Taking a little getaway? Want to boost your savings fast? Or do you have a debt you want to pay off? You might feel a little financially stressed, but there is always a light at the end of the tunnel. Here are 10 tips and tricks that could save you up to $100’s in a single month.
1. The $5 Savings Strategy
This one is simple. Anytime you come across a $5 bill (change at the store, gifts, bank withdrawal), put it away. Don’t spend it. Don’t even keep it on you. Stash it in a piggy bank or under your mattress and leave it there. You might be surprised how many of these you’ll be able to save up in a month’s time. You can also try the same thing with any other type of bill. It adds up fast!
2. Stockpile Sale Items
It might cost you more initially, but when you see an amazing sale at the grocery store on stuff you use, buy a bunch of it. Next time you use it, it will cost nothing extra — and you won’t need to hit the store.
3. Sell Stuff
If you’re a college student, you probably have used textbooks you could sell. You could also sell DVDs, books, and other items on Amazon’s Marketplace.
4. Shop the Dollar Store
Pain and cold medicine, dish towels, even grocery items can be had at the grocery store for a lot less. Here’s a list of what you should always buy at the dollar store.
5. Plan Meals
It’s said over and over and over — and over — again. If you’re trying to save money, stop going out to eat. You should also take things a step further and plan your meals from local grocery sales. Peruse the mailers and choose things you like that are on a great sale, and plan your menus from that. Don’t leave even one night unplanned, or you may find yourself in a drive-thru.
6. Save Spare Change
Any spare change you get can add up if you don’t spend it. Put it in a jar and leave it for a while. After a few months, you’ll have a nice surprise stash. A 2-liter bottle full of dimes will hold about $700!
7. Round Up Your Checkbook
When you balance your checkbook (even from using your debit card) round up every purchase. Even if it’s $17.25, put it down as $18.00. At the end of the month, see how much you have left to save. There are even apps that help you do this.
8. Put Aside That Raise
How are you at playing pretend? If you’re fortunate enough to get a raise, just pretend it didn’t happen and continue living on what you had before. Put that extra into your savings account.
9. Snowball Savings
Every week, put aside a progressive amount in savings. One example would be $10 the first week, $20 the second week, $30 the second week, etc. You’ll end up with at least $100 saved every month. You can structure this however you want, extending the whole year if you like.
10. Quit a Habit
If you’ve been trying to quit smoking, consider it a means for saving a ton of money. Or, give up alcohol, coffee runs, or junk food for a month and see how much you save. It may shock you how much certain habits are costing you.