10 simplest habits for saving money every month

Saving money is something that most of us aspire to but often struggle with. Whether it's because we have a lot of expenses or simply because we enjoy spending money, it can be hard to make saving a priority. However, with a few simple habits, it's possible to start saving money every month without feeling like you're missing out on anything. In this article, we'll share the ten simplest habits that can help you save money.

1. Track Your Expenses

The first step to saving money is knowing where your money is going. Make a list of all your expenses, from rent to coffee runs, and track them for at least a month. Once you have a clear picture of where your money is going, you can start making small changes to cut back on unnecessary spending.

Real-life example: Sarah, a marketing consultant, found that she was spending $150 on takeout every week. By tracking her expenses and discovering this, she started meal-prepping on Sundays and saved herself $600 a month.

2. Set a Budget

Once you have an idea of your spending habits, it's time to set a budget that you can stick to. This doesn't have to be restrictive and can be adjusted as you go along. The important thing is to have a framework to work within so you can feel more in control of your finances.

Real-life example: Jim, a teacher, decided to set a budget of $100 a week for leisure activities. By doing so, he was able to go out with his friends and do fun things without overspending.

3. Use Cash

It's easy to overspend when you're using a credit or debit card. To avoid this, try using cash for your day-to-day expenses. You'll be more aware of how much you're spending, and it can also help you make more thoughtful spending decisions.

Real-life example: Michelle, a graphic designer, switched to using cash for her grocery shopping and found that she spent around $50 less a week as a result.

4. Negotiate Your Bills

It's worth taking the time to negotiate your bills, from your internet to your phone bill. Often, companies will be willing to offer discounts or lower rates to keep you as a customer, so it's worth asking.

Real-life example: Joel, a freelancer, called his internet provider and asked for a discount. The company offered him a 10% discount on his monthly bill, saving him around $20 a month.

5. Cook at Home

Eating out can be expensive, and it's often not very healthy. Take the time to meal-plan and cook at home instead of relying on takeout or eating out. You'll save money and likely eat a lot healthier as well.

Real-life example: Susan, a sales executive, started cooking at home more often and found that she saved around $100 a month on food expenses.

6. Shop Second-Hand

Before buying something new, consider whether you could find it second-hand. Whether you're looking for clothing or electronics, there are often great deals to be found by shopping second-hand.

Real-life example: Dan, a student, needed a new laptop but couldn't afford a brand new one. He found a refurbished laptop online for half the price, saving himself hundreds of dollars.

7. Use Coupons

Whether you're shopping online or in-store, there are often coupons available to help you save money. Take the time to search for coupons before making a purchase, and you might be surprised at the discounts you can find.

Real-life example: Sandra, a nurse, used a 20% off coupon to buy a new pair of running shoes, saving herself $30.

8. Set Savings Goals

It can be hard to save money without a goal in mind. Set specific savings goals, whether it's for a vacation or a down-payment on a house. This can motivate you to save more and make it feel like you're working towards something worthwhile.

Real-life example: Tom, a project manager, set a goal of saving $1000 a month towards a down-payment on a house. By doing so, he was able to save enough money for the down-payment within a year.

9. Cancel Subscriptions

We often sign up for subscriptions without really thinking about them. Take the time to review your subscriptions and cancel anything that you're not using or could live without.

Real-life example: Tara, a writer, cancelled her monthly subscription to a yoga studio she wasn't attending regularly and saved herself $80 a month.

10. Wait Before Making a Purchase

Before making a purchase, take some time to reflect on whether you really need it. Often, we make impulsive purchases that we regret later. Waiting even just a day before making a purchase can help you avoid these mistakes.

Real-life example: Michael, a software developer, waited a week before purchasing a new gaming console. During that time, he realized that the console wasn't something he really needed, ultimately saving himself hundreds of dollars.

In conclusion, saving money doesn't have to be hard. By adopting these ten simple habits, you can start saving money every month without feeling like you're making big sacrifices. Whether you're saving for a big goal or simply want to have more financial security, taking control of your spending habits can pay off in the long run.