the course of a year that’s $8,656 saved! Not only will you be saving money but you’ll be doing great for the environment too.
Stop buying bottled water – period.
I love my Brita water filter pitcher and I have been using it for years, but if you are not ready to invest in one of these, you can still drastically cut down on the amount of money you spend on bottled water.
The average person goes through about 1,500 plastic bottles a year. If your family is drinking four bottles a day, then that is more than $1,005 a year($88 a month) in bottled water alone! The best way to avoid this expense is to invest in a water filter for your home. It is not expensive and the initial investment will pay for itself within a matter of months.
This is a great investment to make if you are looking to save money on your water bill each month. Another option is to install a high-quality faucet mount filter or purchase a small countertop filter like the ZeroWater Pitcher Filter.
The ZeroWater Pitcher costs around $35 and filters out up to 99% of lead in the water with its built-in Ion exchange resin system. The result is clean and healthy drinking water at an affordable price. With either option, you will want to pay attention to what type of filter you are getting. There are two main types of filters: under sink and faucet, mount or counter both are great choices!
And most importantly, cook your own meals!
Cooking your own meals can save you a lot of money. In fact, as much as $250 a month. Taste, convenience, and budget are three great reasons to cook your own meals instead of eating out. But how much is that home-cooked meal going to save you each month?
And how does that savings add up over time? As it turns out, a pretty penny. A study released in January 2013 by the Center for American Progress found that a median-income family spends between $195 and $275 per week on food and drink outside the home. The U.S. Department of Agriculture estimates that the average household spends more than $2,000 a year on food eaten at restaurants, cafeterias, and school lunches.
* So, just how much money can cooking at home save you? A lot – especially if you’re trying to get out of debt or save for retirement. Below is an example of how much money you could save over time by eating at home:
Age 20: $150/month (or $1,800/year)
Age 30: $160/month (or $1920/year)
Age 40: $250/month ( or $3000)
Average cost per month save by cooking at home ($187)
TOTAL SAVED $1111.25.
Using these basic strategies, I was able to rack up savings of $1,111—that’s about a month’s worth of rent for me! It was an experiment—one that attempted to prove or disprove whether or not money saved is money earned. In the end, I learned quite a bit about personal finance, saving, and investing.
The net result? My personal impact has been a $1,111 increase in my net worth. Surely this is something that can be achieved by others as well. Although I no longer use the system described above, I still try to live by some of its principles and continue to save a lot of my earnings each month because of that experience. It’s been a valuable learning experience for me, and one which I would like to pass on to others as well.