If you don’t have any savings, you are definitely in great trouble when emergencies arise. So, if you would like to learn the ways of how to save money this month, here are the tips for you:
1. Track your expenses – the financial advisors say that the best way on how to control your spending is to precisely know where all of your cash is going every month. There are several options for you to make, such as making a budget, keeping a spreadsheet of all of your spending, or simply buying a computer program being designed to help in managing your finances.
2. Off-season vacation – if you’re planning for a vacation this summer, save it for later. Off-season vacation is somewhat inexpensive than the other way around. Hotel rooms cost almost half during July as well as August. If you want to save more, it would be best to stay with your friends or get low-cost rooms.
3. Cut out the charges and other fees – index and low-cost mutual funds could surely slash down the bill, savings that compound over several decades of investing.
4. Cook your food and eat them – food is definitely a daily expense that could surely add up over time. So, if you spend your time in the office, it would be best to cook your food early and stop dining out. Meals being eaten at home cost less than the evenings out, even at casual restaurants.
5. Consider downsizing your car – if you own SUV, which guzzles your gas fast, selling it can be considered. Finding a fuel-efficient car can surely help you save. How? You can save on the fuel as well as with the auto loan payments. The high car payments are somewhat a frequent buster of the budget.
6. Cut your utility bills – it would be best for you to buy a more efficient light bulbs, lower down your thermostat and turn off your air-conditioning as much as possible. Make sure that you also unplug the appliances and turn off the lights when you don’t need them.
7. Check your insurance – a life insurance could not be a good deal if you don’t have dependents. For the home and auto insurance, the deductibles are somewhat low. As much as possible, get only the kind of insurance that you need and get rid of those that do not work for you.
8. Find cheap drinks – if you cannot cut back coffee, you can just buy yourself an instant coffee and make your own. Spending $3-$5 worth of Starbucks coffee or other drinks everyday can cost you a fortune over time.
9. Check your phone service – if you use your phone for both work and personal matters, then cutting your landline can help you save. Plus, phones are handy and you have them with you every day.
Saving money can be very easy. You only need to know which ones you’re willing to give up and which ones you really need. Discipline is also needed to make your plans work.