How To Save Money Every Month

We all like to save money. The good news is when your mind is set to save, it becomes your second nature to be creative with spending and saving. There are different ways to save money each and every month. While a few of these tips require a lifestyle change, the majority of these tips are relatively easy to do. Here are 50 strategies to help you save money every month.

 

50 Ways To Save Money Every Month

 

1. Set goals

Why do you want to save money? It’s a good idea to have goals in mind so that you have accountability. First of all, you should start with specific financial goals. What are you hoping to do with the extra money you’ll have? It really helps direct and motivates you to have savings for a purpose. Whether it’s a short-term or long-term goal, saving is a solid foundation for successful personal finances. Without goals in mind, you’ll probably keep spending until the next paycheck. Having goals make a big difference when it comes to saving money.

 

2. Budget

Financial success begins with budgeting. How can you even save if you just spend it all? You need a budget as a plan to tell your money what to do. Your saving becomes easier if you have a monthly budget. Creating a budget is quite simple. Check out an easy and effective way to create an awesome budget that really works.

When you have a budget you begin to see a better picture of how much money you make, how much you spend, and what you spend it on. Once you see your financial habits of spending money, it can pinpoint your weaknesses.  So you can optimize your spending and improve your strategies. Hence, these actions will allow you to save money.

3. Pay yourself first

If you can change your mindset and establish a habit of paying yourself first, you’ll become wealthy before you know it. Set aside a portion of your income and pay yourself first before you do anything else each month. It can be in a form of savings or retirement funds or both. This way, you don’t see the money in your pocket, you don’t get the chance of spending it.

 

4. Automate your savings

Once you pay yourself first each month, you’ll need to take a step up of the game by automating it. Automate your savings will get you into a saving habit effortlessly. A portion of your money goes to your saving account automatically. And you’ll learn to adjust your lifestyle. In turn, you’ll spend less.

 

5. Be patient

Just like anything else, being patient can save you money each and every month. For big-ticket items, wait until it go on sale to buy. Almost everything goes on sale sooner or later. Your job is to wait. Develop a 48-hour waiting period before you buy anything over a certain price threshold. This is an excellent way to overcome your impulse purchase. With that extra time in between, we’ll less likely to buy. Patience is key.

 

6. Be flexible

Don’t be too strict with your purchasing choices. Always seek alternatives and find better deals. If you could find anything that costs less money but have similar functionalities, then go with an alternative.

 

7. Quit smoking

If you are a smoker, you may not realize how much money you spend on cigarette each month. On average, a pack of cigarette costs $11. If you smoke a pack a day, that equals $330 a month or over $4,000 a year. If you quit smoking, save the money and invest that in an index fund, you’d have over $50,000 in 10 years.

 

8. Cut your monthly bills

• If you have a magazine or newspaper subscription, consider not renewing your subscription. Leverage and use your credit card points or travel miles instead.  Even better by cutting it and use your local library for your reading needs.

 

• If you’re currently paying for your trash and recycling services, you should check with your county to see if they offer these services for free or for a minimal charge. We pay $3 for a 55-gallon bag to dump our trash at the county landfill every now and then. We also recycle recyclable materials at our county recycling facility for free. If your trash and recycling pick-up services are already included with your property taxes, you won’t be able to save money with this option.

 

• Skip the gym membership and work out at home instead. Investing in your favorite equipment will eventually pay for itself. If this option is not doable for you, try the November project. It’s available in over 40 cities.

 

9. Lower your monthly utility bills

• Regularly shop around for homeowners’ insurance/renter insurance and car insurance. This kind of insurance you may not be able to avoid but you can reduce your monthly payment by shopping around for a better deal. It’s a great way to save money every month.

 

• Swap out your regular flow shower head with low flow shower head. And add this faucet aerator to your existing faucets to reduce water usage. It’s an easy way to save money on the monthly water bill. It costs money initially to replace/install but it pays for itself in a few short months. For a family of 4, that’s at least 4 showers per day, 120 showers per month, not to mention all the faucets everybody uses.

