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I’m going to help you get on track to build your savings! One of the biggest reasons that people fall into debt is because they don’t have an emergency savings account built up. Many experts vary on what they recommend for an emergency savings fund. But the sad reality is that 29% of Americans have no emergency savings at all. With that many Americans without an emergency savings fund, it’s no wonder that we are incurring debt left and right to cover unexpected things. Everyone needs to start somewhere, which is why I’m going to show you a simple method that will show you how to save $1,000 in a year.

52 Week Saving Plans

There are a ton of charts out there that say to start with $1 a week. Sounds great, right? $1 a week, easy peasy. Wait, there’s more…

Then you build up over the course of a year, adding $1 to your deposit each week until you hit $52 a week and you are staring at over $1,000 by the end of the year.

Wait a minute!!! What happened to $1 a week??

$52 a week sounds like a lot!

It is!

so, this method sounds great in theory, but it’s not practical enough for the average person to stick with for an entire year. You’ll get to the end of the year where you are going to be searching your monthly budget trying to scrape up over $200 extra!

If you make $15 an hour, that’s almost 10% of your pre-tax income. Most people can’t squeeze that much out of their budget when they first start learning how to save.

So, what can I do differently to save $1,000 in a year?

Switch to a daily savings plan!

Daily Saving Plan

My recommendation calls for a much simpler approach and a consistency that makes it easier to work within your budget.

First, you’ve got to identify something in your life that you are consistently spending money on so that you can free up a little bit of money to save every day. The key to this saving plan is to find just $3 a day that you can save.

No building up, no need to worry about how you are going to scrape up over $200 in your last month of saving.

Just $3 a day, simple as that.

So, where are some areas in your life that you can free up $3 per day?

Here are some common items that people buy for at least $3 per day:

Pop (Soda for those of you that aren’t from this region!): These prices can vary a lot, but with 1-2 of these a day, you are typically already at $3. Consider drinking water out of the tap as an alternative. It’s healthier and it will save you money.

These prices can vary a lot, but with 1-2 of these a day, you are typically already at $3. Consider drinking water out of the tap as an alternative. It’s healthier and it will save you money. Coffee: I love coffee, and I drink a lot of it. Many people spend at least $3 a day on coffee, if not more. Consider brewing your own coffee at home for a fraction of the price. I’ll splurge on a specialty coffee from time to time, but typically I’m brewing at home and spending just a few cents per cup. Much better than shelling out $4-$5 a cup, even though those lattes from Biggby are oh so good!

I love coffee, and I drink a lot of it. Many people spend at least $3 a day on coffee, if not more. Consider brewing your own coffee at home for a fraction of the price. I’ll splurge on a specialty coffee from time to time, but typically I’m brewing at home and spending just a few cents per cup. Much better than shelling out $4-$5 a cup, even though those lattes from Biggby are oh so good! Cigarettes: The average cost of a pack of cigarettes in the United States is $6.16. If you are a smoker, even if you can’t quit altogether, cutting back a half-pack of cigarettes per day will free up $3 a day for you to save. Also, your lungs, heart, and overall health will thank you and you can make a huge impace on your health insurance and health related costs as well, but that’s a post for another day.

The average cost of a pack of cigarettes in the United States is $6.16. If you are a smoker, even if you can’t quit altogether, cutting back a half-pack of cigarettes per day will free up $3 a day for you to save. Also, your lungs, heart, and overall health will thank you and you can make a huge impace on your health insurance and health related costs as well, but that’s a post for another day. Fast Food: The average American spends about $100 a month on fast food. This translates to just over $3 a day, even though this might not be a daily expense for you, cutting fast food from your diet will help you get healthier and save you money. A great alternative to fast food is to meal prep.

The average American spends about $100 a month on fast food. This translates to just over $3 a day, even though this might not be a daily expense for you, cutting fast food from your diet will help you get healthier and save you money. A great alternative to fast food is to meal prep. Cable TV: Many Americans still have yet to cut the cable, including myself as I still succumb to satellite television, it’s our guilty pleasure. Plus, how else can I watch EVERY single NFL game. Gotta have my priorities! Often, these rates are over $100 per month. There are many cheaper alternatives to cable and this one decision alone can free up enough money in your budget to save just $3 per day.

How to Save $1,000

You’ve freed up $3 a day to start putting toward your savings so you can get on track and save $1,000. Now, how do you avoid simply spending that money in another area on something else that you want every day?

The key to that is to not ever see or touch this money.

There are a few ways to do this, depending on which method will work better for you.

Direct Deposit: If you have direct deposit, change your direct deposit to have $3 per day deposited directly into your savings account (you’ll need to do the math depending on how frequently you get paid.) If you’re paid weekly, this is only $21 per week. This is the method I use for saving money and it helps greatly to never even have that money enter your checking account and build your savings!

If you have direct deposit, change your direct deposit to have $3 per day deposited directly into your savings account (you’ll need to do the math depending on how frequently you get paid.) If you’re paid weekly, this is only $21 per week. This is the method I use for saving money and it helps greatly to never even have that money enter your checking account and build your savings! Auto-Transfer: If you don’t have direct deposit, you can set up an automatic transfer on a daily basis, shifting $3 per day into your savings account. If your bank charges for a certain number of transfers, you might want to do this on a weekly basis instead of daily. Just check with your bank and get it set up so you can start saving!

If you don’t have direct deposit, you can set up an automatic transfer on a daily basis, shifting $3 per day into your savings account. If your bank charges for a certain number of transfers, you might want to do this on a weekly basis instead of daily. Just check with your bank and get it set up so you can start saving! Envelope System: This one is simple and straightforward. Take the cash that you would normally spend on those daily items, and instead stick it into an envelope every day. Do not take any money out of the envelope!! at the end of the year you’ll have over $1,000!

Final Thoughts

Taking the first step toward saving money is an extremely important piece of building a strong financial future for yourself and your family. Once you find just $3 to start building your savings using the methods I’ve outlined here, you’ll have exactly $1,095 saved up by the end of one year! That is something that will make you proud!

What small changes are you going to make to free up just $3 a day?

-Real Money Robert