13 Easy Ways That You Can Save More Money Every Month
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We all aspire to reach financial freedom. And there are several key components that can help us get there. As we see it, income, savings, expenses, debt and investments are the 5 pillars to achieving your financial goals. Today, we want to focus on seamless ways to save more money every single month. Because once you save, then you can invest. Your path to more savings can take extreme routes, but what we’ve detailed below are 13 actionable ways that can save you more money without forcing you to give up your daily Starbucks habit. Because what good is living if you can’t enjoy a non-fat soy vanilla latte from time to time?
13 Easy Ways To Save More Money
Set “No Buying” Months
If your porch sees an endless stream of Amazon packages or other unnecessary deliveries, then you should consider a quarterly detox from buying things you probably don’t need. Every third month, try to stick to only buying true necessities. This will help you curb impulse buys. At the end of the month, track how much money you saved by not letting your impulses get the best of you. When you see the result, you might be shocked about how much money you waste.
Make A Budget
This seems obvious, but for some people budgeting is very foreign. If you have a lot of trouble saving, then try using the 50/30/20 rule. That means 50% of your income goes to basic necessities (food, shelter, etc), 30% goes towards things you want (eating out, vacations, etc) and 20% goes into savings (or an investment account). If you can’t afford to do the 50/30/20 method, find a budget and a breakdown that works for you.
Get A Budgeting App
Scanning your own bank account to try and find savings is daunting. An app like Rocket Money simplifies that for you. And Rocket Money doesn’t just track your bills, it will also can also find and cancel subscriptions you might not be using which will save you even more money.
Cash Back Rebate Websites
Everyone has to buy things. Whether it is food, clothing or just stuff that you want, spending money is part of life. But, if you do it correctly, you could (and should) be saving money with every single purchase you make. You can do this using sites like Rakuten or, if you want to get cash back paid in Bitcoin, you can check out Loli.
Similar to cash back rebate websites, coupon plugins will help you save even when you forget to make it a priority. Look to companies like Honey and CapitalOne Shopping which is formerly WikiBuy to get started today.
Prepare Your Own Meals
This seems like an obvious one, and the savings might seem minimal, but if you’re spending even an extra $10 per day on ordering out that ads up to almost $4000 per year. Do you know what an extra $4000 per year could look like in 20 years if invested properly? Big money!
Take Inventory Of All Your Subscriptions
Cutting the cord might be one of the biggest scams of all time. Unless, of course, you managed to cut it without adding every single streaming service imaginable. Sure, without cable, the internet is only costing you $75 per month. But when you add Netflix, Amazon Prime, Disney +, Spotify, Apple TV+ and a laundry list of other subscriptions you can’t live without on top of it, you’re right back to where you started. Take stock of these every few months. Make sure the money going out the door is worth it. As mentioned earlier, you can find and cancel subscriptions seamlessly with Truebill, but feel free to do it on your own as well.
From cars to clothing to sports equipment, there is a whole world of very lightly used second hand goods out there for sale. You can take advantage of other people are selling their stuff to buy more things to keep up with the Jones’. You can find these items for sale on places like Poshmark or Ebay.
Rent Or Borrow Instead Of Buying
If you find yourself acquiring items that you use one a year or even less frequently — a power washer, tree trimmer, steam cleaner, etc — consider borrowing these items from family members or renting them. It’ll not only save you money, you’ll also have less clutter in your house.
Do Things Yourself
If you want to reach your financial goals, you have to be willing to sacrifice. Buying a lawnmower and moving your own grass is a perfect example of that. The initial $200 might sting, but it sure beats the $40 per week cost of hiring someone for 7 months out of the year. You might not be skilled enough to tackle real home renovation projects, but things as easy as washing your car at home and cleaning your own house can save you hundreds, if not thousands, in the long run.
Buy In Bulk And Buy Generic
Costco runs can seem financially painful when the receipt comes, but by doing the majority of your food shopping there, you can save thousands of dollars per year. Just make sure you don’t get carried away with buying too many perishable items (that can’t be frozen) or things that you would never need a lot of. Buying generic is another great way to find a little bit of savings. Especially when store brands (like 365 at Whole Foods) are just as good as what you might find with name brand items.
Work From Home
If you have the ability to work from home, you would not only save a ton of money on commuting (gas, car maintenance, etc), but you would also save a lot of money on clothing expenses. Unless, of course, your company already let you go to the office in sweatpants.
Automatically Invest Your Spare Change
If you haven’t heard of Acorns, it is a platform where your spare change gets rolled into an investment account. So not only do you save money, but that money will grow. If that seems too good to be true, check out how this one guy saved over $50,000 using the app. Amazing!
Look, you don’t need to build financial security in one day. Knowing that, saving even $500 a month is an excellent way to boost your financial security and create a secure future. Consistency is key when it comes to savings, so if you can use the tools above to manage to save $500 each month, you will be well on your way to reaching your financial goals.
That said, you should set realistic goals and track your progress by creating a budget and setting up an automatic savings plan. Managing your finances in this way will help you to reach your financial goals quicker and more efficiently.