With the COVID-19 global pandemic in the scene, most of us realized the value of savings & investments. However, we could not carry out our daily income generation while sitting on the couch watching TV & not going out. Thus, we should be ready for anything that the future may hold for us by following tips to save more money each month. Let us share some of the most effective money-saving tips which can use each month. Rest assured that you will benefit in the long run!
Save on Groceries
As we get paid or withdraw money at the start of each month or week, we focus mainly on groceries. These include the essential food & supporting items which we require to carry out our daily lives. However, most of us haven’t realized that the potential of simple tips to save money for each month when shopping for groceries & is something worth looking at.
Plan & Make a List
Never go grocery shopping without having a look at your home inventory first. See what you have, evaluate options & see how much more items you need to have in your house until your next grocery run! Remember to keep your grocery runs to a minimum each month. Make a list of items categorized by the urgency of need. That way, you will prioritize the most required grocery items from the least essential items. Having a grocery list will avoid impulse buying, which are impulsive purchases without prior planning. From hypermarkets to small convenience stores, vendors will do everything in their power to manipulate customers into buying something that they don’t need. Impulse buying will hurt your monthly budget. Planning & making a grocery list will surely help you to save more money each month. There are many great smartphone apps for grocery list planning which you can download from the internet.
Utilize Discounts & Offers
Small Shopping discounts & offers are something that we would not take deadly seriously! But if you crunch some numbers, you will be surprised how much money you can save each month by utilizing discounts & offers. Most hypermarkets & supermarkets offer spot discounts for selected items which can find in separate discount isles. So pay a visit & you might come across great money-saving deals there! Search for products that offer loyalty discounts. If you are a part of the store’s loyalty program, you will probably end up with great deals for multiple items per invoice. Be mindful of your membership privileges & read promo brochures & emails sent by the store. You may find exclusive deals there. Most supermarkets offer great deals to retain their old customers. So be smart & see what they have to offer! Bonus Read – Best ways to save money on groceries
Save on Fuel
Transportation has become a basic need nowadays & having a vehicle under your name has become an essential requirement nowadays. But, have you ever thought about how much money would you save on fuel bills if you did something different? So, let’s look for some creative ways to save money each month by cutting fuel expenses!
Reduce unnecessary traveling
As we own a vehicle, we make sure that we use it to the fullest. But, have you ever wondered about the costs it occurs every time you drive your car out? Be mindful & keep your traveling to a minimum. Use your vehicle only for necessary traveling & transportation. Keep your shopping runs & weekend drives to the minimum.
Change the Work commute to Public Transportation.
Another way you can save money each month is by using public transportation to work. Modern vehicles are equipped with an ODB port which allows the owner to measure the fuel consumption. Try using an ODB fuel measuring tool & see how much fuel is consumed per month when driving to work daily. At the end of the month, once you know the result, you will be surprised! To save a considerable amount of gas money, you can use public transportation to commute to work. A majority of states have healthy structures & operating public transit. Therefore, you are allowed to use Buses, Rapid transits, commuter rail &, etc., for your daily commute to work. This will be a great option as sometimes taxi services such as Uber, Lyft, Easy Taxi are high in demand & costs. Admit of COVID-19; always follow community guidelines when traveling in public transportation systems.
Mechanical Upgrades to save fuel cost
If you are an owner of a motor vehicle who bears a considerable fuel cost, following simple technical tips will help you save more fuel money for the month. First, keep the tires of your vehicle correctly inflated. Low tire pressure causes drag on the road & will result in inferior fuel economy. Decluttering the car is another option for you. When the weight of the vehicle is high, the fuel economy becomes low. Reducing the overall weight of the car will result in excellent fuel economy. Finally, use cruise control on highways is another option you can use to save fuel costs while traveling. If you are a frequent highway traveler, using cruise control might be the best fuel-saving tip for you.
