Has your bank account balance been looking a little low lately? Do you wish you had extra cash to pay off debts, save for the future, or treat yourself to something nice? If so, you're not alone. Many people struggle to save money each month.
But what if we told you that with just a few simple tweaks to your regular spending, you could save $500 in the next 30 days? Makingmall, painless changes to your daily money habits.
is possible
Keep reading to find out how.
Why You Should Try to Save $500 Right Now
Having an extra $500 could make a big difference...
● Create an emergency savings fund
● Pay off credit card debt
● Take a weekend vacation
● Invest in yourself through courses
Saving consistently allows small amounts to add up over time. Let's look at realistic ways to tweak spending and save $500 this month.
Brew Your Morning Coffee
Buying fancy lattes every day is tempting, but this habit can cost you anywhere from $4-6 each morning. Seven lattes per week add up fast over a month!
Instead of completely cold turkey, limit yourself to just 2-3 cafe lattes per week. On the other days, make your own cheaper coffee drinks using your morning brew with some milk and honey.
The savings here will depend on your current habit, but cutting out just four lattes per week could save you $16-24. Over 30 days, $64-96 is saved if you swap four lattes for homebrewed coffee.
Make Affordable Packed Lunches
Buying lunch at work five days a week could cost over $200 per month if your average meal deal is $10. That can really drain your wallet!
Packing lunches made at home can save you substantial money every month. Try cooking batches of simple foods like rice, beans, veggies, chicken, pasta salads or sandwiches. Fresh fruits also make portable and healthy-packed lunch additions.
If you commit to packing lunch 3-4 times per week rather than eating out, you save around $80-100 monthly. Over 30 days, try replacing dining out with home-cooked meals for 15 lunches to save close to $100 or more.=
Use Public Transit
If your commute involves paid public parking or rideshares/taxis, see if switching to public transit 1-2 times per week could provide some savings. For example, taking the subway rather than Uber twice weekly could save you $30+ over 30 days.
Bonus points if you can bike or walk when the weather is nice! You'll also be getting some extra exercise.
Host Inexpensive Get-Togethers
Instead of always meeting friends out at restaurants or bars, try organizing a few casual/cheap get-togethers at your apartment. Things like movie nights, potlucks, board game sessions or BYOB happy hours cost very little to host.
But choosing to stay just two weekends per month could lead to $80+ in savings from restaurant meals and pricier bar tabs if you moderate spending a bit. Over 30 days, shoot for four at-home hangouts with friends to save around $80-100 total.
Keep Yourself Entertained at Home
Practising inexpensive self-care at home can also take a bite out of your monthly leisure spending. Rent 2-3 movies for streaming nights rather than going to the cinema, download some free podcast episodes onto your phone for workouts rather than paying for music subscriptions, try new hobbies that require little equipment, or borrow books from the library.
While these costs are small individually, they add up substantially over the year. If you replace five paid entertainment options with free alternatives monthly, you could save $50-60. Over 30 days, aim to substitute seven lower-cost entertainment options to save around $70.
Transform Your Money Habits Starting Today
As you can see, making very slight daily, weekly, and monthly tweaks in these areas can quickly get you to $500+ in savings without extreme couponing or depriving yourself.
Will you feel some initial annoyance adjusting routines to cut expenses? But comply for 30 days, and those small savings will become more substantial over time. Plus, you'll form money-smart habits that pay off hugely in the long term.
Share your ideas in the comments to inspire more financial responsibility!
