27 Best Money Saving Tips That Will Save You Thousands Each Month
Want to know the best money saving tips that will help you take charge of your finances and help you save thousands? These are tested and proven ways to save money each month easily!
Saving money can seem like such a hard thing to do, but it’s actually much easier than you think.
You just need to start finding ways to save money in your everyday life and understand that the best time to save your money is now.
If you have been putting off saving because you’ve been waiting for the right time, start doing so TODAY because the right time will simply never come.
So whether you want to know the best money saving tips that will help you meet your savings goals, easy ways to save money on daily purchases, the best way to save money for the future, clever ways to save money in your everyday life, or ways to save money each month without feeling overwhelmed, you’re in the right place.
Don’t have time now? Save to read later📌
After learning about these money saving tips, you will be a pro and extra prepared to save your money, and meet your savings goals.
This post is about the best money saving tips to help you save thousands each month.
27 Best Money Saving Tips
1. Automate Your Savings
One of the easiest ways to save money each month is by automating your savings.
Doing this will help you stick to your savings goals because you will be saving without thinking about it.
Automatically set up your bank account to transfer a certain amount from your checking account to your savings account.
You can also pay yourself first on payday by automatically transferring 10% of your take-home pay into your savings account.
2. Pack Your Lunch
You will save a TON of money by bringing your lunch from home instead of buying lunch every time you go to work!
Saving even $5 on lunch every day can help you get an extra $1200 to save in a year!
So start packing your lunch, and you will see your savings grow even more every month.
3. Take a Staycation
Instead of spending thousands of dollars on vacation overseas, become a tourist in your own city.
If your main goal is to save money, look up fun vacations near you.
Doing this will save you hundreds (or even thousands) of dollars.
4. Stop Smoking
Although quitting is not easy, you can save thousands of dollars if you stop smoking.
According to Regions, you can realize $3000 in savings every year if you quit smoking.
5. Eliminate Your Debt
To achieve your savings goals, you need to eliminate your debt first.
The easiest way to pay off your debt is using the debt snowball method. This method will help you pay off your debts from smallest to largest.
The sense of accomplishment that comes from paying off the smallest debt will motivate you to pay off all your debt.
After eliminating your debt and being free from paying interest, you can put your income towards meeting your savings goals.
6. Don’t Overspend on Groceries
It’s easier to add extra things into your cart when you grocery shop without a plan.
Always check what you still have in your pantry, make a shopping list, and stick to it.
Doing this will prevent you from overspending or buying stuff you don’t actually need.
Also, meal planning every week will help you stick to your budget and save on groceries.
7. Declutter Your Home
Keeping unused items costs you about $10 per square foot.
So, take some time to declutter your home, and consider reselling things you don’t need anymore.
If you have a bunch of furniture, decor pieces, or clothes you don’t use, consider selling them on eBay, Facebook Marketplace, or Depop for extra cash.
Just make sure that you save the amount you make or put it towards paying off debt.
8. Use Cash Back and Coupon Apps
Using cashback and coupon apps is an easy way to save money on everyday purchases.
Apps like Rakuten, Ibotta, and Fetch can help you save on groceries, travel, and shopping.
You can also use Honey, a web browser extension that helps you automatically find coupon codes when you shop online.
9. Check Out Your Library First
Before buying that brand new book, check out whether your local library has it.
You can borrow most books from the library instead of buying them, plus most libraries also have audiobooks and digital copies you can rent.
Another tip that will save you money is checking out sites like AbeBooks and Thriftbooks to purchase new and gently used books for cheap.
10. Make Your Coffee At Home
Skip your daily trip to the coffee shop and start making your coffee at home to save.
Making coffee at home won’t make your savings grow overnight, but it will definitely save you a lot of money in the long run.
You can save between $1000 and $2000 a year by purchasing coffee beans and brewing coffee at home!
That’s some big money you can put into your savings to build an emergency fund.
11. Lower Your Cell Phone Bill
If your monthly cell phone bill takes a big chunk of your money, it’s time to switch your cell phone plan.
You can save a lot of money by also removing insurance and useless warranties from your plan.
