For most people, they prefer to save money rather than spend it. However, some people do not know how to save. They will come up with reasons or excuses on why they must spend on something.
To help you will your spending habits, we will be going into detail about 10 smart ways that you should know so you’ll know to save $1,000 a month! We will even tell you how much each method will save you!
See our best bank bonuses updated daily to earn up to $1,000 in free money. Find popular checking offers such as Chase Bank, HSBC Bank, TD Bank, Huntington Bank, BBVA, Discover Bank, and CIT Bank. See our best rates for Savings and CD too. |
|
Chase Business Complete BankingSM $300 Bonus | HSBC Premier Checking Up To $600 |
HSBC Premier Checking $450 Bonus | TD Bank Convenience Checking $150 Bonus |
TD Bank Beyond Checking $300 Bonus | Huntington Business Checking 100 $200 Bonus |
Huntington 25 Checking $300 Bonus | Huntington Unlimited Plus Business Checking $750 Bonus |
Huntington Unlimited Business Checking $400 Bonus | Aspiration Spend & Save Account $100 Bonus |
Ally Invest Up To $3,000 Bonus | Discover Bank $360 Cashback Debit |
Axos Basic Business Checking $100 Bonus | BlockFi Up To $250 BTC Bonus |
WeBull 2 Free Stocks | BBVA Free Checking & Savings $250 Bonus |
Table of Contents
- 1 10 Smart Ways to Save
- 1.1 Create a penalty jar
- 1.2 Stop loaning money to Uncle Sam
- 1.3 Take on the 5% challenge
- 1.4 Make a strategy for the supermarket
- 1.5 Improvise for income
- 1.6 Be fanatical about fees
- 1.7 Review your technology
- 1.8 Rethinking your recurring expenses
- 1.9 Forget about brand names
- 1.10 Be smarter about using credit cards
- 2 Bottom Line
10 Smart Ways to Save
Create a penalty jar
Not everything is about big dollar bills, the little coins will add up eventually. Give yourself a nudge by putting a penalty tax on your excess splurges. Take certain impulse purchases, drinks, fast food, and cigarettes and put the same amount of each payment with a savings deposit until you build a decent sum worthy to deposit into your bank. Assuming you use this method, you could save as much as $200 or more a month.
Stop loaning money to Uncle Sam
Your income tax refund is essentially an interest-free loan to IRS. If you get a large refund during tax season, it’s a sign you should to review your W4. Determine whether you’ve selected the right number of withholding allowances.
If you’re getting a refund of $2,400, that’s about $200 a month you could put into savings to earn interest before tax time comes around. You will save around $15 per year by doing this.
Take on the 5% challenge
It’s hard to cut out entire categories of spending such as gas, essential items, house expenses, etc. but on the categories that you think you can spend less in, make a little compromise. Spending 5% or less in a certain category such as going out to eat when you can cook at home can save you easy money. By spending around $20 or less a month, you’ll save $240 in the span of a year.
Make a strategy for the supermarket
One of the biggest budget killers is grocery shopping. Even a small family can easily rack up grocery bills of $150-$200. Grocery shopping is a weekly occurrence and will use a lot of your savings so if you can learn how to set a plan, you’ll have a bit more in your savings. Always create a shopping list and stick to it rather than browsing unnecessary items.
Another good tip is to never shop while hungry, or you’ll buy all sorts of stuff you don’t need. Don’t forget to look at coupons and fliers for some deals and use a credit card that gives back money for your grocery shopping. This method will allow you to shave off at least $50 each week.
Improvise for income
A side hustle is one of the best ways to increase your savings fast without sacrificing your lifestyle. Take advantage of opportunities that are right in front of you. Consider that there are opportunities for you to make money grocery shopping for neighbors and taking seniors to doctor’s appointments, or taking other people’s kids to their after-school activities.
Don’t be shy about letting people know, especially seniors and single mothers who may need your help and are willing to pay. If you squeeze in just six hours a week at $12 per hour, you can earn an extra $3,744 a year.
Be fanatical about fees
If you look at all the fees and find ways to eliminate them, you could have huge monthly savings. This includes the $2-3 you pay when you use an ATM other than your bank’s and the late fees on credit cards that can be $20-$30 and more a month. You may be paying a monthly fee for a checking account when other banks would be willing to give you one for free.
