A big part of financial wellness is setting—and meeting—financial goals. Setting a savings goal is one of the most common types of financial goals. For example, you may want to learn how to save $5000 in 3 months.
Why would you need to know how to save 5k in 3 months? Some good reasons are saving up money for a down payment on a home or wanting to buy a new car.
You don’t always have to have a specific use for your savings in mind, however. Maybe you just want to save $5,000 to pad your emergency fund.
Saving $5k in just a few months might seem intimidating, but by increasing your income and lowering your expenses, you can reach your goal.
Let’s explore this by breaking down the numbers with a "how to save 5000 in 3 months chart" and going over actionable tips you can use today.
What does saving 5k in 3 months look like?
Saving $5,000 can feel like a big task when you look at your goal in one lump sum. This can lead to feeling overwhelmed, which in turn could cause you to veer from your goal.
The best way to make a savings goal feel more realistic is to break it down into bite-sized pieces. Think of these smaller pieces as mini goals on your way to achieving your main savings goal.
In addition, looking at your mini goals can help you feel more confident in your ability to meet your larger goal.
Monthly savings to reach $5,000 in 3 months
The very first step to learning how to save $5000 in 3 months is to break your goal down monthly. You’ll need to save approximately $1,667 per month to reach your three-month goal.
A monthly goal is a great place to start when setting larger financial goals. Because a month feels like an incredibly natural timeline for many of us. We often plan by the month.
Using a monthly breakdown of your $5,000 lets you add your savings to your monthly calendar.
Bi-Weekly savings to save $5000 in 3 months
There are 12 weeks in a 3-month timeline, which means there are 6 bi-weeks. In order to save $5,000 in three months, you’ll need to save just over $833 every two weeks.
If you’re paid bi-weekly, you can easily compare your bi-weekly savings goal with your paycheck. This is a simple way to see if saving $5,000 in 3 months is reasonable.
It’s also a good way to determine how much more money you need to earn per paycheck or cut from expenses.
Weekly savings to get to $5000 in 3 months
Finally, you can look at the weekly savings necessary to save 5k in 3 months. You’ll have to put about $417 toward savings each week to reach your $5,000 goal.
Weekly savings goals are the smallest but also the shortest timeline. They can be a good reminder to keep yourself on track. However, it can be disheartening if you miss your weekly goal.
In order to meet your goal, you may have to hustle a little harder in the next weeks to make up the difference.
Practical tips for saving 5k in 3 months
Saving more than $1,500 extra each month is a lofty goal for many. For example, someone who works a lower-wage job may find it difficult to save the extra money needed to reach $5,000 in 3 months.
Additionally, someone who makes a lot of money might have debt that lowers their saving potential.
It’s usually a smart idea to assess your income and expenses before setting a savings goal. This will give you a way to create a realistic goal. Furthermore, it’s a good way to see how much money you have available for saving each month.
After figuring out how to save 5k in 3 months, it’s time to start saving. So use these tips to help you realistically meet your goal.
1. Increase your earnings
On paper, the easiest way to save more money is to make more money. Of course, there are only so many hours in a day. That means you may have to work more and be efficient with your time.
However, once you find a way to earn more money, saving the extra can be easy! Let’s say you work a full-time job. It pays all of your regular bills, and you can even save a little.
You also start a side hustle and make a few extra hundred a month. That extra money can go directly to your savings goal!
The first way to make extra money is by starting a side hustle. Side hustles are one of the very best ways to increase your income. Generally, a side hustle involves working as a contractor or starting your own business.
The easiest side hustles to start are gig work, such as driving for Uber or Lyft or delivering food with DoorDash. Although it’s easy to get started, how much you can make could be limited.
For example, you drive for Uber but live in a smaller city. The demand may not be too high, so you won’t earn as much as someone in a big city.
Starting your own business from scratch is generally more difficult to start than gig work. However, your earning potential is unlimited.