Another thing you can do to lower your cell phone bill is switching companies. It requires some research, but the monthly savings are totally worth it.
12. Workout At Home
These days you don’t need to spend money on that gym membership to stay in shape.
You can easily find an affordable at-home workout program, plus there is a ton of free workout videos on YouTube.
13. Make Your Own Food At Home
If saving money is your priority right now, it’s time to start making your food at home.
So instead of always eating out or ordering take out, spend a little bit of time meal planning on Sundays.
Preparing meals or ingredients beforehand will also make fixing meals at home much easier on weekdays.
14. Unsubscribe From Tempting Emails
Saving gets more challenging when your email is always full of 24-hour sales and special offers.
If you constantly find yourself spending money every time you see a special deal, it’s time to unsubscribe.
Just open the email from the store you want to unsubscribe from, scroll down to the bottom of the email, and click on the unsubscribe link. It’s that simple!
15. Spend Extra Money Wisely
When you get unexpected extra money such as a work bonus, tax refund, or birthday money, don’t waste it on unnecessary things or stash it away.
Instead, use this money to build your emergency fund because anything could happen tomorrow.
You can also put this money to good use by using it to pay off your credit card debt.
17. Downsize Your Living Space
Another great money-saving tip is going for a smaller house or apartment. The Smaller the living space, the easier it is to maintain it and pay it off. Plus, a smaller living space results in lower monthly payments and utility costs.
18. Pay in Cash
It’s easier to waste money on unnecessary things when you pay with a debit or credit card.
However, paying with cash will help you reduce your spending, which is good for your savings.
This is because the pain of paying in cash makes you stick to your budget and make fewer impulse purchases.
19. Cancel Unnecessary Subscriptions
If you have multiple subscriptions such as Hulu, Netflix, Spotify, subscription boxes, etc., chances are you don’t use all of them on the regular.
Cancel the ones you don’t use that much, and always uncheck the auto-renew option on any subscriptions you don’t use regularly.
20. Restrict Online Shopping
To restrict yourself from impulse shopping online, never save your credit card details because it makes it easier to press purchase on everything.
Always force yourself to enter your credit card number and shipping address when you shop online.
That extra time of getting up to get your wallet before pressing purchase will help you reflect on whether the purchase is necessary or a waste of money.
Save for later📌
21. Have Fun For Free
You don’t always have to spend money to have fun.
I guarantee you that if you look up fun things to do for free in your city, Google will pull up a HUGE list!
So take advantage of free things to do near you to save money each month.
22. Set Savings Goals
Saving money each month is easier when you set realistic savings goals you can work towards to.
It could be paying off your credit card debt faster or saving an emergency fund that amounts to 3 – 6 months of living expenses.
Just keep in mind that smaller incremental savings goals are much more achievable without feeling overwhelmed.
23. Plan Out Your Major Purchases
Planning to buy furniture, electronics, or appliances? Always time these big purchases with annual sale periods to save money.
You should also always price compare and look around for the best deal before making a major purchase.
Trust me; this will save you a lot of money.
24. Lower Your Electric Bill
Making small changes in your home can help you reduce your electric bill. Simple things like turning off lights and appliances when you’re not using them and taking shorter showers can reduce your electric bill.
25. Stop Wasting Money on Cable
The average monthly price for cable TV, including all fees, is $217 a month! This adds up to a little over $2600 a year!!!
There are a lot of affordable alternatives to cable TV, such as Sling TV, Netflix, Hulu, FuboTV, etc.
Find one you will actually use the most and sign up for it instead of wasting money on Cable.
26. Shop At Discount Grocery Stores
You can save by shopping from discount grocery stores as they are much more affordable compared to other places.
So make your research to find what discount grocery stores are near you because they will save you money every month.
27. Buy Second Hand
Whether it’s clothes, jewelry, electronics, or furniture, shopping second-hand will save you some big money.
You can easily find most items on Facebook Marketplace, eBay, and thrift stores at a fraction of a price.
So before buying a brand new item, always look around and see if you can get it for cheaper by shopping second-hand.
This post was all about the best money saving tips that will save you thousands each month.
