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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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              Published on November 20, 2018

              The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

              The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

              The truth is, there are many “money saving guides” online, but most don’t cover the root issue for not saving.

              Once I’d discovered a few key factors that allowed me to save 10k in one year, I realized why most articles couldn’t help me. The problem is that even with the right strategies you can still fail to save money. You need to have the right systems in place and the right mindset.

              In this guide, I’ll cover the best ways to save money — practical yet powerful steps you can take to start saving more. It won’t be easy but with hard work, I’m confident you’ll be able to save more money–even if you’re an impulsive spender.

              Why Your Past Prevents You from Saving Money

              Are you constantly thinking about your financial mistakes?

              If so, these thoughts are holding you back from saving.

              I get it, you wish you could go back in time to avoid your financial downfalls. But dwelling over your past will only rob you from your future. Instead, reflect on your mistakes and ask yourself what lessons you can learn from them.

              It wasn’t easy for me to accept that I had accumulated thousands of dollars in credit card debt. Once I did, I started heading in the right direction. Embrace your past failures and use them as an opportunity to set new financial goals.

              For example, after accepting that you’re thousands of dollars in debt create a plan to be debt free in a year or two. This way when you’ll be at peace even when you get negative thoughts about your finances. Now you can focus more time on saving and less on your past financial mistakes.

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              How to Effortlessly Track Your Spending

              Stop manually tracking your spending.

              Leverage powerful analytic tools such as Personal Capital and these money management apps to do the work for you. This tool has worked for me and has kept me motivated to why I’m saving in the first place. Once you login to your Personal Capital dashboard, you’re able to view your net worth.

              When I’d first signed up with Personal Capital, I had a negative net worth, but this motivated me to save more. With this tool, you can also view your spending patterns, expenses, and how much money you’re saving.

              Use your net worth as your north star to saving more. Whenever you experience financial setbacks, view how far you’ve come along. Saving money is only half the battle, being consistent is the other half.

              The Truth on Why You Keep Failing

              Saving money isn’t sexy. If it was, wouldn’t everyone be doing it?

              Some people are natural savers, but most are impulsive spenders. Instead of denying that you’re an impulsive spender, embrace it.

              Don’t try to save 60 to 70% of your income if this means you’ll live a miserable life. Saving money isn’t a race but a marathon. You’re saving for retirement and for large purchases.

              If you’re currently having a hard time saving, start spending more money on nice things. This may sound counterintuitive but hear me out. Wouldn’t it be better to save $200 each month for 12 months instead of $500 for 3 months?

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              Most people run into trouble because they create budgets that set them up for failure. This system won’t work for those who are frugal, but chances are they don’t need help saving. This system is for those who can’t save money and need to be rewarded for their hard work.

              Only because you’re buying nice things doesn’t mean that you’ll save less. Here are some rules you should have in place:

              1. Save more than 50% of your available money (after expenses)
              2. Only buy nice things after saving
              3. Automate your savings with automatic bank transfers

              These are the same rules that helped me save thousands each year while buying the latest iPhone. Focus only on items that are important to you. Remember, you can afford anything but not everything.

              How to Foolproof Yourself out of Debt

              Personal finance is a game. On one end, you’re earning money; and on the to other, you’re saving. But what ends up counting in the end isn’t how much you earn but how much you save. Research shows that about 60% of Americans spend more than they save.[1]

              So how can you separate yourself from the 60%?

              By not accumulating more debt. This way you’ll have more money to save and avoid having more financial obligations. A great way to stop accumulating debt is using cash to pay for all your transactions.

              This will be challenging, depending on how reliant you are with your credit card, but it’s worth the effort. Not only will you stop accruing debt, but you’ll also be more conscious with what you buy.

              For example, you’ll think twice about purchasing a new $200 headphone despite having the cash to buy them. According to a poll conducted by The CreditCards.com, 5 out of 6 Americans are impulsive spenders.[2]

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              Telling yourself that you’ll have the discipline to not buy things won’t cut it. This is equal to having junk food in your fridge while trying to eat healthy–it’s only a matter of time before you slip. By using cash to make your purchases, you’ll spend less and save more.

              A Proven Formula to Skyrocket Your Savings

              Having proven systems in place to help you save more is important, but they’re not the best way to save money.

              You can search for dozens of ways to save money, but there’ll always be a limit. Instead of spending the majority of your effort saving, look for ways to increase your income. The truth is that once you have the right systems in place, saving is easy.

              What’s challenging is earning more money. There are many routes you can take to achieve this. For example, you can work long and hard at your current job to earn a raise. But there’s one problem–you’re depending on someone else to give you a raise.

              Your company will have to have the budget, and you’ll have to know how to toot your own horn to get this raise. This isn’t to say that earning a raise is impossible, but things are better when you’re in control right? That’s why building a side-hustle is the best way to increase your income.

              Think of your side-hustle as a part-time job doing something you enjoy. You can sell items on eBay for a profit, or design websites for small businesses. Building a side-hustle will be on the hardest things you’ll do, be too stubborn to quit.

              During the early stages, you won’t be making money and that’s okay. Since you already have a source of income, you won’t be dependent on your side-hustle to pay for your expenses. Depending on how much time you invest in your side-hustle, it can one day replace your current income.

              Whatever route you take, focus more on earning and save as much as possible. You have more control than you give yourself credit for.

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              Transform Yourself into a Saving Money Machine

              Saving money isn’t complicated but it’s one of the hardest things you’ll do.

              By learning from your mistakes and rewarding yourself after saving you’ll save more. What would you do with an extra $200 or $500 each month? To some, this is life-changing money that can improve the quality of their lives.

              The truth is saving money is an art. Save too much and you’ll quit, but save too little and you’ll pay for the consequences in the future. Saving money takes effort and having the right systems in place.

              Imagine if you’d started saving an extra $100 this next month? Or, saved $20K in one year? Although it’s hard to imagine, this can be your reality if you follow the principles covered in this guide.

              Take a moment to brainstorm which goals you’d be able to reach if you had extra money each month. Use these goals as motivation to help you stay on track on your journey to saving more. If I was able to save thousands of dollars with little guidance, imagine what you’ll be able to do.

              What are you waiting for? Go and start saving money, the sky is your limit.

              Featured photo credit: rawpixel via unsplash.com

              Reference

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