Everyone could do with some extra cash in their bank account, but saving isn’t easy. No matter how hard they try, most people always end up spending too much. So, here are 19 practical tips to help you put aside at least $100 each month.
Review and Adjust Your Budget
As the BBC recommends, the first step to start saving money is to carefully review your monthly budget. Identify areas where you can make cuts, such as reducing dining out or subscription service spending. Minor adjustments can lead to serious savings over time, contributing towards that monthly $100.
Automate Your Savings
If you can afford it, it’s smart to set up an automatic transfer from your checking account to a savings account each month. By treating savings as a non-negotiable expense, you’re more likely to stick to your goal and watch your savings grow effortlessly.
Use Cash Back Apps
Despite how useful they are, few people take advantage of cash-back apps, but they should. These apps offer rebates on groceries, gas, and online shopping, putting money back in your pocket. While the savings may not be huge, they’ll really add up over a month of spending.
Limit Dining Out
As we briefly mentioned earlier, if you want to save money, start preparing more meals at home instead of eating out. Dinner bills can add up quickly, even if it’s cheap fast food. Meanwhile, cooking at home not only saves money but also allows you to eat healthier.
Cancel Unused Subscriptions
Many people fall victim to paying for unused subscriptions, as they’re easy to forget due to renewing automatically. So, check your bank statements for gym memberships, streaming services, software subscriptions, and any other monthly expenditures. If you no longer use them, cancel them.
Buy Generic Brands
Most generic household items offer the same quality as their branded counterparts at a fraction of the cost, so consider making the switch. You’ll save a ton of money on products such as groceries, cleaning products, makeup, and just about anything else, and you won’t notice any difference.
Shop with a List
Believe it or not, you could easily save $100 a month simply by using a shopping list. When you have a plan of what you will purchase and stick to it, you’ll avoid impulse purchases, which really add up. You’ll likely find yourself eating a much more balanced diet, too.
Utilize Public Transportation
Instead of driving everywhere, consider using public transportation to save money. You’ll save money on gas, parking, and maintenance costs, and public transit can reduce wear and tear on your vehicle, too, leading to fewer repair expenses. These savings can add up, helping you reach your monthly savings target.
Reduce Energy Usage
One of the easiest ways to save money monthly is to cut down your energy bill. Gas and electricity are expensive, so turn off your lights when they’re not in use, unplug electronics, and use energy-efficient appliances. Such small changes in your daily habits can lead to significant savings.
Avoid ATM Fees
While it likely won’t save you $100 alone, try to use ATMs within your bank’s network to avoid withdrawal fees. These fees can add up quickly if you’re not careful, so plan out your cash withdrawals to ensure you’re using fee-free ATMs whenever possible.
Embrace DIY Projects
Instead of paying for everything, consider taking on more DIY projects around the house. This could include minor repairs, DIY furniture, and even homemade gifts, saving you a lot of money. Plus, it can be a fun and rewarding way to spend your time, and you’ll learn new skills.
Borrow Instead of Buy
Regardless of whether it’s a power tool or a book, try to borrow items instead of buying them, especially if you’ll only use them once. You’ll save cash doing so and will reduce clutter in your home, so consider asking a friend if they could lend you a helping hand.
Take Advantage of Free Activities
Days out with the family can be expensive, but it doesn’t have to be this way. There are plenty of affordable events and activities out there; parks, museums, and community events often offer free or low-cost entertainment. Don’t forget to bring a packed lunch too to prevent any unnecessary spending.
Negotiate Bills
If your bills seem unreasonably expensive, consider trying to negotiate their prices simply by contacting service providers for your internet, phone, and insurance and asking for discounts or lower rates. You’ll be surprised how many companies are willing to offer better deals to retain customers.
Buy in Bulk
One of the most effective ways to save monthly cash is to purchase everyday items in bulk. Buying in larger quantities can greatly reduce the cost per unit, especially with items such as toilet paper and cleaning supplies. The savings may seem marginal but will add up over the month.
Sell Unused Items
When your home is becoming cluttered, consider clearing it out by selling some items you no longer use. Online marketplaces and local consignment shops are great for this, and you shouldn’t underestimate a yard sale, either. You’ll be decluttering your home, all while turning a profit, so it’s a win-win.
Reduce Debt
While it may sound counterproductive, if you have high-interest debt, focus first on paying that off. This might burn in the short term, but in the long run, you’ll reduce your monthly payments until you’re eventually debt-free. Then, you’ll have even more freedom to put cash aside every month.
Plan Your Meals
Another simple but highly effective way to save cash is to plan your meals each day, helping you avoid last-minute takeout or unnecessary grocery runs. Meal planning helps you buy only what you need and reduces food waste, and you’ll be eating healthier, too.
Use Coupons
If you’re not already taking advantage of coupons and discount codes when shopping, you’re missing out on valuable saving opportunities. Many stores offer promotions through their websites or apps, so do your research and use them whenever possible. You’ll be surprised at how quickly this can save you $100.
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