If you are like most people, you are probably looking for some ways to trim some expenses off of your monthly budget. Especially as prices for basic goods continue to rise, finding areas where you can save some money becomes more important. Those savings can be put towards bills, saving for a vacation, or even your emergency fund. Here are some tips for how to save money each month.
How to Save Money Each Month
Write it Down
One of the first steps to finding money that you might be able to save is knowing exactly how much you are spending. Write down or use your banking app to track all of your incoming funds and outgoing expenses. This is especially helpful when it comes to expenses like eating lunch out or picking up a coffee on the way to work. Once it is something you are in the habit of doing you may not be thinking about how that expense adds up.
Cut the Cable
If you haven’t already, seriously consider cutting your cable off. There are so many apps that allow you to watch live and on-demand TV on your favorite channels without having to pay a hefty cable bill. If you have a Roku, Amazon Fire TV Stick, or gaming system then you have access to plenty of channels for free. If you really like some of the premium channels like HBO or Cinemax, you can subscribe to them directly through an app, frequently for less than what cable subscribers pay.
Shop Around for Insurance
When was the last time you shopped around for homeowners, renters, or car insurance? If it has been more than a year it is time to shop around again and make sure you are getting the best deal. You could discover significant monthly savings on your insurance simply by changing companies.
Re-evaluate Your Subscription Services
Do you have subscription services being automatically charged to your credit card or bank account that you don’t even remember signing up for? Your bank should have an option for you to see bills that are automatically debited each month. Check your account and make sure you aren’t wasting money each month for a service that you have forgotten you have a subscription to or no longer need.
Consolidate Debt
Do you have debt on multiple credit cards or through several different loans? Look into consolidating your debt into a single loan or credit card. If you can consolidate your debt into a single card or loan you can significantly reduce your monthly budget by eliminating interest payments.
Since groceries are a big part of most family budgets, it is important to know how to save money each month on groceries. These next three money saving tips will help.
Eat at Home
Yes, it can be awfully convenient to just pop in the drive-through or have a pizza delivered for dinner when you have had a long day, but those costs can add up quickly. Eating your meals at home and taking a packed lunch to work can help you to cut down on your monthly expenses.
Eating at home doesn’t mean that you can’t enjoy the occasional convenience meal for a busy night. Store-bought frozen pizzas even with a side of frozen breadsticks will cost you much less than having a pizza delivered. If you can’t resist the convenience of eating out, look for coupons and a great deal to reduce the cost as much as possible.
Plan your Meals
Planning your meals for the week ahead can help take the stress out of dinner time each evening and it can help you to save at the grocery store too. You can plan your meals based on what’s available in the sales paper, or what you already have at home in your freezer. Use this weekly meal plan printable to make it easy.
Shop with a List
When you are ready to head to the grocery store make sure that you have a list and stick with it. Only buying the items on your list can keep you from busting your grocery budget and help you to reduce monthly expenses. If the store you shop at has a loyalty card make sure that you use it to boost your savings. You can also use these apps to help you save money at the grocery store.
Lower or Raise the Thermostat
Reduce your monthly energy costs by raising or lowering your thermostat depending on the season. Turning your thermostat down a degree or two during the winter and adding an extra layer of clothes can help to lower your monthly energy costs. Likewise, raising the thermostat in the summer months and wearing lightweight clothing around the house can also help you trim the budget.
As inflation rises, household budgets get tighter. Using these simple tips can help you to trim a little extra, or maybe even a lot extra from your monthly budget. Here are some additional tips from financial planners on what to do during inflation. Do you have any other tips for how to save money each month?
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