If you’re looking to slash your monthly budget in half, simply continue reading to discover a simple, foolproof guide to saving money monthly.
How to Save Money Monthly: A Simple Guide
Select your bank accounts carefully
If your bank account charges hefty maintenance fees, it may be worth switching banks. Make sure to choose a bank which offers low fees and high-interest rates. Some banks such as Capital One, even off fee-free online accounts.
Cut down on your monthly subscription services
If you’re serious about saving money, it’s well worth canceling a few of your monthly subscription services. As an example, you can save over a thousand dollars per yet by canceling your cable subscription and signing up to online streaming services such as Netflix or Hulu. As Netflix costs around $10 per month, while most cable subscriptions are 10 times the price.
Other examples of monthly subscription service which you may want to ax include unused gym memberships and golf memberships.
Purchase fresh produce from a local farmers market
In order to decrease the amount of money which you spend on groceries each week, it’s well worth visiting a local farmers market, where you can pick up fruit, vegetables, and eggs, for a fraction of the price. As an added benefit, the produce you pick up will be far fresher than the produce at your local grocery store.
Swap your gas guzzling car for a more fuel-efficient model
If you spend a small fortune on fueling your car with gas, you may want to consider swapping your car for a more fuel-efficient model. Which offers more miles per gallon.
Stop paying full price for items
Get into the habit of shopping around for sales, instead of forking out full price for items. It’s well worth using online comparison sites, to find the best possible price on an item which you’re interested in buying.
Start taking a pack lunched to work
If you spend $100 on purchasing cafe style lunches a week, you can save several hundred dollars by getting into the habit of packing a healthy homemade lunch. If you can’t survive without eating out, try to limit eating out for lunch, to once a week.
Invest in a high-quality coffee machine
While purchasing a quality coffee machine may initially set you back a few hundred dollars, over the course of the year you should save over $1,000 by brewing your own cups of coffees, instead of visiting expensive cafes such as Starbucks. So if you’re a coffee addict, it’s well worth treating yourself to a fancy capsule style coffee machine. As an added benefit, you’ll be able to make your coffee, just the way you like it.
Stop purchasing branded products
Did you know that you can purchase generic electronic goods such as smartphones and television sets as well as generic branded medicine and food products? You should be able to decrease your monthly budget by several hundred dollars by making the switch from overpriced branded products, to generic branded products.
So, what are you waiting for? Simply try the 8 money saving tips listed above out for a few months and watch your savings grow!