I’m a savings expert – my guide to save $5,000 in three, six or 12 months

SAVING money is a difficult process, especially without a strong plan.

Spending and bills can add up quickly, leaving little to nothing behind in savings from a paycheck.

TikTok user @smartwomensociety showed off one plan that can help people take more control of their savings.

In a video posted in April, she created a chart with the goal of saving $5,000.

To visualize the goal amount, she broke down how much she'd need to save each week to hit $5,000 in three, six, and 12 months.

The resulting chart presents three paths toward saving $5,000 over time, depending on how much you can afford to stash away each week.

For instance, if you wanted to hit $5,000 in three months, you'd need to divert $385 each week into savings.

To accomplish that goal over a year, though, it would cost $97 per week.

She also recommends setting up a weekly or monthly automatic transfer from your checking account to your savings with the amount you plan to save.

If you can comfortably afford to set aside a predetermined amount on a recurring basis, automatic transfers are the best way to stay on top of your savings without needing to work too hard.

However, some of the numbers @smartwomensociety suggests are unrealistic for the average person.

More than 60% of Americans live paycheck to paycheck, according to CNBC, meaning putting $385 toward savings weekly is just not possible.

There are some strategies you can use to stretch a dollar a bit further and free up money for savings, however.

Tips for saving money

Before you lay out a savings plan, it's important to establish the goals you're trying to achieve and get a clear picture of your budget.

Once you know how much you want to save and exactly where your spending goes each month, you can start finding places to save.

You can cut your grocery bills in half just by budgeting your grocery list, using coupons, shopping for store brands, and even buying your groceries online.

The U.S. Bureau of Labor Statistics found the average household budget is $7,729 a year for food.

Ordering groceries online will even save you money because you aren't distracted by smells and product placements. You can order just what you need.

Delivery fees can be costly but look for promotions offering free or low-fee deliveries if you try a new service.

And on food, the Bureau of Labor Statistics found consumers spent an average of $3,459 eating out in 2018.

That means an adult is spending an average of $288 a month.

Avoid eating out whenever possible, and opt for a more budget-friendly homecooked meal.

You can also try to supplement your income by selling things around your house that you no longer use.

There are sites like Poshmark or eBay which allow you to sell your stuff online.

You can also check out the Facebook marketplace to sell other items like electronics and furniture.

A money coach shows you how you could reduce your grocery bill by $250 per month.

Plus, a savings expert shared her tips on how to negotiate your rent price.