The process of earning money takes time and effort. It is a scarce resource regardless of the way you earn it. The life of surviving from one paycheck to the next makes a living hard. Often, we do not save enough to handle a health or family emergency. Therefore, it is important to save money every month.
How to Save Money Every Month?
It may sound to be a daunting task, but it is possible. You can follow some simple tips to save money every month.
You can use some of these creative ways to save money.
1. Reduce Cell Phone Bill
Try to minimize the utilization of the phone as it is a significant expense. You can use internet and VoIP or internet phone service instead. It will help save you a lot of money. Some companies are also providing mobile hotspot options which can also help you save money. You can choose from the different 4G, LTE, and 3G devices.
2. Decrease Your Taxable Income
There are different tax deductions available that you can use. You can also make deductible contributions towards your retirement accounts. Similarly, you can also choose to increase the amount sent to health saving accounts.
3. Quit Money Spending Habits
Many habits can cost you. One of the tips to save money is by quitting those pocket emptying habits. For example, smoking or drinking are bad habits which can damage your bank account as well as your health.
4. Reuse Your Old Clothes
Try to recycle your old clothes instead of throwing them away. For example, you may use your old t-shirt to clean your car. Similarly, you can use your old pair of jeans to make a bag or purse.
5. Create A Monthly Budget
Try to create a budget and do not overspend the money. Do not get distracted by unplanned expenses. If you do not plan a budget, it will become difficult to have savings. The making of a monthly budget is the best way to save money every month.
6. Grow Your Vegetables If Possible
If you have vacant land available around your house, you can use it to grow vegetables. Even creating a square foot garden can help get a fresh supply of vegetables. By growing your vegetables, you will be able to reduce your grocery bill.
7. Get Discount Wherever Possible or Use Coupons
You do not always have to pay the full price when shopping. Try to make frugal buying choices like using the coupon websites or going to vendors that offer discounts. For example, buying grocery on discount will help you save money every month.
8. Try to Negotiate Your Rent
If you live on rent, try to negotiate it with your landlord. You can compare the rent of your residence with others in your neighborhood. Similarly, you can move a few blocks away to save money every month.
9. Shop for Durability
Do not buy disposable or cheap products. They may cost you less money, but they will not last long. When you buy quality products, you will not need to replace them often.
10. Try Not to Use Credit Cards
Avoid using credit cards whenever you can. Otherwise, credit cards will eat away into your savings. Credits cards make it difficult to save money every month.
11. Reconcile Money to Know About Bank Fees
Reconcile your monthly bank statement each month to find out where have you spent all the money. You will also be able to know the difference that exists and a picture of your monthly spending habits. Do not use ATM too often or other banking services that cost you a lot of money, instead try to find an alternative.
12. Avoid Eating Outside
Dining outside will cost you a lot of money. If you are a habitual outside eater, try to curtail the frequency. If you are alone and do not know how to cook, you can always learn cooking online via available tutorials.
13. Do Not Buy Expensive Brands
If you are into brands, you know how costly they can become. Brands do not necessarily offer the best quality clothes. You can buy non-branded clothes of durable quality which will cost you less and may last longer.
14. Think Before You Buy Books and DVDs
Many times we buy DVDs or Books without thinking in detail. But most of the times these DVDs and Books keep lying without any use. So, we must make a habit of not buying items that we may not use afterward.
15. Keep an Eye on Utility Bills
Your utility bills can creep up without you even noticing it. Therefore, keep an eye on the usage of the services like electricity, water, or gas. Try to cut costs on these services and minimize wastage.
16. Cancel Subscriptions You Don’t Need
We often subscribe to products or services that we may not use. For example, a magazine that comes to your house each month. Or you have a membership to a wholesale shop, but you never avail the discounts. Think about these unneeded subscriptions and unsubscribe from them.
It is impossible to live life without money, but we can still try to minimize our expenses.