Do you struggle to save money? If “Yes,” then this post is surely meant for you. Here, we will tell you how to save money every month.
The very idea of having “more money” with us is enough to please us.
When you make it a reality for yourself, then nothing like it.
Saving money gives you the opportunity to pay off debt, buy a new car or house, and go out on vacation, set for retirement and more.
However, many struggles to save money despite the fact that they don’t possess the necessary funds to do something that they want.
These people are the ones who lack the motivation to save money.
They think that saving an extra $25 or $50 doesn’t matter.
However, the habit of saving money starts with making small efforts on your part.
Just think $50 saved each month can pocket you $600 in a year.
And it simply started with small savings each month.
Moreover, when you start saving money, you get more opportunities to save money.
It builds on.
You are always on the lookout to save more money.
However, the important thing for you is that you have to take the initiative in saving money.
It’s only you who has to say that, “Yes, I want to save money” and Go for it.
And it’s not impossible.
Some people have small salaries or earnings, yet they find ways to save money.
They are the ones who should be the inspiration to you.
Moreover, saving money requires you to have built and nurtured a “goal” that keeps you motivated.
And you keep going ahead.
This can even start with a small aim of saving money.
It’s not necessary to have big goals.
It’s absolutely fine if you want to save money for going out on vacation.
Even saving money for buying out a tablet is Ok!
It could be savings for paying out your insurance premium.
Well, you can have any goal.
The crux is that it should be a motivating factor for you to save money.
Moreover, just think of the joy that you can derive once you fulfill your goal.
It’s an achievement for you.
And you should acknowledge this achievement of yours.
Have a heartfelt laughter.
You really deserve many accolades.
Well, if you have realized that you want to save money, this itself shows that you are eager and ready to save money.
And believe me, you don’t have to live a miserly life.
You can still enjoy your life while saving money.
It’s the best part of saving money.
You just need to plug the holes where you are wasting your hard earned money.
Once you decide to look at it, you can easily spot the places where you are wasting your money.
There’s a fine line that separates “wastage of money” and “utilization of money.”
You have to make sure that you utilize your money.
I would say that money is a vital resource and you should use it wisely.
Well, the post centers on helping you to save money.
Once you know the ways of saving money each month, you can easily take up to save your money.
Save Money Every Month
So, let’s begin and see how to save money each month.
I bet it’s easy and fun.
Just make a start.
Here, are the ways to save money each month.
Let’s check them out.
Save on Recurring Expenses
Some expenses keep on happening month after month. These are known as Recurring Expenses.
However, you can cut down on your Recurring Expenses. Here, we illustrate simple ways to save on recurring expenses.
Cell Phone Bill: According to the reports furnished by JD Powers, the average annual wireless phone bill comes to about $1152 that is $96 a month.
However, you can reduce this expenditure by getting a great smartphone through a pre-paid wireless provider at much lesser price.
It could save your hundreds of dollars each year. You can go with cheap mobile hotspot options. Some companies can greatly reduce your monthly cell phone bill.
TV and Entertainment: There are many ways whereby you can save on your TV and Entertainment costs.
Well, you can switch between cable providers to get hold of a promotional offer. If that doesn’t fulfill your purpose, you can go and cut the cord altogether.
You can opt for a home entertainment system and save a ton by using streaming services like Hulu, Netflix, and other free content providers.
Internet Service: It is yet another internet service that digs deep holes in your pocket month on month.
However, you can reduce your monthly bills on Internet service provider. Look for an internet service provider with new subscriber deals or promotions.
Moreover, you can switch from one internet type to another. You can choose cable or fiber-optic internet over DSL.
Well, you can take advantage of great initial deals, and when the promotion ends, you can hop to another provider.
You can even bundle your services like phone, internet, and TV for saving money.
Utilities: There’s one thing with local utilities. Whether it is electric, garbage, gas, or other services, you usually have only one utility option to contend with.
However, you can reduce your costs by cutting back on the usage of the services.
For example, when you are not using something, turn it off or unplug it.
You can endeavor to find ways of maintaining your home to cut costs – change furnace filters regularly, or clean your AC condenser coils.
Gas: There are many ways whereby you can save on gas.
You can go for carpool, or buy at the cheapest local gas station. Well, there are other options as well.
You can fill up at a local warehouse club. There are gas coupons through local grocery stores.
Then, you have the option of using cash back credit or debit cards that can save you 1 to 5 percent of gas.
Lastly, you can drive smart and keep smooth acceleration.
Insurance: It is yet another big recurring expense. If you are not wise enough, you can end up paying thousands of dollars more on your insurance premiums whether it is related to auto, life, home, or another type of insurance.
The only advice here, “look before you leap.” Once you are in a contract, there’s not much you can do other than switching insurance plans.
However, it’s a loss and is a costly affair. So, you should shop around to find the optimal rates on your insurance.
Remove Mortgage Insurance: Many people pay hundreds of dollars every year for mortgage insurance.
This is so because they had not put down at least 20% when they had bought the home.
