The Top 10 Ways to Save Money Every Month

11 min readJan 6, 2023

Saving money can seem like an uphill battle, especially if you’re living paycheck to paycheck. But the good news is that there are many small steps you can take to start building up your savings and getting your finances on track.

Here are the top 10 ways to save money every month:

Create a budget and stick to it

Creating a budget and sticking to it is one of the most effective ways to save money. A budget is a financial plan that outlines your income and expenses. It helps you to see where your money is going and identify areas where you can cut back.

To create a budget, start by listing all of your monthly expenses, including bills, groceries, and entertainment. Be sure to include all of your fixed expenses, like rent or mortgage payments, as well as your variable expenses, like groceries and gas.

Next, compare your expenses to your income and see where you can make some cuts. Are there any subscriptions or memberships you can cancel? Can you switch to a cheaper cell phone plan? Are there any non-essential expenses you can eliminate?

It’s important to be realistic when creating a budget and to allow for some wiggle room for unexpected expenses. Once you’ve created your budget, the key is to stick to it as closely as possible. This may require some discipline and sacrifice, but the payoff in terms of increased savings can be well worth it.

To help you stick to your budget, try the following tips:

Keep track of your spending: Use a budgeting app or a spreadsheet to track your spending and make sure you’re staying within your budget.
Use cash instead of credit: Using cash can help you to stick to your budget because it’s easier to see how much you’re spending. When you use a credit card, it’s easier to overspend because you don’t see the money leaving your wallet.
Avoid impulse purchases: Impulse purchases can quickly derail your budget. To avoid this, make a list before you go shopping and stick to it.
Look for ways to save: Look for ways to save money on your expenses, such as by shopping around for the best deals or negotiating for a lower price.

By creating a budget and sticking to it, you’ll be able to take control of your finances and save money each month. It may take some effort, but the payoff in terms of increased savings and financial stability will be well worth it.

Cut back on unnecessary expenses

Cutting back on unnecessary expenses is a great way to save money. By eliminating or reducing expenses that aren’t essential to your lifestyle, you can free up more money to put towards your savings or other financial goals.

To start, take a look at your budget and see where you can make some cuts. Are there any subscriptions or memberships you’re paying for that you don’t use or need? Can you switch to a cheaper cell phone plan or internet provider? Are there any non-essential expenses you can eliminate, like dining out or buying expensive coffee every day?

Another way to cut back on unnecessary expenses is by shopping around for the best deals. Whether you’re shopping for groceries, household items, or electronics, it pays to compare prices at different stores and look for sales and coupons. You can also save money by buying in bulk, as long as you have the storage space and the items won’t go to waste.

In addition to cutting back on expenses, you can also save money by being more mindful of your spending habits. Try to avoid impulse purchases and think twice before making a big purchase. You may also want to consider setting limits for yourself, like only allowing yourself to eat out once a week or only buying items that are on sale.

By cutting back on unnecessary expenses and being mindful of your spending habits, you can save money each month and achieve your financial goals.

Shop around for the best deals

Shopping around for the best deals is a great way to save money on your purchases. By comparing prices at different stores and looking for sales and coupons, you can often find items at a lower price than what you would pay at a single store.

To get the best deals, try the following tips:

Use price comparison websites: There are many websites that allow you to compare prices at different stores and online retailers. By using these websites, you can quickly see which store is offering the lowest price on a particular item.
Look for sales and coupons: Many stores offer sales and coupons that can help you to save money on your purchases. Keep an eye out for these deals and take advantage of them when you can.
Don’t be afraid to negotiate: If you’re shopping for a big-ticket item, like a car or an appliance, don’t be afraid to negotiate for a lower price. While some stores may not be willing to budge on their prices, others may be open to negotiating, especially if you’re a loyal customer.
Buy in bulk: If you have the storage space and the items won’t go to waste, consider buying in bulk. Many stores offer discounts for bulk purchases, which can help you to save money in the long run.

By shopping around for the best deals and being willing to negotiate, you can often save money on your purchases. Just be sure to keep an eye on your budget and only buy items that are truly necessary.

