Saving money can be tough, especially if you’re already on a strict budget. However, there are so many reasons you will want to commit to saving money. Maybe you’re saving up for vacation, or to buy a house, or to pay off some debts. Whatever the reason you have decided to save, it’s great to have a goal. Without a goal in mind, you don’t have anything specific to reach for and this makes saving much more difficult.
If you want to save $200 a month, that’s an average of $50 a week. It doesn’t sound like quite as difficult a task when you break it down like that. So what you really want to look at is what life changes or spending changes you can make that allow you to put away an extra $50 every week.
Money Saving Tips
Here are some ideas:
- Cut back on your small spending – How often do you buy a $5 coffee, eat out when in a rush instead of cooking at home, or pick up something on a whim in the store that you really didn’t need? If you want to get serious about saving money, you will want to cut back on all of that small spending that adds up over time and hurts your budget.
- Remove subscriptions you don’t really need – Are you paying for magazines, apps, services, or cable channels that you don’t really need or use? This is a good time to audit your monthly subscriptions and get rid of the things that you really don’t need right now. If you find you really miss it, you could always add it back later.
- Consolidate bills – Take a look at your bills and see if it’s possible to consolidate any credit card bills, loans, or other things in order to cut back on fees a bit each month. Sometimes consolidating bills or paying off one that has a low balance will help you cut your monthly expenses.
- Cut your grocery bill – The average family spends a lot of money on groceries. There are many ways you can reduce your grocery bill that you might not be doing already. There are coupons, brand comparisons, buying in bulk, and stocking up on things while they are on sale for future use. You might even consider changing where you shop in order to save. $20 here or there will all help add up to your $200.
The best way to ensure you stick to your savings plan is to immediately move the money to your savings account when you get paid. You can set this up automatically with your bank. However, if you prefer the feel of physically putting the cash in, you can pull it out of the bank or ATM on payday and then manually deposit it.
What are some other money saving tips that you may have to help you save $200 every month? Hopefully this list inspired you to start saving more for yourself today.
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