How to Save 5K in 3 Months

Do you want to save 5K in 3 months? Whether an experienced at saving money or new to savings, you still need an action plan. No matter how big your earnings are, whether alone or married, and how your spending habits are, you can learn how to save 5K in 3 months in no time. Let’s find out how to achieve this financial goal.

How to Save 5K in 3 Months

Saving money is never easy, especially without a saving technique at times when living expenses in America are constantly increasing. Moreover, the minimum wage is hardly even keeping up with inflation.

So, is it possible to save 5000 dollars in 3 months with such drastic economic trends? Yes, it is. The most important thing I’ve learned is that I have to be dedicated and find the best saving technique according to my circumstances.

In a nutshell, my top proven ways to save 5K in only 3 months are:

  • Negotiate a raise
  • Pick up a side hustle
  • Make a savings plan according to my budget
  • Using discounts and coupons when shopping
  • Sell things I don’t need
  • Refinancing my current debts
  • Reducing my living expenses
  • Doing an envelope-saving challenge
  • Giving up on the sweet pleasures
  • Pause some of my subscriptions
A person wearing denim jeans holding one hundred dollar bills while sitting on a gray carpet

Negotiate a Raise

The first and most logical way how to save $5000 in 3 months is by increasing the regular income

In my experience, I felt like my job kept me busy, but I didn’t get the compensation I deserved, and it also didn’t allow me to save a specific amount of money. So, what I did was I spoke with my employer about getting my well-deserved pay raise.

This option can work wonders and can be best in the long run. Not only will it help me meet my goal of saving 5K in 3 months, but I may also have the opportunity to build a healthy savings habit.

However, it is not as easy as going to their office and saying, “Boss, I deserve a raise.” Chances are your boss will explain how the company faces financial difficulties and leave you no space for negotiating. 

To increase your odds of getting a raise, you need to be confident and know your worth. Evaluate your accomplishments since you started working. List every situation where you have been irreplaceable and how important your role is for the company’s growth.

Ultimately, research the industry market. Find out the average earnings of people working similar jobs. See what is a fair market value for the qualifications you provide and the working experience. I always check the U.S. Bureau of Labor Statistics for concise information.

Pick up a Side Hustle

The second fastest way to save 5K in 3 months, I’ve found without cutting my costs, is to get a side hustle. Finding a side hustle has never been easier.

What’s more, you can choose whether to work from home or in person.

Becoming a freelancer has multiple advantages, and one of the biggest is that you can work whenever you want. Platforms like Uber, DoorDash, and Lyft offer flexible working hours if you want to deliver food or give someone a ride.

Additionally, I find freelancer marketplaces like Upwork and Fiverr especially helpful because they can connect you with companies or individuals looking for part-time or project/task-based workers. The opportunities are endless, from virtual assistants, writers, and proofreaders to graphic design jobs and tutoring.

I would advise you to seek offers according to your aspirations, previous knowledge, and talents. At best, find something that you will enjoy doing.

To meet your financial goals, it is best to set aside all the money you make with your side hustle. Remember that it depends on you how much money you will make. I learned the hard way: you must take the initiative, apply to many jobs, and finish your responsibilities on time in accordance with the given deadlines to cash the 5000 dollars in 3 months.

Make a Savings Plan According to My Budget

First, I like to break down the amount I am trying to save and figure out how much I need to contribute per day, week, or month.

So, if you want to save 5K in 3 months as I did, you will need to pick one of these options:

  • Approximately $60 a day
  • Around $417 a week or
  • Roughly $1,668 monthly

Let’s say your weekly earnings are the same as the average American, which, as specified by BLS, was $1,100 in the first quarter of 2023. 

According to the statistics, the average daily spendings of Americans are $75.5, or $528.5 a week. This excludes unnecessary expenses like entertainment, clothing, alcohol, and eating out.

If you deduct the average weekly spending from the median weekly earnings, you are left with $571.5. That is more than the weekly saving deposits you will need to make, which are approximately $417 if you want to have 5K after three months. Your monthly challenge will be to save $1,668.

Plus, if you stick to the saving budget every week, you will have a little more than $100 for unexpected costs. Here is how your saving chart will look like if you set aside the same amount each week.

WeekSavings BalanceBalance for unexpected costs

Suppose you earn the average weekly wage and living expenses. You will be able to save 5000 dollars in 3 months and still have $1,332 for unexpected or unnecessary costs.

Percentage of Your Weekly Salary You Should Save

But is it possible to save 5K in 3 months with your weekly wage? I’ve done the math for you, and here is how much you should save as a percent of your weekly salary to reach 5k in three months.

Weekly wageWeekly savings as a percentage from wage

Alternatively, you can use the 50-30-20 saving rule, which says you should spend 50% of your income on necessities, 30% on entertainment, and 20% should be put aside. However, as we can see in the table above, if you follow this rule, you need to make more than $2,000 a week to save $5000 in three months.

A green plant on bronze, silver, and gold coins placed on top of a white surface

Using Discounts and Coupons When Shopping

Another way how to save 5K in 3 months is by using discounts and coupons. I was surprised by how much you can save if you have a loyalty card or check the current offers of the markets.

When it comes to discounts and coupons, I always start with the stores I regularly use. For instance, if I run most of my errands in the same store, I get a loyalty card and regularly look for discounts and coupons (they come in paper and digital form).

Another piece of advice I could give you is to see if your company offers employee discounts. Depending on the organization, you can get discounts and vouchers for everything from clothing stores to insurance companies.

As a reference, I have discounts for my telephone plan and have special discounts in major clothing stores.

Realistically looking, it is highly unlikely you will save 5000 dollars by using coupons and discounts. In my experience, you can save between $100 and $400 monthly. But combining it with other saving methods from the list can be quite helpful.