Reduce your energy consumption

Reducing your energy consumption is a simple yet effective way to save money. By using less energy, you’ll be able to lower your energy bills and put more money towards your savings or other financial goals.

There are many ways you can reduce your energy consumption, including:

Turning off lights and appliances when they’re not in use: This is an easy way to save energy and money. Make a habit of turning off lights and appliances when you’re not using them, and consider using a power strip to make it easier to turn off multiple devices at once.
Investing in energy-efficient products: Switching to energy-efficient products like LED light bulbs and Energy Star appliances can help you to save energy and money. These products use less energy than traditional products, which means you’ll be able to lower your energy bills over time.
Sealing drafts and adding insulation: If your home is poorly insulated or has drafted, you may be losing a lot of energy through your walls and windows. By sealing drafts and adding insulation, you can reduce your energy consumption and lower your energy bills.
Using natural light: Whenever possible, try to use natural light instead of artificial light. This will help you to save energy and money, and it can also have a positive impact on your mood and productivity.

By following these tips and being mindful of your energy consumption, you can save money on your energy bills and contribute to a more sustainable future.

Invest in your own home

Investing in your own home can be a smart financial move, as it can help you to save money on energy bills, maintenance costs, and more. Here are some ways you can invest in your home to save money:

Add insulation and seal drafts: Poor insulation and drafts can cause your home to lose a lot of energy, which can lead to high energy bills. By adding insulation and sealing drafts, you can reduce your energy consumption and lower your energy bills.
Upgrade to energy-efficient windows and appliances: Replacing your old windows and appliances with energy-efficient versions can help you to save energy and money. Energy Star-certified windows and appliances are designed to use less energy than traditional products, which means you’ll be able to lower your energy bills over time.
Perform preventive maintenance: Regular home maintenance can help you to save money by catching small problems before they become big, costly issues. This could include tasks like cleaning your gutters, checking your roof for leaks, and replacing old pipes.
Keep up with repairs: Ignoring small repairs can lead to bigger, more expensive problems down the line. To save money, try to stay on top of repairs and fix any issues as soon as they arise.

By investing in your home, you can save money on energy bills, maintenance costs, and more. Just be sure to prioritize the most important upgrades and repairs and stay within your budget.

Use cash instead of credit

Using cash instead of credit is a simple yet effective way to save money. When you use cash, you’re able to see exactly how much money you have available, which can help you to stick to your budget and avoid overspending. Credit cards, on the other hand, can make it easier to overspend because you don’t see the money leaving your wallet.

In addition to helping you to stick to your budget, using cash can also help you to save money on interest charges. Credit card interest rates can be quite high, especially if you carry a balance from month to month. By using cash instead of credit, you’ll be able to avoid paying these interest charges, which can add up over time.

To save money by using cash instead of credit, try the following tips:

Only use cash for small purchases: For purchases under $20 or $30, try using cash instead of credit. This will help you to get in the habit of using cash and will also help you to avoid racking up small charges on your credit card that can be easy to overlook.
Use credit cards responsibly: If you do use credit cards, be sure to pay off your balance in full each month. This will help you to avoid paying interest charges and will also help you to improve your credit score.
Keep track of your spending: Use a budgeting app or a spreadsheet to track your spending and make sure you’re staying within your budget. This will help you to see exactly how much money you have available and will also help you to identify areas where you may be able to cut back.

By using cash instead of credit, you can save money on interest charges and improve your budgeting skills. Just be sure to use credit responsibly and pay off your balance in full each month.

Don’t pay for services you don’t use

Paying for services you don’t use is a waste of money. To save money, take a look at your budget and see if there are any subscriptions or memberships you can cancel. This could include gym memberships, magazine subscriptions, or streaming services you don’t use.

Before cancelling a subscription or membership, consider whether you’re getting value from it. If you’re using the service regularly and getting a lot of benefit from it, it may be worth keeping. On the other hand, if you’re not using the service or you’re not getting much value from it, it may be a good idea to cancel.