 

• Replace your regular light bulbs with LED lights. It costs money initially but it will pay for itself. Most new LED light bulbs only use 4.5 watts per bulb. That’s way less energy compared to regular light bulbs. LED lights are much more affordable these days. There’s no reason to not replace them.

 

• Skip a heated dry cycle on your dishwasher to save on your monthly electricity bill. Your dishwasher uses hot water to clean the dishes. So why spend unnecessary energy to dry them. We open our dishwasher as soon as it’s done. The hot vapor that remains after a rinse cycle will evaporate so quickly when it’s exposed to cool air. Hence it makes your dishes dry faster.

 

• A cost of heating and cooling your home is significant. By switching your regular programmable thermostat to a smart programmable thermostat, you can save money. We installed this thermostat which can be programmed according to our daily schedules efficiently.

 

• Similarly, heating is the number one cause of high utility bill during winter. Your money constantly leaks if you don’t winterize your home properly. Regularly check your windows, door seals, and crack to look for leaks. Caulk it using door/window strip or a latex/silicone caulk. Late Summer or early Fall is a good time to get your home winter ready.

 

• Another way to save money on your utility bills is to hang your clothes on cloth liners.

 

10. Plan your meals in advance

Planning meals in advance can save you money every month. As a result, it prevents you from making an impulse purchase on foods or eating out unnecessary. Here are 2 good rules of thumb. One is to cook meals based on whatever food/ingredients you have currently. Another is don’t buy anything new until you use up groceries that are in the fridge.

 

11. Use cash back apps

• Rakuten is a free web browser extension. It’s a cashback site that gives you cash back when you shop with participating stores. If you regularly shop on Amazon, you’ll love this amazing cash back tool. Because it gives you 1% or more when you shop at Amazon. After you sign up, you just find the store on Rakuten, click “Shop Now” and shop like you normally would on the store site. Rakuten will send you a check or PayPal payment quarterly. A cash back shopping website/app like this really pays you when shop. Furthermore, you can also use the app to get cash back when shop in-store as well. If you sign up through my referral link, you’ll receive a $10 welcome bonus when you make $25 eligible purchase. You can sign up for Rakuten here.

 

• ibotta is a free app that pays you real cash with grocery and everyday shopping. After you download the app and complete the registration, before you shop, you just need to add offers to your profile using your smartphone through the app or using a PC. Then you go buy the products (that you added to your profile) just like you normally do in a store and snap receipt photos through the app. You can then redeem your cash through PayPal or by requesting a gift card. What I like about ibotta is that it gives you real money, not points or other made-up currencies. You can sign up for ibotta through my referral link here and get a $10 welcome bonus.

 

• Checkout 51 is a company that partners with brands to bring its members cashback offers. Use the free app to get some cash back on groceries and personal care products (like cereal, produce, milk, diapers, toothpaste, etc.), by taking a picture of your receipts. Hence you can earn cash back for qualifying purchases through the app. It’s similar to ibotta. You can sign up for Checkout 51 here.

 

• Receipt Hog is a fun money earning app that turns your everyday shopping receipts into cash rewards. For every qualifying receipt, you take a picture and submit, you’ll earn coins. What I like about this app is that there’s no shopping planning like other apps I’ve mentioned above. You just snap your receipts, submit it through the app, accumulate your coins, and redeem it for cash through PayPal or by requesting an Amazon gift card. You can sign up for Receipt Hog here.

 

• Fetch Reward is similar to grocery money-saving apps I mentioned earlier. but this app gives you points (instead of cash). You earn points by snapping your grocery receipts through the app. It’s so easy to earn. There is no shopping planning like ibotta and Checkout 51. What I like about Fetch Rewards is that you can still earn points without buying specific stuff. You earn points and save without planning. Buy whatever you want, wherever you want, and save. You just need to scan your grocery receipts when you shop. Once you accumulate enough points, you can redeem your rewards through the app. There are a ton of gift cards you can choose. Download Fetch Rewards and enter my referral code T4HHB at the sign-up screen to get 2,000 points on your first receipt. Start earning today. It’s an easy way to get free gift cards.

