Make a customized saving plan that works for your individual needs. Save for your needs as per your budget by understanding your income versus expenses. Note down your daily expenses and how much you save every week, this is a great way to stay on track while you understand where you can improve and save more in the future.
We live in a very competitive world where everyone wants to be rich, famous, and better than his or her neighbour and friend. In order to be able to save money fast, remember to aim for the sky but to also be realistic. Having a great plan of action that looks great on paper but is unrealistic to follow can dissuade and dishearten you from saving on a steady basis. Do not overestimate your power to save, be realistic, and save as per your schedule. Back slides happen but try to reverse them quickly by saving the deficit amount within the next week at the maximum.
On that note, here are 25 easy ways to save money this month.
How To Save Money Fast This Month?
- Have An Action Plan – Set goals immediately, motivate yourself every day, and most importantly hold yourself accountable if you are repeatedly falling short to save or backslide more than once this month. Use the data from the amount you saved this month as a way to improve your action plan for the next few months till your goals have been reached and achieved.
- Conserve money – The best way to conserve money is to spend on what you need and not on what you want. An example of this is you need food to survive, and you want a new dress from a designer boutique but don’t really need it. If you are dead set on shopping then look for substitutions and cheaper alternatives for items you want and do not really need on an urgent basis.
- Tap Into New Resources – New resources to save money may include apps that you can use to split bills with friends, calculate spending, tally savings and check if you have met your goals. Splitwise is an excellent free app for all of these saving-oriented tasks, available for smartphones and even desktops. Another popular app for saving money by tracking your expenses is Plaine and this free app can be downloaded on smartphones with a single click.
- Name Your Saving Jars – Personalizing your online and offline saving jars, with the goals as names is a good way to motivate yourself. For instance, if you want to plan a vacation for the new year and are saving for that, then have a savings jar named “vacation jar for New Year.” Having a different nickname for each goal is also a good way to spread out the savings and keep track of them effortlessly.
- Use Online Tools To Automate Savings – After you have successfully set up goals, nicknamed online jars, consider setting up automatic transfers once a week to these jars. This will ensure that you don’t forget to save even when you are busy and do not have an excuse to forget to save. Automated savings can help you save up to 15% more if you stick to the transfer schedules and don’t withdraw money prematurely. Setting up automated payments through your bank account may take an hour to do at first, but are well worth the assured savings.
- Set A Weekly Savings Budget – To set a weekly budget, calculate your fixed expenses such as rent, water, and electricity bills, then calculate any variables such as emergency expenses. Plan to save at least 75% of the amount you are left with for a minimum of 4 weeks. Use the data you collect from the first 4 weeks to create a robust savings budget and plan for the future.
- Pay Off Your Credit Card Amount Every Week – While most people tend to pay off their credit cards once a month as it’s easier and usually done, in reality paying off a larger chunk can be daunting! As far as possible clear the total due amount by splitting it into 4 equal payments and clear 1 payment without fail on a set day of the week.
- Pay Off More Than the Minimum Amount – Paying the minimum amount on your credit cards may seem like a great idea to save additional money for other things. In reality, the accumulated interest rate for making minimum payments can negate and reverse any savings you do on the side for other goals.
- Consolidate Unsecured Loans – This point cannot be stressed enough, if you have student loans, credit card loans, and medical loans, that are unsecured without collateral in place then debt consolidation is meant for you. The main purpose of debt consolidation is to choose a financial firm that can take over all your small loans, and give you a larger fixed amount to clear, with a fixed interest rate that doesn’t fluctuate based on market conditions. Consolidated loans are easier to pay off, and they can be planned and executed perfectly to make your life easier. These loans can ensure that you can be debt free earlier than you had initially estimated.
- Go Green, Use Paper, Not Plastic – Going green can help you out significantly in saving money in the nick of time and steadily too. While plastic, also known as credit cards, can give you higher purchasing power, it can also put you in a staggering amount of debt in under 3 months. The benefit of using paper, aka cash or debit cards is that you spend within your means. Disconnecting credit cards from all your shopping apps is a great way to save money fast this month.
- Link Your Accounts Through A Budget App – A budget app that links all your accounts has a major benefit; it helps you understand where all your money is being spent. You can choose a trusted and secure app such as Mint to get a graph overview of your expenses and understand where maximum money is being spent. This can be used to plan a savings budget by cutting down unnecessary expenses immediately.
- Have A Savings Partner – A savings partner can be a relative, a friend, a colleague, or anyone you trust. The main requirement of this exercise is to ensure that you and your savings partner have similar savings goals. The main point of this task is to make sure that you both keep each other in check while saving toward the set goals. Remember to motivate each other, instead of doubting and nagging, as motivating your partner can also motivate you indirectly but effectively.
