How to Save $5 a Day

I recently read an article interviewing Australian real estate mogul Tim Gurner. His advice to save money: stop buying avocado toast and $4 coffees.

Now, I had a few objections to this… I don’t buy fancy toast (I had to google what “avocado toast” actually was) and I prefer to brew my coffee at home. So, those money-saving tips don’t have much influence on my budget.

I’d like to believe our family tries to make smart money-saving decisions as much as we can. If you’re like me, you’re on a budget. Some months it’s very tight, others not quite as tight.

But every month we watch what we spend carefully. This is a very good habit to get into, regardless of what our income is. And if we’re fortunate enough to get to the point where we don’t need to watch our budgets quite as closely as we used to, there are plenty of great causes out there that need our money more than McDonald’s does.

Can you image saving $5 day? It’s possible, depending on your current spending habits. That’s about $150 per month and approximately $1,800 over the course of a year.

I don’t know about you, but I could use an extra $1,800 at the end of the year. Some people could accomplish this task merely by cutting Starbucks out of their daily habits. Others could do it just by taking leftovers to work everyday instead of buying lunch with the rest of the gang.

But if neither of those scenarios are options for you, below are some other ways to save money, in no particular order. Pick out the ones that might work for you and then starting saving $5 a day. I guarantee the extra cash will come in handy.

  • Use caulk and weather stripping to cut down on drafts in your home and save money on heating and air conditioning bills.
  • Go to the library instead of the bookstore. Most libraries have a growing collection of books, music and movies. For the cost of a library card (FREE) you could even cut out Netflix or iTunes purchases, depending on whats available.
  • Drain cleaners are expensive and not particularly good for your pipes. Clean out drains yourself with a long plastic “snake.” It can be a bit gross, but it’s worth it.
  • Ceiling fans are well worth their price. This is something most people don’t think of. Switch the direction of the fans depending on season to cool things off in the summer and keep heat from rising too high in the winter. They will limit the amount of time your AC and furnace need to run.
  • Whenever possible, buy store-brand products rather than name brands.
  • If you use vinegar in the rinse cycle, you won’t need fabric softener or dryer sheets. Vinegar is also good for cleaning your toilet.
  • Speaking of cleaning, instead of expensive bathtub cleanser, try inexpensive baking soda.
  • Grow a garden. It’s easier said than done, but you’ll save a lot more than $5 a day by eating food you’ve grown.
  • Restaurant bills can really pile up when you’re on vacation. Choose a hotel that offers a Continental breakfast and take snacks with you that you can eat for lunch. Then you can enjoy a guilt-free dinner.

What other money-saving ideas do you have? Share them in the comments section below. 

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