When it comes to money saving tips there are so many ideas that it can get overwhelming.
Some frugality ideas are common sense, while others could make you uncomfortable. From the hundreds separate ideas we compiled an extensive guide of how to save money each month. If you enjoy it, please help us reach more people by sharing on social media.
How to save money each month
We’ll start our money saving ideas list with something that always ruins our budget, if we’re not too careful: groceries and eating out.
How to save money each month on groceries and food
- Buy in bulk – you’ll get better prices and you can store the food properly until needed. Works great for the items that don’t spoil as fast.
- Plan your meals – I think it’s the best way to save money on your groceries. Having a clear meal plan allows you to purchase what’s needed and make the most of what’s already in the pantry / fridge.
- Cook at home – it’s healthier and you’ll save a lot of money. Not only you’ll have access to better ingredients, but you’ll pay less than ordering at a restaurant.
- Pack your lunch at home – instead of eating at a restaurant or order food, have your lunch pack ready from home. You’ll save LOTS of money this way, with little effort from your part.
- Buy generic, whenever possible – I used to be quite a snob when it came to some famous brands, but then I noticed that a lot of store brand items are just as good. Let’s face it, there’s little difference in sugar or rice for instance, so why pay more just for the ‘name‘?
- Cut your own veggies and fruits – it’s not such a difficult task to cut the carrots or apples yourself, instead of paying more to get the pre-cut versions.
- Brew your coffee at home and bring it to work, or use the company’s coffee machine (if free) – all those daily lattes do add up and prevent you from saving more money.
Another huge cost that adds up each and every month is with the insurance. While it’s not possible to slash costs drastically, there are few ways to still get more money for your personal use.
How to save money each month on insurance
- Ask for discounts – ALWAYS ask for discounts, even when you’re not interested in insurance. You never know what opportunity you might have missed otherwise.
- Shop around for the best insurance rates – don’t sign the papers until you’ve done a bit of research. This would allow you to get better deals and save more money.
- File fewer claims – the more claims you make, the bigger your premium will be. Use your insurance wisely, for really serious problems, not for any small things that can be easily paid for from your pocket.
If it’s not the groceries or the insurance that creep up on your budget, then over-spending on clothing is a sure ‘win’.
Most families pay too much money on their clothes, which end up in oversized closets and then, when the new season rolls in, they get even more company.
How to save money each month on clothing
- Buy on sale – if you don’t care about wearing ‘last year‘ models, you can wait until the stores are having their clearance sales and get your clothing for almost nothing.
- Make sure your clothes can be used in various combinations – buy stuff and think about ways to match them. Instead of having to purchase 30 shirts for instance, you can have 4-5 and use them in various combinations.
- Buy generic brands – look for good quality materials and craftsmanship, not just the label. I was pretty amazed to notice that some ‘non-brand’ clothing has an outstanding quality, while the price is just a fraction of what I’d pay for a famous brand.
- Skip the outlet stores – for years I thought these shops are giving me a great deal, until I found out that most of the time the quality of the merchandise is not ‘retail’ quality, so, the smaller price is not just because they are giving me a good deal.
- Shop in thrift stores – I personally don’t like to wear clothing that was pre-owned, but you can still get some amazing deals there. There’s some digging to be done, but the results can be notable.
- Wear your clothes for as long as possible – I have shoes that are 10 years old, I have pants purchased back in 2007 etc. I like to wear my clothing until it’s no longer looking OK and not get new stuff just because it’s cool to follow the trends.
- Get what you need – I have way less clothing than my 1 year old for instance. I don’t need as much, I am not growing right now, nor do I dirty my attire at least 2 times/day. I do have what’s needed and that’s it.
Most Americans treasure their cars and they spend a pretty penny on them. Since cars are one of the biggest expense any family will incur, let’s see if we can find ways to be frugal and also enjoy our vehicles.
How to save money each month on your car
- Don’t buy new, as much as possible – there are great deals with cars that have been used very little or not at all, but, for being pre-owned, have a more affordable price.
- Don’t change your car every 2-3 years – I know it’s cool, but it will be costly. My car is 7 years old for instance, looks great and runs smoothly. There’s no intention to change it for at least 4-5 more years (or more).
- Avoid a car loan – I got mine with a car loan, which cost me a lot. Better save the money and purchase your car without financing. You’ll avoid big interest rates and all kinds of fees and commissions.
- Get a good mileage car – here in Europe we care a lot abut mileage. We drive smaller cars with better fuel consumption. You’ll ‘feel‘ the difference when having to pay for the gas years in a row.
- Get the right car, not the ‘cool‘ car – of course everyone dreams of Porsche or Mercedes. But VW, Audi or Toyota are still decent cars that can be used for many years. Purchase the car that’s right for your needs, not the one that looks great in magazines.
- Take great care of your car – keep it running properly, do the maintenance as advised, keep it clean. You can use a car even 15-20 years without issues, as long as you take great care of it.
- Use one car, if possible – it’s true that many couples love to have 2 cars (at least), but each extra-car comes with a lot of expenses (insurance, repairs, taxes, fuel etc.). If possible, stick to one car and you’ll save a lot of money.
- Know where you can get cheaper gas – husband has found out that a gas station 2 miles from our home has way more affordable prices than ALL the stations in the city. As you can guess, he’s buying fuel from there only, which saves us money.
Last but not least, the electricity bill, which can really add up every month.
Since utilities are a monthly cost that can lead to bust budgets, let’s see if we can save money as well.
How to save money each month on electricity
- Purchase energy efficient devices – get a good head-start with saving money on your power bills, by purchasing only energy efficient devices.
- Turn off the lights, when leaving the room – you’re not there, no one needs/uses the light. Switch off and then on, when you get back in.
- Buy LED or CFL light bulbs – pay more at first for these energy efficient light bulbs and you’ll save money on the long run.
- Don’t watch TV with the lights on – there’s enough light from the ‘tube’, no need to have extra lighting on, unless you are willing to pay more.
- Unplug the devices you are not using – a fast way to save money on electricity: if you’re not using a device, unplug it. Having it in ‘idle’ mode does consume power. Not a lot, you might say, but it adds up.
- Don’t put hot / warm food in the fridge – wait until it’s cooled off properly and then put it in the fridge.
- Keep your home cooling devices clean – the freezer and fridge need to be properly cleaned every once in a while. They’ll run better and more efficiently.
- Hand-wash your dishes – if you have few dishes to clean, wash them by hand. There’s no need to run the dishwasher for 3 plates and 2 forks.
- Use a laundry line – if the weather is nice, you can just hang your clothes to dry. They’ll smell better and you’ll save money by not using the drying machine.
- Seal the windows and doors – modern windows / doors are properly sealed. If not, your extra effort now will help you save money on energy, since your house won’t heat as much in the summer or cool too fast in the winter. Not having to turn on your AC or heating system this often does save you a lot of money.
These are 35 tips that you could use every month to cut down on your bills and save more money. If you know how to save money each month, and we haven’t mentioned that idea, feel free to add it below.