Selling Things You Don’t Need

One man’s trash is another man’s treasure, right?

Usually, we all have things laying around in our homes that we don’t use. I, for sure, have had periods where I impulsively purchased something I’ve rarely or never used.

When I want to save a few thousand bucks, I find it the best time to get rid of those items. I either organize a garage sale or sell my items online.

Extra tip: If you have a piece of old furniture in your home, grab a few tools and remodel it. There is a high demand for antique furniture. Use it to your advantage and increase your savings balance.

Refinancing Current Debts

Another way I have successfully saved 5000 dollars in 3 months is by refinancing my debts. You can refinance almost every loan, from your student, personal, and credit loans to your mortgage.

If you decide to use this way to save money, my tips for you are:

  • Refinance a fixed-rate mortgage if you have an adjustable-rate loan.
  • If you have more than one loan, get one loan to close all of them. You will have money on the interest rate. Instead of paying interest rates for every loan you have, you will have to pay only one.

However, it is not as easy as I thought. To avoid paying more in the long run, you need to look for loans with lower interest rates than your current ones.

Consider the cons of refinancing, like increasing monthly payments, reducing the equity in your home, and refinancing fees before you refinance your loan.

Reducing Living Expenses

I found that reducing my living expenses is also an effective way to save 5000 dollars in 3 months. I didn’t have to do additional work to save up.

Housing, transportation, food, insurance, and pension plans are the biggest annual expenses for Americans.

Unfortunately, most of us cannot cut down on the expenses for housing. However, we can save on transport, food, and entertainment. So how can you save 5k in 3 months by reducing living expenses?

What I like to do when I want to save money is to save as much as I can on transport by using public transport instead of my car. Also, I avoid eating out and only buy the groceries I need. No fancy dinners, no nothing.

Doing an Envelope-Saving Challenge

I don’t know about you, but I love saving challenges. As an added value and extra motivation to save more money, I love to push my limits. I love saving money and having fun at the same time, as you never know how much money you will have to put aside that day. Do you want to know the how to save 5000 in 3 months challenge- a TikTok popular envelopes challenge?

Doing the money challenge is easy; you will only need 100 envelopes. Alternatively, I like to use sheets of paper instead and a wallet instead of 100 envelopes.

Here is how to save 5000 in 3 months with 100 envelopes.

  • Label the envelopes/ sheets of paper with numbers from 1 to 100.
  • Each day, pick a random envelope. If the envelope is labeled 20, put $20 in it. If you use sheets of paper, see what number you have drew and put the corresponding amount of money in the wallet.

At the end of the month challenge, you will have $5,050.

Giving up on the Sweet Pleasures

When I go out or have the urge to order something online, I always have the Swedish proverb in mind: “He who buys what he does not need steals from himself.” 

I will take the liberty of pleading guilty. We need to cut on the sweet pleasures in order to save 5000 dollars.

I understand that these things might be the bright side of your day. But sometimes, you need to make the sacrifice if you want to save money.

A pink pig with round black eyes standing on a white surface

Pause Some Subscriptions

I will not hide it, I have a lot of subscriptions, and you probably have, too. As a matter of fact, people generally spend more on subscriptions than what they estimate.

To illustrate, the C+R Research showed that the first estimate on subscription costs in 2022 was $86; in reality, the respondents spent $219 monthly.

Furthermore, around three-quarters of the respondents find it easy to forget about their recurring monthly subscriptions.

Considering the statistics, you can save $650 on average in three months only by pausing your subscriptions for music streaming, gaming, delivery services, etc.

To be entirely honest, I fall into the category of people who spend around $250 monthly on subscriptions. So when I am looking for ways to save 5000 in 3 months, I immediately think about my subscriptions.

It won’t cost me a thing to hear the annoying ads for three months or wait a day or two longer for my online order.

How to Determine the Best Savings Plan to Save 5K in 3 Months

Realistically talking, all of these ways I have mentioned won’t work for everybody equally. While for some, the best way will be to ask for a raise, others might not have the opportunity because they are self-employed or recently got a raise.

Here are the final tips on determining the best way to save 5K in 3 months.

  • Access your income;
  • Categorize your spendings. Divide them into necessary and unnecessary, and write how much you spend on each category;
  • See if you have the time and requirements to do a side hustle;
  • Go through your home and see if there is something you don’t use and can sell;
  • Write the pros and cons of each savings method.

Frequently Asked Questions

How Can I Save 5000 in 3 Months Alone?

Yes, multiple savings techniques can help you save 5000 in 3 months if you live alone or are the only one with a regular income. The most effective is getting a side hustle, cutting down unnecessary expenses, trying out the envelope challenge, and making a personal savings plan according to your available budget.

What Is the Quickest Way to Save $5000?

The quickest ways to save $5,000 are to make weekly, bi-weekly, or monthly lump sum savings or sell household items. You can also pause some of your monthly subscriptions, do an envelope-saving challenge, or increase your monthly income.

How Much Cash Should I Have in Savings?

Generally, you should have savings enough to cover the necessary expenses for three to six months. This way, you won’t experience financial hardship if something unexpected happens.


Saving should be a habit rather than a responsibility. Now that you know how to save 5K in 3 months, you are off to a good start in building a financially stable future. Whichever method you choose to save money with, you should remember the wise words of Warren Buffett: “Do not save what is left after spending, but spend what is left after saving.”

Jared Bauman is the owner and editor of He has started and sold several companies, along with owning several investment properties. His interest in personal finance started as a young kid, developed through his entrepreneurial ventures and real estate investments, and continue through his conversations with friends and colleagues.

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