To save money on subscriptions and memberships, try the following tips:

Review your subscriptions regularly: Set a reminder to review your subscriptions and memberships every few months. This will help you to identify any services you’re not using and allow you to cancel them before you’re charged again.
Look for free alternatives: Before signing up for a paid service, consider whether there are any free alternatives available. For example, instead of paying for a streaming service, you may be able to watch movies and TV shows for free through your local library.
Negotiate for a lower price: If you’re using a service regularly and getting a lot of value from it, but the price is too high, consider negotiating for a lower price. Many companies are willing to negotiate, especially if you’re a loyal customer.

By cancelling subscriptions and memberships you don’t use and looking for free alternatives, you can save money and free up more money to put towards your savings or other financial goals.

Take advantage of free entertainment

There are many ways to have fun and stay entertained without spending a lot of money. By taking advantage of free entertainment options, you can save money and still have a good time.

Here are some ideas for free entertainment:

Visit your local library: Libraries offer a wealth of free entertainment options, including books, movies, music, and more. You can also often find events and activities, like book clubs and story time, at your local library.
Go for a hike: Nature provides plenty of free entertainment options. Go for a hike, visit a local park, or just go for a walk in your neighbourhood. This is a great way to get some exercise and enjoy the great outdoors.
Host a game night: Invite some friends over and have a game night. You can play board games, card games, or even video games.
Have a picnic: Pack lunch and have a picnic in the park or in your backyard. This is a great way to spend time with friends or family and enjoy the beauty of nature.

By taking advantage of free entertainment options, you can save money and still have a good time. Just be creative and open to trying new things, and you’ll be able to find plenty of ways to have fun without spending a lot of money.

Use a rewards credit card

Using a rewards credit card can be a good way to save money, as long as you use it responsibly. A rewards credit card is a credit card that rewards you for making purchases with it. These rewards can come in the form of cashback, points, miles, or other perks.

To save money with a rewards credit card, try the following tips:

Choose a card with a good rewards program: Not all reward credit cards are created equal. Be sure to shop around and compare different cards to find one with a rewards program that aligns with your spending habits. For example, if you travel a lot, you may want to look for a card that offers miles as a reward.
Use the card for purchases you would make anyway: To maximize your rewards, use your credit card for purchases you would make anyway, like groceries or gas. This will help you to rack up rewards without spending more money than you normally would.
Pay off your balance in full each month: To avoid paying interest charges and maximize your rewards, be sure to pay off your balance in full each month. This will help you to avoid paying interest and will also help you to improve your credit score.
Use your rewards: Once you’ve earned enough rewards, be sure to use them. Whether you redeem them for cash back, travel perks, or other rewards, be sure to take advantage of your hard-earned rewards.

By using a rewards credit card responsibly and maximizing your rewards, you can save money and enjoy some extra perks. Just be sure to pay off your balance in full each month to avoid paying interest charges.

Save on transportation costs

There are many ways to save on transportation costs, including:

Use public transportation: If you live in an area with good public transportation, consider using it instead of driving your own car. Public transportation is often cheaper than driving, and it can also be a more convenient and eco-friendly option.
Carpool: If you have to drive, consider carpooling with a colleague or neighbour. This can help you to save money on gas and wear and tear on your vehicle.
Walk or bike: If you live in a walkable or bikeable area, consider walking or biking to your destination instead of driving. This is a great way to save money on gas and can also be a good way to get some exercise.
Keep your car well-maintained: Regular car maintenance can help you to save money by catching small problems before they become big, costly issues. This could include tasks like regular oil changes, tire rotations, and brake inspections.
Drive defensively: Defensive driving can help you to save money by avoiding accidents and tickets. By paying attention to your surroundings and driving at a safe speed, you can reduce your risk of getting into an accident or getting pulled over.

By following these tips, you can save money on transportation costs and put more money towards your savings or other financial goals.

By following these tips, you can start saving money each month and building up your savings. Remember to be consistent and stay committed to your budget, and don’t be afraid to make adjustments as needed. With some planning and discipline, you can take control of your finances and achieve your saving goals.