16 simple ways to save money every month

Spending money has become so easy, that many of us wonder where all of it goes every month.

We can be lying in bed with nothing but our cell phones and be able to do some serious damage to our credit card bills in as little as 2 minutes.

Little things here and there may not seem to make much of a dent, but over time, it can turn into a lot more money than you intended.

What’s worse is that many times these hundreds and thousands of dollars being wasted are completely avoidable, if we just paid slightly more attention to them.

Have no fear though, there are ways you can turn this around without any added income. You don’t have to completely give up your purchasing habits either in order to see big changes in your financial status. In fact, here are 16 savvy ways you can save money right away.  

1. Check your bank statements. 

You’d be surprised at how many people don’t keep track of their spending, nor do they check their bank statements each month.

Maybe this is something you’ve been guilty of in the past, but you could be wasting excess money and not even know it.

I’d be willing to bet you’d be horrified at the amount of money you’ve wasted on payments you didn’t even know you were making.

Also read: Saving a top priority for Aussies in 2016

Companies have been known to tack on unknown fees or at times, charge you in error. You know that gym membership you cancelled 3 months ago?You may still be getting charged.

Did you accidentally go over your limit for the day? Watch out for those bank fees!

Checking your bank statement each month can save you hundreds of dollars every month!

2. Hit the ATM.

Swiping a credit card has made spending money as plausible as walking these days.

In fact, you don’t even need your credit card in order to use it in a growing number of places.

You can now spend money with the mere scan of your phone!

To save money, become your own financial advisor.

Figure out, roughly, what you’ll need for the week and give yourself a small cushion for emergencies, but otherwise, pull out only enough cash for the week and use it wisely. When the cash runs out, so does your spending.

3. Make sure your WiFi is on. 

This is a relatively new problem for many of us, but we all cringe when we see a cell phone bill with added data charges.

While it can be a real pain in the neck, it is also an easily avoidable problem.

Make sure your Wi-Fi is always turned on, and if you’re planning on being somewhere for a while where you’ll be using your phone, don’t be afraid to ask for the Wi-Fi password.

Most establishments will have no problem sharing their internet with you.

4. Hit up corporate discounts.

Many companies have some really sweet deals you may not know about.

Set a meeting with your HR department to see what’s available.

Also read: 27 ways you waste your money

Many companies will offer to pay for all or part of a gym membership, offer hotel discounts or benefits, and even subsidize cell phone payment plans.

5. Use a budget tracking app. 

There are now multiple apps you can download onto your smartphone (like Mint, which is very trusted and recognizable) that will connect all of your bank accounts and track your spending.

They do a great job of categorizing where your money is going and will give you an accurate reading on the pulse of your financial status.

6. Make your first cup of coffee at home. 

At $3-$5/cup, coffee can add up extremely quickly.

By switching to having your morning coffee at home, you’ll save over $100 every month -  that’s $1,200/year in just coffee!

7. Pay down your credit cards. 

As of January 2014, Americans owed a total of $856.9 billion in credit card debt according to the American Household Credit Card Debt Statistics.

While at times it isn’t possible, making the minimum balance each month and living within your means will drastically change your financial situation for the better.

Credit Card interest payments can accumulate to tens of thousands of dollars per year or more!

Also read: Possible to save money by eating less?

8. Separate your bank accounts. 

Many of us have multiple bank accounts, but what about multiple checking accounts?

Instead of keeping your spendable money all in one place, split your bank accounts into two.

Your first one will be where you keep the majority of your money and the second will be your spendable money.

Leave only what you need in your spendable account and do your best not to transfer money throughout the month. This will help you to think twice about purchases.

9. Cut down. 

Do you have more than one gym membership, multiple streaming services, and other random autopays that you probably don’t really need?

Find at least one that you can cancel. $10/month may not seem like much, but over time it adds up.

10. Use coupon apps. 

There are several smart phone apps (i.e Retail Me Not) that collect coupon codes and gather information on store discounts so that you can access them all in one place.

The next time you take a shopping trip, scope out any coupons you may be able to use during your outing.

There are usually plenty of deals you can take advantage of that you otherwise wouldn’t have known about.

Also read: Making money in volatile times

11. Skip the drinks and sides.

It’s easy to go to a restaurant and spend much more money than you anticipated - a $15 entree can easily become a $40 bill if you’re not careful.

One simple way to cut down on this is to skip the beverages (and just drink water), and cut down on the sides and appetizers.

Check the menu to see what comes with the entree, and you’ll be surprised at how much you’ll save.

12. Check the prices at the grocery store.

Instead of grabbing the brands you’re used to, see what brands have the best value for that week.

This changes throughout the month, so it’s important to stay on top of it.

This comes especially handy when purchasing products like toilet paper and paper towels.

Check to see what’s on sale, and be sure to look closely at the labels, as they will usually tell you how much you’re paying per unit.

13. Wait one day. 

If you see something online that you absolutely must have, make yourself wait at least one day before making the purchase.

We almost always make buying decisions based on emotions, and sometimes when our logic kicks in, it tells us we actually don’t need that particular product or service.

Sometimes you’ll end up purchasing that item anyways, but you’d be surprised at how often you’ll end up skipping it and saving the money for something else.

14. Make it free. 

It’s simple to think of things to do that involve money, but what about activities that don’t cost anything?

The next time you’re making plans with a friend, suggest going on a hike, taking a long walk, having a picnic in the park, or hosting a game night.

These can all be great ways to have fun without spending any money.

15. Cut down on co-pays. 

While it isn’t possible to predict all of the reasons you’d need to see a doctor, there are ways to spend less time in the waiting room and still get the care you need.

For some prescriptions, your doctor is able to write you a 3 month prescription so that you don’t have to come in every month to get a new one.

You can also ask to tack on your yearly physical during another appointment in order to avoid coming back again.

16. Do your holiday shopping off-peak. 

Of course, we tend to think about Christmas shopping near Christmas time, and the same goes for Father’s Day, Valentine’s Day and Halloween.

Instead of buying gifts, cards, and decorations during peak times, wait until after the holiday has passed and prepare yourself early for the next year!

Holiday items always go on clearance the day after the holiday has passed, so you’ll be sure to save big bucks!

 

Source: Forbes