15 Easy Ways to Save More Money This Month

With record-high inflation cutting into everyone's paychecks across income levels and households, saving even a little extra money each month is more important than ever. Whatever your current financial obligations, here are 15 quick and easy ways to put aside more money right now.

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In order to understand how much you can potentially save each month and where you could even possibly cut costs, you need to first ensure you have an equally detailed spending plan in place. In other words, you need to outline what your regular and recurring expenses are each month and build from there.

For example, you could make a simple spreadsheet with your total monthly income and subtract from that amount your nonnegotiable monthly costs (e.g., rent, mortgage, car payment, utilities), estimated regular costs that might be variable (e.g., gas, groceries), and other miscellaneous recurring expenses.

Once you have a clear idea of exactly where your money is going each and every month, you can better assess the areas where there's no wiggle room from those costs that might fall into the "want" rather than "need" category. For example, even a relatively modest lifestyle change like making your coffee at home could easily put a few hundred dollars each month back into your budget that you can put in your rainy day fund, invest, or simply save.

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With a variety of prescription discount cards accepted at pharmacies around the nation, you could save on everything from brand-name to generic medications that reduce your out-of-pocket expenses for quality healthcare.

If you're still planning on taking a trip this summer, you might be able to save some money if you're flexible on the location and dates of your travel. For example, flying on certain days of the week (like Tuesday or Wednesday), or changing your destination to a different airport in the same general area you plan on traveling to, could save you hundreds of dollars. Whether you're planning a domestic or international trip, if you're flexible on the destination, you can also check flights and hotels in different places of interest to compare costs and see which might fit in best with your budget this year.

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While certain expenses that cut into your income like rent or other essentials aren't something you can scale back, other expenses might be more malleable. Whether it's a recurring subscription box that you don't really need or scaling back on eating out regularly to cooking in more often, even a few simple adjustments to your regular habits could make a difference for your finances.

Eating fruits and vegetables when they're in season (and therefore are in greater supply) can help you save money at checkout. Plus, if you tend to buy a lot of the same types of foods and household items, buying in bulk can help you get more for the same amount of money or less than you would buy if you purchased the same goods in traditional retail quantities.

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Remember that spending plan we talked about earlier? Well, the second step in this process once you've divvied up all your regular and recurring expenses is to actually make a plan to save money each month. In other words, don't wait until the end of each month to see what's left over and put that toward your savings or nest egg.

If you're in a tighter financial situation where saving is tough at the moment, even making a goal to save $200 a month (which is just $50 put aside a week) can help you build a solid foundation for a long-term savings plan.

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Even with inflation soaring and supply chain constraints sending costs up across all industries, the temptations to make impulse purchases are still virtually endless. And while there's nothing wrong with enjoying your hard-earned money and treating yourself to a special purchase now and then, if you're finding it difficult to save money each month, scaling back any impulse spending is one of the first steps you should take.

If you tend to be an impulse shopper, an easy mental trick is to wait and contemplate a potential purchase for a few days. After the initial euphoria of a potential buy has had time to wear off, you will very likely have a much better idea whether the item is something you truly need to spend money on or not.

Another way to save for your future is to put your money to work for you. Whether that means putting some cash into a high-yield savings account or investing it in the stock market (note: you shouldn't ever invest money you think you'll need again in the next two to three years), don't let your money sit idle, particularly in the currently high-interest rate and high-inflation environment.

ALSO READ: Best High-Yield Savings Accounts of July 2022

Credit cards don't have to be the enemy of a strong financial plan, but how you use them is what counts. For example, something as simple as utilizing cards that offer perks like cash back and rewards can mean you find yourself with more money in your pocket at the end of each month. In addition, if you currently have outstanding credit card debt, while this might hinder your ability to save in the short term, focusing on paying down that amount (particularly, high-interest debt) will lend some elasticity to your budget and allow you to save more in the long term.

There's no denying that car repairs can be very costly and put a serious dent in your savings plan. That said, one way to potentially avoid any surprise expenses down the line is to get your car regularly serviced (such as oil changes, brake pad checks, etc.). Depending on how much or little you drive, you might be able to get away with longer periods between service, but ideally you should have your car thoroughly serviced at least once a year.

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No need to stay in every night and miss outings with friends, but there are certainly ways to scale back the cost of eating out with a more balanced approach. For example, if you have a tendency to go out or even order in several times throughout the week, consider paring it back to once or twice a week, making it the exception not the rule. And, if you find that most of your food costs come from meal delivery, you could save some serious dollars on delivery fees if the eatery is nearby by doing pickup yourself from time to time.

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Been with the same cell phone provider for years? While your current provider may be the best fit for your needs, it's always a good idea to check out what the competition has to offer in terms of rates, data, and even potential device upgrades.

From retail memberships at big-box stores to your favorite streaming service, subscriptions are a way of life now. While no one's saying you need to cancel all your subscriptions, it's not a bad idea to take a look at the list from time to time to see whether you're really using all of them. Even cutting your subscriptions back by one or two could save you anywhere to $50 to $100 or more a month.

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Whether this year's vacation entails staying closer to home or a journey to a fun and exciting destination, there are always ways to save. For example, whether you're traveling domestically or abroad this summer, a simple internet search for free things to do in the city or cities you'll be visiting could bring everything up, from free local attractions to discounted tickets for museums or limited-edition exhibits.

Paying down outstanding debt and working on your savings plan needn't be mutually exclusive, but certain types of debt might need to take precedent in the short term. For example, if you currently owe significant high-interest debt, the sooner you pay that off, the sooner you can focus exclusively on any better forms of debt you owe (such as a mortgage), as well as keeping your savings goals on track.

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Presented by Motley Fool Stock Advisor
We hear it over and over from investors, “I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of “5 Growth Stocks Under $49” for FREE for a limited time only.

Everyone's personal finance journey looks different. If you're not at the place in moving toward achieving your financial goals that you want to be, don't be discouraged and don't give up. Even if you're only able to save a relatively small sum of money each month to start based on your current obligations, debts, and personal situation, that consistency can and will pay off over time.

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