Simple Ways To Save Money Every Month



Saving money is a high priority for many people, but sometimes saving can feel next to impossible, especially when you’re trying to balance making responsible financial decisions and having a bit of fun. Luckily, there are lots of clever ways to save money every month, even if you’re on a tight budget.



While you may already be taking part in some of the many ways to save money below, you may find something new that will help you cut back on your spending. Doing one or all of the below may allow you to change your life for the better.

It may allow you to pay off your debt a little more quickly, improve your financial habits, help you reach your dream sooner, and more.



If you need motivation to save more money, or simply don’t know how to save money on a monthly basis, know that it is possible. In fact, you can save money easily with very little effort.

When you save money each month you help yourself financially. It allows you to accomplish numerous goals. When you combine it with making extra money, you instantly multiply your progress.



Simple tips and tricks to save money

Break your paychecks down

First things first, go over your paycheck to see how much take-home pay you have to work with. Your take-home is what’s left after your employer takes out taxes, insurance and any other deductions, like 401(k) plan contributions from your salary.

An easy way to boost savings is to notch up your contribution rate. If you’re wondering how much to save monthly, there’s a simple rule you can follow. At the very least, it’s good to save enough of your salary to get the full employee match into your retirement plan if your employer offers one.



So, as you’re looking over your paycheck, figure out what your current contribution rate is and see whether you can bump that up by a percentage or two. Even a fractional increase can make a difference in how much you’re able to save long-term. This paycheck impact calculator can help you gauge how your take-home pay would be affected by upping your 401(k) savings rate.



Use A Cash Back Reward Credit Card For All Spending First things first, go over your paycheck to see how much take-home pay you have to work with. Your take-home is what’s left after your employer takes out taxes, insurance and any other deductions, like 401(k) plan contributions from your salary.An easy way to boost savings is to notch up your contribution rate. If you’re wondering how much to save monthly, there’s a simple rule you can follow. At the very least, it’s good to save enough of your salary to get the full employee match into your retirement plan if your employer offers one.So, as you’re looking over your paycheck, figure out what your current contribution rate is and see whether you can bump that up by a percentage or two. Even a fractional increase can make a difference in how much you’re able to save long-term. This paycheck impact calculator can help you gauge how your take-home pay would be affected by upping your 401(k) savings rate.



The best rewards credit cards pay 2% cash back as a baseline. Some cards offer up to 5% on special categories of spending as well. You can find the best top cash back rewards cards here.

By putting everything on a rewards credit card, you’re saving at least 2% on everything you spend each month. If your average spending is $1,000 per month, this tactic can save you $20 per month.



The problem is, people don’t spend everything on the same card. For example, I recently discovered that my car insurance could have been paid for on a credit card. I’ve been having it directly debited from my checking and earning no rewards. Considering the my bill is about $100 per month, I could have been saving $2 per month for literally doing nothing. I switched it over, and now I’m saving money!



Make your debt payments less expensive

Consider how you can make your debt payments less expensive. Refinancing student loans, for example, can help you get a lower rate. This can also lower your monthly payment, giving you more money in your budget to save. The same is true for transferring high-interest credit card debt to a new card with a 0% introductory promotional rate.



Cut Every Category Just a Little Bit

When you're pinching pennies, you may have already cut all the unnecessary items from your budget. A next step might be saving $5 to $10 per category in your budget and setting that money aside.

You can often save another $5 per week at the grocery store by dropping two or three items off of your list. If you conserve fuel by consolidating trips, taking public transit, or walking when it's feasible, you can cut back on the amount you spend on gas each month by even more than $10. Similarly, you can adjust your thermostat so that you are paying less in heating and cooling costs.



52-Week Chalenge

Best ways to save money every month is through the 52-week challenge. The 52-week challenge’s simple. You start out week 1 by saving $1. Week 2 you save $2, week 3 you save $3 and so on.

The plan is to add one extra dollar per week until you put away $52 the final week of the year. This alone will allow you to save $1,378 per year. Even if you don’t start at the beginning of the year you can harness a lot of power by making stashing money away in savings a regular habit.

Make it easy on yourself and automate the transfer so you don’t even feel it. You can do that with Chime Bank as they operate entirely online. The fee-free bank pays just .01 percent interest on your cash, but their checking account pays .10 percent plus rounds up each transaction to the nearest dollar and places it in your savings account.

Use Spending Tricks To Boost Savings

There are spending tricks that you can use to boost your savings when making a purchase. The problem with many of these tips is that it can take a lot of time and effort to find the best ways to take advantage of credit card deals. And like I said earlier, I hate spending time and effort if I can’t get the reward easily.

