When money is tight and your financials are in a crunch you really need to look at where your spending your money in order to determine the best way to save money every month.
For example take the last weeks worth of bills and receipts and figure out where you are spending the most money. Are you eating out too much? Are you spending too much on groceries?
See if you can figure out where you can tighten your budget or tighten your spending. Discover the 21 things we stopped buying to save over $1000 a month.
Call me crazy but I love this one because it’s so simple. This one item saves me hundreds in a given month. I purchased my husband an oven lunch box over two years ago and I love it.
I can send soups, stews and left overs for my husbands lunch. He gets a warm lunch on the road and I am not wasting money on deli meat sandwiches that never get eaten. This thing is awesome. If you work on the road or away from a kitchen I truly suggest this lunch box to everyone.
Shopping Online & Free shipping
I love, love, love Amazon. When you home school, work full time and with all of life’s activities having the option of click and buy, plus free delivery saves so much time and money.
When you use Amazon Prime you save on shipping costs. We save money on school books, clothes and so much more using Amazon.
I am a big fan of meal planning and freezer cooking. Even though life gets busy, you can still have great meals and save money. Our family enjoy the meal plans from MyFreezEasy.
Did you know you could fill the freezer in under and hour with yummy family approved meals.
When our lives got turned upside down a few years ago learning how to budget saved us money every month.
Another resource that made a huge difference was this book, I would suggest it to anyone needing money guidance.
Smart Grocery Shopping
Did you know the average family can spend up to $800 a month on groceries? Learn tips on how to cut this amount in half and save money. Learn 5 tips to save you money at the grocery store.
Learn what to give up
Learning to give up items that we really didn’t need saved us HUGE amounts of money. We gave up these 7 items and saved over $750 a month. You can live really well with less.
Learn to be less brand specific
And more sale specific has helped us save money. For example you may love the pre-cut baby carrots but the bag of full size rustic style carrots is way cheaper.
Growing your own vegetables is even cheaper. What I am saying is be open to trying new things, be open for sales and discounts.
Shop your store sales, shop your local dollar store or discount retailer. Be open to shop where the savings is. This will help you save money every month.
Stockpile & Storage
I am a big fan of jars in every shape and size. I love the fact that jars are eco-friendly and reusable. And they are great for storingdry goods, beans, rice and chocolate.
Buy items like hand soap or dish soap and various dry goods in bulk and divide them up or store them for later. Keeping a stockpile saves you money in the long run.
Have coffee will travel
We are big coffee drinkers in our house. So to keep us away from the early morning drive thru we invested in travel coffee mugsand a good coffee maker. This saves us over $10 a day in coffee.
Communication
Open honest communication has been a big money saver. Being open with all members of our family and stating what we can afford and what we can’t has helped us in saving money.
Changing our mind set has also added to our savings. Once you start thinking more frugally you will never look at a price tag or dollar bill the same.
Related Frugal Money Posts:
Stop Living Paycheck To Paycheck
75 Budget Friendly Family Activities
Secret Must Haves Of A Money Saving Home
The Best Dave Ramsey Money Hacks
What Are Your Go To Money Savers?
We all have items that help us get through the day. Items that save us time and money. Most of the time we over look the simplest of solutions.
Think about it the next time you have a minute. What items do you use all the time? What items help you save money? What could you change to help you save money?
How much should you save each month? For many people, the 50/30/20 rule is a great way to split up monthly income. This budgeting rule states that you should allocate 50 percent of your monthly income for essentials (such as housing, groceries and gas), 30 percent for wants and 20 percent for savings.
The 100-envelope challenge is pretty straightforward: You take 100 envelopes, number each of them and then save the corresponding dollar amount in each envelope. For instance, you put $1 in “Envelope 1,” $2 in “Envelope 2,” and so on. By the end of 100 days, you'll have saved $5,050.
The short answer to what happens if you invest $500 a month is that you'll almost certainly build wealth over time. In fact, if you keep investing that $500 every month for 40 years, you could become a millionaire. More than a millionaire, in fact.
Saving £500 each month is a great goal if you can manage it. Over the course of a year, you would save £6,000, which could be used for things like emergency funds, retirement savings, or big purchases like a house or car.
50 - Consider allocating no more than 50 percent of take-home pay to essential expenses. 15 - Try to save 15 percent of pretax income (including employer contributions) for retirement. 5 - Save for the unexpected by keeping 5 percent of take-home pay in short-term savings for unplanned expenses.
The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.
The goal of the Challenge is simple: save $100 in a 30-day time period through a series of gradually increasing deposits. November has 30 days so every day is a savings day. As shown in the picture below, daily savings deposits start at $1 a day for five days followed by $2, $3, and $4 each for five days.
For something as short-term as this, it may be easier to set smaller, daily goals in order to make saving a part of your daily routine. In order to save $500 in 30 days, you would roughly need to save $17 per day, and this can be a combination of cutting back on spending and making extra money.
A solid emergency fund can save the day when you must cover an unexpected cost. If you don't yet have an emergency fund, it's never too late to start building one. By contributing $200 each month, your fund will add up throughout the year -- $2,400 is a solid amount of cash.
If you think $100 won't be enough to invest, think again. With a little patience and discipline, you can grow that small sum of money quickly. After all, the amount you invest at first is not really what matters when it comes down to it. It's all about getting started.
If you start by contributing $1,000 a month to a retirement account at age 30 or younger, your savings could be worth more than $1 million by the time you retire. Here's how much you should expect to have in your account by the time you retire at 67: If you start at 20 years old you should have $2,024,222 saved.
According to this calculator, saving around $1,000 per month is a good goal to have if you bring in around $5,000 in take-home pay—assuming you aren't paying down high-interest debt.
If you wanted to save $1,000 in three months, for example, you'd need to save roughly $84 per week. That timeline can also provide you an opportunity to invest in a high-yielding time deposit account.
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Introduction: My name is Manual Maggio, I am a thankful, tender, adventurous, delightful, fantastic, proud, graceful person who loves writing and wants to share my knowledge and understanding with you.
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