 

• Coinout has become my favorite money-saving app. It’s super easy to earn extra cash! There is no shopping planning. There is no specific item to buy. You just snap any receipt to earn real money! Yes – ANY RECEIPT! Coinout gives you real money, not point or other made-up currencies like Fetch Rewards or Receipt Hog. If you purchase at any online stores through the app, you’ll get Coinout cash back as well. Here’s a catch, the app only allows you to snap a certain number of receipts per day. However, I do enjoy using this app to earn easy extra money. I have earned a little more than $10 for just a few months.

 

 

12. Use coupons and digital coupons

There are coupons out there you can use with your every day’s purchase. If clipping paper coupons are less appealing to you, try using digital coupons when shop in stores. Many grocery stores offer digital coupons these days. Check your grocery stores’ website to see if they offer digital coupons. Basically, you just need to become the member and download digital coupons into your account before shopping. When you shop, the coupons that you download earlier will apply to your purchase automatically.

 

13. Use coupon apps

Join coupon apps like Groupon, Retail Me Not and Honey to save money when shop online.

• Groupon is free to join. After joining Groupon will send their subscribers with different local offerings. It can save you money through the use of their virtual coupons. Discounts can range from 50-90% off. The promotion is only valid if a certain number of people purchase the deal within 24 hours. You can sign up for Groupon here.

 

• ReailMeNot is a coupon site where it offers digital coupons to consumers. You don’t need to sign up to use their digital coupons. Whenever you shop online, you might as well check with RetailMeNot to see if there’s any coupon you could use to get a potential discount. You can also download the app on your smartphone. It will automatically gather digital coupons for you based on your phone location. You can check out RetailMeNot here.

 

• Honey is a free web browser extension that automatically applies the best coupon code at checkout when you shop online. You can check out Honey here.

 

14. Switch your car

Generally, housing and car are the most expensive expenses on our budget. If you cannot avoid having a car, it makes financial sense to get a car that is more cost effective. For example, if you have a big car or a less fuel-efficient car, it’s better to get a smaller, more compact car that gets better mileage. Not only you can save money on fuel every month, but it can also save you money in car maintenance. Furthermore, consider owning just one car will definitely save you money on gas, car maintenance, and registration fee.

 

15. Switch your cell phone provider

If you can access the internet at work and/or at home, maybe you don’t really need a data plan for your cell phone. Switching to a regular phone with only call and text services can save you a significant amount of money on cell phone bill each month. Especially if you have multiple wifi capable devices at home like a tablet or a computer, you don’t really need a smartphone with an expensive data plan contract.

• If you absolutely need a data plan, switch a less expensive cell phone contract or a provider can save significant money each month. The average family of two’s cell phone bill adds up to about $150 a month. Check out T-mobile or Sprint‘s family plans if you are not already on one of their plans yet. They both offer very competitive family unlimited data + talk + text plans.

 

• Boost Mobile offers no-contract prepaid wireless services. They provide unlimited data + talk + text, and unlimited music streaming without data charges. Taxes and fees are also included. Check them out if you want to pay one flat fee rate every month without a contract.

 

• If you don’t use much data, how about switching to a low-cost prepaid fixed data plan? Check out Net10 Wireless to compare your options and prices. They offer Pay As You Go plans or unlimited monthly plans with excellent coverage throughout the U.S..

 

• If you need a phone just for emergencies or you don’t use a whole lot of minutes and data, consider switching to a Pay As You Go plan like TracFone. It can save you a significant amount of money each month. There’s no contract, overage fees, no activation fees, and no strings attached. Basically, you add your money to your plan to get the service.

