How to Save Money Each Month: 20 Simple Tips to Try
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When it comes to saving money, it can be tough to cut back without feeling deprived.
We tend to adapt to the level of comfort and convenience quicker than we can afford it, sometimes often spending beyond our income.
If you’re looking for some tips on how to save money each month, here are some easy saving strategies to get you started.
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Ways to Save Money Every Day
The first place to look when you’re trying to save money each month is at your daily expenses.
Whether you’re saving up to pay off credit card debt, build your emergency fund, or have another savings goal you’re working toward, optimizing your daily expenses will help you stretch your income and hit your financial goal faster.
Here are some easy ways to save money on a daily basis that won’t feel like a punishment.
Use Cashback Apps
Cashback and rebate apps are a great way to save money because you’re saving when you spend. So there’s no sacrifice at all!
Shopping online? Remember to click through Rakuten or Swagbucks before you buy to earn cashback on your purchases.
Even if you forget, you can use apps like
Or use a service like Earny to watch for price drops you can claim a refund on.
Get rewarded just for snapping pictures of your receipts. No pre-selecting offers, no scanning barcodes, no surveys, no ads – just scan your receipts and earn points!
Use a Cashback Rewards Credit Card
Cashback rewards credit cards work similarly to cashback apps but require even less effort.
Some cards offer a
We use the American Express Blue Cash Preferred card for gas, groceries, and subscriptions and the Citi Double Cash Back card for everything else.
>> Check Credit Karma for a more detailed breakdown of different reward cards and the benefits they offer.
Your earnings will vary based on your spending, but if you’re responsible with your credit, it’s a great way to build up your savings account without even trying.
If you’ve got credit card debt, focus on paying off the cards you have before you look into getting a new one. The 2% cash back won’t come close to covering the interest on most credit cards. But if you are ready for a new card, make sure you optimize your credit score before you apply so you can get the best deals.
Turn Off the TV and Lights
When I was growing up, it felt like I was always being followed.
And I was.
My step-dad would follow me from room to room, turning off the lights behind me.
I thought it was annoying at the time, but now I totally get it.
It may not be as bad with modern light bulbs, but every little bit of energy savings helps.
Install Energy Efficient Light Bulbs
We’ve come a long way from the incandescent bulbs I grew up with.
Modern LED bulbs offer a much longer life span at a much cheaper rate of energy usage.
If you’re trying to save money on your electric bill without having to sacrifice your comfort, install some new bulbs.
Use a Programmable Thermostat
One of the biggest energy expenses comes in the form of heating and cooling our homes.
A programmable thermostat can adjust temperatures when you’re away from home or even in a different section of the house so that you’re optimizing your usage.
I work and teach from home, so instead of trying to remember to adjust the thermostat between homeschool lessons (downstairs) and working hours (upstairs), I can just schedule our thermostat to adjust on its own.
There’s no need to pay more to heat or cool the parts of your home you’re not using. A programmable thermostat will help lower your energy usage and save you money every month.
Make Your Own Coffee & Pack Your Own Lunch
It may seem inconvenient or a nuisance at times, but this is probably the most valuable daily change you can make without feeling too much discomfort.
Eating out can get expensive…fast. The average “value” meal is still close to $10.
That’s $50 a week you could save just by bringing your lunches.
Add in coffee and snacks, and you’re looking at significant savings.
Ways to Save Money Every Week
Now that you’re saving money on a daily basis, you’re gradually building up the amount of money you can save every month. But we’re not done yet.
Here are some areas to look to for finding ways to save money in your weekly tasks as well.
Use Less Laundry Detergent
When’s the last time you read the directions on your laundry detergent?
If you’re doing the same thing your mom taught you, you may be using too much.
Energy-efficient washers, in particular, require less detergent than their counterparts.
Also, unless your clothes look like you went sliding into first base, you may be using more detergent than your clothes really need.
Save even more money by making your own laundry detergent.
