10 Simple Ways To Save Money Each Month

Building up a reliable savings account is just as much about cutting your expenses as it is about spending wisely. Super easy…in theory, not so easy in practice.

We all know how hard it can be to spend less money than you’re used to, but having money set aside for unexpected emergencies is crucial. Whether you’re looking to build an emergency fund, pay off debt, or achieve your financial goals, trying money-saving strategies can make a significant difference.

Check out 10 tips you can use to spend less and learn how to save money each month on a tight budget!

1. Start Using The 30-Day Rule

Ever bought something on an impulse and instantly regretted it? With the 30-day rule, you’ll have a good chunk of time to think about that potential purchase and decide if it’s something you really need in your life as opposed to something you really felt like buying at the moment.

This rule is especially important for large dollar purchases; if you can justify the purchase after 30-days, then go for it. And no, just because something goes on sale doesn’t mean you need to buy it!

Also, you should also find out whether you can get a refund on the item or if it’s exchange only before making the decision to purchase.

If you tend to make a lot of your 30-day approved purchases online, I highly advise getting an Rakuten account to get a percentage of cash back on your online purchases!

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2. Set Up Automated Savings Transfers

It’s really easy to say things like “I want to put an extra $100 per month into my savings account” but many of us don’t really follow through with such wishful thinking. That’s why I recommend setting up an automated transfer to your savings account through your online banking system.

Determine what amount you can afford to have automatically moved into your savings account each week or month: is it $20? $50? $100? Whatever the amount, big or small, set up your online banking to automatically transfer your determined amount into your savings account on a regular basis.

Not only will this gradually help you save money, but it will also help you get used to not spending that amount each month.

3. Eat At Home

A way to save money that’s actually fun (unless you hate cooking) is eating in and avoiding takeout or going to restaurants.

Cooking at home can save you a lot of money, especially if you like to buy prepared meals on a regular basis. 

Pack your lunch instead of buying it when going to work and use your home-prepared meals as an opportunity to incorporate healthy eating habits, smaller portion sizes and ingest way less salt and fat as well.

4. Reduce Unnecessary Shopping

Everyone has their shopping weakness – for some it’s shoes, for others it’s clothes. Personally, shopping for beauty products is a bit of an issue at times for me.

It’s important to identify the binge purchases we make on a regular basis and start to really think about their impact on our bottom line.

In most cases, the items we buy in these situations are purchased to make us feel better rather than out of true need. With that in mind, think twice about walking past your favourite shoe/clothing/whatever store or make a commitment to yourself not to buy a new pair of shoes for a given period of time.

Move the money you would have used for your shopping spree into your savings account instead. The 30-day rule above can also help in this area too!

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5. Look For Savings On Your Monthly Bills

Every month, that annoying phone bill or energy bill arrives in the mail. Have you ever thought about ways you could lower these costs?  Your energy bill, for example, may be costing you a lot more than it has to.

But small changes can help; remember to turn that TV off, invest in energy efficient windows when you need to replace them and don’t crank the heating/cooling more than you have to. 

A lot of older appliances tend to use more energy than newer appliances, so consider switching out the old energy suckers for a new and improved models. You can also enable your electronic devices to use energy saving features (most newer tvs/phones/computers have them).

Have a huge internet, cable or wireless bill? Try shopping around for other carriers that offer better prices for the same services and save money each month.

I personally cancelled my cable and now get tv through an affordable in-house satellite device and stream everything else.

I also changed from a large wireless carrier to a smaller one and cut $4o/month off my monthly wireless cost. I even enjoy more features now for less money!

6. Use Cash Instead of Credit Card

Using cash for your everyday expenses can help you become more aware of your spending. Withdraw a fixed amount each week and challenge yourself to stick to it. T

his method encourages conscious spending and helps curb unnecessary purchases.

7. Itemize What Groceries You Need

Make a grocery list before heading to the store and stick to it – no cheats! Grocery stores are designed in such a way to get you into buying more items than you need based on their layout, so don’t fall for this marketing trap.

Avoid impulse purchases by planning meals for the week and buying in bulk for non-perishable items. Additionally, take advantage of sales and use coupons to save even more where you can.

Also stay away from stores like Costco that have everything and make it impossible to stay on budget.

8. DIY and Repurpose Household Items

Instead of outsourcing services or buying new items, explore do-it-yourself options and repurpose what you already have.

Repair clothes, tackle small home improvement projects or upcycle furniture. Not only will this save money, but it can also unleash your creativity.

There are now a ton of online sites that sell used goods that could save you money when you do need to replace something.

9. Track & Examine Your Spending

To understand where your money is going you need to understand what you are spending it on. Review you expenses over a three-month period and examine what items are a necessity (e.g. mortgage payments, electricity, food) and begin to eliminate the things that are wracking up dollars but are not a necessity.

10. Shop Smart and Compare Prices

Before making a purchase, do some research to find the best deals.

Compare prices online and consider using coupon codes or cashback websites (like Rakuten). Additionally, buy generic brands whenever possible, as they often provide similar quality at a lower price.

 

 

How do you save money each month? Share your tips and let me know which of the above tips you are going to try out this month!