I’ve always been disciplined when it comes to saving money. When my husband went back to school, we pared down our expenses and moved into a smaller apartment to manage our budget effectively. We also practiced essential money-saving methods such as packing our own lunches, cancelling our cable subscription, and avoiding dining out. Saving is serious business for us.
Fortunately, our hard work paid off. Recently, we managed to put aside half of our income.
But what about those who haven’t been consistent savers and are unsure where to begin? One practical starting point could be eliminating at least three monthly expenses of $40 each. This minor change can help you save roughly $120 per month, or a total of $3600 annually. These savings could be used to decrease debt, fund a new car, or even finance a holiday.
Here are three efficient strategies to help save an additional $100 monthly:
1. Meal Plan:
If you’ve not considered meal planning, it’s high time you did. It’s an effortless yet potent way of trimming budgetary fat. Don’t be deterred by the misconception that meal prep requires mass couponing or hours of planning. All you need to start is pre-planning your dinner menus. This minor shift can help you develop a food budget and diminish those impromptu ‘What’s for dinner?’ nights, notorious for encouraging expensive take-outs or supermarket impulse purchases. Once you’re comfortable planning dinner, try using weekly grocery sale flyers to dictate your meals. If you have extra time, scan for coupons matching your grocery list.
2. Revise Your Bills:
Each year, I review costs with my mobile, auto insurance, and internet service providers to ensure I’m paying the lowest rate possible. I do the same semi-annually with my cable provider to leverage any ongoing offers. Last month, for instance, I saved $60 on our phone services by disconnecting our landline and cancelling the redundant phone insurance. Recently, I negotiated $10 off my monthly cable bill in addition to bonus freebies, on top of the $10 monthly savings I acquired three months ago by bundling my internet and cable subscriptions.
3. Simplify Your Beauty Regimen:
The extent of spending on my beauty regimen only became evident when I summed it all up. Salon visits every 6-8 weeks, monthly mani-pedis, and waxing appointments really added up. I managed to substantially cut these costs by handling most of these treatments at home. Even if you’re not inclined to experiment with home hair dye, extending your salon visits to every three months can reduce your annual salon visits by two to four times, and save around $600 yearly.