Use Wool Dryer Balls
Apart from the clunking noise, which I’ve gotten used to, I love our wool dryer balls as a replacement for dryer sheets.
They work just as well at reducing static cling, and our heavy towels, which used to need two or three rounds in the dryer, now only need one.
Dryer sheets also gradually leave behind a film on your lint tray, creating a fire hazard. Making the switch to wool dryer balls will eliminate that problem as well.
Meal planning is one of the biggest monthly savings our family has embraced.
It’s not only saved us money, but it’s saved me time and stress when it comes to both grocery shopping and making dinner.
Trying to stick to a grocery budget without really knowing what I was going to cook was a recipe for waste and overspending.
No matter what I bought, I’d still find myself in a panic around 4 o’clock every afternoon, wondering what I was going to make for dinner.
Just by planning things out a week ahead, not only is the stress gone, but I can finally enjoy making dinner again.
Plus, when you plan ahead, you can cut your grocery budget and save money on groceries by taking advantage of coupons and store sales much more easily.
Simply by planning our meals in advance, we’ve saved thousands of dollars, allowing us to significantly increase our annual savings and contribute more to our long-term goals.
Eat Out Less
Eating out can be a huge drain on your monthly budget.
It may not seem too expensive at first, but the costs quickly add up.
Combined with meal planning, reducing your dining out expenses is one of the fastest ways to increase your monthly savings.
If you’re used to eating out a few times a week, cutting back to just once a week can save you hundreds of dollars a month.
Drink More Water
Soda and coffee habits can be as expensive as they are strong.
I recently bought a new water bottle on Amazon, and I’ve noticed two things.
First, I’ve completely eliminated drinking anything else.
I’ve been trying to cut back on drinking soda for a while, but it wasn’t until I started using this water bottle that I beat my craving for an afternoon Cherry Coke.
Second, I’m eating less.
Or maybe I should say I’m less hungry.
Because I’m constantly sipping water all day long, I don’t feel the hunger of an empty stomach.
You don’t have to buy this exact water bottle to make a difference (though I highly recommend it). But simply making an effort to drink more water will help your wallet and your health.
Track Your Spending
My absolute top money-saving tip is to track your spending and become aware of what you’re actually buying.
If you don’t know where your money is going, you’re a lot more likely to spend it on impulse purchases and things you don’t really care about.
Just by gaining some awareness of your spending habits, you’ll start to become more intentional with your decisions.
Once you’re spending more intentionally, you’ll notice you’ve got more leftover each week.
Switch to Cash
If you’ve got a tight budget or a tendency to overspend in certain categories, try switching to cash.
The cash envelope method is a great way to reign in your spending and gain more awareness of your expenses
Try a cash diet to ease yourself into the envelope system. Just choose one or two problem categories and use only cash for them this week.
I can almost guarantee you’ll be more resistant to spending that money.
Studies show it’s more painful to spend cash, but also seeing the limited resource dwindling each time you spend it will make you more selective.
You can also turn it into a bit of a savings challenge by assigning any extra cash left in your envelope to your savings goal.
Switching to cash will also help curb any overspending tendencies you have with online shopping.
One Week Spending Freeze
This is a little more extreme than a cash diet or simply tracking your spending for awareness.
With a spending freeze, you stop spending money on all non-necessities.
You’ll still pay your bills and buy groceries and gas if needed, but with a little pre-planning, you might even be able to freeze those categories.
This is a great way to save and become more aware of your impulses.
Take it a step farther and actually take note of each time you’re tempted to buy something.
What is it? How much was it? What were you thinking and feeling?
You may be surprised to discover all the mindless purchases you normally make in a week.
Trips to the vending machine. Swinging by Starbucks. The dollar items you grab as you walk into Target.
All those tiny expenses are a slow drain on your budget.
A weekly spending freeze can help you stop leaking that cash.
It may sound extreme, but remember it’s only for a week.
If you’re worried about feeling deprived, keep that logbook of desires, and when the week is over, give yourself permission to buy whatever you want from it.
