10 Easy Ways to Save Money Every Month
According to multiple resources, the US inflation rate rose to 7 percent by the end of 2021. Among many other things, this means that our money won’t be buying us as much as it used to. One of the best ways to get ahead of inflation and ensure you don’t feel the effects of this hike is to save your money whenever possible.
Saving money is often easier said than done. We’re constantly being sold on cool upgrades, the latest trends, and items to simplify our lives. Fortunately, there are ways to avoid those temptations and save your money. Below are 10 easy ways to save money every month.
Save first, spend later
For many of us, saving money always comes as an afterthought. It usually only comes after a spending spree, leaving our bank accounts with little or no money to go into our savings anyway. If you’re serious about saving money, try the ‘save first, spend later’ method. Trust me, you’ll see results almost immediately.
Cancel unused subscriptions
Unnecessary subscriptions, we all have them. Whether it’s Amazon, Spotify, or one of the many available subscriptions that find a way to get us to sign up, we don’t need them all. One of the ways I started saving money was by canceling my Amazon Prime subscription. Not only did I save $14 every month on the fee, but I saved hundreds of dollars per year by not feeling guilted into purchasing unnecessary things from the marketplace.
Set a “treat yourself” budget
If you find yourself overspending on things like coffee or new clothes, then it might be time to start setting limitations with a budget. Go through your spending and mark all the transactions that would fall under this category. Then, create a reasonable budget to keep you from overspending every month.
Plan your meals
One of the easiest ways to save money is by eating more meals at home. One of the best tips to make this happen is by planning your meals. I do this weekly, but you can do it every two weeks or even every month. Once you have a plan, you’re more likely to stick to it. Leaving little room to purchase last-minute fast food on your way home from work.
Prep before grocery shopping
Before you head out to purchase all the items needed to prepare your meals, take inventory of what you have at home first. This is a good opportunity to clean out your fridge and take note of what items you have and which ones you still have to purchase, saving you money in the long run.
Use a shopping list
If you’re an impulse shopper, then using a shopping list can help keep you on track and only focus on the items you need. Before you step foot out of your house, take the time to create a list. While you’re at the store, ask yourself if anything not on that list is something you need.
Re-think bigger purchases
Whenever I’m considering a big purchase, I like to ‘sleep on it’ first. This means I take the pros and cons into account and wait a full day to decide whether I need it or not. You’d be surprised how many impulse purchases I’ve avoided with this trick.
Shop secondhand when possible
If you don’t already shop secondhand, I challenge you to rethink your purchasing strategy. Secondhand doesn’t always mean old and worn out. Sometimes, it means a similar item for a fraction of the price. If something you’re considering purchasing is available at a thrift shop, consider your options. It could end up saving you hundreds of dollars.
Borrow before buying
Avoiding single-use purchases is probably one of the best ways to save money. If you need the item but only for that one occasion, consider asking your network of friends and family to check if there’s someone in your group who would be willing to let you borrow said item. Whether it’s a suitcase for your upcoming trip, a big pot for the family dinner, or those fancy boots you saw your cousin wearing, borrowing can save you a lot of money.
Have regular money dates
One of the best ways to keep track of your spending habits is by having regular money dates. This is basically where you spend some time with your bank statements or online transaction history and evaluate where you spent your money. Understanding your spending habits can help you create healthier ones and find opportunities to save.