Getting into the habit of saving money versus spending money can be a hard switch to make. Mentally, you will need to be prepared to tell yourself no, justify spending and purchases and make cost-conscious efforts. To save money each month, you must first learn where your spending occurs. A spending journal or sifting through bank statements is the perfect starting place. From there, you can see where you have room to make the first cuts. Here are other ways to get in the habit of saving money each month.
1. Get Multiple Quotes
When making purchases, look for all of the cost savings you can. Get multiple insurance quotes to ensure you are paying the lowest price per month. If you need work done on your car or house, be sure to ask at least three companies for quotes. This is extra time and effort, but most businesses offer free quotes, and the price difference could amaze you.
2. Coupons
Don’t settle for paying full price as you work to set aside money each month to build up your savings. Look online for the best prices and coupons and flip through the newspaper for upcoming sales and additional coupons. If you rarely used coupons before, make a challenge for yourself. Actively search for and use coupons for one month. Record the amount you are able to save. The savings will add up. You can even take that money you’ve saved and put it directly into your savings account.
3. Meal Prep
Often, persuasion to order take out or delivery comes when we do not know what to make for dinner, or we have had a long day. Meal planning for the week can help you save on grocery costs and alternative dinner costs. Meal prep for the week provides you with healthy lunches for work each day. This can save you the money you would have spent getting fast food or other lunch options.
4. Bring Your Coffee
If you find yourself in the drive-thru line for a specialty coffee each morning before work, you may be surprised by exactly how much money you are spending monthly. There are coffee makers that make every drink you could desire. If you spend $5 on a coffee and a breakfast sandwich each morning, you could save $25 per week and $100 per month just by bringing your coffee each day. That could be a savings of $1200 per year!
5. Game Night
Socializing with friends can bring great joy and create wonderful memories. Eating out at restaurants or stopping by a few local places can really add up. Instead, host a game night. Have everyone bring a side and their beverage of choice. You can have just as much fun staying in, and you will save money.
6. Reduce Living Expenses
One of the easiest ways to save on monthly expenses is to get a roommate if you are able to. You may enjoy living by yourself, but a roommate can result in tremendous savings. Your mortgage or rent will be halved, as will your utilities and internet bills.
7. Cut Credit Cards
Credit cards may seem like an excellent method for purchasing large items. However, if you are buying an item out of want rather than necessity and have to put it on a credit card, you should think twice about making the purchase. Credit card debt is tied to high-interest rates, which can really add up. Work to pay off your credit card debt and then opt not to put new purchases on them to see the savings rack up.
8. Savings Account
One way to learn to save money is to put the money you set aside each week into a savings account. Choose a bank or account that you cannot transfer money to your spending account. It is easy to be tempted to say you’ll pay yourself back, but the truth is you probably will not.
Saving money may seem daunting, but it is necessary and well worth it for your future financial stability. If you feel overwhelmed, start small. You can add new ways to save money each week or month as you become more comfortable with the changes.
Credit cards may seem like an excellent method for purchasing large items. However, if you are buying an item out of want rather than necessity and have to put it on a credit card, you should think twice about making the purchase. Credit card debt is tied to high-interest rates, which can really add up. Work to pay off your credit card debt and then opt not to put new purchases on them to see the savings rack up.
Credit cards may seem like an excellent method for purchasing large items. However, if you are buying an item out of want rather than necessity and have to put it on a credit card, you should think twice about making the purchase. Credit card debt is tied to high-interest rates, which can really add up. Work to pay off your credit card debt and then opt not to put new purchases on them to see the savings rack up.