I’m guessing it won’t be much.
Buy Discounted Gift Cards Online
Did you know you can buy discounted gift cards online for the stores you regularly shop at?
Sites like Raise and GiftCardGranny offer gift cards from a large number of stores and with a variety of discounts.
The percentage discount for some of the larger stores like Target may not seem significant.
But if you’re able to
Ways to Save Money Every Month
You’ve got some tips for finding ways to save daily and weekly, so your monthly savings should be starting to tally up.
But now we’re going to tackle some of your monthly bills. Monthly expenses can be rather large if you’re not optimizing, so get ready for some big savings to add to your total.
Here are some ideas to help you save potentially hundreds of dollars every month.
Cut the Cord
Entertainment costs are right up there with eating-out expenses when it comes to the tendency to overspend.
We don’t often realize how much we’re actually spending.
A quick way to save hundreds of dollars this year is to simply cut the cord and get rid of your cable or satellite subscription.
Canceling your cable doesn’t mean you have to go without. There are various streaming services you can get at a fraction of the cost, as well as HD antennas for the major networks.
Just be careful how many streaming services you sign up for.
The relative cheapness of all these streaming services can motivate you to sign up for more than you need. If that happens, you may quickly approach the cost of the cable bill you’ve just left behind.
Try to be ruthless with your entertainment selections. Decide which shows are worth your time. Then subscribe to whichever service offers them.
Lower Your Cell Phone Bill
Do you know how much data you use each month? Or even how much you’re paying?
Take a look at your current cell phone plan and compare it to your actual usage.
If you’re using your cell phone primarily on WiFi, you may be surprised to find you can lower your plan significantly.
You can also look into smaller 3rd party carriers.
They buy bulk packages from the major networks and resell those minutes/data to you for a fraction of the cost.
There may be some limitations on your usage, but it could save you hundreds per year if you aren’t using much to begin with.
Reduce Your Student Loan Debt
You may not think there’s much you can do about your student loan payment, but there are some ways you can potentially lower your bill.
Consolidating your loans at a lower interest rate may help you lower payments as well as the total amount you owe.
Just be careful to do your research before consolidating government loans into private ones, as you can lose some advantages.
Another easy way to lower your interest rate may be to set up automatic payments.
I was able to save almost half a percentage point when I was paying back my student loans simply by automating the payment.
Shop Around for a Cheaper Auto Insurance Policy
When’s the last time you called around to see what the going rate for auto insurance was?
If you’ve been paying the same company for over a year, it’s time to do some research.
Even if you don’t end up switching, you may be able to negotiate a better deal.
We saved several hundred dollars by switching our car insurance recently.
It’s a good rule of thumb to call around for estimates every time your annual renewal comes due.
Cancel Memberships & Subscriptions
Do you get a newspaper or magazine you never read?
How about a gym membership you rarely use?
Or, even more likely, phone apps you don’t even realize you’re paying for.
Take a little time to go over your credit card and bank statements to see what recurring monthly expenses you may have that you don’t need.
Try a Monthly Savings Challenge
I love monthly challenges as a way to start saving more money.
They’re just long enough to be significant but still short enough to be achievable.
It’s like running sprints vs. a marathon.
One of my favorites is the no-spend challenge, where you tackle any spending habit you have and try to spend money only on your essential living expenses.
It’s hard to cut back on your spending when there’s no end in sight, but focusing on just a one-month savings challenge is much less daunting.
See how many days you can go this month without spending money. You may surprise yourself with the extra savings you discover.
It’s easy to convince ourselves that we’re saving as much as we can or there’s nowhere left to cut.
But the truth may be you’ve gotten so accustomed to certain things that you don’t even question the everyday expenses anymore.
If you really need to save money quickly, stretch your income by questioning every expense, starting with the ones above, and see if you can’t find some extra money you didn’t realize you were spending.
Let me know in the comments how much money you manage to save every month!
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