How To Save Money Every Month
2020 has proved to us that there are a lot of things outside of our control. And you never know what may happen. So it’s really important to be as prepared as you can be with an emergency fund. And just a backup plan if you lose your job etc. Thinking back to a decade or so ago I’d think about how to save money every month. But I’d just brush it off thinking I didn’t earn enough. But everyone can save something, even if it’s just a few pounds.
Here are a few ways you can save money every month. And in time you won’t even realise you’re without the money.
Automate your savings
The most important way to save money every month is to automate it. As soon as you get paid automatically have your money for savings go out of your account. This way you won’t miss it as you never had it. And you won’t have to think about transferring it manually. Most of our savings are done weekly as Luke is paid each week. But whenever you’re paid make it an automatic thing.
If you’re self-employed I’ve talked about being a month ahead and saving all your payments from the month for a ‘payday’. But however, your budgets work it’s the same rule. You may find you want to save in multiple different places (perhaps you have multiple savings goals), but do the same thing for them all.
Save money every month by putting your spare change in a jar
It’s quite rare for me to actually use cash, but sometimes it has its benefits. Maybe you only want to spend a strict amount or are going out for drinks (although not so much at the moment). Get yourself a money box or bank that you can’t see inside of. Then save any spare coins or change that you have in the box. You’ll be surprised how quickly the odd pounds and pennies add up especially if you use cash more regularly.
This could work if you have a weekly budget and take it out as cash as you can save the excess each week. Don’t be tempted to dip into the money box though. Once you have a goal for example a holiday or Christmas you’ll have something to look forward to and help you save money every month.
If you stop a regular expense put it straight into your savings
Maybe you’re no longer paying out for your mobile handset, or you’ve called your Now TV subscription. If you stop with a regular expense you’re used to putting that money straight into savings. You won’t notice the savings as you’re used to spending the money, but it will guarantee you save money every month.
I’d always re-evaluate your monthly expenses every quarter and see if you’re getting the best prices for your utilities and you need/ are using everything you’re spending on.
Set yourself a savings challenge
I did a whole post on savings challenges like the 1p challenge, the 52-week pound challenge, and the 365-day challenge so I won’t talk about them all again. But if you want to save money every month (or even every day) then set up a challenge that you can afford to do, get it automated, and start saving. You may feel it at the start but over time you’ll get used to the reduction in money. And the pile of savings you’ll get at the end will be well worth it.
Do you save money every month?
Pin It
21 responses to “How To Save Money Every Month”
Leave a Reply
All About Me
Rhian Westbury
Travels and Destinations
Nothing currently planned
Saving money you are no longer paying out on things like your phone or even loans is such a good idea.
I use save the change with my bank and it really adds up quickly x
Yeah the save the change/ round up options are great as you don’t really notice the money being put aside x
Such great tips! I have round ups activated on my current account and that’s putting extra pennies into my savings 🙂
It adds up quickly doesn’t it x
Some fabulous tips here, I tend to pick up any change from my pocket and always keep that in a jar as it does add up. Taking your advice on automated savings
I used to do the jar thing, but realised I rarely ever use physical money any more x
Fantastic tips. I have slowly started to save more and more money every month – but I can always do better!
We used to put all our change in a jar each day, it really is surprising how quickly it adds up. This is probably something we will start to do again once life goes back to normal.
I used to do this but I’ve not used cash in such a long time x
I’ve started saving money for the first time during the lockdown, so that’s one good thing to come from the last year.
Some great tips here and sometimes we need reminding! I am going to start following your tip of adding the payment which I have stopped into my savings. As I never thought of doing that before.
You don’t miss it as you’d have never had that money in the first place so it’s a helpful one x
These are really good tips. I need to set a savings challenge with the kids.The amount we’d normally spend on snacks, sweets etc to go towards aan activities for teh holidays fund.
Such a good idea to save for holidays and things then x
These are some really great tips , I’ve been putting aside money after it’s been rounded up to the nearest ten every week 🙂
These are such great tips, we have automatic savings each month and it really helps because now we don’t even really think about it.
It makes such a difference not having to do it manually doesn’t it x
I love these tips, I always pay myself first then my expenses to ensure I save what I want to save.
Great tips thank you, I do try and save money every month but have lost a lot of income so can’t now 🙁 Kaz
These are such awesome tips! I have a money jar wherein I keep all the coins/notes and at the end of every month, I do save lots of bucks!
I used to do that, but I rarely use cash any more so it doesn’t really work for me x