8 Simple Ways To Save Money Each Month

8 Simple Ways To Save Money Each Month

8 Simple Ways To Save Money Each Month

8 Simple Ways To Save Money Each Month

January 12, 2023

January 12, 2023

January 12, 2023

January 12, 2023

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simple ways to save money
simple ways to save money
simple ways to save money
simple ways to save money

Do you feel like you're always living paycheck to paycheck and never have enough money left for savings? With prices continuing to rise on everything from food to gas, it might seem like you’ll ever get above water.

Saving money is one of the most important aspects of personal finance. From preparing for retirement to having an emergency fund, having money stashed away for a rainy day can be a lifesaver.

If you are ready to get off the hamster wheel of living paycheck to paycheck and build your savings, here are eight simple ways to save money each month.

1. Automate Your Savings

One of the best ways to save money each month is to automate your savings. By doing so, it’s much easier to stay on track and ensure you're saving what you need every month.

Most banks allow customers to set up automatic transfers from their checking accounts into savings accounts. To get the most of these, it’s best to look into a high-yield savings account since they’ll take your money further. This makes it easy to set a specific amount of money you will transfer each month without manually doing the transfer every time.

You can also automate other aspects of your finances, such as bill payments and investments. Automating these processes helps ensure that nothing gets forgotten or overlooked, which can help keep your finances organized and on track.

Do you feel like you're always living paycheck to paycheck and never have enough money left for savings? With prices continuing to rise on everything from food to gas, it might seem like you’ll ever get above water.

Saving money is one of the most important aspects of personal finance. From preparing for retirement to having an emergency fund, having money stashed away for a rainy day can be a lifesaver.

If you are ready to get off the hamster wheel of living paycheck to paycheck and build your savings, here are eight simple ways to save money each month.

1. Automate Your Savings

One of the best ways to save money each month is to automate your savings. By doing so, it’s much easier to stay on track and ensure you're saving what you need every month.

Most banks allow customers to set up automatic transfers from their checking accounts into savings accounts. To get the most of these, it’s best to look into a high-yield savings account since they’ll take your money further. This makes it easy to set a specific amount of money you will transfer each month without manually doing the transfer every time.

You can also automate other aspects of your finances, such as bill payments and investments. Automating these processes helps ensure that nothing gets forgotten or overlooked, which can help keep your finances organized and on track.

2. Carpool When You Can

You may be accustomed to driving everywhere, even if it’s somewhere local. These short distance rides will add up over time. Save money on gas by carpooling with friends, family, or even colleagues. Instead of burning through a tank of gas each week, you can stretch that tank to last three weeks by heading to work with a colleague. This is a great deal for everybody in the carpool because everybody benefits from it. Walking or biking to where you have to go is also a great alternative instead of grabbing the car keys.

3. Reduce Subscriptions

Netflix. Amazon Prime. Spotify. Disney Plus. We all have them. Those monthly subscriptions to streaming services may seem like a necessity but do you really need them all? A simple way to save money each month is to look at all of your subscriptions and see which ones you could live without or even consolidate. If you have both Hulu and Netflix, choose which one you watch more and stick to that. The Hiatus app shows all of your subscriptions in one place and allows you to cancel the ones you don’t want.

2. Carpool When You Can

You may be accustomed to driving everywhere, even if it’s somewhere local. These short distance rides will add up over time. Save money on gas by carpooling with friends, family, or even colleagues. Instead of burning through a tank of gas each week, you can stretch that tank to last three weeks by heading to work with a colleague. This is a great deal for everybody in the carpool because everybody benefits from it. Walking or biking to where you have to go is also a great alternative instead of grabbing the car keys.

3. Reduce Subscriptions

Netflix. Amazon Prime. Spotify. Disney Plus. We all have them. Those monthly subscriptions to streaming services may seem like a necessity but do you really need them all? A simple way to save money each month is to look at all of your subscriptions and see which ones you could live without or even consolidate. If you have both Hulu and Netflix, choose which one you watch more and stick to that. The Hiatus app shows all of your subscriptions in one place and allows you to cancel the ones you don’t want.

