Changing your spending habits can be challenging: and in order to save, there’s no way but to do just that. Now is the time to tighten those purse strings and help yourself survive these hard times. To help you out, here’s a handy list that contains 50 ways to save money each month.
1. Track Your Expenses – The best way to control your cash is to know where they go every month. Guard your budget by keeping a sheet of all the expenditures, savings and everything that involves your finances. You can also get a financial tracker app for your mobile phone or computer.
2. Account All Earnings/Income – Add up all sources of income and record your total earnings for each month. From your salary (net after any deduction), additional sources like part-time jobs, investments or business.
3. Calculate Extra Income – Deduct all expenses from your overall income and see the surplus earning to go into your monthly savings.
4. Pay Your Bills On Time – Getting rid of any additional charges, like late-payment fees, interest or penalties will help you save money and clear off the entire amount due.
5. Find the Lowest Interest Rates for Credit Cards and Loans – A zero or low interest rate will reduce your monthly payments to creditors each month. Simply put, by reducing interest rates means paying less interest debt.
6. Know Your Insurance – Life insurance can be wise, but a bad deal if you have no dependents. For home and car insurance, deductibles are usually too low. Raising deductibles can save you few hundred bucks on insurance.
7. Be Wise with Your Credit Card Usage – Avoid using your credit card too often, and avoid any impulse purchases, especially for things you think you can’t afford in a given time.
8. Know Your Savings – Keep track of your daily savings and make sure you do not spend them away.
9. Collect Loose Change – Why not keep a piggy bank for coins? Clean out your drawers, check your purse or pocket and collect all of your loose bills and coins and be surprised at how quickly your dimes pile up!
10. Plan Your Savings – If taking a vacation is a family “must”, fix an amount you want to save for your vacation, sufficient enough to cover all your expenses.
11. Choose Your Bank – Choose the type of account that you want to open. Carefully check accounts that have no monthly fee and accounts that do not require minimum balance.
12. Use Your Bank’s ATM – To avoid any charges or deductions; use your own bank’s automated teller machine. Using another bank’s ATM will certainly charge you something.
13. Use Your Bank’s Pay Option – You can use your bank’s bill pay option to pay bills instead of mailing your bill payments.
14. Bundle Up; with a Single Provider – Get all your broadband, telephone, and cable services under one service provider to avail discounts and promotions.
15. Get Rid of Unnecessary Facilities and Features – Call waiting, or caller ID for your phone can add up monthly cost and charges.
16. Get Energy-Efficient Appliances – Try to buy energy-efficient appliances to help you cut down on your monthly utility bills.
17. Consider Cancelling Your Home Telephone Service – Your family and friends mostly have cell phones that call or talk to you using their free or unlimited service. They can contact you literally anywhere as long as you are taking with you your mobile phones. Do you really need both land line and cell phone? One less line means one less monthly bill. You may not be using your land-line that often, and you might consider dropping it off to cut back expenses.
18. Cut Down on Cell Phone Service Plans – Reducing your minutes, or eliminating added features that aren’t much in use, or simply dropping your monthly plan to a lesser $10-$20 plan will bring in great savings.
19. Cut Down Utility Bills – Lowering electricity bills by turning off air conditioning, or turning off lights whenever not in use, or disconnect unused appliances can reduce your monthly utility bills.
20. Consider Cutting Your Premium Cable – Cutting your cable service can save more than $100 every month; alternatively, you can opt to cancel your premium channels that add extra cost.
21. Drive Less – Running errands can be costly using your car. You can cut fuel usage by using public transportation, or using a bike or maybe by walking somewhere nearby.
22. Do Your Own Lawn – You can save around $40 each time you choose to mow your lawn instead of hiring someone.
23. Buy Used Products – New cars, furniture, books and magazines are sometimes not worth an extra cost. Slightly used products can save you hundreds or even thousands of dollars, and a lot of them are still good as new.
24. Wait Before Making a Major Purchase – Why not wait at least 72 hours before deciding to buy major thins, say anything over a price of $50? Giving yourself time to think can help you avoid impulse purchases.
25. Shop Wisely – Shoppers get great deals from coupons, discounts, or promotions. Extend a little effort to look for good deals.
26. Shop Online – The things you want to buy might be available online, with huge discounts. Check out reliable websites like Amazon, or eBay and score some great deals.
27. Swap with Your Friends – Gather your friends and swap your clothes. You’ll get a pair of jeans without spending some cents.
28. Be Smart about Grocery Shopping – Your biggest mistake is to shop on an empty stomach. If you are hungry, you will tend to buy things that you do not need.
29. Cook Your Own Meals – Nothing can be better than a homemade meal and some savings in your pocket. Do this more instead of ordering take-out or buying food.
30. Cut Back on Dining Out – Homemade meals always cost less than dining out. It’s sure nice to eat on fancy or even casual restaurants, but will be a strain on your pocket. You can indulge sometimes; however, you don’t have to make it a habit.
31. Buy In Bulk – You can save and get a discount if you buy things in bulk; items like dried pasta, cereal, toothpaste and soap can be kept in storage for a long time. Stock them up for future use.
32. Find Cheaper Beverages – You can find quality wines, beer, and sodas at lower prices if you do a little research.
33. Buy Generic Groceries – Find a warehouse or grocery around your neighborhood than getting some store-brand products from high-end shops and stores.
34. Limit Your Morning Coffee Routine – Try to limit your Starbucks trips. Your Nescafe, Folgers, or Taster’s Choice instant coffee can also make your day!
35. Try Water – Drinking water is healthy instead of soda, coffee or beer!
36. Eat Less Meat – Not only will it supplement your diet, eating more vegetables than meat is a lot cheaper.
37. Bring Your Own Lunch – Try to check on how much money you can save daily by bringing your own lunch to the office than with buying a meal.
38. Make a Grocery List – Make a list before you go to the market and try to stick to it.
39. Avoid Branded Products – You can enjoy the same quality with generic products which cost a lot lesser.
40. Use Your Local Library – For free internet access and for books, movies, and games, or passes to the museum.
41. Swap Entertainment With Friends – You can swap books, DVDs and CDs with your friends instead of going to the movies, or buying these items.
42. Get Discount Trips – When traveling, make a good plan and book early to get huge flight discounts.
43. Consider Riding a Train or Bus – Instead of booking expensive flights, the bus or train will help you save.
44. Gym Membership – Instead of keeping your gym membership, you can opt to do workouts that won’t cost you money. You can exercise or do yoga at home, jog in the road, or at local parks.
45. Clubs, Newspapers, Subscriptions – Unless it’s of real value, cancel it! I mean clubs? Your newspaper subscription over the internet? Enough said.
46. Car Wash – Hand wash: Wash your own car, find time to do it yourself.
47. Buy Generic Medicines – Always ask for a generic version of your branded prescription medications.
48. Recycle Bottles and Cans – There are supermarkets that are willing to purchase your old bottles and cans.
49. Off-season Vacation – It’s always less expensive to go on an off-season vacation.
50. Push Yourself to Save – I just said it. Push yourself to save! It all starts with self-motivation.
So there’s your list of 50 ways to save money each month. Indeed, just by making simple lifestyle changes, you can save a lot every month. And if you can maintain it, just imagine how much you’ll be able to put away in your savings each year! Good Luck!