Own a Hybrid or an Electric Vehicle
As transportation is the 2nd highest cost factor for the average household in the USA, using a hybrid, Plug-In Hybrid, or Electric powered vehicle (EV) has become a logical solution to save more money each month. Using a Hybrid, Plug-In Hybrid or an EV will indeed reduce your fuel bill by a considerable amount. Using an electric vehicle alone will save you an average of $500 to $2000 per year. In addition, electric prices are more stable than fuel prices, allowing you to use your vehicle in a budget-friendly manner. A typical electric car can travel at least 100 miles per charge which is 25 to 30 (kWh) Kilowatt-hours of electricity. If 1 kWh will price around $0.10 to $0.15, the cost to travel 100 miles is approximately $1.00. This is undoubtedly less than a fuel-powered vehicle which averages just 15 to 20 miles per $1.00. The above numbers will give you a clearer idea of the benefits of owning a Hybrid or EV when saving money each month.
Save on Housing
Housing has been among the primary needs of a person, is not something that can be kept aside when discussing saving more money each month. A typical citizen has to bear the housing or rent cost each month. It will create a permanent monthly fee which limits you from saving more money each month. Fear not! Still, there are few things that you can do about it, including some great tips to save money each month.
Shift your Finance Plan for Housing
Monthly housing payments carry a more significant portion of the overall monthly income. This makes a negative impact on the ability to save money every month. If you have an ongoing mortgage or are on rent, try to shift into better & more affordable options based on fixed/adjustable rates or balloon rates). It is advisable to do comparison shopping by visiting websites or financial institutes or calling their hotlines for more information. Refer to our article on the Top 10 largest banks in the USA for banks with great mortgage options!
Move to a Smaller Space
If you are single, living with a partner, or a newlywed, this option is for you. Paying for a place near the city limits will cost you more than living in the outer city limits. If you have a vehicle or if the public transportation services are accessible easily, it will be a logical & intelligent option to consider to save more money each month on housing. On the plus side, having a smaller space will make maintenance easier for you. If you & your partner work full time or have busy schedules throughout the week, maintaining & looking after a larger living space might be cumbersome for you.
In Conclusion
Saving more money each month is not entirely impossible. However, knowing your expenses and understanding your priorities will help you manage your monthly finances in the long run. Groceries, housing & fuel expenses are the top 3 items required to day to day lives. Using the simple tips mentioned above can make a huge difference in your ability to save money each month.
The majority of us are involved in a full-time or part-time career, while few conduct our businesses. Yet, regardless of the profession, everyone faces that one problem when planning our expenses every month, “how to save more money each month?“.
With the COVID-19 global pandemic in the scene, most of us realized the value of savings & investments. However, we could not carry out our daily income generation while sitting on the couch watching TV & not going out. Thus, we should be ready for anything that the future may hold for us by following tips to save more money each month. Let us share some of the most effective money-saving tips which can use each month. Rest assured that you will benefit in the long run!
Save on Groceries
As we get paid or withdraw money at the start of each month or week, we focus mainly on groceries. These include the essential food & supporting items which we require to carry out our daily lives. However, most of us haven’t realized that the potential of simple tips to save money for each month when shopping for groceries & is something worth looking at.
Plan & Make a List
Never go grocery shopping without having a look at your home inventory first. See what you have, evaluate options & see how much more items you need to have in your house until your next grocery run! Remember to keep your grocery runs to a minimum each month. Make a list of items categorized by the urgency of need. That way, you will prioritize the most required grocery items from the least essential items. Having a grocery list will avoid impulse buying, which are impulsive purchases without prior planning. From hypermarkets to small convenience stores, vendors will do everything in their power to manipulate customers into buying something that they don’t need. Impulse buying will hurt your monthly budget. Planning & making a grocery list will surely help you to save more money each month. There are many great smartphone apps for grocery list planning which you can download from the internet.
Utilize Discounts & Offers
Small Shopping discounts & offers are something that we would not take deadly seriously! But if you crunch some numbers, you will be surprised how much money you can save each month by utilizing discounts & offers. Most hypermarkets & supermarkets offer spot discounts for selected items which can find in separate discount isles. So pay a visit & you might come across great money-saving deals there! Search for products that offer loyalty discounts. If you are a part of the store’s loyalty program, you will probably end up with great deals for multiple items per invoice. Be mindful of your membership privileges & read promo brochures & emails sent by the store. You may find exclusive deals there. Most supermarkets offer great deals to retain their old customers. So be smart & see what they have to offer! Bonus Read – Best ways to save money on groceries
Save on Fuel
Transportation has become a basic need nowadays & having a vehicle under your name has become an essential requirement nowadays. But, have you ever thought about how much money would you save on fuel bills if you did something different? So, let’s look for some creative ways to save money each month by cutting fuel expenses!