4. Practice Mindful Spending

When it comes to personal finances, mindfulness is key. It can be easy to swipe your credit card without realizing how much that adds up over time. Before you know it, you may be asking for credit card debt forgiveness or wondering how to pay off $10,000 credit card debt. Mindless spending can be a budget killer, so it's essential to be mindful of your purchases and consider whether you really need what you are buying.  

If you’re faced with an impulse purchase, take some time to think before you buy. Impulse purchases can be costly and add up quickly. Often if you delay your purchase, you may find that the purchase isn't worth it after all. Try leaving an item in your cart for three days. After the three days, if that good is still something of major value to you then it might be worth the purchase. Otherwise, remove it from your cart and go about your day.

mindful spending

5. Track Your Spending For One Week

Keeping track of your spending is an essential part of financial responsibility. By tracking your spending for one week, you can better understand where your money goes and where you might be overspending. After you’ve tracked your spending, you should be able to determine where you can cut back on. You may be shocked to see how much you are spending on unnecessary items or services.

After making cuts to your personal budget based on the data from tracking your spending for one week, it is always a good idea to verify that these changes had the desired effect by reviewing prior months' data as well. Doing this is just one of the simple ways to save money each month.

tracking your spending

6. Buy Generic Brands

There’s no reason to buy that $15 bottle of face wash when there is one right next to it for half the price. You can save money each month by purchasing generic brands instead of big name brands. Just because the brand on a product is different, doesn’t mean that the ingredients inside are. Most people think that because a product is associated with a certain brand, it has higher quality. This is where you may go wrong.

7. Live Below Your Means

There are many ways to live below your means and still have a comfortable life. You may think that you need to start living like a penny-pincher to get your finances in order, but this isn't necessarily true.

Living below your means simply means adjusting your lifestyle and spending habits to fit within what you can reasonably afford with your income. It doesn't mean getting rid of everything that makes life enjoyable! 

When it comes to money, it's important to be wise and mindful about how you're spending it. Knowing how to manage your budget, avoiding impulse purchases, and prioritizing savings are all great ways to start living below your means. You'd be shocked at how fast you can get used to living on less money and still maintain a comfortable lifestyle.

managing your budget

8. Track And Cut Expenses With An App

Want to really get a handle on your personal finances? Try using an app to track and cut expenses. There are several apps available that can help you keep tabs on your spending, find ways to save money fast and get organized.

These apps allow you to input all of your financial information and track where your money is going. They usually offer tips on how to save money each month, as well as ways to make budgeting easier. For example, many can suggest strategies for cutting expenses or setting up automatic payments.

Hiatus is designed to help you manage your money and save for the future. You can track expenses, set budgets, and get tips on saving money. Plus, you can locate and stop unneeded subscriptions with the built-in subscription tracker. Give Hiatus a try and see how it can help you manage your finances!

Hiatus app

4. Practice Mindful Spending

When it comes to personal finances, mindfulness is key. It can be easy to swipe your credit card without realizing how much that adds up over time. Before you know it, you may be asking for credit card debt forgiveness or wondering how to pay off $10,000 credit card debt. Mindless spending can be a budget killer, so it's essential to be mindful of your purchases and consider whether you really need what you are buying.  

If you’re faced with an impulse purchase, take some time to think before you buy. Impulse purchases can be costly and add up quickly. Often if you delay your purchase, you may find that the purchase isn't worth it after all. Try leaving an item in your cart for three days. After the three days, if that good is still something of major value to you then it might be worth the purchase. Otherwise, remove it from your cart and go about your day.

mindful spending

5. Track Your Spending For One Week

Keeping track of your spending is an essential part of financial responsibility. By tracking your spending for one week, you can better understand where your money goes and where you might be overspending. After you’ve tracked your spending, you should be able to determine where you can cut back on. You may be shocked to see how much you are spending on unnecessary items or services.

After making cuts to your personal budget based on the data from tracking your spending for one week, it is always a good idea to verify that these changes had the desired effect by reviewing prior months' data as well. Doing this is just one of the simple ways to save money each month.

tracking your spending

6. Buy Generic Brands

There’s no reason to buy that $15 bottle of face wash when there is one right next to it for half the price. You can save money each month by purchasing generic brands instead of big name brands. Just because the brand on a product is different, doesn’t mean that the ingredients inside are. Most people think that because a product is associated with a certain brand, it has higher quality. This is where you may go wrong.

