Making money is hard. Saving money is even harder. Therefore, we decided to research and find out what are the easiest, fastest, and smartest ways to save money each month. So, let’s have a look.
What are the easy ways to save money each month?
We found that below 10 methods are the best ways to save money each month. We’ll tell you why.
- Stick to a budget
- Shop for deals and discounts
- Unsubscribe or find cheap service providers
- Purchase in bulks, and learn to bargain
- Start cooking at home and eat in
- Spend less on entertainment
- Reduce energy consumption
- Start making extra money
- Switch to public transport or private vehicle (whatever the cheaper)
- Be careful with online shopping
- Try to use the cash more
Be “smart” when trying to save money
Trying to save money doesn’t have to be a stressful project. It will be painful if you just try to cut down every single expense of yours. But, there are smarter ways to save money without having to suffer a lot. For example, you can still eat some delicious and nutritious home-cooked meals while spending a lot less than eating out. Don’t worry if you don’t have time to start cooking at home. It was just one example. There are many other ways as well.
How much money can you save each month?
Well, it depends on your spending patterns and how much effort you are willing to put into this process. But, studies show that a regular four-person household can save up to 40% each month by doing some minor changes on most common monthly expenditures like food and utility costs. So, below we are discussing how to do those minor changes to save money each money without having to hurt your lifestyle drastically.
Additional Reading: How to climb out of poverty
Your gameplan to start saving money each month
No more waiting. We will go through each of the above 11 ways to save money each month.
1. Stick to a budget
The very first step to start saving money is to plan your monthly expenses in advance. This helps you to cut-down all unnecessary costs and see your saving opportunities.
Making a monthly budget is not that complicated. There are plenty of free mobile apps that you can use to make a budget. For example apps like Mint and Pocketguard totally free to use for this purpose. However, you can also use the old-school method of creating a budget on a paper. Below budget-template is from Google and you can use it to make your own.
When you plan your monthly expenses, try to be realistic with your goals. If you are not sure about how much you would have to spend for a particular item, keep it empty and update it from the next month. Anyway, it will take at least two or three months to fine-tune your budget. Remember, saving money each month is not an easy goal! Don’t give it up. Follow the budget plan for a few months until you can see a clear overview of your monthly expenses and saving opportunities.
2. Shop for deals and discounts
When you are looking for ways to save money each month, don’t think like you have to cut down on everything you buy. In fact, all you have to do is to act smart when you go on shopping. For example, Amazon offers coupons and deals on hundreds of daily household supplies. So, every time you shop, you can purchase those discounted products to start saving money from your purchases. And, once all these discounts add up, you will be saving a considerable amount of money each month.
Also, if you have some products that you need to buy more frequently, you can use Amazon’s subscribe and save option. So, there you can enjoy huge discounts like 40% off on certain product types. Similarly, try to find out what are the best ways to save money on shopping.
Shop for refurbished, pre-owned products
When you are about to buy some expensive items like mobile phones, computers, or home-appliances, try to find pre-owned products at a lesser price. Buying refurbished products doesn’t mean that you have to buy some crap. Those products look almost new, and they also have a renewed guarantee. And, the best thing is, you can find some amazing products for even less than half of their original price. So, wouldn’t that be a smarter way to save money without having to suffer?
3. Unsubscribe or find cheap service providers
After you work out on your monthly budget, you will definitely see that a considerable portion of your monthly income is drained into some unnecessary or expensive services. This could be memberships, internet plans, or gym memberships. So, if you are not using any of those services, immediately cancel your subscription to save your money each month. Otherwise, you can also search for cheaper alternatives to those services.
Also, if you need to keep certain memberships, make sure to get the maximum benefits out of it. For example, if you have a gym membership, you can take showers at the gym as well. So, it will help you to save up on your water and heating bills. And, in some cases, you can even downgrade your subscriptions to pay only for what you use. After all, these small steps can help you to save money each month.
4. Purchase in bulks, and learn to bargain
If possible, always try to buy things in bulk. For example, doing fortnightly shopping if not monthly shopping can help you to save money on bulk discounts. And, as we have mentioned earlier, if you need to buy some product regularly, like diapers, milk, or whatever, go for a subscription service where you can enjoy discounts.
Buying from local stores, farmers markets, and thrift stores to save money each month
Do not forget to compare prices and to bargain at local grocery stores, farmers markets, and thrift stores when buying things. Usually, you cannot bargain the price with a cashier at a supermarket. But, if you shop from small stores where the seller has control over the price, you can bargain the price with them. Watch this video on how to haggle like a pro. So, you can learn a thing or two about bargaining at markets and to save money each month.
5. Start cooking at home and eat in
Who said that you cannot enjoy delicious and tasty food while trying to save money each month. Of course, you might have to cut down your trips to your favourite restaurant. But, do not forget that cooking at home is a great way to have tasty, delicious, and nutritious food while you are working on your ways to save money each month.
Cooking at home doesn’t take time! Go for make-ahead meals
What? Yes! All you have to do is, just plan yourself ahead. For example, on weekends, you can do your meal plan and pre-prepare all your meals for the upcoming week. You can chop veggies for salads, roast up meats, bake potatoes, and so on. Likewise, pre-prep your meals in batches can save you a lot of time. Then, wrap things in foils or put them into appropriate containers and store everything in a freezer. Viola! now you have luxury gourmet food for a week while saving some money. Check here for some make-ahead meal recipes to save money each month or watch below video to get an idea.
