Combine these seven tips to trim your spending slightly, and watch your savings grow.

Looking to save $5,000 in a year?

Small expenses can add up quickly, but cutting them doesn't mean you have to forgo your favorite coffee. If parting with your beloved cold brew isn't an option, don't worry! Here are seven practical strategies to help you save a substantial amount this year.

Stick to Your Bank's ATMs

Many banks earn billions annually from fees, largely due to people using out-of-network ATMs. (I've been guilty of this too!) In 2017, the average ATM withdrawal charge reached $4.69, including both your bank's fee and the ATM's fee.

Steer clear of these charges by utilizing your bank's mobile app to locate the nearest in-network ATM (most major banks provide this service free of charge). If it requires a longer walk, consider it a bonus workout.

Potential savings: $244 (weekly ATM visits)

Eliminate Bottled Water

Just like your lattes, bottled water can seem insignificant, but it can harm your savings over time. Water is free, and by investing $20 in a quality, BPA-free water bottle, you can save money and help the planet. A win-win!

Crunching the numbers: Skipping that $1.50 water bottle at the gym or during lunch five days a week adds up.

Potential savings: $400

Choose Generic Medications

Discount retailers like Walmart and Target, along with some grocery chains like Kroger, offer affordable prescription drug programs featuring generic medications for just $4 for a 30-day supply or $10 for a three-month supply — much lower than standard pharmacy prices. Anyone can participate in these programs.

What can you save? It varies, but consider Benazepril, the generic version of Lotensin for high blood pressure. It can retail for as high as $36 without insurance, compared to only $4 through these discount programs.

Potential savings: $380

Enjoy Boxed Wine

If you had to choose, would you prefer one bottle of wine or four bottles in a box? Before dismissing boxed wine, recognize that it has improved significantly since the days of sneaking it into parties.

Before dismissing boxed wine, recognize that it has improved significantly since the days of sneaking it into parties.

Boxed wine has gained popularity across Europe, with several brands praised for their exceptional quality. Notable options include Black Box, Yellow + Blue, and La Petite Frog.

Potential savings: $500

Access Free Self-Care

A routine facial might cost around $100. Instead, create a DIY mask at home. Try this popular recipe: mix 2 raw egg whites with 2 tablespoons of plain yogurt. Let it sit for 10-15 minutes and wash off with a damp towel. (I also love using Bioré strips all over my face!) Or enjoy a complimentary 20-minute mini-facial at a nearby spa.

A typical massage can cost about $60 per hour. Instead, look for local massage schools, where students often provide massages at a discount or for free as part of their training.

Another tip: Ask your salon about complimentary bang trims if you need a quick refresh. Many salons offer this service, but it's not widely advertised.

Potential savings: $1,000

Switch to a Family Phone Plan

For a family of four, this can lead to substantial savings over the year. According to WhistleOut.com, four individual plans could cost around $70 each (a conservative estimate), totaling $280. However, combining them might reduce your total bill to around $140.

Potential savings: $1,700

Indulge with Discounted Gift Cards

Lastly, enjoy your daily latte or any treat you desire while saving a few hundred dollars annually. Purchase discounted gift cards for your favorite restaurants, shops, and theaters from places like GiftCardGranny.com and Raise.com.

If your daily latte costs $4, that's over $1,400 a year. Using a discounted card can save you 15% (Raise.com estimates that buyers save an average of 16%).

Potential savings: $200-$500