15 Ways to Increase Your Monthly Savings

Saving money takes discipline and hard work. The reward? Financial security. If your savings could use a boost on an ongoing basis, here are some key steps to take.

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A budget will help you better manage your spending so you can eke out more money for savings. If you don't have a budget yet, look through the past year's bank and credit card statements to get a sense of what your various expenses cost you. Then, use an app or spreadsheet to map those expense categories out and track your spending in each one.

ALSO READ: Setting Up Your First Budget? Don't Forget These 4 Expenses

Saving money can be overwhelming, especially if you have lofty goals, like a $1 million retirement nest egg. A helpful approach is to keep those goals modest to start with. Tell yourself you'll be happy saving an extra $50 a month for the next three months, and an extra $100 a month for the three-month period after that. If you gradually increase your savings target, you might face fewer setbacks.

We all have things we spend money on that may seem insignificant but can add up over time, like the occasional store-bought lunch or digital content download. Being mindful of those smaller purchases -- and cutting back on them -- could put more money into your savings account or retirement plan.

If you want to make meaningful progress with your savings, then reducing one larger expense is a good bet. That way, you'll only have to sacrifice in a single spending category, but it'll make a big difference. You may decide your large expense to slash will be your rent (moving to a smaller home) or your car (trading in your luxury vehicle for a less souped-up model).

ALSO READ: 3 Excuses for Not Saving You Need to Stop Making

An automatic transfer lets you send some of your paycheck from your checking account to your savings account off the bat each month. Doing so will help remove the temptation to spend your earnings in full, thereby helping your savings efforts.

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Saving for retirement is important, and 401(k) plans make it easy to set funds aside for the future. Once you enroll in your employer's plan, you'll have money deducted automatically from your paychecks each month so you don't even have to think about it.

It's not just 401(k) plans that make saving for retirement seamless. Many IRAs offer an automatic savings feature, so if you find one that fits the bill, you can arrange for money to hit your retirement plan without you having to do a thing.

ALSO READ: 4 Sneaky Ways to Force Yourself to Save Money

The longer you carry credit card debt, the more money you'll spend on interest -- money that could be going into your savings instead. Rather than continue that pattern, make an effort to knock out your balance so you can start saving more.

When you refinance a mortgage, you trade your existing loan for a new one with better terms. If you're able to lower your mortgage's interest rate by refinancing, you could slash your monthly payments and bank the difference.

You may only be able to cut back on so many expenses. But if you boost your earnings with a second job, you'll have an easy way to grow your savings. Your side hustle can run the gamut from driving for a rideshare company to pet-sitting to taking a telemarketing gig. There are many choices to look at, so think about the sort of work that will be most manageable given your schedule.

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Overspending on credit cards could land you in debt. But if you spend wisely and moderately, you can rack up cash back for the purchases you'd already be making. That money can then be used to pad your savings.

ALSO READ: 3 Simple Ways to Track Your Credit Card Spending

You may come into extra money during the year, whether it's a tax refund or a performance bonus at work. If you pledge to save all of that additional cash, it could have a huge impact.

There are probably at least one or two services you pay for each month that you can manage without. Maybe you spend $50 a year on a music streaming subscription you rarely listen to, or you fork over $60 a month for a gym you rarely visit. Canceling those bills could make a big difference in your savings efforts.

If you own a car and a home, using the same company for both auto and homeowners insurance could result in some savings. You can also shop around with different insurance companies to see if there's a better deal to be had than what you're currently getting.

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Many people spend lots of money just to avoid boredom, so if you find ways to stay entertained on the cheap, it could work wonders for your savings. Think about some of the things you enjoy doing and seek out lower-cost alternatives. If you like socializing, invite friends over for a potluck rather than meet up at a restaurant. If you love movies, stream some classics rather than rush to the theater for every new release. And don't forget that many outdoor activities, like hiking, can keep you busy for hours without spending a dime.

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The more strategic you are about saving money, the more successful you're likely to be. Use these tips to boost your cash reserves -- and buy yourself the financial security you deserve.

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