And running your own business can give you valuable skills you can use in your career. Additionally, a successful side hustle could potentially become your full-time work.
Not sure where to start? Some of the best businesses for women include:
- Making and selling goods on Etsy
- Becoming a virtual assistant
- Starting a freelance writing, graphic design, or web development business
- Creating and selling online courses
A word of caution: beware of any programs that try to get you to pay money for work or investment opportunities. There’s a good chance it’s an investment scam.
Negotiating a raise
Do you work a busy job but still want to learn how to save 5k in 3 months? Don’t worry! There’s a simple way to increase your income without adding more stress—ask for a raise.
Many women feel awkward or nervous about negotiating a raise. However, you will likely increase your chance of success by being prepared.
Ask your boss for some time, and be clear that you’re asking for a raise. Come to the meeting with research on salary information for your job duties. In addition, make a list before the meeting of any extra tasks you’ve accomplished to show your value.
Selling your stuff
Another way to make more money is to sell the things you no longer use. Online marketplaces like Etsy, Facebook Marketplace, eBay, and Poshmark make selling your belongings online easy.
Firstly, go through your home. Clean out those closets and storage spaces to find the things you rarely use. Afterward, sort your things into three categories—sell, donate, and trash.
While clothes are one of the most obvious things you can sell, they’re not the only option. A few other things you can sell include:
- Gently used electronics
- Home décor
- Kitchen items
- Lawn care or gardening supplies
2. Use discounts and coupons
Taking advantage of discounts or using coupons can help you lower costs on your regular purchases. Accordingly, this helps you have more money available to save $5000 in 3 months.
Your local grocery store or gas station is a good place to start.
Many of these types of stores have loyalty discount programs. Even better? Most of these rewards programs are free to join.
If there’s a store you regularly visit, it makes a lot of sense to sign up for discounts.
Another place to check for discounts is through your work or any organization where you’re a member. Many employers offer discounts to employees on everything from car insurance to cell phone plans.
Ask your human resources department about any discount available to employees.
In addition to using discount programs, you can clip coupons. Thanks to technology, many stores even have coupons in digital format. This means you won’t have to carry around physical coupons to save money.
3. Plan ahead when shopping
A no-spend month is a fantastic way to save money on non-necessities. Eventually, however, you’re going to spend some money.
That doesn’t mean you have to spend recklessly.
Planning your shopping trips is one of the best ways to cut back on unnecessary spending. Having a plan—and a shopping list—lets you enjoy the act of shopping without feeling guilty. You’ll also avoid impulse purchases!
Meal prepping is a good way to start planning your shopping trips. Before heading to the grocery store, make a plan for what you want to cook that week. Be sure to write down all of the ingredients for recipes as well as the pantry staples you need.
Then, when you go to the store, you’ll have a direct list to guide you through the aisles. Be aware you’ll still need to practice self-control. Even with a shopping list, it’s often easy to grab something you don’t need.
4. Cut your biggest expenses
Everyone has necessary expenses each month. A smart way to figure out how to save $5000 in 3 months is to reduce those expenses.
For most of us, the biggest expenses are rent or mortgage payments, utilities, and insurance costs. Debt, such as a large car payment or student loans, can also add to your monthly expenses.
Since these are necessities, you won’t be able to simply cut these expenses out. That doesn’t mean you can’t lower them, however.
Firstly, list out your necessary monthly expenses. Secondly, go through the list and make notes on which expenses are negotiable or adjustable.
For example, you might be able to save money on car insurance. Talk with your insurance agent about discounts you might qualify for.
Utilities and energy costs are other places to save money each month. You can lower your utility bill by making your home more efficient. Some ideas to cut energy costs include:
- Opening curtains to let the sunlight heat your home.
- Sealing cracks in windows and exterior doors.
- Using cold water to wash clothes and taking shorter hot showers.
