8 Ways On How To Save Money Each Month
I am not living paycheque to paycheque, but the feeling of having money left over is very rewarding and comforting. If you are living paycheque to paycheque or simply just want to have more saved in your pocket at the end of every month then continue reading because, in this blog post, I will give 8 tips on how to save money each month.
Be sure to stick around because I like to revise and update old contents whenever I find new ways to save money!
Check out my other blog posts on saving money:
- 20 Tips To Help You Save Money.
- 5 Money-Saving Challenges to Make Saving Fun.
- How To Stop Living Paycheque to Paycheque.
- Dave Ramsey’s 7 Baby Steps to Financial Freedom.
- Personal Finance 101: How To Get Your Money On Track.
1. Bank Fees
I decided to close my TD Trust Chequings Account after my student account collapsed. Sure, the $5 monthly fee wasn’t going to hurt anybody, but I was so comfortable with the no-fee student account that it felt like a “slap in the face”.
My current online chequing account is with Tangerine; No fees, unlimited transactions, and I earn a small interest on my account balance. I earn interest on my chequing account! That’s awesome.
Bank fees are definitely a nuisance. Avoid paying overdraft fees, late payment fees, and even account fees if you want to easily save $5-50/month.
2. Cheap Cell Phone Plans
Cellphone plans are ridiculously expensive compared to how much they were back in the days! Buying a brand new phone at a discount along with X amount of data can easily raise your monthly bill to over $70-$100+/month. Implement these three cellphone tips!
Instead of financing your phone and buying it at a discounted price, buy a phone outright in cash. If you can buy the phone used then that’s even better!
Buying a phone outright in cash will not lock you in a plan that requires you to pay for data. Bringing your own phone provides you the flexibility of buying any plan that you want.
Try this: Smartphones are very expensive nowadays; iPhones and Samsungs are going up to as high as $1300 for the latest models. Older models will usually lower in price when the newer generations are released, but if you need to have the latest model right away then consider “credit card churning” to save money on the phone.
Better yet, ditch iPhone and Samsung! The world is oversaturated with these monsters that consumers are now either Team iPhone or Team Samsung. Consider looking into the underdogs of the tech industry like Huawei, Oneplus, etc.
Major cellphone providers like Rogers, Telus, or Fido are known for their outstanding and high reputable service. That means that you can expect the pricing of their plans to be pretty expensive.
There is nothing wrong with the entry-level services like Chatr, FreedomMobile, Virgin Mobile, etc. You will still get the same services but at a discounted price.
I use Virgin Mobile and my phone plan is about $15/month. Sure, I decided to opt-out of the data, but I am perfectly satisfied with the everyday calling and texting. It fits my needs without any issues or complications!
Learn to live without data. Having data included in your plan is the 2nd biggest key factor in how much your plan will cost (the first being if you bought a phone at a discounted price).
Download ebooks or audiobooks, listen to music or perhaps unglue your eyes to your phone overall. Have a plan that has just texting and calling to satisfy your everyday needs, and if you really need data, then connect to free wifi around the city.
If you can, ask your provider if they can enable pay-per-use data in moments where you actually need data (i.e. lost in the middle of nowhere).
3. Gym Membership
Exercising is a vital part of keeping our bodies healthy and in good shape. The intense training that will make your heart race, blood pumping, and sweat dripping are signs that will transform your body into a superhuman.
Do you know what doesn’t do that? The fancy $100 membership that gives you free access to the massage chair, tanning booths, sauna room, smoothie bar, etc.
I for one believe in the old school motto “no pain, no gain” mentality. Sure, having those things are nice, but it is very unnecessary.
If you want to learn how to save money each month then scrap all the useless perks and stick to an old school community or warehouse gym.
Try asking your gym if they have student rates for memberships. A lot of community centers and fitness centers offer discounted prices for students.
4. Meal Prep
With the topic of fitness mentioned above, meal prepping is another easy way to save money each month. Limiting how many times you eat out in a month can drastically lower your monthly bills.
Check out my grocery shopping tips to lower your food bill!
- Grocery Shopping Tips to Lower Your Food Expenses
- 10 Things to Get Rid of on Your Grocery Shopping List
5. Stop Bad Habits
Smoking, drugs, and alcohol are not only detrimental to your health but also your wallet.
Avoid buying these in order to better your financial condition and your overall health. Always speak to a professional for help in dealing with addiction because going cold-turkey may not always be the best approach.
6. Cut The Cable
What’s cable? Hate to break it to you, but nowadays, people are spending their afternoons watching Netflix, Youtube, or online movie streaming websites.
Cut the cable from your monthly bill and save yourself $60/month. You can find many great videos for free online, and if you need to watch movies then consider signing up for cheap subscription prices like Netflix, Hulu, etc.
7. Take Public Transit
Transportation is a major expense in everyone’s lives. You need to be able to travel around in order to get to places like work, school, etc.
I believe having a car is considered a “need” instead of a “want”. Why? because the cost versus the reward of owning a car can definitely outweigh the cost of the car. Sure, car expenses are painful, but when you have to stand at the bus in the cold and pouring rain every day, then you wished you had a car.
If you need a car then consider using the 20/4/10 car rule when purchasing your vehicle. This car rule is a guideline to help you find a car that is within your price range.
Consider these tips when buying a car:
- Include the cost of insurance, interest, gas, parking, repairs, and maintenance when buying a car. Many people overlook just the cost of the vehicle and forget that there are more expenses than just the vehicle itself.
- Buy used. Cars depreciate in value and cost very drastically. You will find cars to significantly drop in price even when they’re a few years old.
- Look for a vehicle that runs on 87 gas. Don’t pay for premium 91 gas unless the manual requires you to fill your vehicle with it. If there was one thing that I missed about my 1990 Acura Integra was that $40 was enough to fill up my tank for weeks!
Taking public transportation is a cost-effective means of getting around. Not only is it easy on your wallet, but sometimes it can be very time-efficient too. Depending on where you need to go, it can be a lot faster to just take the Skytrain to your destination (i.e. downtown).
Monthly passes here in Vancouver is about $100/month, which is a lot cheaper compared to owning a vehicle. When you take into account all of the other expenses, you can easily save hundreds each month!
8. Pay Off Debt
The last way you can save money would be to pay off any outstanding debts other than your mortgage. Paying off your debts can help you reduce the amount of interest that you will have to pay and allow your money to be allocated elsewhere.
If you need help paying off debt then check out my debt 101 blog post where I give you a step by step breakdown to help you get out of debt! How to get out of debt 101
Other Ways to Save Money
- Bring your lunch to work.
- Pay your credit card in full each month.
- Walk or ride your bike more instead of transit.
- Stop buying soda and drink more water.
- Give yourself 24 hours or even 30 days to make a big purchase.
- If you’re a student, use your student ID discount whenever you can.
- Switch to generic brands and make sure the cost per size is cheaper.
- Don’t pay ATM fees.
- Use cold water when washing laundry.
- Plan out when you will pump gas and where. Gas prices will be cheaper late at night or outside of the city.
- Visit the library for free books, movies, and more.
- Keep your car well maintained. This can prevent expensive surprises in the future.
- Lower your utility bills. Find ways to use less water, less electricity, and more.