6 Frugal Tips On How To Save Money ($500+ Every Month)
Would love to increase your savings?
How is the best way to save money?
Here are six tips on how to save money on the goal of at least $500 every month.
The advantage of saving money is that you can use that extra cash for something else, such as starting an online business with high returns.
Using these money-saving tips will help you to become more responsible and accountable in your spending and personal financial investment.
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Tips On How To Save Money
#1 On Gas
This is a How To Save Money On Gas for the car in simple strategies listed below;
Use this car savings tracker where you will be able to save $30,000 in the next 100 days if you stay committed to the challenge of saving $6 daily or $600 weekly.
Consider adjusting your lifestyle to adopt other commuting means other than driving like teleworking and walking.
Use driving apps like Waze and GasBuddy to plan ahead and make sure you are using the shorted routes and cheapest options.
Commit to a regular schedule where you take your car for regular checkups and inspections to make sure it is in a good condition all the time.
Change some of your driving habits like accelerating sharply, which is likely to consume more gas.
#2 On Groceries
The average American spends around $500 a month on groceries.
If you use these Tips on How to Save Money on Groceries, you can take that down to less than $200.
There are simple frugal living habits you can adopt like;
Always use a shopping grocery list, which will help you to shop within a budget.
Commit to using a meal planner to avoid wastage and over-spending on fancy recipes.
Decide to have a no spend month where you commit to avoiding luxury decisions like eating out, throwing away leftovers, and using substitutes instead of highly expensive ingredients.
Use a rebate or shopping app to compare prices, get discounts, earn cashback and discover flash sale deals.
In cases where you cannot pay in cash, use the right payment methods like clip coupons, grocery rewards card,s and more!
3. Put Extra Cash into good use
The idea behind saving money is reducing your expenses and avoiding wastage of extra cash.
Instead of spending all the money at your disposal on holiday fun activities, you can save some of that through investing it on valuable opportunities.
Peer-to-peer lending
This is business where you lend people in need money then they pay it back to you with some interest.
The advantage of saving money using this model is that you will get a 3% to 20% interest back on your money.
Lending Club and Prosper.com are some of the best platforms you can practice this form of business model.
Open a high yield saving account
Some banks, such as CIT Bank have high-yield savings accounts with high-interest margins of 5% and above. Visit this post to find a compressive list of high-yield savings accounts.
Start a business
A business will always bring back some profit returns if it is well managed and operated.
Therefore, starting a business is a way of saving for the future. Check out the posts below for more details;
- How to start an online business in 7 steps
- How to start a business with NO MONEY
- 6 business ideas you can start FREE without any capital
- 5 business ideas you can do FROM HOME
- 40 business ideas that will make you a billionaire quickly
4. Sell Stuff you no longer Use
Market trends research statistics show that online shopping will increase by 30% in the next two years. Also, people are buying a lot of things during this Christmas holiday season.
Selling stuff, you do not use, or need is a way of saving money because you get some extra cash in return, which you can keep or put into good use as explained above.
Etsy, eBay, Amazon, Craigslist, and Shopify are some of the common marketplaces you can sell stuff you no longer use or need.
5. Get a side hustle or Part-time job
The more free time you have or if you are idle, the higher the desire to spend money, visit the place and move around.
Keeping yourself busy during your spare time is an excellent way to save money because you shall reduce spending and even make extra cash.
Getting a part-time side hustle or flexible seasonal job are two best ways to make good use of your idle time.
6. Apply These Money Saving Tips
Budget for all your expenses to avoid wasting money on non-important things and other items that are not a priority.
Begin to shop early, especially during this Christmas holiday because prices will rise gradually as the holiday nears to the end or peak days.
Make your gifts instead of buying those that are already made because they are more expensive.
Apply the do it yourself (DIY) rule instead of hiring people to complete all tasks and provide service for you.
Always shop with a shopping list and stick to it to avoid giving in to window shopping buying impulse.
Cook at home or invite friends over instead of going to eat out, which is more costly.
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