 

16. Buy a coffee maker

Making your own coffee at home is way cheaper than buying from a coffee shop. A good quality coffee maker or an espresso machine will pay for itself in a couple of months. On average, it costs $4.50 for a cup of coffee. Personally, we spend about $8 per 14 oz of roasted whole coffee beans in a large quantity (2-5 lbs bag). And that makes many pots of coffee. It’s cheaper to buy things in large quantities anyway. We keep unused coffee beans in an airtight container to keep it fresh.

 

17. Track your spending

Tracking your expenses and be on top of your finances can save you money each and every month. I love using this tool to track our expenses. It’s free and easy to use. A few years ago, I discovered Personal Capital and decided to give it a try. I’m so glad I did. Because it helps me track our cash flow each and every day so we won’t go over our budget. It’s a financial account aggregator. Hence, you can see all of your financial accounts in one place. It keeps me motivated to see our net worth increase, even little by little.  It’s similar to Mint but Personal Capital focuses more on tracking your net worth and investment. You can sign up for Personal Capital for free here. I highly recommend it.

18. Sell stuff you don’t regularly use

Do you have stuff laying around that you don’t regularly use? If your answer is yes, then sell them. Hold a yard sale or a garage sale this weekend. Make sure to announce it on your social media and your signs are visible from a distant. If you have big or more expensive items, how about putting them on a craigslist?

 

19. Pack your lunch

I’m a firm believer that packing your own lunch to work is far less expensive than eating out. If you spend $10 on average on your lunch every day, that’s totaled at $50 per week or $200 per month or around $2,600 per year! If you have to drive somewhere to get your lunch, it even costs more money, considering gas money and the time it takes to get your lunch.

 

20. Pay off your credit card balance in full every month

Paying off your credit card balance in full every month will save you money on interest charge. If you cannot keep up with credit card payment, then you should not use it at all. Use cash or a debit card instead. Most importantly, you never want to spend more on credit cards than you can pay back in a month.

 

21. Use a cashback credit card

We have one credit card that we use for everything, from groceries shopping to airplane tickets. It offers unlimited 1% cash back on everything and 5% cash back on special categories quarterly. Another benefit is that since everything is purchased with one credit card, it makes expense tracking easier.

We also use the credit card to pay for our utilities and cell phone bills. I don’t mind getting 1% cash back from needs and wants.  It adds up! Keep in mind that we pay our credit card balance off every month.

 

22. Never pay full price

You need to wait until things go on sale. Almost everything goes on sale sooner or later anyway. Your job is to wait. Patience is key.

 

23. Shop at discounted or thrift stores

Do you know that stuff at discounted stores is around 20-40% less expensive than buying from regular grocery stores? From shelf-stable foods to furniture, we always shop at discounted stores like DollarTree,  Big Lots, or Ollie’s. We always check them out first before we go to regular stores. There are also deals at thrift stores. For example, my husband got this $300 espresso machine for $7 at GoodWill. We learn that washing does a good job at cleaning. Even though they are second handed but they are new to us.

 

24. Ditch your TV service

Cut the cord and get a streaming media player. It’ll pay for itself in just a few weeks. If you want access to local news and live TV channels, then get a digital antenna. It can save you some serious money each month. For example, our last satellite TV bill was $120 a month. It’s been at least 8 years since we said goodbye to our satellite TV. That equals $11,520!

Look how much we have saved. Ditching your TV service can save some serious money!

 

25. Ditch your home phone

Everybody has a cell phone nowadays. A landline has become less popular and unnecessary. For example, our last home phone bill was $87 a month. It’s been 2 years since we ditched our landline. We’ve saved $2,088!

 

26. Cut your own hair

Get a high-quality Wahl hair clipper and a pair of scissors. It’ll pay for itself in just a few haircuts. For example, my husband gets his hair cut 6-7 times a year. With my husband’s hair alone, we have saved over $1,800 over the years!

$15 for a buzz cut (service and tip, no inflation adjusted)

6 times a year for 20 years

That equals $1,800!

