The coronavirus pandemic significantly impacted the world in 2020. Millions of people experienced a job loss, paycheck cut or another kind of financial hardship in addition to difficult life challenges.
A key lesson that we can all take into 2021 is the importance of saving money. When you have cash in a savings account, you’re prepared for the “oops” in life, and that helps keep you on the path to financial freedom.
Follow This Chart to Save $2,021 in 2021
Team Clark knows it can be hard to part with the money in your paycheck, so we’ve developed a challenge to help motivate you to get started. If you follow it all year long, you’ll have more than $2,000 in your savings account in 52 weeks.
Here’s how it works:
- Download the Save $2,021 in 2021 chart to your computer and print it out.
- Open a high-yield savings account (or use an account that you already have).
- Transfer each week's set amount in the chart from your checking account into your savings account.
- Cross off the week in the chart after you transfer the money into your savings account.
To begin, you’ll transfer $21 the week of January 3, 2021, into your savings account. Then you’ll transfer $15 the week of January 10, 2021, into your account for a total of $36 after two weeks. After four weeks, you’ll have $100 saved.
Worried about saving money when the holiday bills hit? Luckily, four deposits out of the first eight weeks are less than $25. And $65 is the highest amount you’ll ever have to contribute during this challenge.
Keep it up through December 2021 and you’ll have $2,021 in your savings account at the end of the year!
Tips to Save More and Spend Less in 2021
If your New Year's resolution is to save more money, Team Clark is here to help. Here are a few tips to consider to reduce expenses in your life so your savings account can grow.
Switch to a Cheaper Cell Phone Provider
Verizon charges $70 a month for one line of service, which adds up to $840 a year. Did you know that you can get Verizon's service for nearly half the price? Visible is owned by Verizon and charges $40 a month for one line which adds up to $480 a year. That's $360 back in your pocket!
Xfinity internet customers have access to Xfinity Mobile which also runs on Verizon's network for as little as $15 a month. That means you could save $660 a year by switching.
Team Clark Guide: Best Cell Phone Plans and Deals Right Now
Cut the Cord or Find a Cheaper Live TV Streaming Service
The average household cable bill is $217.42 a month which totals $2,609 a year. Do you really watch all of those channels? Try a free trial of YouTube TV or Hulu + Live TV to see if you can cut the cord. Both services cost about $65 a month which saves you $1,829 a year.
If you already have a live TV streaming service, you could try a cheaper option. Sling TV starts at $30 a month, but you may need an antenna to pick up local stations.
Team Clark Guide: Best Live TV Streaming Services Right Now
Shop for Cheaper Internet
You're not stuck with the current price of your internet. Even though you may only have one or two options for service where you live, there are still things you can do to lower your bill. Call your current provider with a competing offer to see if you can get a lower rate. You can also use a tool like Truebill to negotiate the price, but note that the service does take a portion of your savings.
Team Clark Guide: How to Find the Best Deal on Cheap Internet Service
Utilities don't have to drain your budget every month. Did you know that you can save $75 a year by replacing five of your most-used lightbulbs with LED lightbulbs? That's an easy fix to lower a monthly bill!
Team Clark Guide: How to Save Money on Utilities
Try a Store Brand
If switching your cell phone service or cutting the cord sounds like too big of a step, start small by looking at your grocery bill. Buying the store brand will typically save you up to 30% without clipping coupons. If you don’t like the product, go back to the national brand. If you do, enjoy the savings!
Team Clark Guide: 20+ Ways to Save Money on Groceries
Are you planning to join the “save $2,021 in 2021” challenge? We want to hear from you! Tell us your progress in the comments and share this challenge with a friend.
More Money Challenges From Clark.com:
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