5. Look for small savings
Cutting out small expenses is a classic piece of financial advice. It usually goes like this:
Save money by packing lunch for work, making coffee at home, and skipping avocado toast.
While all of those things can help you save money, they’re not the only way to save money. The key to saving more by spending less isn’t to give up something you love. Instead, it’s to make small changes that can add up over time.
So, if your fancy coffee from the local coffee shop is a highlight of your day, you don’t have to give it up. However, you should still look through your spending habits and find at least one small expense to cut.
For example, you pay for Netflix each month, but you only watch it when a new season of your favorite show comes out. So you can cancel your account in between seasons (Netflix even keeps your viewing history for 10 months). When the new season drops, simply restart your account.
6. Follow a budget
It’s difficult to plan and track a savings goal if you don’t know how much money you’re making and spending each month. Before trying to save $5000 in 3 months, create—and follow—a monthly budget.
Budgets are powerful financial tools that let you plan where your money goes each month. It's important to realize that budgets aren’t meant to be restrictive. Instead, they’re simply a way to organize your money.
Consider reading up on budgeting and trying to follow a budget for a few months before starting your savings goal. Knowing where you spend your money makes it easier to see how much extra you can save.
Do you struggle with overspending, especially when you use a credit card? You’re not alone! A lot of women have trouble separating their card spending from what’s in their bank accounts.
Luckily, there’s an easy solution to help you stop overspending. It’s called the envelope method budget.
The envelope method uses (you guessed it!) envelopes to categorize your spending money for the month. You label the envelopes for different spending categories and place cash inside. Once the cash in the specific envelope is gone, you can’t spend on that category anymore.
For example, you bring home $4,000 a month. So your envelope system could look like this:
- Rent: $1,200
- Utilities: $150
- Car Insurance: $100
- Groceries: $300
- Spending Money: $200
- Debt: $350
- Savings: $1,700
If using physical envelopes seems too complicated for you to save $5000 in 3 months, turn to technology! There are lots of budgeting apps designed to help you save more money.
For example, some apps let you connect your spending card to your bank account and round up your purchases for savings. Say you spend $4.75 on a coffee. So your app automatically rounds the purchase up to $5 and sends the extra $0.25 to your savings.
Other budgeting apps give you daily tips and affirmations to help you stay on track. They also usually have visually-appealing graphics that break down your spending habits.
7. Automate your savings
A great tip to save more and spend less is to pay yourself first. Paying yourself first means putting your savings money away before spending money on anything else.
For instance, your paycheck is $2,000. You want to save $600 from each paycheck. When your check comes in, you transfer the $600 to savings first. Then you can start paying bills like rent or your credit card balance.
Remembering to pay yourself first isn’t always easy, but it can be using automatic savings. There are two well-known ways to automate your savings:
- Transfer funds to savings via a recurring transfer near your payday.
- Split your paycheck using direct deposit, so a portion goes directly into your savings account.
Weekly savings chart to save $5000 in 3 months
Remember, to save $5000 in 3 months, you need to save about $417 each week.
You can use visuals like the chart below to make it easier.
This “how to save 5000 in 3 months chart” can help you easily see how much you need to deposit each week—and how much your savings will grow. So you may want to print out a copy and use a highlighter to cross out each week as you reach your goal.
|Week||Deposit Amount||Savings Balance|
Challenge yourself to save $5000 in 3 months!
Your income (including the potential to earn more) and expenses can help you decide if you can save $5000 in 3 months.
To begin with, see how much money you can currently save each month. Then check out the "how to save 5000 in 3 months chart". This gives you a starting point on whether or not you’ll reach the $5,000 goal.
Even if you don’t think you can save $5000 in 3 months, it’s important to set savings goals. If 3 months is too short, you can try saving $5,000 in 6 months.
You can also consider a smaller savings goal that aligns with your personal financial situation. For more ideas to help you save, find out how to cut back on your budget and also more suggestions for saving money fast!