Everyone could use more money, but majority of us struggle with how to actually hold on to the money we already have. What if I told you there were a few fool-proof ways to save more money every month by following a few easy suggestions?
Saving money has always been a hot topic and instead of spinning the wheel, trying to produce more money, there are ways to start holding onto the money you already have earned. Sure, saving money is hard when there are always a thousand different things being thrown at you on a regular basis. But some of those things, aren’t actually needed.
1. CREATE A BUDGET
The first step to saving money is by tracking down how much money you have coming every time you get paid.
Knowing how much and how frequently you get paid, will help you to determine how much money can be spent, versus how much can be put away.
2. DEFINE WHAT YOU’RE SAVING FOR
Are you looking to purchase a car in the near future? Or, maybe you’re needing to save a few thousand to put down on a house?
By knowing exactly what you’re saving for, you’ll be more motivated to put money away for your big, end goal, than by spending on things you don’t need.
3. TRACK YOUR SPENDING
Just like you would track your earnings, you NEED to track what’s coming out every month and start saving from there.
Things like the necessities (you home or rent payments, your car payments, insurance, gas and food) are critical to survival, so you MUST pay those. But, seeing how much is being spent on unnecessary things, need to be tracked in order to stop the unnecessary spending and save more money.
4. BUILD A CAPSULE WARDROBE
Is your money going on clothes for school and work every paycheck, causing you to come up short on savings at the end of every month?
Then, you may want to invest into building a quality capsule wardrobe. Capsule wardrobes only contain a few key pieces (a few tops, a few pair of jeans, maybe one pair of slacks and one skirt, etc.) that are similar in color, allowing you to easily mix and match throughout the week.
5. SHOP SALES
A great tip to save money on purchases like clothing, appliances, electronics and even cars – is to shop major sales events.
Every year around the holidays, retail stores are dropping prices left and right to almost 40-50%. That extra money can be put into savings. Even more so in January, retailers are more likely to drop prices as low as 70% in order to restock for the New Year. Car dealerships are notorious for dropping prices on cars at the end of the year, in order to meet their quotas, making it a great time to purchase.
6. CANCEL YOUR CABLE BILL
There are so many ways to entertain yourself other than watching TV. Pick up a hobby to save money, like drawing or cooking. Or, use your internet and stream from services like Amazon Prime Video, Netflix, or Hulu.
You can also sign up for streaming services like Amazon Prime, Showtime, Disney Plus and more.
7. USE COUPONS
Another great money-saving hack is to use coupons and coupon websites in order to ensure you’re never paying full price.
8. USE YOUR LOCAL LIBRARY
The library is a great place and full of resources to help you navigate throughout your savings journey. The library hosts game nights and activity nights for both kids and adults. They also host movie night (hence ditching your cable) and have a ton of free resources for when you’re bored.
It’s also good practice to use their free wifi services throughout the day. Saving you tons on cell phone and home data plans.
9. STOCK UP ON NON-PERISHABLE ITEMS
Save on your grocery bill every month by stocking up on non-perishable items that won’t spoil. Things like canned salmon, canned tuna, packaged pasta, canned vegetables and canned beans are great to have in your pantry.
10. BUY USED GOODS
Similar to using your local library for used books, and magazines, you should also consider used clothing and electronics.
You’d be surprised at how many sites there are that allow you buy used products and also allow you to sell. Computers, TV’s and other electronics can save you thousands by buying slightly used for more than half off of the original price.
11. HAVE NO SPEND DAYS
There’s a reason ‘no spend weekends’ is a trending term. By committing to a day, or an entire weekend, to spend zero dollars, you’ll really see your savings start to pile up. You’d be surprised how much money we spend when actually have time to spend it.
This is also a great practice in realizing how much you actually don’t need on a daily and weekly basis. Cook your favorite meals at home, stream the latest movies at home, buy used instead of new, stock up on foods that don’t spoil and most of all, be patient with yourself and remain grateful for all that you have.
These are all great practices to save money every month. Once you make the commitment and actually stick to it, you’ll start to see the life-changing, financial benefits.