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Have you ever thought about ways of saving money? I would imagine so if you’ve stumbled upon this article.
These are my EASY ways to save money monthly. Challenge yourself and see if you can save $1000 a month with these tips!
Saving money each month can benefit you such as:
- Going on that dream vacation you’ve been talking about for years.
- Maybe pay off some debts, because this just means you can have even MORE money!
- Be financially comfortable – no worries about living check to check.
- Saving for emergency or unforeseeable circumstances
Believe me, it’s a great feeling seeing all these extra hundreds or thousands of dollar being freed up.
1. Savings Challenge
So for the past 3 years, I’ve been partaking in a money challenge that I saw on Facebook. You would make a deposit on a weekly basis and the deposit amount would go up every week.
Think of it like this:
- Week 1; you are putting in $1
- Week 2; $2
- Week 3; $4
Add this up at the end of the year and you’ll have $1,378 saved up! That SIMPLE!
There are many variations to this, make something that you’re willing to follow.
Personally for me, instead of paying the $52 or $104 (for my case since I doubled it) at the end of the year near the holidays. You do it early in the year.
|Week||Deposit Amount||Account Balance|
This is what it looks like on my spreadsheet.
Doubling it and depositing it earlier in the year, makes it much easier for me to save and not worry about the stressful holiday season.
By the way, I will be saving $2,756!
2. Stop paying for cable TV
Paying for cable has become a thing of the past for me. I can’t even remember the last time I paid for it.
I personally think there is no benefit to paying a large monthly fee to watch TV.
Is “Keeping up with the Kardashian” that important?
I Google’d the average monthly bill for cable and discovered that it was $103 for 2016. You’re practically giving your money away to these companies.
Not to mention all their hidden fees and constant price hikes.
There are plenty of alternative plans out there.
- Hulu Plus
- Amazon Prime
- HBO Now
I use Netflix and it only costs me $10 a month. Here’s the catch…I share this with my friend who takes $5 off of my phone bill (yes I’m on his phone plan).
3. Affordable cell-phone plan
I’ve been a part of a “Family Plan” for the last 7+ years.
I’m on my friend’s phone plan and we’ve added a few more over the years. It has done nothing but decreases my monthly phone payment.
I believe there are 7 of us on this plan now haha.
But hey this means I only pay $39 a month (with unlimited data, text, hotspot, and minutes).
You also have an option with the new Google Project Fi. It’s a simple plan that costs $20 a month for the basic and you add a small amount to have data. Not bad overall if you’re by yourself. Project Fi
We need all the advantages we can get! Make these options available to you…do not sit back and go with the status quo.
4. Packing your lunch
Packing your lunch…saves A LOT!
I’ll give you a quick insight here. Let’s say you eat out every day…
The average person will spend over $5 on their lunch…if you do that every day, you’re spending over $25 a week. So in a full year, you would be spending OVER $1300!
That is just crazy. I know people aren’t spending that small amount because that side of fries and diet coke will add up.
I’ve been packing my lunch for the longest of time.
I usually cook my lunch fresh the night before but we all have busy lives. So I would prep my meals a few days in advance in case I get lazy and have it all ready to go.
5. Cutting ties with gym membership
I never had to really pay a large amount for a gym membership but I do know that a lot of people out there who owns membership and DOES NOT go to the gym…
Of course, if you want to give your money away, I’ll be happy to accept your generous offer.
We are approaching Spring/Summer and here are some outdoor activities I’m currently substituting for the gym:
- Running at the park
- Obstacle course
IF you must desperately be at a gym to be motivated, there are cheap gyms out there. I used to have a membership at Planet Fitness (my job reimbursed my membership) and it was around $10 a month.
6. Eat out less
Now I’m not telling you to stop eating out completely. Just LESS. When you eat out, there are always the urge to buy more than what you really need.
Appetizers, entrées, desserts, and drinks. That just sounds expensive lol
Cut this down for half a month, a quick challenge for yourself. See how much you would save instead of going out.
I love those “AH-HA!” moments. Like damn, I just saved $100 from not eating out a few times this month.
7. Buying in bulk
I am fortunate enough to have Sam’s Club membership card that my parents owned. They created a card for me so I’m very thankful for that.
Plus my friend’s shops at Costco, so I usually go with them to get bulk items (BIG PLUS)
It will seem like you’re spending more at that moment…but trust me you will be saving a lot more in the long run.
You can avoid going to the grocery store weekly for these non-perishable goods.
Plus when you’re hosting those great game night parties, you’ll have PLENTY of food and drinks.
If you do decide to get your own membership, I believe they start off at $55 a year! Not bad at all considering how much you’re saving with them. Take a look and see if this fits for you. Costco
8. Drink more H2O
Have you ever sat there and wonder how much you’re spending on a bottle of Coke from that vending machine?
Probably not and that’s the biggest problem. You’re doing it and not realizing how BAD and COSTLY it is.
There are a lot of benefits to drinking water:
- Helps relieve headaches
- Better skin complexion
- Improves your digestion
- Saves money!
I mean it’s great for your overall health. I love drinking water, I try to drink at least 6-7 glasses a day.
Nothing beats drinking free water.
9. Be GENERIC…when you shop
So I’ve been doing this for quite some time now and trust me…it is not worth spending money on the name brand stuff.
When grocery shopping, there are a lot of items that you can grab for much cheaper when you’re getting the generic store brand.
I’m sure you think there are some “quality” for certain items.
But I’m not telling you to completely buy everything generic, but there are a lot of stuff you are better off buying generic and saving money in the process.
You will notice your grocery bill getting smaller every trip once you adapt to this new mindset!
10. Keeping track of your money
When you are more aware of your finance, you will be able to save more.
Yes, it is that simple. Sit down and create a list of things you are spending per month. This includes your bills and misc. expenses.
Then put down how much you’re making a month. Realizing where your money is going will open your eyes.
I’ve been keeping track of my spending the last few months and was able to save $1000+ my first month.
I’m on pace to save near over $900 for the month of April.
Having a spreadsheet helps me visually see and track my expenses.
Check out my post about HOW I CUT MY SPENDING IN HALF AND SAVE AN EXTRA $1000+ A MONTH!
What steps are you taking to help save per month? Please feel free to comment and suggest other ideas. We are all trying to help and improve our finance!
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