Reduce unnecessary traveling
As we own a vehicle, we make sure that we use it to the fullest. But, have you ever wondered about the costs it occurs every time you drive your car out? Be mindful & keep your traveling to a minimum. Use your vehicle only for necessary traveling & transportation. Keep your shopping runs & weekend drives to the minimum.
Change the Work commute to Public Transportation.
Another way you can save money each month is by using public transportation to work. Modern vehicles are equipped with an ODB port which allows the owner to measure the fuel consumption. Try using an ODB fuel measuring tool & see how much fuel is consumed per month when driving to work daily. At the end of the month, once you know the result, you will be surprised! To save a considerable amount of gas money, you can use public transportation to commute to work. A majority of states have healthy structures & operating public transit. Therefore, you are allowed to use Buses, Rapid transits, commuter rail &, etc., for your daily commute to work. This will be a great option as sometimes taxi services such as Uber, Lyft, Easy Taxi are high in demand & costs. Admit of COVID-19; always follow community guidelines when traveling in public transportation systems.
Mechanical Upgrades to save fuel cost
If you are an owner of a motor vehicle who bears a considerable fuel cost, following simple technical tips will help you save more fuel money for the month. First, keep the tires of your vehicle correctly inflated. Low tire pressure causes drag on the road & will result in inferior fuel economy. Decluttering the car is another option for you. When the weight of the vehicle is high, the fuel economy becomes low. Reducing the overall weight of the car will result in excellent fuel economy. Finally, use cruise control on highways is another option you can use to save fuel costs while traveling. If you are a frequent highway traveler, using cruise control might be the best fuel-saving tip for you.
Own a Hybrid or an Electric Vehicle
As transportation is the 2nd highest cost factor for the average household in the USA, using a hybrid, Plug-In Hybrid, or Electric powered vehicle (EV) has become a logical solution to save more money each month. Using a Hybrid, Plug-In Hybrid or an EV will indeed reduce your fuel bill by a considerable amount. Using an electric vehicle alone will save you an average of $500 to $2000 per year. In addition, electric prices are more stable than fuel prices, allowing you to use your vehicle in a budget-friendly manner. A typical electric car can travel at least 100 miles per charge which is 25 to 30 (kWh) Kilowatt-hours of electricity. If 1 kWh will price around $0.10 to $0.15, the cost to travel 100 miles is approximately $1.00. This is undoubtedly less than a fuel-powered vehicle which averages just 15 to 20 miles per $1.00. The above numbers will give you a clearer idea of the benefits of owning a Hybrid or EV when saving money each month.
Save on Housing
Housing has been among the primary needs of a person, is not something that can be kept aside when discussing saving more money each month. A typical citizen has to bear the housing or rent cost each month. It will create a permanent monthly fee which limits you from saving more money each month. Fear not! Still, there are few things that you can do about it, including some great tips to save money each month.
Shift your Finance Plan for Housing
Monthly housing payments carry a more significant portion of the overall monthly income. This makes a negative impact on the ability to save money every month. If you have an ongoing mortgage or are on rent, try to shift into better & more affordable options based on fixed/adjustable rates or balloon rates). It is advisable to do comparison shopping by visiting websites or financial institutes or calling their hotlines for more information. Refer to our article on the Top 10 largest banks in the USA for banks with great mortgage options!
Move to a Smaller Space
If you are single, living with a partner, or a newlywed, this option is for you. Paying for a place near the city limits will cost you more than living in the outer city limits. If you have a vehicle or if the public transportation services are accessible easily, it will be a logical & intelligent option to consider to save more money each month on housing. On the plus side, having a smaller space will make maintenance easier for you. If you & your partner work full time or have busy schedules throughout the week, maintaining & looking after a larger living space might be cumbersome for you.
In Conclusion
Saving more money each month is not entirely impossible. However, knowing your expenses and understanding your priorities will help you manage your monthly finances in the long run. Groceries, housing & fuel expenses are the top 3 items required to day to day lives. Using the simple tips mentioned above can make a huge difference in your ability to save money each month.
