As challenging as budgeting may seem, there are easy ways to save more money. Being aware of how much you are spending every month can make a huge difference. Assessing daily habits, monthly bills, and setting long-term goals are all important for saving more. Check out our top tips below for money saving ideas:
1. Track Expenses on Monthly Bills
Most people don’t realize how much they are spending every month. Assessing your monthly bills and seeing where your money is going can be one of the easiest ways to save more money. In fact, this can be a more effective strategy than setting a budget. Challenge: keep a log of everything you are spending money on for a month. This will help build financial awareness and allow you to make changes where they are needed.
2. Shop at your local farmers market or discount grocery store
Where you shop can make a big difference on your monthly savings. Shopping at discount grocery stores can help you save more since many items are on sale. Don’t forget to bring any coupons as well.
3. Create Additional Income and Save More Money
Another way to save more money is to earn more money. According to a 2021 survey from Bankrate, 51% of Americans do not have enough in savings to cover three months of living expenses. Earning more cash on the side, can help you put more money away. Taking online surveys can be an easy way to make more cash. In fact, taking fun, engaging surveys on the BIGtoken app can help you save up to $15/week.
4. Enjoy More Activities That Are Free
There are a lot of fun activities you can do every month that do not cost a penny. For example, find a fun hiking or biking trail in your area and go on an adventure or attend a meetup and meet new people. You don’t need to spend money to relax and have fun.
5. Reduce mortgage or rent payments
Knock out the biggest monthly expense by finding ways to reduce your monthly mortgage or rent payments. If renting an apartment, you could get a roommate and spilt the monthly rent. For those who own a home, consider refinancing your mortgage. If you can get a better rate, this can help reduce costs.