No matter how much your income is, we can all do better with saving some money each month. Here’s are 30 + ways to save money this month. I highly recommend these budgeting tips I think everyone can put into practice. Following these simple easy tips can help make your money go further along the month.
Stay in and invite some friends over. Catch up and socialize. Cook a meal and share it with your friends/guest and more than likely will save you a high restaurant bill. This will also help decrease your entertainment budget each month. Winning! Two – in – one!
Have a spring clean every few months. Gather any items you don’t need /use that are still in good condition and sell them. You could possibly make a small lump of cash from these unneeded items.
Avoid eating only convenience food and fast food. Although each meal may be relatively ‘cheap,’ it all adds up. Buy raw groceries and start cooking meals yourself. When possible, buy essentials in bulk. This can include things like, toilet paper and nonperishable food. It’ll work out A LOT cheaper per unit compared to buying in smaller quantities.
Plan your grocery shopping ahead of time; make lists and stick to them. This will tie in with pre planning your meals and household purchases. Avoid overspending on unjustifiable luxuries just because it had a “special offer” sticker on it.
Make separate envelopes for expenses at the beginning of the month. You can have envelopes for ‘transport’, ‘food’, ‘entertainment’, etc. and put cash in them of how much you think you should spend on each. If you have leftover cash at the end of the month, put that money aside and save it for future emergency expenses.
Pay all your bills on time. When you are late paying bills, companies can charge you extra for late fees. Paying on time will save you from paying these penalties.
Clean your clothes as inexpensively as possible. Wash and iron your laundry yourself, or compare prices of different cleaners. If you can save even 50 cents on cleaning a shirt, that can add up to $100 a year in savings.
Use public transport or ride share instead of cabs. This will save you cash regardless of how little/often you may use cabs each month.
Only use the ATM of your bank or credit union. When you use a different bank’s ATM it can charge you more per transaction. This will mean more hidden charges on your account balances.
Keep all your loose change and put it in a set ‘coin’ jar. You’d be surprised at how those nickels and dimes add up over time.
Don’t purchase expensive items or services on impulse. Wait at least a day before buying it. You can also make a list as to why you want it, this way you can judge if you really NEED it.
Go over current bills like your cell phones, cable, credit cards, etc. to see if you are able to save. Often times you maybe able to cut expenses or remove features that are not necessary. Some credit card companies may adjust your rate based on your consecutive payments and history.
Buy generic brands of items you use a lot. Generic brands can be as good as brand name items. They are also cheaper, so the amount you would usually spend on these goods will work out to be considerably less.
Do holiday shopping right after the holidays. By putting off gift opening to a few days after Christmas you can buy items for practically a steal. Also, try planning ahead and buying birthday or anniversary gifts while they are all on special.
Buy used items when you can. Some are still good quality and may even still be under warranty. It will be much cheaper than buying new.
Cancel paying club memberships you hardly use; such as a gym or country clubs. If you find you do need it again in the future, you can always renew it.
Do price comparisons between grocery stores and find the one that is the overall cheapest. Don’t stick to a habit of going to the same store as it may cost you more than you think.
Automate your household. Centralize appliances by consolidating things like your electricity or thermostat on one system that will allow you to monitor and place items on timers.
Sign up for customer rewards programs at retail stores. Many retail outlets have programs which reward you for shopping there. They may give you cash for an exchange of ‘reward points’. You can save up these points, and when money’s tight, use the cash to buy your goods.
Stop buying coffee while you are out. Choose to enjoy home brewed coffee at a fraction of the cost and without the hassle early morning lines. Certain instant coffees can also cost less than filter coffee, and don’t require that you purchase a coffee machine.
Use coupons as much as you can but only if you need to buy the item. Finding coupons for your essentials will save you money on them. Just be careful to not go ‘coupon crazy’ and buy every product you may have a coupon for.
Make sure to use free wifi whenever possible. This can save you money on your monthly data fees. Just be sure you have permission to connect to it. Connecting to a free wifi you don’t have permission to use it actually illegal.
Use a money/budget tracking app, such as Personal Capital. By installing these apps AND using them properly, you can keep track of and have a visual image of your spending habits. It will also be easier to keep an eye on how much cash you still have left.
Pay your credit card debt on time. If you pay your credit card bill sooner than usual, you may be able to lower the interest you are charged on it. This will not make a noticeable decrease every month to your benefit, but over time it will add up.
Buy generic medication. If you have a chronic illness or simply have a cold, ask your pharmacist for the cheapest generic or alternative. Generic medications have to contain the same active ingredients by law, so they work as well as brand names.
Stop making phone calls. Use smartphone apps, such as whatsapp, that provide voice calling using your data or wifi connection. It works out much cheaper than using regular cellphone or landline calls
Don’t use a tumble dryer. Tumble dryers can use quite a lot of electricity and higher electricity bills will cut significantly into your monthly budget. Instead, try hanging your washing outside to dry or using indoor racks on cloudy days to save the money.
Rent out space in your home that you aren’t using, such as a spare room or garage area. A great place to checkout is Airbnb, I highly recommend it. You can rent out your space, and bring in extra income. I know people who are making full-time income from renting out their spaces on this site! Cray, I know.
Thrift stores or second-hand outlets are a good starting place where you can find decent quality clothes at a fraction of the cost as compared to brand name retail stores. Sometimes the only difference between clothes is the visible printed brand logo. I’ve scored so many times while thrifting. I love thrifting! Read here to find out how much!
Work out your hourly wage before going shopping for clothes. Then, take the amount of any item you want to buy and divide it into your hourly wage. For example, if you find a $50 pair of shoes, compare it to your hourly wage. Say you earn $10 an hour. If you work it out that pair of shoes is equivalent to 5 hours of work, almost a full days work! Honestly, ask yourself it spending that many hours work just for a pair of shoes is worth it. It will help you keep things in perspective.
What are some ways you save money each month? Can you think of anything else this list might need?