 

27. Cut your own lawn

Mowing your own lawn not only saves you money but also gives you opportunities to exercise. If you think mowing your lawn is a waste of time, try thinking of it as a way to exercise. Because it gets your heart rate up and you sweat. You kill two birds with one stone. However, if you don’t like mowing your lawn, then perhaps this isn’t for you.

 

28. Wash your own car

Washing cars are fun and can save you money. We spend our time together washing cars on weekends. Not only can we save money by doing this task by ourselves, but our kid also learns how to do chores around the house.

 

29. Wash and groom your dog

You can save money by doing these tasks by yourself. Have you ever thought of all the hassles you have to go through to make your doggie spa appointments? The hassles of dropping off, picking up, or waiting in the store and end up buying unnecessary stuff while waiting are not appealing to me personally. If you are like me, why don’t you try to give your dog a bath? If you are confident, try to groom your dog yourself. I bet your dog would want you to do these tasks more than anyone else does. Even if you make a mistake grooming your dog, just remember the hair will grow back!

 

30. Go to the library

It’s free to join so why not? Besides books, we can also rent movies, documentaries, and music for free. If you would like to borrow a specific book but your library doesn’t have it on hand, you can request to have your library purchase it or have it transferred from a different library.

So stop buying books and magazine subscriptions. You can save money every month by joining and utilizing your local library.

 

31. Go to a park

It’s a great way to exercise and get some fresh air. Walking our dog in a park is the highlight of our days. It’s relaxing and doesn’t cost money.

 

32. Buy discounted gift cards

Buy discounted gift cards from a big box store. There is a big selection of restaurants, theme park admissions, and hotels. With little planning and buying discounted gift cards, it can save you a ton of money alone. If you don’t have a big box store membership, don’t worry. You just need to know someone who does.

 

33. Appeal your property taxes

If you’re a homeowner, paying property taxes can be a big financial burden.  Property taxes are based on the value of your house which is assessed by the county. If you think that your house is overvalued, challenge your tax assessment with your county. Make sure to check the deadline date for the appealing and plan accordingly. Filling out a simple application can result in savings of hundreds of dollars.

 

34. Apply for property tax reduction programs

Also, make sure that you take full advantage of all available property tax reduction programs in your county. Some programs only require you to fill out a simple form to get your property tax reduced.

 

35. Reduce eating out

Eating out is expensive. Not only have you paid for your food you also pay for your transportation to get you from your home to a restaurant. You drive more, you spend more money on gas and car maintenance. Even worse, you would stop by stores and spend money on stuff you don’t need on the way home.

 

36. Buy generics or store brands

According to the report by the Center for Nutrition Policy and Promotion of the USDA, a typical family of 4 spends over $1,000 a month on grocery alone. This indicates that we spend a lot on foods each month. Store and generic brands are so much cheaper than premium brands’. If you buy premium brands for your groceries, you can save money every month just by switching. Premium brands cost higher because they spend more on advertising. I found store brands quality to be just as good as premium brands.

37. Negotiate your rent

Everything is negotiable. Learn to negotiate your rent. If longer lease term, pre-pay rent or auto-pay are doable for you, try to negotiate to get lower rent from your landlord.

 

38. Negotiate your internet service

Negotiate your internet service when your promotional period is about to end. Call the customer service asking for special deals. They will try to sell you new products or new deals. So don’t fall into this trap!

We learned that when we are at the end of any promotional deals, we can switch the account holder name to save money on the service. For example, our internet promotional deal for new customers lasts 2 years. Once the 2 years is up, we’ll switch the account name from my name to my husband name. When another 2 years is up we’ll switch back. This way we save $15 a month!

 

39. Keep your raises

According to the Economic Research Institute, salaries are expected to increase by 3.6%  in 2018. Therefore it means if you make the average U.S. annual salary of $50,000, you’ll have $1,800 extra. It’s a good idea that whenever you get a raise, keep the extra cash and put it in your saving account. Imagine, if you didn’t get a raise, you’d still be financially okay. Right? Try to think as if you didn’t get anything. Don’t spend it. Instead, keep that extra money and let it grow even more.