Also, when you are working the ways to save money each month, do not forget about eating in! It is always expensive to dine out. Think about it, you have to either walk or drive to a restaurant, which takes time and money, and you have to pay tips and so on. So, start eating at your home! That would be a great time to re-bond your family members as well. Also, in a little while, we will discuss different ways to make some extra money. And, there you will see the worth of your time. So, save money and time by eating at home!
6. Spend less on entertainment
Well, we are not saying to stop enjoying your life. But, when you are looking for ways to save money each month, it would be helpful if you can cut down a bit on your entertainment costs. These costs include going to movies, going on trips, drinks, and so on. Actually, you don’t have to go to a cinema to watch a movie. You can watch things online (most of the time for free ????, if you know what I mean). And, regarding the vacations, you can plan a budget vacation where you can cut down a lot of unnecessary costs.
How to entertain yourself without having to spend money
Rather than getting addicted to a hobby that requires you to spend money, try to find a pastime where you can start making money. So, you can keep yourself entertained while saving, if not making, money each month. So, what are the hobbies that you can start making money? Check this article on how to turn your passion into a successful career. There you can find how to start making money by doing the things you love to do.
7. Reduce energy consumption
Studies show that the largest portion of our bill payments amounts to the heating or cooling bills. So, if you are living in a country where you need to heat or cool the living spaces, this could take a serious hit on your efforts to save money each month.
Repair cracks and broken equipment
The highest amount of heating or cooling energy is wasted by not having proper insulations. Look around your house and find if there are any cracks on the doors, windows, or walls, where the heat can leak in or out.
Do it yourself
If you found any leaks or cracks, you don’t have to pay a handy-man to repair any of those. There are easy to use, cheap, insulating foam sealants on Amazon. Also, there are instructional videos to show you how to do it yourself. So, consider that as a weekend DIY project.
Heat or cool only confined areas
Heating or cooling only the confined areas in your house is a very effective way to save money. So, rather than controlling the temperature of a larger area, you can individually manage the heat of different small areas of your house. Then, you can shut off the temperature controllers of the areas that you don’t use to save money on electricity.
8. Start making extra money
Similar to saving money each month, you can also try to make some extra money to balance your monthly budget. So, if you are thinking of making some extra money, try to do that online. Then you don’t have to travel to work or leave the house at all, which can support your efforts to save money.
Making money online
There are 100% legit, tried and tested way to make money online for free. Those methods are mostly online jobs, which you can do in your spare time. For example, you can take out two hours from your sleeping time, and invest that time to start making money. (Click on the below image to see how to make money online for free)
Don’t do any illegal things to make money!
When people are desperately looking for ways to save money each month (or, make money) they tend to try illegal methods for faster results. But, do not go for that, it is an unnecessary risk, and you do not even need to do so! Usually, there is no turning back in those illegal methods to make money. And, there is always a risk of being caught and losing everything. Murphy’s law says “Anything that can go wrong will go wrong”. So, don’t take a chance. Just try those simple methods that we have described in the above-linked article.
9. Switch to public transport or private vehicle (whatever the cheaper)
This is totally a no-brainer. Check which mode of transport is cheaper and switch to it. However, there is a catch!
It is not only the cost of the bus ticket or fuel that matters. Before you make this decision, you can to identify the cost of your time too. For example, I drive to work every day, not because it is cheaper, but it saves me a lot of time. Then, I use the time I save to work on my online businesses, where I make more money than I could have possibly been saved by taking public transport. Likewise, you have to find smarter ways to save money each month.
However, this could be the other way round as well. For example, if it is possible for you to work on your side businesses while you are commuting on a bus or a train, you can take public transport and work while you are travelling. Just open up your laptop, connect to the internet, and make money while going to your day job!
After all, don’t think like the best way to save money is not by cutting down your expenses on everything. Sometimes you have to “invest” a little more to make or save more money.
10. Be careful with online shopping
Here is where it gets a little trickier. Earlier we have explained why online shopping could be a great way to save money. For example, when you shop online, you don’t have to travel (save money on gas), you can shop only the deals, and so on. But, there is a dark side of online shopping as well.
Stick only to what you need to buy
As an online store owner, I personally know how much effort marketers put into selling more (cross-sell and up-sell) to customers. And, when it comes to the eCommerce juggernauts like Amazon, BestBuy, or Target, you can easily get lost inside their marketing gimmicks. Therefore, if you lose your buying discipline, you can easily spend more than you trying to save on unnecessary stuff.
Search for cheaper alternatives
When you shop online, you will start seeing thousands of product advertisements. And, sometimes you will even find some useful stuff on those promotions. But, it doesn’t mean that you have to buy that exact same product. Always search for cheaper options before clicking on the “buy now” button.
11. Try to use the cash more
This has a lot to do with the way to think. You might have already noticed that when you pay for something with your credit card, you don’t normally get the feeling of spending money. However, when you actually count and give your cash to someone, you get the real feeling of spending.
So, the next time when you go on shopping, unless there are some discounts on card payments, try to pay with your cash. Then, you get kind of a guilty feeling for all the unnecessary purchases you made. So, if you are actually looking for ways to save money each month, try this technique by paying on cash. Then, when your wallet gets empty you can get a phycological nudge to save more.
Different ways to save money each month
Now you know the smartest and best ways to save money each month. So, go ahead and start by creating a budget. Remember, try to be smart when saving money. So, you don’t have to suffer a lot. But, of course, your life is not going to be same as before during this period. Anyway, that is how the way of life. Challenges make life more interesting. Be strong and face this challenge stronger!
So, good luck with your efforts to save money each month. If this guide was interesting and useful, perhaps you will find below guides on making money are also interesting.