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You Won’t Believe How Easy it is to Save $100-Plus Each Month

You Won’t Believe How Easy it is to Save $100-Plus Each Month

Think it’s impossible save money at the end of each month? Think again. With a little creativity and discipline, anyone can reduce their current expenses and put away money, one dollar at a time. Let’s take a look at some simple strategies that you can use to start saving $100-plus per month, starting right now!

1. Eat at Home

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    (Photo by baron valium)

    Eating out at restaurants may be the single biggest drain on your bank account each month. If you eat out five times per week during your lunch break, you’re spending a minimum of $30 per week (and that’s if it’s fast food). Couple that with a nice lunch or dinner on the weekend (at least $15) and you’re spending $45 per week on eating out. That comes to $180 per month, or $2,160 per year.

    By packing your own lunch during the week and being smarter about where you eat on the weekends, you can reasonably save $15-$20 per week (and $60-$80 per month). You’ve almost reached your goal of saving $100 per month by simply being smarter about where you eat each day.

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    2. Stick to Your Coffee Pot

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      (Photo by Porsche Brosseau)

      For many of us, drinking coffee is what gets us through the morning and helps us overcome that afternoon drowsiness. However, it often comes at a cost. If you’re like the millions of Americans who make a daily purchase from Starbucks, you’re spending more than $2 per cup each day.

      Considering that it costs less than a dollar per cup to brew your own coffee from home, you can save anywhere from $25-$75 per month by switching from Starbucks to your coffee pot.

      3. Dial Back Your Water Heater

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        (Photo by M S)

        According to Modern Group, a home improvement company that specializes in solar power, heating water accounts for 40 percent of your total household energy use. With that being said, switching to a solar hot water system can help households save up to $58 on their monthly electricity bills – or $700 per year. Not bad!

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        4. Carpool to Work

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          (Photo by Mike Linksvayer)

          While you may love the peace and solitude of your morning commute to work, there really aren’t many other positives of driving to work alone. If you live near a coworker, you should seriously consider carpooling to work. By trading weeks to drive with someone else, you can cut your monthly fuel expenditures in half. If you can find a third or fourth person, the savings can be even greater.

          5. Become a Smart Shopper

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            (Photo by jridgewayphotography)

            While we mentioned that eating at home is much cheaper than eating out, you have to become a smart shopper to fully realize these savings. This means clipping coupons, knowing where to shop, buying in bulk, and switching over from name brands to store brands. If you do these things, a single person can reasonably cut their grocery bill down to just $20 per week. Pretty incredible!

            6. Leave Your Gym

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              (Photo by ramsey beyer)

              Getting regular exercise is important, but who said you have to spend $50 per month on a gym membership? And if you’re simply using the gym to run on the treadmill, you’re throwing money down the drain.

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              By leaving the gym and running or walking outside with friends, you can save up to $600 per year. Plus, it feels better to exercise outside than it does to be cramped in a dingy gym with dozens of other sweaty people potentially damaging their shins and knees through using unforgiving machines.

              Ready, Set, Save

              As you can see, it doesn’t take a total lifestyle overhaul to start saving money. If you were to follow all of the advice outlined in this article, you’d be able to put away thousands of dollars in a savings account by the end of 2016.

              What are you waiting for?

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              Featured photo credit: Ken Teegardin via flic.kr

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              Anna Johansson

              Anna specializes in entrepreneurship, technology, and social media trends.

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              Last Updated on January 21, 2020

              How to Develop a Millionaire Mindset in 6 Simple Steps

              How to Develop a Millionaire Mindset in 6 Simple Steps

              We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

              It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

              How do you go about developing that millionaire mindset? By following these simple steps:

              1. Focus On What You Want – And Take It!

              So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

              Millionaires play to win, not to avoid defeat.

              This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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              2. Become Goal-Orientated

              It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

              Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

              Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

              Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

              You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

              If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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              If you are to become a millionaire, you need to start accumulating money.

              Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

              3. Don’t Spend Your Money – Invest It

              The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

              Stop working for your money and make your money work for you.

              Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

              There’s not just the stock market — there’s also property, and your own education.

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              4. Never Stop Learning

              The best thing you can invest in is yourself.

              Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

              Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

              Learn everything you can about how economics works, how the stocks markets work, how they trend.

              Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

              Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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              5. Think Big

              While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

              There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

              Aim for the stars, if you fail you’ll still be over the moon.

              6. Enjoy the Attention

              To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

              Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

              If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

              Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

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              Featured photo credit: Austin Distel via unsplash.com

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