How To Save Money Each Month | 21 Game-Changing Tips

by | Mar 3, 2021 | Personal Finance, Saving Money | 0 comments

Want to know the best secrets on how to save money each month? Follow these life-changing tips to start saving hundreds of dollars every month!

Are you tired of getting to the end of the month and having little to no money left? You have the power to make small changes to dramatically impact your finances. Saving money each month doesn’t have to be a painful process. We’ve put together this list so you too can learn how to save money each month.

Our list includes house hacking, budgeting, starting a side hustle, cooking at home, and much more! 

How To Save Money Each Month

1. House Hacking

This made the top of our list because housing is typically your largest monthly expense. Figuring out how to cut into your mortgage or rent could easily save you hundreds of dollars a month.

House hacking involves renting out spare rooms or unused storage space. You can offset most or all of your housing costs by house hacking. House hacking experts can actually produce enough income to completely pay for their own housing expenses!

If you aren’t a homeowner, you can become a roommate and save money by splitting housing costs.

2. Refinance Your Mortgage

Save hundreds of dollars a month just by refinancing into a lower interest rate. We recently took advantage of the crazy low rates and we will be saving over $1000 a month between our personal home and our rental property!

Get in touch with a lender to find out how much you can potentially save each month from refinancing.

3. How To Save Money Each Month With A Budget

Budgeting is essential to saving money every month. You should be able to track every dollar and know exactly how much money you can put back each month. Here are some of our favorite budgeting apps.

Related Content: The Guide To Budgeting For Beginners

4. Allow Yourself A Mental Reset

We all miss the mark from time to time. Sometimes you might fall short on your monthly savings and goals. It’s more important to focus on your future and think about the good things that you’ve accomplished. Always allow yourself a mental reset to keep yourself happy and healthy!

5. Start A Side Hustle

Creating more income can be one of the fastest ways to save money. Consider driving for Uber, delivering food, or turning a hobby into a business. Make sure not to overwork yourself though. It can be easy to go too hard on a side hustle and burn yourself out.

Spend some time thinking about ways to earn income and have fun doing it!

6. Pay off Debt Faster

Put together a plan to pay off those high-interest debts. Use the debt snowball method to pay off balances even faster. After you’ve knocked out your debt, continue to live on a budget and save all of the money that you were using to pay off debts.

7. Educate A Spouse/Partner

It can be difficult to get ahead financially if everyone in your house isn’t on the same page. Spend time communicating with your spouse/partner and family about your financial plans. Getting your spouse on board can help increase your monthly savings. You don’t want someone else sabotaging your hard work!

8. Ask For A Raise

Do you feel like you are underpaid? Are you a hard worker?

Asking for a raise can quickly bump your income and allow you to save faster. What’s the worst thing that can happen if you ask for a raise? You will still have your job and the same pay rate. Make sure to provide details on why you deserve a raise. Don’t just ask for a raise without proof that you deserve one. No boss/manager will go for that!

If you can’t get a raise, consider taking a job at a company that pays more. Know your worth and do not underestimate yourself!

how to start saving month each month

how to start saving month each month

9. Use 0% Balance Transfer Credit Cards

This can be an awesome way to cut out high credit card interest. You can transfer existing credit card debt and pay 0% interest for a limited amount of time. Make sure to have a plan to pay off the balance before the 0% introductory rate term expires.

Use 0% credit cards to your advantage when you create a debt snowball paydown plan.

10. Ride A Bike Or Walk When Possible

Do you like to get outdoors? Biking is one of my favorite hobbies. Are far as I’m concerned, any day on a bike is a better day!

Try to switch out a short drive for a bike ride or walk. You can save on gas and you get exercise as well.

If your job isn’t super far try to do a bike commute. I was bike commuting a few days a week and found that it was a great way to start the day. I was fully energized by the time I would get into the office and I was saving money.

11. Cooking At Home

Paying for food at restaurants adds up fast! It’s ok to dine out every now and then as long as you account for it in your budget.

