Wondering how you can save money each month? no problem, it’s understandable, especially when you are on a monthly salary that you strive so hard to manage before the month runs out.
You definitely need to learn how to save money each month if you do not want to live just above poverty level.
Learning to save money is very necessary for everyone!
You won’t get rich until you learn how to save money, you won’t live comfortably until you learn how to save money and you wouldn’t be able to get out of debt, if you do not learn how to save money.
If you live on one income, then saving money is definitely the only way you can buy a new house, start a side hustle, fund your hobby, travel or buy a property of interest.
You won’t be able to do any of these things on a low income if you do not learn how to save money each month.
Learning how to save money each month is one of the best personal finance hacks that will improve your finances.
Here are some easy tips to help you save money each month.
How to save money each month
1) start a monthly money saving challenge
A monthly saving challenge is one of the best ways to kick-start a habit of saving money.
A monthly saving challenge will teach you how to save money each month, each week or year.
Monthly saving challenge is not difficult at all, you just have to set a particular amount of money you intend to save everyday or week, so you can have a tangible amount at the end of the month.
So how do you use a monthly saving challenge to save money each month?
a) Track all your earnings and expenses, draw out a rough sheets containing all your earnings and expenses, work on those that need adjustment or those that need to be cut off.
b) Plan to save a particular amount each day and stick to it, you can plan a certain amount based on your current earnings and needs so you don’t get frustrated.
If you are earning $1000 in a month, then you should plan on saving at least $10 everyday.
A monthly budget should contain all the amount of money you intend to spend for a particular month.
You should draw out a monthly budget taking cognizance of your salary or earnings each month.
You should be able to clearly understand your wants from your needs and draw out a sum solely to be saved.
Monthly budget should have all the monies you intend to spend on transportation, electricity, food and other self care needs.
Good monthly budget will help you track the way you spend money each month, which will further assist you in saving money.
3)use a weekly budget
A weekly budget is one of the best money saving tips to help you save thousands of money each month.
Drawing out a monthly budget is usually not enough to help you track your money if you are just a beginner to saving money.
A month is too long to know what you might be needing in a day or in a week, but a weekly budget will help you break down your monthly budget week-by-week, so it’s more easier to stick to.
Weekly budget will also help you stick to a daily budget and curb any unwanted need to overspend every other day.
4) try a no spend challenge- How to Save Money Each Month
A no spend challenge is perfect when you are trying to save up for something in mind. A no spend challenge is best for people who have already mastered the habit of saving money.
You can try a no spend challenge in a week or some weeks in a row to quickly help you save up your target money.
To start a no spend challenge, it’s best to stock up your freezer with easily preservable foodstuff and have some basic necessities in place before you start.
Make sure you are mentally or physically prepared to start a no-Spending challenge and have a target need you are saving for to enable you get motivated enough to stick through to the challenge.
5) cut out phone subscription
Cutting out your phone subscription will not only help you save money and better your health but will also help you manage your time better.
The time you spend browsing the internet and social media can be better used for other mindful activities.
Phone subscriptions are getting costly by the day and you can actually save up almost $20 to $50 in a month by cutting down your subscriptions.
Saving $20 every month up to a year can turn out to be a substantial amount to do something worthwhile.
6) Cut out cable subscription
Cable subscriptions are way expensive these days, they can go as high as $100 a month for some network providers which is absolutely a waste of money if you’re working so hard for it.
Watching TV itself is a waste of good time except of course you indulge in TV once in a while.
It’s also of no use if you work all day into the night and you don’t get to watch the stations you are subscribing for.
These days, a much better versions of cheaper entertainment have sprung up to massage your screen indulgence and help you lower cost.
I subscribe to Netflix In the month I want to relax and get unnecessarily entertained.
Netflix has awesome movies combo and you can even watch videos on any screen size if you subscribe to them.
Netflix cost from $6 to $10 depending on the country you reside.
Here you can get a Netflix subscription in a month for just $6.
Managing your TV subscription is one of the best ways to save money in a month if you’re still wondering how to save money each month.
Cutting off your habit of eating out can help you save lots of money in a month and then in a year.
Food is one of them basic needs that burns out our personal finance, if not properly managed.
Depending on your location, a plate of food can cost up to $10 to $30, which is just for a meal plus we have to eat three times in a day, which can go up to $30 to $90 for just food alone in a day.
Some people even spend as far as $5000 a year on food alone!
Cooking your own meals will help you save lots of these monies!
To enjoy cooking your own meals, you need to use a weekly meal plan and then buy food stuffs in bulk, so you can make some freezable meals for a whole week.
Ensure your meal plan contains varieties of foods you love to eat out!
Have a downloadable recipe in place to guide you in making meals you don’t know how to make but love eating outside.
8) quit expensive hairdo
Our hairdo can take lots of money in a month from washing them to styling them.
These days, a good shampoo and conditioner is costly and then having a stylist wash them for you can triple the price.
You can choose to wash them yourself, dry and style them with a styling cream of your choice- and what about hair extensions?… attachments, wigs and weavon are costly now than ever!
You can style your natural hair or use a washable wig. Keep several of them to choose from when you get bored of one.
It will help you save up the money you use bi-weekly for attachment and styling.
9) Save money by checking your variable expenses
Save money on cooking gas each month by monitoring leakage in your gas cylinder.
Manage cooking gas by making sure to turn on the gas when you’re ready to cook and pay attention during cooking.
Sometimes we use up cooking gas for silly things like boiling water or egg that we forget for hours on fire.
ii) save money on water
Instead of regularly buying water during work hours or time out, you can choose to have a filled water bottle handy in your handbag, which will also save your environment from plastic waste which is a serious environmental pollution.
III) Save money on electricity
You can save money on electricity by using low energy bulbs, turning off the lights during the day and putting off your air conditioner, warmers, heaters when leaving the house.
iv) save money on fuel
Save money on fuel by working some few miles in a day, paying for a public cab when going to a distant place with traffic instead of driving your own car.
v) save money on fashion
Save money on fashion by balancing your work wardrobe with few matching pairs of clothes.
Black and white should be a must, if you must dress decently without overspending money.
You should have a black shoe, black coat, black pants, black bag, black hat and socks to balance other apparels.
Skip branded clothes and try to shop during clearance sales.
vi) save money on small repairs
You can use various troubleshooting videos online to fix so many small repairs around the house without paying for them, for example; unblocking a drainage, fixing a bulb, hanging a wallpaper e.t.c.
vii) save money on body scrub by making one yourself
You can use coffee grounds, coconut oil and brown sugar to make a grainy and effective body scrub.
10) use a piggy bank
Use a piggy bank to save up all your regular change from everyday small spending.
It is a much easier way to save money each month and can also help you cut the emotional struggle with spending money everyday.
The above are very effective ways of saving money each month if you want to know how to save money each month?
In other to learn how to save money every month, one should endeavor to cut down on unnecessary expenses and manage variable expenses properly.
Below are helpful tips that answers the question; how to save money each month?
How to Save Money Each Month
start a monthly saving challenge
use a monthly budget
use a weekly budget
try a no spend challenge
cut out phone subscription
Cut out cable subscription
quit expensive hairdo
stop eating out
save money on cooking gas
save money on water
Save money on electricity
save money on fashion
save money on small repairs
save money on body scrub by making one yourself
use a piggy bank
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How do you save money each month?