Are you feeling like your paycheck barely covers your expenses each month? Are you struggling to save money and feeling like you're always living paycheck to paycheck? Well, we've got you covered! Inflation is a constant threat to our finances, but our money-saving tips will help you keep more cash in your wallet. From cutting down on unnecessary expenses to being smarter about your bills, we'll show you how to make the most of your money.
Nine Ways To Save On Monthly Expenses
1. Buy Groceries In Bulk
Weekly food shopping can be pricey, especially if you're not couponing or shopping via your grocer's sales flyer. One of the first steps to saving money each month is to try buying in bulk from warehouse clubs like Sam's Club, BJ's and Costco. Some experts estimate buying in bulk saves you around 20% on your purchases, while others have found that buying in bulk saves you as much as 83% on some items. There's also plenty of apps to use that will help you save money on groceries as well.
2. Create A Budget (And Stick To It)
If you have an income, then you should have a budget. Without a monthly budget, your expenses can get out of control real fast (been there, done that!). How do you know what you can afford? Simple. Write down your net income (that's after taxes) and the amount of fixed expenses you pay each month (rent/mortgage, car payment, auto insurance, utility bills, credit card bills, etc.). Make sure you are aware of their due dates so that you aren't surprised when you receive a late fee or additional interest charge or, worse yet, when the payment is debited from your checking account and you have insufficient funds to cover it. Sticking to a budget will surely help you with overspending.
  Clever Fox Budget Planner Pro, amazon.com |
  12 Month Financial Organizer / Budget Book, amazon.com |
3. Eat Out Less
It's always nice to indulge every so often, but eating out can be expensive. Save dining out for special occasions and use sites like restaurant.com for discounts and deals on restaurants in your area.
Planning meals at home and meal prepping will help you with the first two tips we discussed, too: by creating a food budget, you'll know what you can spend when you food shop. Creating healthy, balanced meals at home just takes a bit of know-how and discipline, but let's be honest: who doesn't enjoy a delicious, home-cooked meal?
If your cooking could use a little boost, why not try a meal subscription plan? We use Blue Apron and love it!
Planning meals at home and meal prepping will help you with the first two tips we discussed, too: by creating a food budget, you'll know what you can spend when you food shop. Creating healthy, balanced meals at home just takes a bit of know-how and discipline, but let's be honest: who doesn't enjoy a delicious, home-cooked meal?
If your cooking could use a little boost, why not try a meal subscription plan? We use Blue Apron and love it!
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4. Transfer Credit Card Debt
There's nothing worse than throwing your money away on fees and interest from multiple credit cards. We get it: we pay to use their service. We pay for the luxury of being extended credit. But we don't have to overpay.
Look for credit cards that offer low to no interest (usually for the first 6-12 months) and transfer your balance(s) to that card. Credit Karma did the legwork for you and found 10 companies that offer the best balance transfer cards.
Look for credit cards that offer low to no interest (usually for the first 6-12 months) and transfer your balance(s) to that card. Credit Karma did the legwork for you and found 10 companies that offer the best balance transfer cards.
5. Switch Utility Providers
If you live in the US, there's a chance you are in a state with utility deregulation. That means you get to choose your energy supplier, which in turn can mean a lower utility bill for you. It doesn't hurt to peruse a list of alternative energy suppliers in your state to find one that is less expensive than your current supplier and making the switch. By the way, literally nothing changes when you change suppliers: your utility company stays the same (since they are the distributor) and you continue to receive the same utility bill and customer service as you did before you made the switch.
6. Find A Better Mobile Phone Plan
Stop making these phone companies richer, and put that money where it belongs--in your own pocket.
If you aren't locked into a contract or if it's almost time to renew your contract, you might want to reassess your provider and your plan. Personally, we love no-contract providers such as Boost Mobile for their simplicity and affordability.
If you aren't locked into a contract or if it's almost time to renew your contract, you might want to reassess your provider and your plan. Personally, we love no-contract providers such as Boost Mobile for their simplicity and affordability.
7. Shop For Cheaper Insurance
Have you done an audit of your homeowner's or auto insurance policy lately? Chances are you just pay and renew, pay and renew, without giving it much thought. With all the competition out there, there's bound to be a lower insurance premium you could be paying. In fact, if you are between the ages of 23 - 38, check out this study on auto insurance rates: It shows how factors like age, living arrangements, location, and credit can have a big impact on auto insurance rates.
8. Find A Better Bank
Sounds impossible to find, right? Well, not quite. Capital One 360 Checking is practically fee-free. There are no monthly service charges, no minimum balance required (so no fees for dipping below a minimum balance), no minimum to open the account (bonus!), no atm fees, and if you do happen to overdraft, they have many cost-effective ways to cover it.
9. Give Yourself A Raise
Too many of us have far too much withheld in taxes from our paycheck. The IRS is not a savings account; while it may be nice to get a healthy refund at tax time, why would you want to 1-loan your money to the government and 2-wait to spend your hard earned money? Revisit your W-4 and see if you can put a few more dollars in your pocket (and not Uncle Sam’s).
As you can see, from cutting back on unnecessary expenses to being more strategic about your bills, there are many ways to stretch your budget and make your money work harder for you, and we hope that we gave you some useful ideas for reducing your monthly expenses and building a healthier financial future. Remember, every little bit counts, so keep making smart financial choices and watch your savings grow over time.
We'd love to hear from you - which of these tips did you find most helpful, and do you have any other strategies that you've used successfully? Share your thoughts and experiences in the comments section below, and let's continue the conversation about how to save money and beat inflation.
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We'd love to hear from you - which of these tips did you find most helpful, and do you have any other strategies that you've used successfully? Share your thoughts and experiences in the comments section below, and let's continue the conversation about how to save money and beat inflation.
This post contains affiliate links. For more information, please visit our Disclosure Policy & Terms Of Use.
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