How to Save 300 Every Month
If you want to save $300 a month and the average month 4 weeks, you need to save about $75 each week to meet your goal. It doesn’t sound like quite as much money when you break it down like that. However, if you’re already on a very tight budget or limited income, even $75 a week might sound like a lot. Your first step is to commit to it and convince yourself you can do this.
If you want to save more money, you need to either make more money and put that money back into savings, or you need to spend less. Making more money isn’t always an option for people. Unless you are self-employed or have a hobby you can turn into a side business, you’re probably stuck at a standard income, at least for the time being. This means cutting your spending.
Some Ways to Cut Your Spending
Consider what things you can give up – Can you cut out that morning cup of Joe on your way to work that you might be paying $5-8 for? Could you eat out one less time per week and save that money instead? What if you skipped buying drinks and snacks at the movies, or skipped the movies altogether and rented a movie to watch at home? You shouldn’t get rid of all your little luxuries but most people will find there are a few they can do without in the name of saving.
Reduce your monthly subscriptions – Are you paying more than you need for cable, Netflix, magazines, or other subscription-based services that you don’t really use? Analyze that budget you should have created earlier and see where you can cut or reduce subscriptions and apply that money to savings instead. Even just $10 a month can add up.
Refinance – If you’re a homeowner, or if you have student loans, look into your options to refinance and see if you can get a lower or better rate. This can save you money each month that can be applied to savings.
Consolidate debts – If possible, you might also be able to consolidate several debts into one monthly payment, making it easier to pay and potentially lowering your payments in the process, thus allowing you to save more.
Save your loose change – It may not seem like much but your loose change can add up over time. So drop it into a jar and at the end of the week or month, add it all up and put it with your savings.
If you come up short of the $75 the first week, re-assess your budget and your spending from that week and see how you can change it the next week. Keep working at it until you get it. Once you get it, stick with it and commit to it.
Now that you have these tips, you’re ready to begin saving money. It may seem like a daunting task at first but if you stick with it, it will get easier in time. No matter who you are, where you are in life, or how much you currently earn, you can commit to and succeed at saving $300 a month.