5 Simple Ways To Save Money Each Month

With the recent economic downturn, a lot of us are struggling for cash. The good news is that there are a lot of ways for you to save money every month, without needing to find yourself a second job or beg your boss for a raise!

Tackle your debt

If you are in debt, it’s important that you tackle this before you think about saving any kind of money. The interest that you are paying on your debt will nearly always be higher than the interest that you can earn on your savings, plus your debt will act as a barrier to processes such as getting a mortgage.

The best way to clear your debts is by using the snowball method. In essence, the snowball method means tackling your debts in order, with the smallest ones first. Each time you clear off debt in one place this frees up that minimum monthly payment, which you can then use to put towards your other debts.

Before you know it you’ll be paying off a huge amount each month towards your larger debts, which is why it’s called the snowball effect, because like a snowball rolling down a mountain, it gains size and momentum over time.

Plan Your Meals For The Week

It’s very easy to overspend in the grocery store if you don’t plan ahead. Everything in there is designed to look enticing, and before you know it you end up with a trolley full of food that you’ll never eat!

To save money on your grocery shopping make a plan of the meals that you and your family are going to be eating that week, plus a few snacks. Then only buy the ingredients that you actually need for those meals. You’ll be surprised at how much money you save.

To make this even more powerful, try switching to a few generic brands—a lot of the time you won’t be able to tell the difference!

Use Coupons

It’s well worth seeking out coupons wherever you can, as they can save you a huge amount of money on items such as auto care, groceries, beauty products, and a whole host more.

Some coupon providers also give you the opportunity to be in a draw for prizes where you can win instant cash if you sign up to receive them every month, so you can win in a few ways.

Cancel Your Unused Subscriptions

Subscription services rely on the fact that most people sign up, use the service for a little while, and then gradually wind down but never cancel the subscription. As most subscription services cost around the $10 a month mark, this can soon add up.

Go through your bank statements and make a list of your subscriptions, and cancel any that you aren’t using. You could save a bundle!

Cut Down On Your Energy Bills

Energy bills are a huge expenditure in most homes, and there are a few ways that you can bring the cost down a bit.

For example, you can use a programmable thermostat to automatically lower the temperature when you are sleeping or out of the house. You could save up to $180 a month by doing this.

Purchasing energy-efficient appliances is also a great way to cut down on your energy usage, as they can use up to 25% less energy.

It’s well worth carrying out an energy audit on your home to see where you could make little savings, as they soon add up.