7. Live Below Your Means

There are many ways to live below your means and still have a comfortable life. You may think that you need to start living like a penny-pincher to get your finances in order, but this isn't necessarily true.

Living below your means simply means adjusting your lifestyle and spending habits to fit within what you can reasonably afford with your income. It doesn't mean getting rid of everything that makes life enjoyable! 

When it comes to money, it's important to be wise and mindful about how you're spending it. Knowing how to manage your budget, avoiding impulse purchases, and prioritizing savings are all great ways to start living below your means. You'd be shocked at how fast you can get used to living on less money and still maintain a comfortable lifestyle.

managing your budget

8. Track And Cut Expenses With An App

Want to really get a handle on your personal finances? Try using an app to track and cut expenses. There are several apps available that can help you keep tabs on your spending, find ways to save money fast and get organized.

These apps allow you to input all of your financial information and track where your money is going. They usually offer tips on how to save money each month, as well as ways to make budgeting easier. For example, many can suggest strategies for cutting expenses or setting up automatic payments.

Hiatus is designed to help you manage your money and save for the future. You can track expenses, set budgets, and get tips on saving money. Plus, you can locate and stop unneeded subscriptions with the built-in subscription tracker. Give Hiatus a try and see how it can help you manage your finances!

Hiatus app

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Hiatus may receive compensation when you click on links associated with this Hiatus Learn Center. Hiatus is not being compensated for any application, quotation, or the purchase of any financial products.


Hiatus has partnered with MyBankTracker for our coverage of savings account products. Hiatus and MyBankTracker may receive compensation from advertisers when you click on links associated with these savings account products. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MyBankTracker does not include all companies or all savings products. 


Hiatus has partnered with CardRatings for our coverage of credit card products. Hiatus and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are Hiatus' alone, and have not been reviewed, endorsed or approved by any of these entities.


Hiatus is not an insurer or insurance producer. Savvy is the licensed insurance producer supporting the Hiatus/Savvy program. All insurance information and underwriting is provided by Savvy and its licensed insurance partners.


Hiatus has partnered with AmONE for our coverage of personal loan products. Hiatus and AmONE may receive compensation when you click on links associated with personal loan products. In certain situations, compensation may impact where products appear on the site (including the order in which they appear). AmONE does not include all loan companies or all types of loan products.


You are being referred to ADVR LLC’s website ("Advisor") by Hiatus, a solicitor of Advisor ("Solicitor"). The Solicitor that is directing you to this webpage will receive compensation from Advisor if you enter into an advisory relationship or into a paying subscription for advisory services. Compensation to the Solicitor may be up to $2,000. You will not be charged any fee or incur any additional costs for being referred to Advisor by the Solicitor. The Solicitor may promote and/or may advertise Advisor’s investment adviser services and may offer independent analysis and reviews of Advisor’s services. Advisor and the Solicitor are not under common ownership or otherwise related entities. Additional information about Advisor is contained in its Form ADV Part 2A available here.

© 2024 Hiatus, Inc. All rights reserved

© 2024 Hiatus, Inc. All rights reserved

Advertiser Disclosure:


Hiatus may receive compensation when you click on links associated with this Hiatus Learn Center. Hiatus is not being compensated for any application, quotation, or the purchase of any financial products.


Hiatus has partnered with MyBankTracker for our coverage of savings account products. Hiatus and MyBankTracker may receive compensation from advertisers when you click on links associated with these savings account products. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MyBankTracker does not include all companies or all savings products. 


Hiatus has partnered with CardRatings for our coverage of credit card products. Hiatus and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are Hiatus' alone, and have not been reviewed, endorsed or approved by any of these entities.


Hiatus is not an insurer or insurance producer. Savvy is the licensed insurance producer supporting the Hiatus/Savvy program. All insurance information and underwriting is provided by Savvy and its licensed insurance partners.


Hiatus has partnered with AmONE for our coverage of personal loan products. Hiatus and AmONE may receive compensation when you click on links associated with personal loan products. In certain situations, compensation may impact where products appear on the site (including the order in which they appear). AmONE does not include all loan companies or all types of loan products.


