6 Changes That Could Save You $5,000 in One Year

Many finance experts would agree that the most challenging part about saving money is oftentimes just getting started. Founder of Inspired Capital and saving expert, Alexa von Tobel, is here to help—by sharing her easy tips to save over $5,000 in just one year. Yes, you read that right. You could be pocketing an extra $5k with Alexa's simple tips—and a lot of it is taking advantage of free money.  

1. Amazon Subscribe & Save 

Amazon’s Subscribe & Save program earns you a discount on the items you buy most often. Whether it's a product you buy weekly, bi-weekly, or even monthly, you can actually save up to 15 percent just by using Amazon's Subscribe & Save service. Plus, it's FREE.  

All you have to do is select an item to subscribe to. Set how many items you want delivered and how often. Then click "Subscribe Now." That's it! The average person spends $108 a month. That is a savings of about $250 a year. 

2. Browser Extension Honey 

For online shoppers, getting a browser extension like Honey can save you money by automatically applying coupons. Honey works by looking at the items in your cart on most popular shopping websites and then searching for relevant coupon codes.  

If it finds any working codes, it enters them automatically, and you end up saving money without the hard work of searching for and entering them manually. Honey reports it saves the average user $126 a year. And you don't even need to do anything!   

3. Surge Protectors to Avoid Vampire Electronics  

An energy vampire is a device that continues to use energy and drain power, even when it's turned off. Vampire energy costs vary by model and manufacturer, depending on how energy efficient your electronics are and how they are used, but here are some averages that give you a good idea of the actual cost to your family budget. Your home entertainment system alone can easily cost you $75 a year when you're not even using it. Having a desktop computer constantly plugged in will cost you an average of $241 a year, of which $41 is vampire cost if your desktop is set for sleep mode when unused. 

So, smart power plugs, like Monster Central Power Controls, can detect how much electricity your electronics are consuming and can be set to turn off automatically each night, then turn back on every morning. This will help you save money and energy when no one is using the entertainment center and will ensure you never miss your favorite programs. 

4. Opt For Hulu TV/YouTube TV 

Cut the cord! Cable television is costing upwards of $100 a month. Instead, opt for services like Hulu Live or YouTube Live. Not only do you get more than 50 channels of live TV—but each subscription comes with free access to the on-demand library. Hulu runs about $70 a year. 

5. TaskRabbit  

Join the gig economy! Our earning potential is infinitely more flexible due to the gig economy and it’s not just driving for Uber. You can tutor, join TaskRabbit on the side, web design, pet sit, take surveys, depending on your unique skill set. On average people are making $110 per month by becoming a TaskRabbit. This is such a great way to not only do things you're passionate about, but also help others! 

6. Cut Eating Out  

You're definitely not alone if you find yourself splurging on dinners out, but opting to cook at home could save you tons. The average household spends $3,500 on going out to eat every year. If you just cut going out to eat by half you would save $1,750! So, maybe give some of Rach's recipes a try instead—you won't regret it.