Go through your financial accounts and you may be surprised by some of the fees you’re paying. See what you can eliminate, consider switching service providers, and set up automatic payments if you are a late payer. You can be rewarded from this work with at least $15 per month.
Review your technology
In our technologically based society, you have all forms of technology in reach. Convenience isn’t always cheap. Look for the best deal on your cell phone package, Internet service provider and cable television. Check to see if there are new deals that make it worth switching.
At the very least, see where you can bundle services to get the best deal. It could also be time to get rid of your landline at home if you aren’t using it. This method is estimated to save you $50 per month.
Rethinking your recurring expenses
Have a reality check. What do you have and what do you really use? If you’re paying for a gym membership and you haven’t gone in months, realize that you won’t go, cancel your membership, and put that money toward savings instead.
The same goes for subscriptions to magazines, streaming services, etc. Shop around for your insurance policies, and you may be able to save a few hundred dollars monthly. Assuming at least one of these areas is one you can get rid of, you could save $150 a month.
Forget about brand names
Brand names are just a label. You can easily save 50-60% when buying generic items at the grocery store. The strategy is smart when shopping elsewhere too. Whatever the reason that has you on the hunt for luxurious brands, it is not worth it unless you’re getting them at a deep discount from the outlets or discount retailers. At the very least, you should be able to save around $60 a month.
Be smarter about using credit cards
When you understand the use certain credit cards, you can save up real cash. Certain cards will reward you for your spending with cash back or rewards, such as on groceries, gas, etc. If you don’t get distracted and spend money just to get a deal, you can earn funds on money you would spend anyway.
For instance, some popular cashback programs will give you as much as 5% back on up to $1,500 each quarter. So at a minimum, that’s another $25 in your wallet each month.
Bottom Line
There are many ways for you to change, manage, eliminate, etc. to save money. If you are in need of some help, those top 10 smart ways are things that you should know to help you Save $1,000 a Month!
If you’re interesting saving even more money, we’ve also composed a list of other ways to Save Money that you can check out. Also if you would like to see all the latest bank deals nationwide, be sure to view our full list of Bank Bonuses and find one in your area!
PROMOTIONAL LINK | OFFER | REVIEW |
Chase Business Complete BankingSM | $300 Cash | Review |
HSBC Premier Checking Member FDIC | $450 Cash | Review |
HSBC Premier Checking Member FDIC | Up To $600 | Review |
BBVA Free Checking & Savings | $250 Cash | Review |
Huntington 25 Checking | $300 Cash | Review |
TD Bank Beyond Checking | $300 Cash | Review |
TD Bank Convenience CheckingSM | $150 Cash | Review |
Huntington Bank Unlimited Plus Business Checking | $750 Cash | Review |
Huntington Bank Unlimited Business Checking | $400 Cash | Review |
Huntington Bank Business Checking 100 | $200 Cash | Review |
Axos Bank Basic Business Checking | $100 Cash | Review |
Aspiration Spend & Save Account | $100 Cash | Review |
Ally Invest | Up to $3,000 Cash | Review |
BlockFi | Up To $250 BTC | Review |
American Express High Yield Savings | 0.40% APY | Review |
Discover Cashback Debit Account | $360 Cash | Review |
Nice post Bryan.. I have a goal to maximize my income through my online businesses in 2019. Keeping my goals on my computer where I review them daily helps me focus on the tasks needed each day to help me accomplish my goals. Love your money saving tips as well – I definitely can save 1.5K per month using your suggestions and started today.
I have several online businesses today (should have one or more so you’re not dependent on a single income source in my opinion) On the other hand, so many choices today to create online income can make choosing one which works for you a tough task, right? Think about how many different ways there are to make an online income these days. The opportunities are truly overwhelming and seemingly endless.
But there’s so much competition as well so trying to differentiate yourself from all of the others can be equally daunting. The real difficulty is finding a method which isn’t just a fad so the work you put into it today will create income for you into the years ahead and not spike up and fall like a rock as many do only to try the next big thing.
Regards and thanks for your excellent blog Bryan.
Keep up the great work.
BJ