- Charge What You Can Afford In Cash– If you have a credit card for splurging once in a way, then a good tip to follow is to charge on your card what you can afford to pay in cash. Additionally setting a maximum limit per month on splurging for luxuries while adhering to your set limit is a great way not to go overboard.
- Save To Pay Your Taxes – If you are paying taxes every year towards the income you earn, then set aside a small amount every month to pay for the total estimated amount. This can help you in many ways including being prepared with the money and not having to worry at the last minute about ways to find the tax money!
- Do Your Own Taxes – While it may be simpler to hire a tax consultant to do your taxes for $150 to $200 every filing, you can easily save this money. If you plan to do your own taxes then remember to save receipts and stubs for ease of calculation later on. Starting a filing system for receipts and stubs at the start of the financial year is also a good way to go. You can also learn how to file your taxes free on the IRS website if your income is under $70,000 a year. The IRS Free File option is available until 17th November 2022, for taxes to be filed for this year.
- Subscribe On A Monthly Basis – An auto-renew option on shopping and entertainment websites is a tool of convenience that is best kept for times when money isn’t a source of stress. For now, turn off the auto-renew option and save on memberships that you do not necessarily use very often.
- Go Digital and Save Money – ATMs are slowly yet steadily becoming a thing of the past and for good reasons such as high withdrawal rates, especially when you travel internationally. There are a dime a dozen apps for peer-to-peer transfers, and there are also many easy online options to transfer money directly from your bank account for everything you need.
- Cash In Rewards from High Yield Online Savings Accounts – One of the easiest ways to save money fast is to switch to savings accounts for youth that give you rewards for every swipe, every transfer, and every deposit. These accounts are easy to open for US citizens and for individuals with a Permanent Residents Card. The majority of the top credit card providers also offer reward points for using credit cards frequently. These reward points can be accumulated and redeemed for gift vouchers, online gift certificates, and merchandise that you can order from partner sites. These reward points may be subject to expiry once or twice a year, so make sure to find out the terms and conditions before you embark on your journey of being a reward points warrior.
- Get Rewards for Loyalty – There are many stores that offer loyalty cards for both online and in-store purchases. These stores include but are not limited to CVS and Walgreens, and you can save a significant amount on shopping for yourself by cashing in on the accumulated reward points. Make sure to know the rules of the loyalty cards, so that you don’t miss out on additional savings due to expired points due to only accumulating and not using them.
- Reduce Your Tax Refund Amount – You may be wondering how is a reduced tax refund amount one of the top tips to save money fast. The answer is that a larger withholding amount on your paycheck may be responsible for a higher tax refund amount. By reducing this withholding amount and by adjusting the ratio, you can earn a higher paycheck while still getting a good amount of tax refund. Speak to your company’s Human Resources department about this to ensure that you select an option that works in your favor.
- Use Your Tax Refund but Not Completely – For most people, getting a tax refund check is a bonus and this amount usually goes into splurging for luxuries, many of which are not actually needed. Instead of blowing up the entire tax refund amount, remember to save 60% of it for a rainy day and spend 40% on something you need or love.
- Get Extra Mileage At the Superstore
Centres – With the prices of gas skyrocketing by the day, most definitely a penny saved is a penny earned. Gas prices vary based on the outlet you buy it at, however, as a general rule, superstore centres can give you the bang for your buck and fill up your tank at a lower cost for extra mileage.
- Learn How To Use Online Banking – Irrespective if you are from the baby boomer or millennial era, learning how to use online banking is a key component of saving money. By checking your account once or twice a week you can ensure that you know where you have been spending money and how much as well. Don’t just stop there, check your account often to ensure that you do not get charged overdraft fees because your account balance was too low for payment and you wound up using the overdraft option by mistake.
- Take Advantage of Discounts – There is a wide range of discounts that are offered to employees, self-employed entrepreneurs, students, and senior citizens. Start looking for ways to use these discounts effectively as when combined, they can save you up to 25% on dining, shopping, and recreational bills.
- Take Up A Part-Time Job – While it may be tempting to rest and laze once you are back home, taking up a part-time job such as an online tutor for 4 hours a week can help you earn up to $15 an hour! If you are a student or an intern with some time to spare, are over 21 years old, and are good at texting, then tasks such as text flirting can help you earn $0.08 per text for 1000 text messages sent every month. These easy-to-do jobs require the candidate to be polite, friendly, and flirty without giving out personal information and can help you earn the extra funds you need to splurge, save, or vacation once a year or more.
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