How much you can save doesn’t depend on how much you make. Creating a monthly savings plan will help ensure you’re financially secure through every step of your life, and it will prevent you from running into financial emergencies. When you don’t have savings to fall back on, even small money trouble can lead to an economic catastrophe. One way to avoid that is by deciding to save money every month.
Living paycheck to paycheck might be enough to get by at the moment, but it isn’t a stable way to live your life.
Are you tired of not having enough money and of feeling like you’ll never be able to get ahead when it comes to your savings? It’s time to make a change. While many people feel too intimidated to get started with their savings plan, creating a personal savings plan is important for every family. It’s easier than you think to get started and there’s really no better time than the present. Let’s explore 5 easy ways to save more money every month so you can finally regain control of your finances
1. Shift Your Values
Nobody wants to be called cheap. It’s embarrassing to feel like you’re missing out on something everyone else is doing because you can’t afford to spend the extra money. This keeping up with the Joneses mindset is dangerous to your bank account. It keeps you valuing material things over experiences and relationships.
If you’re struggling to get your spending under control, you likely don’t have a problem with your income. You have a problem with your values. What do you value in life? Is it having more money, buying the latest tech gadget, or going out to eat every Friday night? Doing these things isn’t necessarily wrong, but it’s important to get clear on your values so you don’t feel guilty for spending in certain areas. Realize that if you get clear on your values, you may find that you’re spending money on things that you don’t truly value. Or, it can highlight some key areas where you can save since you know what you don’t value.
2. Lower Your Expenses
This goes without saying, but lowering your monthly payments will mean you can save more every month. Any costs you can cut down will mean more money can make its way into your savings account. Expenses are repeated costs, so lowering them leads to repeated money saved in your pocket.
What are the most common expenses you can reduce? The most significant payment every month is likely your rent or mortgage. This isn’t easy to change, but it isn’t impossible. You can get a roommate if moving isn’t an option, or you can rent your home and stay with family temporarily. You might be able to downsize to a smaller home or apartment which can save a good chunk of money every month.
The easiest expense to lower is your entertainment. There’s nothing wrong with paying for things you enjoy, but you’re probably paying for more than you actually use. Do you really use cable, or do you just have it because it came with your internet plan? Do you need to pay for 3 streaming sources when you only really use one? Can you share an account with your friends and family? These small things add up fast.
3. Eat Through Your Kitchen
Food costs can get expensive if you aren’t careful. How often do you eat out or go to the grocery store? You probably eat out even though you already have food in your kitchen at home. Challenge yourself to skip your regularly scheduled grocery trip for the week and instead eat through the produce and perishables in your home. You might discover you’ve been shopping too much and wasting perfectly good food.
4. Challenge Yourself to a No Spend Period
Sometimes you get so trapped in your bad spending habits that you don’t even recognize them happening. If that’s the case, it’s time for a spending reset. Like challenging yourself to eat through everything in your kitchen, you can challenge yourself to halt spending for a week or two as a reset.
By halting all unnecessary spending, you’ll start to evaluate the ways you usually spend money. In most cases, you’ll realize you’ve been paying more than you needed to, and these small changes didn’t impact your life in the first place. For instance, you might discover you prefer bringing lunch from home to work every day, or you don’t mind working out at home instead of at the gym. All the money you would have spent can then go directly to your savings.
5. Find Price Alternatives
Price alternatives are all around you, and you just have to be willing to put in the extra work. Say goodbye to paying full price and commit to finding the best sales, the best costs, and the best savings. An alternative doesn’t have to mean lower quality. Some stores and providers that offer the same services at a lower price, or there might be special discounts available if you ask.
You can find the best discount stores near your home and see if they have the same product and grocery essentials you already buy to save a few bucks each week. Similarly, you can look for alternative weekend plans that are just as fun. Instead of going out for dinner and a movie, cook a gourmet meal in your home and rent a movie to watch on your couch. It’s just as fun, but less than half the price.
Saving Today Means Having More Tomorrow
Being frugal doesn’t have to mean living cheaply. By choosing alternatives and challenging yourself to live below your means, you’re left with more savings every month. These small things didn’t add to your quality of life before, and you likely won’t even notice once they’re gone. Save more money today with these tips so you can live life fully tomorrow.