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6 Tips on How to Save Money Every Month

6 Tips on How to Save Money Every Month

It is a fact that nowadays, people seem to spend more money than they make. There is a saying goes:”The more you make, the more you spend”. If you live in a society that regard high values of things, then you can easily live above your means. In order to help you get back on track and have some monthly saving, we select the following six tips.

1. Set a realistic budget.

To start save money, you should develop a budget, a realistic one. Do not just estimate on what you spend each month, instead, take one or two month to track every penny you spend ranging from rent payment to a cup of morning coffee. You need to set a realistic budget to live on and then you are able to develop a realistic target to save money monthly.

2. Avoid impulse purchases.

Another tip to save money is to wait before you buy something. Ask yourself several times if you really need it. By waiting for a while, you can better avoid wasting money on those impulse purchases. After a certain period, if you still want it, then go for it if you have enough budgets.

3. Develop a limit on spending.

To live a frugal life, you should have a limit of how much you can spend monthly on things like morning coffee or entertainment activities. Allocate the money for each activity at the beginning of a month and put that money into envelopes—don’t go over the budget. Once the envelope is empty, then no more coffees or dinners this month! By doing this, you can continue to enjoy your favorite stuffs but not indulge by the limits set.

4. Deduct money from paychecks and deposit directly.

You can ask your employer to directly deduct a part of your paychecks and automatically deposit it into your saving account. You will not miss the money a lot since you don’t see it!

5. Change your lifestyle.

Look through different aspects of your lifestyle and seek for potential changes to help you save money every month. Possible changes can include using public transportation instead of cars, quitting smoking, shopping in thrift stores or any other ways that you can think about.

6. Save but not always buy.

Please keep in mind that if you just save money for things that you want to buy, then you will probably never see your saving grow. Instead, use the extra money for investment or emergency fund.

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