6 Ways You Can Save Money Monthly

It’s not fun being broke, especially if you’re just starting out in your career. Sometimes you earn enough money but it just somehow disappears! There’s never enough money!

For the best budgeting advice, it is recommended you save at least $100 per month in order to have enough after you retire to live comfortably. If you save just $100 a month, you can have $54,000 after 45 years. $54,000 may not seem like a lot, but $100 is just a tiny fraction of your pay check. That’s probably what it costs for 1 dinner.  Think about what if you saved up more, day by day. If you save $10 a day though, you can make $164,250 after 45 years.

Start saving up today! You don’t need to worry when the time does come. What’s the harm? Here are some simple budgeting tips to help you save $100 a month!

rent

1. Rent

Rent’s always a huge factor in your monthly bills to pay. The cheapest rent depending on where you live can be from $400-$1000 per month. Find the right type of rent depending on what your salary or budget is. Your rent should only be around 1/4th of your monthly salary (If you are single and make $40,000 a year, your rent should be around $850-$1000).

Where can you find places this cheap? Try looking up places on Kijiji or Craigslist for places. If you’re looking to buy a house, make sure you have enough saved up and so that the mortgage is less than 1/3rd of your salary per month. Ultimately, buying is better than renting, but it can be a hefty investment if you don’t have a stable career. It certainly will help if you’re married, and you both can split up the prices of owning a house.

You can save up to $1000 a month by renting out a basement apartment rather than a condo. If you don’t like basements, why not try a studio or a bachelor pad? Cutting down on the cost of your rent is a big factor in saving your money if you don’t totally mind where you live (because if you’re working 40 hours a week and you’re not married, then you’re not home much anyways).

You can save: $500-1000 per month

transportation

2. Transportation

Do you have a car? Are you planning on getting a car? The price of a car these days is going up. If you are planning on buying a new car, look at other options instead:

  • Leasing a car. Leasing a car can be more cost efficient just because there is no depreciation, and it’s new so you won’t have to wonder what the history of the car was. It probably won’t have give you any problems so you won’t have to go into the shop to fix it up all the time. If you like changing cars every so often and don’t have the money upfront to buy a $30,000 car, leasing may be an option for you.
  • Finding the cheapest insurance: Buying insurance can be tricky, and you’re going to find different rates depending on where you go. Buying from a broker is cheaper than buying for it upright from the insurance company. Look around and find different ways to lower your insurance, such as installing anti-theft features in your car, or buying a car which costs less for them to cover.
  • Commuting. Commuting can be better if you don’t own a car, or if you own a car but don’t want to drive everyday to and from work. If you work really far, you could drive and park near the bus stop, or subway station. It will save you a lot on gas as well as mileage. Buying a monthly pass may be cheaper than buying a parking pass and gas.

You can save: $200-500 per month

food

3. Food

Do you go out and buy food everyday? Do you go out to restaurants often to eat? If you’re like us, the standard 9-5er, you probably spend at least $20 on food a day. Buying fast food can also get unhealthy. Here are some tips you can use to cut down on the food costs:

  • Prepare food over the weekend and package it into containers to portion off for the week. If you don’t have time to cook during the day or after work, then cook it all in one batch.
  • Buy groceries you know you will eat. Don’t buy those bananas that are on sale for $1.99 a bunch if you eat one banana a week and you know it’s going to go bad. It’s better for your wallet and for the environment.
  • If you really have no time to cook, buy groceries that are easy quick and easy to cook instead of buying a raw steak. Just be honest with yourself about your own habits.
  • Lessen down the amount you’re using for food by $10. If you spend an average of $30 a day, cut it down to $20. If you spend $20, and you want to even more, cut it down to $10! There’s a lot of recipes you can try that are under $10 and can fill you up just fine. If you cut down on $10 a day, you’re saving $300 a month.

You can save: $300 per month

bills

4. Phone bills/hydro/internet/etc.

How much are you paying for bills this month? Do the bills just keep adding on and you don’t even know where the numbers come from?

One of the biggest tips to saving on your bills is to actually look at them. Look at what’s costing you so much per month. Is it your phone bill? Maybe you have an overage of minutes or data. Download an app or if you’re using an Android, set an alarm for how much you’re using per month so it will cap it off whenever you reach that limit. If it’s your internet bills that’s costing you, perhaps you should check the amount of bandwidth you’re allow or settle for a plan that better suits your need. If you’re your electricity bills, remember to turn off all the lights and try not to turn up the heater too high. Also, make sure you don’t keep the hot water running if you don’t need to.

You can save: $50-$200 per month

clothes

5. Shopping

We all looove shopping, I mean, who doesn’t love to do a little shopping therapy once in a while? We have to be careful with where we spend our money though, so we need to be a little careful. Instead of buying a $1000 dollar peacoat from BCBG, why not buy a $100 one from TopShop? In the end, there’s no huge difference in quality. There are a lot of good quality products from lower brand names. If you can’t afford it, brand names are not something to be reckoned with. As much as we love our Prada’s and Chanel’s, remember, they’re selling you the lifestyle, not the product.

You can save: $0-1000 (we can’t put a price on this one, it’s all up to you!)

going out

6. Going Out

Are you the type to go out every weekend when you have the chance? Perhaps the majority of your evenings are spent dining at the next hottest place that just opened down the street. You can find that you will be able to save a lot of money if you stayed in for the majority of the time, and only went out one or twice a week! It doesn’t mean you won’t be able to have a social life. Instead of going out to the movies, why not invite your friends over, pop your own popcorn and watch a movie at home instead? Or if you love a food from a restaurant, you can chose to get take out instead of eating there (most places give a % off for pick up, and it saves you money on the tips). You can save at least $50 a week from not going out for a day.

You can save: $200-$400

Tell us…

What are some tricks you do to save money?

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1 COMMENT

  1. Thanks for sharing this valuable information to our vision. You have posted a trust worthy blog keep sharing.Nice article i was really impressed by seeing this article, it was very interesting and it is very useful for me..

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