Saving money is something that everyone enjoys doing. The whole point of draw up a budget is not to spend money on things that are not important to you so that you still have money for the things that are important to you. You may be thinking of making drastic changes in your life to save money, but the best way to save is to make simple changes to your daily activities. So you’re much more likely to stick to it. To participate National Savings Day, here are a few tricks that can save you hundreds of dollars more every month.
View your subscriptions
One thing you can do is check out all of your monthly subscriptions. Mint has a built-in tool to help you manage and track your monthly subscriptions. These subscriptions can be useful, but only if you use them every month. It’s far too easy to sign up and then “forget” your gym memberships, boxing subscriptions, streaming services, or meal plans. Then you will be billed each month for things you no longer use. Take a look at all of the monthly subscriptions you’re paying for and find out which ones you want to keep using.
Some subscriptions that you consider “essential” (cell phone, utility, cable, or internet) might be worth a look. Many utilities and other similar services allow you to: Renegotiate your bills. If you just give them a call, you might find a better plan or deal that can save you every month.
Refinance your mortgage
Another way to save money is to refinance your mortgage if you are a homeowner. Whether or not refinancing is good for you depends on your living situation and the overall situation. Interest rates are near historic lows, so you could potentially save hundreds of dollars each month on one of your highest monthly expenses.
Pay off your debt
If you have medical, credit card, student loans, auto loans, or other forms of consumer debt, you can potentially save money by paying back and / or eliminating some of them. It is a good idea to have some of your savings in one Emergency fundbut if you have more than that in a checking or savings account, you will likely get more bang for your buck using that money to pay off or get rid of your debts.
There are a few Debt settlement strategies available including things like the debt snowball or debt avalanche methods. If you don’t already have the savings to eliminate this debt, this is a good place to start managing your monthly savings. As you start saving more and more, you can use that money to pay off your debts.
Make a meal plan
In addition to housing, food is one of the highest monthly expenses for most people. A great way for many households to save money each month is to look at grocery spending. In general, eating in restaurants is the most expensive. The second highest expense is food delivery or meal preparation, and the cheapest option is to buy your food from a grocery store and prepare your own meals.
After a long, hard day at work, eating out is often the easiest option instead of cooking dinner. If this sounds like your situation, one solution might be to create a weekly or monthly meal plan. This removes the guesswork: “What should I do for dinner?” since it has already been decided. It can also help make regular trips to the grocery store easier.
Use credit card rewards
Using credit card rewards wisely can be another great way to save money every month. As a caveat, if you have existing credit card debt or are having trouble paying your bills in full each month, it may make sense to focus on paying off your debt before considering credit card rewards. But if you are already on a solid financial footing, with credit card reward can help you earn extra cashback or travel rewards for purchases you’ve already made.
The bottom line
Look for small profits that are sustainable. These minor changes to daily expenses add up over time and are easier to follow over time. Check out some of these ideas and see if any of them make sense to you.
Dan Miller (79 posts)
Dan Miller is a freelance writer and founder of PointsWithACrew.com, a website that helps families travel for free / cheap. His home base is in Cincinnati, but he tries to travel the world as much as possible with his wife and 6 children.