How To Save Money Each Month - And Enjoying The Process!
You may be familiar with the saying the hardest part of a journey is the first step. You could certainly apply that to how to save money each month and enjoying the process.
Although I also know people that view saving money kind of like going on a diet or quitting smoking. It’s not hard to save money, I’ve done it many times.
The reality is it’s just as easy to tap into the money that you saved as it is to actually stick with your savings plan. In this article, we want to talk about how to save money by starting with some simple things you can do no matter how much money you make. Then will take a look at short-term intermediate, and long-term savings goals and some ideas on how to achieve those.
Getting Started Saving Money Each Month
Congratulations on your goal of getting started saving money each month. First, let’s talk about cutting expenses.
We all spend money that could be converted into savings. What are some ideas on cutting expenses?
1. Cable Tv. How much is your cable bill? There are people that spend $100-$200 a month on the cable bill and really only watch handful channels every month. This is an obvious place to look at coming up with some immediate money that you could cut expenses on.
2. Eating out. Another wasteful are is eating out. You could start with breakfast, and that may just be an expensive cup of coffee at Starbucks.
Do you go out and eat lunch every day? What if you were to cut that down to eating out three days a week and saving the money 2 days a week? That could add up over a period of time.
Many people are busy and they eat out for dinner a lot. Simple ideas such as buying a crockpot and turn it on every day would help get rid of the excuse that I’m too tired or too busy to cook at the end of the day.
When you consider how do you start saving money every month if you’re serious you’ll find money you’re spending in your budget every month eating out could be converted to savings!
3. Fitness club. Is this really a necessary expense? For some people, it could be well for others that might be in the area that could be cut.
I know a guy who one time told me he spent $60 a month at a fitness club and the only time he was in that fitness club in two years was the day he joined. At the time I thought that was kind of funny?
Now I realize that was almost $1500 he spent needlessly because he was just too lazy to go down there and cancel his membership. Are you using your gym membership, or could you work out at home and start saving that money every month?
4. Cell phone bill. A smartphone is a way of life so we need the best and newest phone and the best provider right? Wrong!
There is no more famous cell phone commercial then Verizon‘s commercial can you hear me now. They market their coverage as a primary reason to use them as your cell phone provider.
In reality, there are many excellent providers available at a considerably lower cost. However, if you’re happy with the provider you’re using maybe look at areas that you could cut your bill down a little bit and save the difference.
The other thing to mention here is Apple comes out with a new iPhone every year and it’s amazing how many people go out and spend $1000-$1500 to buy it. Do you really need a new Smartphone every year.?
If you were to hang onto that current one you have for two years you could save over thousand dollars right there and put that in the savings.
5. Stop smoking. It is simply amazing to me to see people spend $6 on a pack of cigarettes or $50 on a carton of cigarettes.
If you want to look for an area that could save your life, improve your health, and really give you a lot of money to start saving with stopping smoking is an obvious place to do it. They are just so many benefits it is worth sticking to it until you actually pull it off.
These are just a handful of ideas that I’ve come up with to get started saving by cutting expenses. Now let’s talk about other ways you can save money and even earn more money to put into savings.Ways To Save More Money Each
Saving more money each month is more than just an idea. You need action.
1. Payroll deduction. One thing to do is take advantage of a payroll deduction and put money into savings or a retirement plan.
Some people have money directly via direct deposit, to their savings account, before it even hits their checking account. This takes away the temptation to spend it rather than putting it in savings yourself.
Does your company offer an IRA or 401K? If they do put as much money as you can into it each month.
You will get a tax break for doing it. In some cases, your company may offer a company match up to a certain percentage. This is easy savings you do not even have to think about once it is set up.
2. Cash, not credit. I see now that people have more disposable income every month credit card usage is skyrocketing.
Let me say this is just a bad idea. Save yourself a lot of money in credit card interest by paying cash, or only charging what you know you can pay off at the end of every month.
3. Get a part-time job. Do this with the idea you will save 100% of your take-home pay. You can really jump start your savings if you value your time as money and you get a part-time job, or even try affiliate marketing as I do!Summary: Can I Save Money Each Month?
Here is my quick summary on saving money each month. Look for obvious ways to cut expenses. Start small, and stick to it.
Consider taking on a part-time job or doing something like affiliate marketing on the Internet and invest 100% of what you make into your savings. What your going to find is this becomes addictive and the more you start to save the more fun it is to watch your savings grow!