Everyone is always looking to save money! Whether you are struggling financially and you need more money to live a little easier, or you have enough money to live, but you’re looking to save money for your future, or a vacation, or whatever it may be! No matter your position, here are six ways to save money each month!
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1. First and most importantly, set up a budget plan.
To see where you can save money, you have to first see where you’re spending it. Write out each expense that you have, along with your income. My favorite way of seeing my budget is by creating a spreadsheet, then you can add to it and it will automatically calculate your totals for you! You can use Excel, and if you don’t have Microsoft and don’t want to pay for it you can use Open Office, it’s free and it works just as well.
We LOVE this awesome (and totally affordable) budget planner! See what you can completely eliminate
2. See what you can completely eliminate
A few examples of luxuries you can likely give up to save money are:
- Premium music streaming services (Pandora, Spotify, etc.)
- Landline phones
- Bottled water
3. Pay for what you can in cash
It’s good practice to pay for a lot of your variable expenses in cash, like date nights, dining out, allowances you give yourself, and one HUGE one is GROCERIES! Most families have no idea how much they spend on groceries each month. When you use a card, you don’t really acknowledge how much you’re spending.
fTry giving yourself a set amount every month, then carry cash, and try to stay under budget, and have some cash left over. Keep that cash for the months you need extra money for groceries.
This envelope budgeting book is GREAT for using cash and keeping it organized by category.
4. Meal Plan
Meal planning is like, the secret weapon for saving money on food every month.
If you don’t have a plan for what you’re going to eat, you won’t know what to buy at the store. And if you don’t know what to buy at the store, you end up with a bunch of random stuff that doesn’t quite end up making a full meal.
Another tip to save money each month while meal planning is implementing for meatless meals, as meat can be quite pricey!
5. Transfer your debt to save on interest
If a credit card isn’t an option, try looking into a debt consolidation loan.
Look different types of credit cards, and what situations they benefit the most.
6. Create a bunch of different types of accounts
This technique has REALLY helped my family. By creating separate accounts to put your money into, you can always make sure you have enough for bills, activities, and emergencies.
Here are some of the different accounts we have:
Car insurance (our insurance is billed yearly, so we put away money each month for when it comes)
Bills that charge to the credit card (I total what all the bills that charge to our credit card add up to, and I put that amount into this account so that I can transfer it to my card at the end of the month. This is a great way to make sure we’re not charging to my card more than I can afford to pay off each month.)
What are some things you do to save money each month?
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