However, there are simple tips that you can do right now to boost your savings. The easiest way to do this is to simply take advantage of credit cards that pay more for certain categories of spending.

For example, American Express is offering a Blue CashBack Everyday Credit Card, which pays 3% cash back at supermarkets.



Cut cable

This is the easiest way to save money every month. I’ve written about how we canceled DirecTV (here are ways to cancel DirecTV if you’re under contract) and are now saving almost $90 per month. The average cable bill is over $110 per month.

There is no reason to spend this much to get television content as there are so many cheaper options available. If you don’t know how to watch ESPN without cable, have no fear. Most of the streaming providers make it possible without a nasty contract. Losing sports was what held us back from cutting the cord. It’s relatively simple to replace it with a streaming service.



Switch to Cash for Your Daily Expenses

While it may not be practical to pay your rent or utility bills in cash, switching to cash for other expenses can help you cut back on your spending. Using cash places a harder limit on your spending and helps you become more aware of your choices.

Groceries and entertainment are two prime categories for going cash-only. So are clothing and the rare outside-the-home meal.



Supercharge Your Savings Today! The first tips to save money,, and one of the most important ones, is to use a cash back rewards credit card for all spending that you do. I’m talking everything.The best rewards credit cards pay 2% cash back as a baseline. Some cards offer up to 5% on special categories of spending as well. You can find the best top cash back rewards cards here.By putting everything on a rewards credit card, you’re saving at least 2% on everything you spend each month. If your average spending is $1,000 per month, this tactic can save you $20 per month.The problem is, people don’t spend everything on the same card. For example, I recently discovered that my car insurance could have been paid for on a credit card. I’ve been having it directly debited from my checking and earning no rewards. Considering the my bill is about $100 per month, I could have been saving $2 per month for literally doing nothing. I switched it over, and now I’m saving money!Consider how you can make your debt payments less expensive. Refinancing student loans, for example, can help you get a lower rate. This can also lower your monthly payment, giving you more money in your budget to save. The same is true for transferring high-interest credit card debt to a new card with a 0% introductory promotional rate.When you're pinching pennies, you may have already cut all the unnecessary items from your budget. A next step might be saving $5 to $10 per category in your budget and setting that money aside.You can often save another $5 per week at the grocery store by dropping two or three items off of your list. If you conserve fuel by consolidating trips, taking public transit, or walking when it's feasible, you can cut back on the amount you spend on gas each month by even more than $10. Similarly, you can adjust your thermostat so that you are paying less in heating and cooling costs.Best ways to save money every month is through the 52-week challenge. The 52-week challenge’s simple. You start out week 1 by saving $1. Week 2 you save $2, week 3 you save $3 and so on.The plan is to add one extra dollar per week until you put away $52 the final week of the year. This alone will allow you to save $1,378 per year. Even if you don’t start at the beginning of the year you can harness a lot of power by making stashing money away in savings a regular habit.Make it easy on yourself and automate the transfer so you don’t even feel it. You can do that with Chime Bank as they operate entirely online. The fee-free bank pays just .01 percent interest on your cash, but their checking account pays .10 percent plus rounds up each transaction to the nearest dollar and places it in your savings account.There are spending tricks that you can use to boost your savings when making a purchase. The problem with many of these tips is that it can take a lot of time and effort to find the best ways to take advantage of credit card deals. And like I said earlier, I hate spending time and effort if I can’t get the reward easily.However, there are simple tips that you can do right now to boost your savings. The easiest way to do this is to simply take advantage of credit cards that pay more for certain categories of spending.For example, American Express is offering a Blue CashBack Everyday Credit Card, which pays 3% cash back at supermarkets.This is the easiest way to save money every month. I’ve written about how we canceled DirecTV (here are ways to cancel DirecTV if you’re under contract) and are now saving almost $90 per month. The average cable bill is over $110 per month.There is no reason to spend this much to get television content as there are so many cheaper options available. If you don’t know how to watch ESPN without cable, have no fear. Most of the streaming providers make it possible without a nasty contract. Losing sports was what held us back from cutting the cord. It’s relatively simple to replace it with a streaming service.While it may not be practical to pay your rent or utility bills in cash, switching to cash for other expenses can help you cut back on your spending. Using cash places a harder limit on your spending and helps you become more aware of your choices.Groceries and entertainment are two prime categories for going cash-only. So are clothing and the rare outside-the-home meal.