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When it comes to putting money away in savings, it can be a little tricky. So, in this article, I’m sharing the top 10 realistic ways to save money every month – even on a tight budget.
Simple Ways To Save Money Each Month
The reality is that many households are choosing between saving money for a rainy day and covering expenses. And at the end of the month, they find that they have nothing left to clean. In fact, most American families don’t have enough money saved to cover $1,000.
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If saving money every month is difficult for you, I’m going to offer my top 10 tips on how to save money every month.
Having money automatically transferred to a savings account is one way to ensure you’re saving money every month.
This is one practice I have used in my personal financial journey. Automating this transfer before you receive the money allows you to save without even thinking about it.
Instead of putting 100% of your paycheck into a checking account, put a percentage (or the absolute amount) into a savings account.
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If your employer doesn’t have the option to split your direct deposit, just ask your bank to do it instead. You can set up automatic transfers in your online banking dashboard to take place 1-2 days after you receive payment.
Acorn is a program that takes the leftovers from your purchases and puts them toward your savings and investing goals.
By linking your bank account or credit card, Acorns tracks all your purchases and collections down to the dollar. He then keeps or invests your change.
Although the program is expensive, you can sign up for as little as $1 per month. Compared to how much you’ll get from your investment over time, I’d say you’ll get a return on your investment
Simple Ways How To Save Money
Have you ever gone shopping and spent less than you planned, but instead of saving that money, you spent it on something else? If so, you’ve missed an easy money-saving opportunity.
Essentially, you will allocate funds for your expenses within your budget. If you spend less on these expenses than what was allocated, you just keep the difference.
To do this, you’ll need a budget to plan how much to allocate. If you’re new to budgeting, read my post on how to create a family budget.
Personally, we use a super simple budget template to plan our spending and see what we can save or put into debt.
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Having the discipline to save money can be difficult. That’s why making it fun is very important for you to succeed at it.
Money saving challenges are a fun way to save money without the stress or pressure. Think of them as games, but the reward becomes financially secure.
These tasks are great to do with friends who can help hold you accountable for keeping them.
All you have to do is stick to the plan and eventually you will reach your savings goals effortlessly.
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Check out these 8 savings challenges to try this year. You can also get my free printable monthly money saving spreadsheet.
Each month, look for ways to gradually reduce expenses. This could include cutting $20 in grocery spending or replacing a $15 lunch with a home-cooked meal.
Truebill and Trim are two apps you can use to help you find areas in your spending where you can save.
Trim is a virtual personal assistant that automatically saves you money. The app cancels old subscriptions, issues cost alerts and automatically deals with fees.
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Truebill saves you money on expenses by reconciling your bills. They work to lower your bill by negotiating a better rate or putting a one-time credit on your account.
There’s no need to pay full price for items when you can find them on sale or at a thrift store.
I have personally bought new and previously worn name brand clothes at a fraction of the cost, saving money.
While these are still viable options, consider buying directly from sellers on platforms like Facebook Marketplace, Poshmark, or Mercari.
Money Saving Challenges
Save on groceries by planning your meals ahead of time. This will make your store run more efficiently and you spend less on things you don’t need
Meal prep helps curb your temptation to make unplanned stops at fast food restaurants. These quick meals add to the cost and can be avoided.
This is something we really like. We actually have a menu planner that I keep on our fridge and every Thursday I go in and write down the plan for the week.
You can always go to sites like Pinterest to find recipes to help you plan your meals for the week. I also like to look at the HelloFresh website for ideas and to create my shopping list.
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If you just don’t have time for a meal plan, you can also check out the $5 meal plan. It’s a subscription service that creates meal plans and shopping lists for you!
There are a few things that make cooking a lot cleaner and easier. Here are some tools/products I recommend for cooking.
A lot of money can be saved by making small changes to the way you manage your utilities.
Think about it… How many packs of disposable plates have you bought in your lifetime? What about paper towels?
Simple Ways To Save Money On Utilities Each Month
So while we’re doing better for the ozone layer, let’s also save money every month by investing in reusable items like cloth napkins, real dinnerware, and other non-plastic items.
Don’t let the gift cards you received for birthdays and Christmas go to waste. Use them to cover your monthly expenses or to buy things that are out of your budget.
Also take advantage of programs like Swagbucks and Fetch Rewards where you can earn points that can be exchanged for gift cards. You can also exchange unused hotel and airline reward points for gift cards.
Saving money every month on a tight budget isn’t as difficult as you might think. Try some of these very practical savings tips to see how much you can save each month!
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Fo is the founder of Mama & Money. Her mission is to help moms earn and manage money to become financially free.
I’m Pho! Wife and mother of two children. I share mommy and money tips for moms who want to become financially free! Learn more about me here. Advertising Disclosure: Some links in this post are from our sponsors. We provide you with accurate and reliable information. Learn more about how we make money and choose our advertising partners.
Saving $10,000 in a year can seem like a daunting task. It may seem impossible to save so much money. But imagine how useful it can be!
You wouldn’t have to worry about running out of money in case of an emergency. You can take that luxurious vacation you’ve been dreaming of. You would be much closer to achieving your major financial goals, such as paying off your student loan debt.
Easy Ways To Save Money Each Month
With the right game plan and discipline, you can save $10,000 in a year. We will tell you how to do it.
Ten thousand dollars is a big number to think about, so let’s break it down into more digestible chunks.
That’s still a pretty big number to work with, so let’s break it down even more. You will need to save $192.31 each week or $27.40 each day to reach your $10,000 savings goal.
Here’s another way to look at it: If you get paid every two weeks, you’ll need to save $384.62 every time you get paid.
Extremely Easy Ways To Save Money This Year
If you’re going to hit this savings goal with your spouse or partner, you can split those amounts in half. To save $10,000 in a year, each of you would need to save $416.67 every month, $192.31 every two weeks, $96.15 every week, or $13.70 every day.
Before you start working toward that savings goal, it’s important to know the reason why you want to save $10,000 a year.
Thinking about why you want to save $10,000 will help you keep pushing when you want to stop being disciplined and just spend all your money on a shopping spree.
An extra $10,000 in your bank account can help pave the way to financial freedom. Maybe your emergency fund is low and you want a big financial cushion to fall back on. Or maybe you want to use the money to pay off credit card debt or student loans to get out of debt.
Easy Ways To Save Money
Maybe you need seed money to start a business, or you want to quit your job and travel the world. This pot of savings can help you achieve financial independence.
Ten thousand dollars can also go toward a down payment on a house, a fancy wedding, or a new car. You can use it to complete a large
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