7 Simple But Effective Ways To Save Money Every Month

I am yet to come across someone who would not want to save some money. We are all in one way or another looking for ways to increase our income. However, most times we tend to think in order to do this, we have to make drastic changes but as I have found out this does not necessarily have to be the case. Sometimes it is the little things we do that will lead to the big results we are looking for. These simple but effective ways to save money every month are guaranteed to keep money in your wallet each month.

The only, caveat here is that in order for these tips to be effective, you need to be in it for the long haul. Keep practicing them and make them a habit and you will see results.

#1. Be In the Know

I am often reminded of the quote by Peter Drucker \”you cannot manage what you cannot measure\”  This quote applies to financial management as well. In order for you to be able to effectively manage your finances, you have to begin by ascertaining what finances are available to you. If you are only a wage earner, this may not be difficult. However for those who in addition to a  monthly paycheck have side hustles you need to be in the know of what is coming in.

Start by listing all of your sources of income and your expenses as well. The easiest way to do this is with a budget. My monthly budget sheet helps me to corral all our income. After this, I am able to begin allocating what is available to the expenses for the month. Once you do this, you are then able to see clearly any unnecessary expenses and how to cut these out. I often play around with our budget until I am able to register a saving however small.

#2. Automate your Savings

Most people say they are not able to save because there is nothing to save after taking care of all their expenses. Whereas this is sometimes the case, the reverse could be because you are putting the cart before the horse. The correct order to ensure you are saving every month is to save before you spend. The easiest way to ensure this is done is to automate your savings. Have a standing order in place that removes your savings before they are deposited into your checking account. By doing this, you will force yourself to live on what is available and your savings will grow automatically.

Keep in mind that your savings are your seeds and they should be multiplied to gain you more income. Look for ways to invest this money and ensure it grows.

#3. Maintain a Wishlist

As you go through the month, you will come face to face with items you desire to buy. Instead of immediately pulling out your card or cash to make a purchase add it to your wish list. What this does is help you to give enough thought as to whether you actually need the item. It also helps you to keep an eye for a better deal or when the item goes on sale. Resist the temptation to buy on impulse, this is what keeps money out of your wallet.

#4. Ask for Discounts

Most people do not know this but if you do not ask especially when it comes to discounts the answer will always be no. The way I look at it is this needs to be a win-win situation. The seller is looking for a customer and I am looking for a bargain. With this philosophy in mind, I usually ensure I request for a discount especially if I am making a large purchase.  Sometimes this annoys my husband but hey a little saving never hurt anyone did it?

#5. Ensure that you have a meal plan

Meal planning ensures you have food on the table for your family every night and can also keep money in your wallet. With a meal plan, you are able to use the food you bring into your home. It also ensures that you eat out less. The key should be to make eating out a treat you enjoy and look forward to once in a while and not something you resort too when there is no meal prepared.

With all the inspiration available on Pinterest and Youtube. Coming up with a meal plan is not difficult. To begin with, have a list of your family favorites that are easy to prepare. These should be your go-to when you are pressed for time. In addition, as you meal plan ensure you have a leftover day so that nothing goes to waste. Check out this post on how to save money and time in the kitchen.

#6. Make sure you are using what you pay for

Look at how many subscriptions you have you committed to and ask yourself whether you are using all of them? With all the technology available today you may find you do not need to pay for cable tv anymore. In the event that you do, evaluate whether you can opt for a cheaper subscription. Critically evaluate each of your payments and make sure they are adding value to you and not just making other people rich.

#7. Learn to say No and not feel guilty

I do not know if it is only me who has discovered that today more than ever before, almost everyone has something to sell. The temptation to give in and buy is huge. Marketing techniques have also changed and aim to show you how much you need the product on sale. What makes matters worse is sometimes the seller is your friend and you feel obligated to make a purchase. Doing this once in a while is not a problem but if it happens more often then there is bound to be a problem.

I am learning that I do not have to make a purchase all the time. Sometimes I have to flex my \”no\” muscle and simply decline and not feel guilty about it.

Finally,

What remains certain is if you want to save money every month, you need to be conscious of how you are living your life. [clickToTweet tweet=\”Maintaining a certain lifestyle is bound to make sure you are spending instead of saving.\” quote=\”Maintaining a certain lifestyle is bound to make sure you are spending instead of saving.\”] I am more for doing everything in moderation. It is ok to go out with friends but doing this more often than not will mean you are spending and not saving. Also wanting to buy everything your heart desires will take out and not keep money in your wallet. Learn how to sit with want and be patient before you make a purchase. Sometimes just waiting makes the desire vanish.

I would love to know in what ways you ensure that you save some money every month please share in the comments section.