But you can save a ton of money by cooking your own meals at home. I started saving over $200 a month after I began taking my own meals to work for lunch. I would budget for 1 lunch a week and make my own for the other 4 days.

Cooking at home can be relaxing and help you save money each month. Plan your meals out every week and keep your grocery store runs down to once or twice a week.

12. Save Money From Raises And Bonuses

It’s easy to spend extra money when it lands in your accounts. Fight the urge to buy something new and instead, put that money away.

Save the extra amount you get from raises. This can be a great opportunity to save fast if you are already budgeting for your previous salary/income. Just keep that budget intact and save whatever is left.

13. Track And Cancel Subscriptions

There are so many online and app subscriptions available these days. Make sure to track all of them and cancel subscriptions that you rarely use or no longer need.

You should include all subscriptions in your monthly budget. That way you know exactly how much money is going towards subscriptions.

14. Stick To Your Grocery List

Have you ever walked into the grocery store hungry and ended up spending way too much money? I’ve done this more than once! Make sure to avoid doing this to save money at the grocery store.

Get into a habit of routing yourself away from the things that tempt you in the grocery store. My wife is really good at this and has taught me how to stick to my list.

15. Delay New Purchases For At Least 24 Hours

This is one of the most important items on this list! We live in a day and age where we can buy virtually anything instantly and get it within 24 hours or less. Impulse spending can quickly eat away at your hard-earned dollars.

Wait 24 hours before making a new purchase. This will help you realize if it’s something that you really need or want. I love to use wishlists/favorites on websites and apps to delay my purchases. I don’t end up purchasing most of the products that I save to these lists. It’s such an easy way to trick yourself into not buying extra stuff.

My wife and I talk to each other about anything over $50 that we are considering purchasing. That way we can validate if it’s something we truly need. Sometimes it helps to have another person validate if you really do need to make that purchase.

16. Freeze All Spending For A Set Amount Of Time

Challenge yourself to a spending freeze. Try not to make any extra purchases for a certain amount of time. 1 week is a good amount of time to start with.

Take a look at the money coming in and out of your accounts for that time period versus a previous period that you weren’t on a spending freeze. You might be shocked how much money you can save just by doing a short spending freeze.

17. Buy Used/Refurbished

You can save loads of money from buying used or refurbished products. Many times these products look, feel, and operate exactly like a new one.

Whenever you need to make a large purchase consider buying used or refurbished. I only buy used cars to save money. New cars lose a ton of value as soon as you drive them off the lot!

You can always find used and refurbished electronics at good discounts as well. Some companies offer refurbished products directly on their websites.

Here are a few places that we look for used items:

18. Cook In Bulk And Freeze Leftovers

My wife and I love to use our smoker. We always end up with way more than either of us can eat. We portion the leftovers into baggies and freeze them for meals later on. It’s tough to beat smoked pulled pork Phillies!

19. Change Cell Phone Providers

Look at your cell phone bill and compare it to what other companies are offering. You can easily save $50 or more a month just from making a change to a new company.

My wife and I recently left Verizon for At&t and we will be saving $50 – $60 a month. We haven’t noticed any differences in coverage either.

20. Build Up An Emergency Fund

Did you know that most Americans live paycheck to paycheck and cannot withstand a $500 surprise expense? These types of expenses commonly end up on a high-interest credit card.

Building up an emergency fund is crucial if you want to get ahead financially. It also can take off loads of stress when you realize that you can absorb those surprise expenses.

21. Make Lifestyle Changes

It’s very easy to get caught up in frivolous spending that hurts your money situation. Identify some of the higher-cost things that you spend money on every month.

Try cutting a few of these things out and see how much more you can save. I’m willing to bet that you won’t miss not having these after you go without them for a few months.

Wrapping Up The Best Ways On How To Save Money Each Month

Take a few of these tips and use them to start saving money each month. Always remember to budget and keep a good tab on all of your spendings.

Cutting expenses each month can have a huge impact on your savings account and your stress levels. Keep up the hard work and reward yourself when you hit savings goals.

What is your favorite way to save money every month?