Want to Save an Extra $100 a Month? Here's How Suze Orman Says to Do It

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  • Saving money can be a challenge.
  • An extra $100 a month can go a long way.
  • Suze Orman has some tips on where to find an extra $100. 

You may be surprised at all the possible ways to find an extra $100. 

If you're like most people, you probably wish you had a little bit more money to save. It can sometimes seem impossible, though, to find spare cash to put into your high-yield savings account in order to set yourself up for more financial security in the future.

The good news is, most people can find some cuts to make in order to be able to invest more in preparing for emergencies, amasssing funds for big purchases, getting ready for retirement, or working toward other financial goals. If you aren't quite sure how to do that, some advice from finance expert Suze Orman could be helpful. 

Here are some tips from Suze Orman on how to save more

Orman made a number of different suggestions for how you can come up with an extra $50 or $100 a month to do important things with, like saving or paying down debt.

One of her first suggestions was to cut back on certain forms of entertainment. "Go to the movies two times a month instead of three," she said. She also put forth the idea of delaying some of your purchases so you don't have to make them as often. "Get your hair cut every six weeks rather than every five," she advised. 

Her other tips included potentially changing your eating or drinking habits by skipping one weekly lunch out and bringing a meal to work instead, or cutting out gourmet coffees two days per week. 

She didn't just focus on cutting spending, though -- although she offered several tips for doing just that. She also urged increasing income. "Work overtime if you can, or find freelance work while you save for your emergency fund; it may be worth your while."

How you can follow Orman's advice

Orman's tips are great, especially since she suggests taking these steps as part of an effort to build financial freedom so you can "stay secure and pave the road to your dreams." And the good news is, it's not that hard to put them into practice.

Her absolute best advice is to try to increase your income since there's no real hard limit to how much you can make if you put in the time and effort to explore earning opportunities. While you can only cut out so much if you're trying to reduce spending, you can increase your income by a small fortune if you can develop the skills to do so or you get creative and find innovative ways to make money. 

But her suggestions for cutting spending are smart as well. If you indulge in the luxuries she has suggested giving up, reducing them won't be a big sacrifice and it can really pay off in the end. If you don't eat out, go to the movies, or drink fancy coffees, chances are there is something unnecessary you're spending on. And she doesn't suggest giving up your indulgences entirely -- just cutting back, which is far more sustainable in the long run. 

So, take a look at your current spending patterns today and see if you can find those little cuts Orman suggests so you can start working toward a more secure future.

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