If you belong to this category and have reached the magical 80/20 loan to value ratio, you can ask the mortgage provider if they can remove the insurance from your monthly payment.
Gym Memberships: You can opt for health plan discount and save on your gym membership. You can also set up your own home gym.
Online Bill Pay: Go for online bill pay instead of sending a cheque.
This can result in saving as much as $50/60 per year depending upon how many monthly bills you pay.
Avoid Money Leaks
Many times you suffer from what is known as “money leakage.” It happens because you tend to spend your money somewhere without ever thinking about it.
Sometimes there are hidden costs which we never expected. Check out these to know if you are plagued by the phenomenon called “money leakage.”
Having a coffee while going to work: Well, it’s more of a habit and a costly one too.
Many people like to buy a coffee while they are moving to work. It just sticks with you. And you go on to spend on coffee several times in a week.
So, you have to take a call on this. It does not seem harmful at first, but it ultimately digs big holes in your pocket.
Cutting back on this would come up as a good idea. Opt for coffee prepared at home instead.
Spending on Hobby: We are hobby freaks. However, sometimes carrying a Hobby can be a costly affair.
It may be collecting comic books, playing videos, or even great literary volumes.
All of these and more require you to spend a lot of money. That said, hobby spending doesn’t necessarily have to expensive.
You can and should cut back on hobby spending. It will allow you to have more money for other things.
Bank fees: This can be irritating too. However, you can avoid overdraft fees, ATM fees, as well as other assorted bank fees easily.
Make a habit to reconcile your accounts regularly. You can even use a personal finance tool (like Mint.com) to organize your financial life.
Dining Out: If you are one of those who eats out too much then does check this habit of yours.
It’s a problem area especially when you are planning to save money. You need to make a budget for it.
You can easily reduce your spending on dining out just by reducing the number of times you eat out. And make sure to use coupons and discounts.
Paying Full Price: Are you paying full price for things?
Well, there are sites to help you out with coupons, discounts, and rebates.
A Little effort on your part can give you discounts on the things you buy. You can use sites like FatWallet.com and RetailMeNot.com for getting discounts and coupons.
Too much insurance: Sometimes people take high insurance cover and go on to pay high premiums for their plans.
So, make sure that you opt for optimal insurance coverage. Research and get a plan with low premiums and high deductibles.
Unnecessary Memberships or Subscriptions: Sometimes we subscribe to magazines that we don’t read at all.
It’s better to cancel it. Likewise, you can have a membership to a wholesale club that you hardly go.
Even memberships to streaming sites cost money. It will be a good idea to drop out on all such memberships and subscriptions that you do not use.
Some More Tips on Saving Money
Well, there are many more ways to save money each month. With a little bit of determination, you can well be on your way saving money.
And it’s not difficult at all.
On the contrary, it’s easy and fun.
You will surely enjoy the game.
There are big rewards for you.
Take the 52-Week Challenge
The 52-Week Challenge is an interesting way to save money.
And it’s simple too.
It goes like this.
You start out by saving $1 in week 1.
Week 2 you save $2.
In week 3, you save $3.
And so on.
This continues till you reach week 52.
You put one extra dollar per week.
So, in the final week of the year, you put away $52.
If you complete the 52-week challenge, you can save $1,378 for the year.
If you smoke, this habit of yours can be a costly affair.
Believe it or not, an average person spends $177 a week on cigarettes and other tobacco products.
So, it’s not wise to fall into the trap of smoking.
It will be good for you if you cut on smoking.
Not only you will save money every month, but you also do away and avoid medical bills by improving your health.
So, it’s a win-win if you stop smoking.
Eliminating Food Wastage
Believe it or not, all of us are involved in food wastage.
So, we should try and make sure that we eliminate food wastage.
Food wastage means that you are literally throwing money in the trash.
In fact, an average person is involved in as much as $520 each year in food wastage.
And when you have got a family that number just increases.
The best way to save money on food wastage is to have a meal plan.
That way, you come to know how much you need to bring home on a daily basis.
It helps you to figure out how much you need so that you can fulfill all your food-intake requirements without wasting your money.
And There Are More Ways To Save Money
- Re-using old clothes
- Making your own gifts
- Cut down on youth sports
- Take your lunch to work
- Avoid out of network ATM fees
- Avoid spending money in lottery
- Negotiate on doctor’s bill
- Go to the library
So, we see that the ways to save money can be endless.
And there are certainly many more ways than we have listed above for saving money.
However, you need to make a start, and the best way can be for options that sound interesting and easy for you to save money.
This way you get confidence that you can save money.
Once you start saving money, you develop the necessary “belief-in-yourself” that you can save money.
Then, you can move on and incorporate rest of the ways to save money.
When you continue to save money, it becomes a habit for you.
Then you just can’t live without saving money.
Saving money gives you an opportunity to transform your dreams into reality.
So, begin today and start saving money.
It’s easy, and it’s certainly possible.
The post will help you out to save money every month.
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