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How to Save Money Each Month

Saving money from a young age is essential to reaping the benefits as you age. Start with small contributions and watch them grow big. We present to you ten ways to save money.
How to Save Money Each Month
There are many ways to save money each month. Set a budget, cut down on expenses, clear your debts, cook food at home, and save money through automatic transfers. Read on to know more.
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Saving money from a young age is essential to reaping the benefits as you age. Start with small contributions and watch them grow big. Saving and securing for the future requires patience, consistency, and commitment. There are many ways to save money each month. Set a budget, cut down on expenses, clear your debts, cook food at home, and save money through automatic transfers. Read on to know more.

10 Steps to Save Money Each Month

Follow these 10 steps to save monthly money and secure a financially stable future.

Make Saving Automatic

Making a saving habit is a good start. The first move towards this is to have an automatic savings transfer. Automate transfers into your savings account on every payday. You can do this through banking apps to move cash from your checking account every week or every month. You are splitting up your direct deposit so that a part of your paycheck gets directed into your savings account. It might not be easy at first, but as you follow and stay consistent, it will help you save money in the long run.

Cancel Unused Subscriptions

With busy schedules, you might only have time to watch your favorite shows a few times a week. You might also find it difficult to unsubscribe to a channel as you have paid for it. Tie up your bank statement or transactions in your credit card mobile app and review your recurring subscriptions—online news, gaming, music, subscription boxes, and live TV. Check for all subscriptions you’re paying but not using, and slowly unsubscribe them.

Use a Rewards Credit Card

If you have a cashback credit card, take advantage of it. Use it daily to earn cash for the things you already pay for. Check for rewards with good returns, like cash back or points that can be spent well. You can win rewards for having dinners out or shopping for groceries. To avoid paying interest, pay the entire balance before the time ends.

Tweak Your Food Budget

Before you head out to get groceries and other staples, make sure you pen down the items as a list and set a budget. Shop groceries during discounts and sales; buying them in bulk will help you save money. Aldi or Costco generally have items at lower prices than traditional grocery stores. Always have a meal plan and buy staples accordingly. Shopping on Tuesday, Wednesday, or Thursday can help you get more grocery discounts. Generic brands are often cheap; you can add these items to your cart. Use a cashback credit card to get the best benefits and save money.

Find Cheap Ways to Treat Yourself

It’s okay to celebrate small milestones. Treat yourself occasionally to be consistent and follow healthy financial practices to save money and reach your goal. While treating yourself, have a budget set and keep it low-key. Cook your favorite meal instead of going out, make small treats at home, create a home spa, spend some time doing your hobbies, meditate, go to the nearby library, or read your favorite book. Do things that refresh your mind and body and keep you motivated.

DIY Decorations

Don’t spend much on decorations, whether it’s a party, occasion, or gathering. Get creative and DIY items with materials available at the nearby stores. Many videos are available on social media to help you try out creative stuff. Use simple materials like flowers, paper, glitter, colored pens, boxes, and cans for DIY decorations. You can take help from friends and family and cherish fun moments together. By doing your decoration, you will save money and learn new techniques.  

Do Your Chores During Off-Peak Hours

Plan your chores so that you finish them during off-peak hours. To manage your monthly bills, utilize appliances during off-peak hours. Finishing up work during the day can help you save money, as power companies usually charge less during the day—3 pm and after 7 pm. You can start the day by running the dishwasher, and at night, put your clothes in the laundry.

Buy Generic Brands

Generic brands are also referred to as store or private brand labels. Avoid spending too much money by picking eye-catching labeled items. Instead, check the top shelf for generic brands like the store’s. These products are usually cheap and taste good as generic brands. Next time you visit the grocery store, pick a generic brand and save money!

Shop in the Middle of the Week

Stores usually offer discounts and sales mid-week and discounts and discounts on particular weekdays. Shop on Tuesdays, Wednesdays, or Thursdays to get more grocery offers. Plan your trips or shopping during such days or when you have deals and discounts and save money.

Use a Cashback Credit Card

If you swipe your card to make purchases, your card might allow you to earn some money. Most credit cards offer cashback on spending for groceries, food, lifestyle, entertainment, bill payments, and electronics. You might get cash back points or cash that will automatically be credited to your account. Collect your reward, points, and cashback and use them on your next purchase; this will help you save money.

Conclusion

Saving money should be a habit that must be practiced and followed consistently. This habit will help you achieve financial goals and will help you in the long run.  With the ten points mentioned above, start step by step and slowly hold on to your practice. Always have a budget set for things you buy, write down the things you need, switch off appliances when not in use to save money on electricity bills, and celebrate achievements in a simple, fun-filled way. Following these small tips will help you save money and secure your future.

And if you’re looking to make some more extra cash, try Everdraft on Beem. It helps you get additional income by making on-time payments, avoiding overdrafts, payment failures and more.

FAQs

Which is the best way to save money monthly?

There are many ways to save money monthly, but the best ones are to set a budget, track expenses, have a savings account, and cut unnecessary costs.

How much should I aim to save each month?

Follow the thumb rule of 50/30/20, where 50% of your income is portioned for necessary items, 30% for your wants, and 20% for savings. Make it a point to transfer 20% of your income into your savings account.

How can I automate my savings to make it easier?

Check and save money in one bank through automatic savings. Open a savings account where you have a checking account and link them.

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Author

Picture of Allan Moses

Allan Moses

An editor and wordsmith by day, a singer and musician by night, Allan loves putting the fine in finesse with content curation. When he's not making dad jokes or having fun with puns, he's constantly looking to tell stories out of everything.

Editor

This page is purely informational. Beem does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

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