You are being referred to ADVR LLC’s website ("Advisor") by Hiatus, a solicitor of Advisor ("Solicitor"). The Solicitor that is directing you to this webpage will receive compensation from Advisor if you enter into an advisory relationship or into a paying subscription for advisory services. Compensation to the Solicitor may be up to $2,000. You will not be charged any fee or incur any additional costs for being referred to Advisor by the Solicitor. The Solicitor may promote and/or may advertise Advisor’s investment adviser services and may offer independent analysis and reviews of Advisor’s services. Advisor and the Solicitor are not under common ownership or otherwise related entities. Additional information about Advisor is contained in its Form ADV Part 2A available here.

App

Advertiser Disclosure:


Hiatus may receive compensation when you click on links associated with this Hiatus Learn Center. Hiatus is not being compensated for any application, quotation, or the purchase of any financial products.


Hiatus has partnered with MyBankTracker for our coverage of savings account products. Hiatus and MyBankTracker may receive compensation from advertisers when you click on links associated with these savings account products. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MyBankTracker does not include all companies or all savings products. 


Hiatus has partnered with CardRatings for our coverage of credit card products. Hiatus and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are Hiatus' alone, and have not been reviewed, endorsed or approved by any of these entities.


Hiatus is not an insurer or insurance producer. Savvy is the licensed insurance producer supporting the Hiatus/Savvy program. All insurance information and underwriting is provided by Savvy and its licensed insurance partners.


Hiatus has partnered with AmONE for our coverage of personal loan products. Hiatus and AmONE may receive compensation when you click on links associated with personal loan products. In certain situations, compensation may impact where products appear on the site (including the order in which they appear). AmONE does not include all loan companies or all types of loan products.


You are being referred to ADVR LLC’s website ("Advisor") by Hiatus, a solicitor of Advisor ("Solicitor"). The Solicitor that is directing you to this webpage will receive compensation from Advisor if you enter into an advisory relationship or into a paying subscription for advisory services. Compensation to the Solicitor may be up to $2,000. You will not be charged any fee or incur any additional costs for being referred to Advisor by the Solicitor. The Solicitor may promote and/or may advertise Advisor’s investment adviser services and may offer independent analysis and reviews of Advisor’s services. Advisor and the Solicitor are not under common ownership or otherwise related entities. Additional information about Advisor is contained in its Form ADV Part 2A available here.

© 2024 Hiatus, Inc. All rights reserved

© 2024 Hiatus, Inc. All rights reserved

Advertiser Disclosure:


Hiatus may receive compensation when you click on links associated with this Hiatus Learn Center. Hiatus is not being compensated for any application, quotation, or the purchase of any financial products.


Hiatus has partnered with MyBankTracker for our coverage of savings account products. Hiatus and MyBankTracker may receive compensation from advertisers when you click on links associated with these savings account products. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MyBankTracker does not include all companies or all savings products. 


Hiatus has partnered with CardRatings for our coverage of credit card products. Hiatus and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are Hiatus' alone, and have not been reviewed, endorsed or approved by any of these entities.


Hiatus is not an insurer or insurance producer. Savvy is the licensed insurance producer supporting the Hiatus/Savvy program. All insurance information and underwriting is provided by Savvy and its licensed insurance partners.


Hiatus has partnered with AmONE for our coverage of personal loan products. Hiatus and AmONE may receive compensation when you click on links associated with personal loan products. In certain situations, compensation may impact where products appear on the site (including the order in which they appear). AmONE does not include all loan companies or all types of loan products.


You are being referred to ADVR LLC’s website ("Advisor") by Hiatus, a solicitor of Advisor ("Solicitor"). The Solicitor that is directing you to this webpage will receive compensation from Advisor if you enter into an advisory relationship or into a paying subscription for advisory services. Compensation to the Solicitor may be up to $2,000. You will not be charged any fee or incur any additional costs for being referred to Advisor by the Solicitor. The Solicitor may promote and/or may advertise Advisor’s investment adviser services and may offer independent analysis and reviews of Advisor’s services. Advisor and the Solicitor are not under common ownership or otherwise related entities. Additional information about Advisor is contained in its Form ADV Part 2A available here.

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