Almost all financial advisors across the U.S. will recommend having at least three to six months of your expenses saved in an emergency fund, but most people have far less than that put aside. Whether you are planning for a vacation or want to save for the holidays, these tips will help you save up to $5,000 in the next year.
Earn Passive Income
Using a website or a mobile app can help you save money. Companies like Drop and Paribus can help. Drop pays you money for purchases that you have already made. Meanwhile, Paribus searches your emails for companies that could owe you money for purchases that now cost less.
Make sure your savings are actually earning interest. With Aspiration Summit, you earn a 1 percent APY if you have more than $2,500 in your account. For balances less than this, you earn 0.25 percent.
Rent Your Home
If you have a spare room, Airbnb can help you earn hundreds or thousands of dollars a year. All you have to do is make a space available and be a good host. If you rent your home 10 times a year for $100, you will quickly earn an extra $1,000 a year.
Lyft drivers have to be 21 years old, and they must pass a background check. Once you get started, you can earn as much as $750 a week driving passengers around time. Over the course of a year, your extra driving can add up to thousands of dollars in extra income.
Get Rid of Unnecessary Subscriptions
While some of your subscriptions are useful, there are other programs that you rarely use. If you never actually use Netflix, cancel your subscription and save around $100 a year. To help you track your subscriptions, download the Trim app to find areas where you can save money.
Take a Free Vacation
A typical vacation can cost thousands of dollars. To save money on your next vacation, join companies like eMiles. This company lets you get hotel and flight points for doing easy tasks. You can take a survey, claim a deal or watch advertisements. Then, you can redeem your points at major airlines, Amazon or Starbucks. The company advertises savings of $20 or $30 on vacations for every hour users spend on the website.
Sell Your Unused Items
If you are like most people, you have unused items cluttering up your home. All you have to do is take a picture of your items and post it on the right app. With Decluttr, you can instantly sell your old DVDs, CDs, game consoles and iPods.