How to save $1000 by the end of summer

Millennial money expert Tonya Rapley has the savings tips you need to know.
5:56 | 06/13/19

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Transcript for How to save $1000 by the end of summer
money machine. It's been over there and I got to tell you right now, one of you out there, you're going to end up in this money machine for a chance to take home some cash in the next five minutes. Now, everyone wants to put more savings in the bank but finding those extra dollars is not always easy. Millennial money expert Tonya Rapley is here to fix that. She's helped thousands get out of debt and has some secrets to help us all save. Welcome. Welcome, welcome, welcome. Thank you. Tonya, a lot of people want to save but they don't know how to even start. How much should they have in the bank? That's a great question. So when we're thinking about savings, you should have two types of savings. That's your long-term savings, that's planning for retirement, planning for your financial future. But then there's your short-term savings. Most people are in the cycle of living paycheck to paycheck because they don't have enough money set aside in their emergency fund. You should have three months set aside if you're a solo individual because you ask how much should we have. So three months set aside if you're a solo individual, that's you by yourself. But if you have a family, then you want to have at least six months set aside of your salary. Our goal is to help everyone save $1,000 before the end of the summer, okay? So, I have a question for our audience. Who needs some finance 911? Come on up. Come on, sweetheart. Show me the money. What's your name? My name is April. April. April Williams. Here's the question, why does your savings need a boost? Because I have zero savings. Oh, you need a boost. She needs a master boost. Yeah, I spent about a decade in Spain teaching English, definitely did not save. Last year I've been here living with my mother on a very limited income because I'm a substitute teacher. I need some tips and some help for my loans and to get out of my mama's house. I have three tips for you, April, and the entire audience. I would encourage everyone to use these. The first tip, you know when you go to the grocery store and you check out and it says you saved $10, $20, however much on that trip. Mm-hmm. Here's the thing. Money saved and spent is not truly money saved, right, if you're going to spend it. So what I want you to do for tip number one is whenever you realize you saved money at the grocery store, automatically transfer that to the savings account. If you go to the grocery store let's say two times a week and you save $15 when you go to the grocery store, that's $30 a week which totals $360 over the course of the summer. Tip number two, you talk about renting clothes rather than buying. Yes, most people like to shop. It's estimated that women spend about $400 a month on their clothing. Whoa. Yeah. That's where the emergency fund is going actually. But with service such as rent the runway -- so this is tip number two. Services such as rent the runway and rent the closet, you can rent your wardrobe instead of buying your wardrobe. These services start at about $69 a month. That is $69 a month for a total $62 -- $215 over the summer versus $1200. I've never heard of that. You're saving $985 just by renting your clothes. What's the next way to save some more money? Auto pay simplifies our lives, makes it easier to set it and forget it but that's the problem. We usually forget and the subscriptions are piling up month after month. Tip number three is to print out your account statements and look at your auto pay subscriptions and cancel at least two of them. There's an app or a service called trim and lets you know what programs you have subscriptions for so you can cancel it that way. Then, anything you want to keep they actually negotiate down your bill. Rates down. Yeah. If you're not a good negotiator, they'll do it for you. I'm not. They'll do it for you. That's awesome. There's an app for that. Yes. So take that $30 that we're saving by canceling those subscriptions that we don't need and using trim which saves on average $23 a month, over the course of the summer that's $159 saved. That's good. That was your three tips. Are there any -- I have a bonus because I love saving people money. Get outside this summer and I challenge you to cancel cable just for the summer. The best stuff is on network television anyway. ABC. Right. The best stuff is on ABC, that's right. Get outside for the summer and by doing that you can save up to $100 a month. So how much have we saved? A lot. $1,804. Could you use an extra $1,804? Yeah. That's the exact amount of money in our money machine, so come over here. What? Yeah! Yeah! Tommy's going to give you some goggles. I get to go. He's going to give you an apron. Step into the booth. You have 25 seconds to grab as much as you can, all right? Oy. Ready. Set. Go!

This transcript has been automatically generated and may not be 100% accurate.

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