 

40. Keep your bonuses

Same true when it comes to your bonuses. When you get a bonus, instead of spending it, you should save it. If you have debt, putting your bonuses toward your debt is also a good idea.

 

41. Work overtime

If your workplace offers overtime work, then do it. Get that extra cash to pay off debt or to save for a big purchase or whatever else. This is an easy way to not only earn extra income but also save money. Since you spend your time working and not going out shopping or spending money, it’s a great way to save yourself some money each month.

 

42. Boost your credit score

Having a good credit score can save you money on interest, utility connection fees or even a cell phone contract. Do you know that if you have a good credit score you can get a cell phone on contract without paying a security deposit? Besides saving interest on your loans, a good credit score also means you won’t have to pay a security deposit when you establish new utility service.

Paying your bills on time is the first step. It’s also a good idea to keep your credit utilization ratio below 10%. Paying off your credit card balance every month is also important. Check out this free credit score service if you’re trying to raise your credit score.

 

43. Grocery shop with a list

You tend to buy extra stuff if you don’t have a list when grocery shopping. So make yourself a list ahead of time. When you go grocery shopping, just stick to your list and get out. It may be hard at first. But keep at it, you’ll get better and better every time.

 

44. Practice a no-spending week

Every month, practice a no-spend week. It may be hard at first but it’s possible to not spend any money for a week. Pack your lunch to work. Don’t do any internet shopping. Basically, you just go to work, drive home, and eat dinner at home for 5 days. Do some household chores while relaxing at home on the weekend. Before you know it, your week is up. Once the week went by, you’ll be surprised at how easy not to spend any money for a week.

 

45. Ask for a price match

Many stores offer a price match these days. So always ask for a price match when you shop in stores. Do some research by comparing prices online before shopping.

46. Stock up on sales

Whenever you catch a sale, stock it up. However,  don’t buy stuff on sale just the fact that they are cheap. Items like shelf-stable foods, toilet paper, and paper towels are good candidates for a stock up sale.

 

47. Stop playing the lottery

According to statistics, Americans spend a ton on lottery tickets each year. Think of it this way, have you ever heard anyone gets rich from buying the lottery or even becomes rich if they win? There’s no such a thing as a get rich quick scheme. You know that your chances of winning are very slim. They say you have more chances to get a lighting struck than to win a lottery ticket. If you’re spending money every month on the lottery tickets, it’s time to save that money. After a while, you’ll be amazed at how much money you have accumulated.

 

48. Cook from scratch

Cooking from scratch can save you money each month. While pre-made or pre-packaged foods are convenient but they are more expensive than ingredients. A good example of cooking from scratch is chicken broth. Making your own chicken broth is much less expensive than buying a carton of chicken broth. Buying a whole chicken and save the bones for making chicken broth is a smart way to save money. Have you noticed how high the sodium is in the pre-packaged chicken broth? If you make your own, it’s way healthier and tastes better. And it costs less.

 

49. Buy in bulk

First of all, it’s mathematically cheaper to buy in bulk.  For example, consumable items like toilet paper, paper towels are good candidates for buying in bulk. We also try not to buy individually packaged items. Individually wrapped/packaged items are more expensive. For example, for our kid’s snack at school, we buy a large container of raisins and put them in a small reusable plastic container instead of buying individually boxed raisin.

 

50. Be minimalistic

Minimalism is about living with less. You own very few material possessions. There are not many items in your rooms and in your home.  Everything is kept at a minimum. You only own stuff that you really need and provides value to your life. Because you only own a few things, you spend less, have more free time and way less stress. Furthermore, minimalism is also good with the environment.

 

 

Any other money-saving tips you could share?

Let’s find more ways to save more money 🙂

 

Featured image credit: Anchiy @ iStock by Getty Images

 

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