How to save $500 in one month

Olivia Emisar By Olivia Emisar, 9th Oct 2010 | Follow this author | RSS Feed | Short URL http://nut.bz/1kp0f.-k/
Posted in Wikinut>Money>Saving

Tips and tricks to put away $500 a month in your savings account in one month do not require adapting to living like a monk, simply reducing some extrenous expenses that you can easily live without for one month is sufficient. Based on your life style, you may be able to reduce expenses even further without sacrificing your quality of life.

Cable or Satellite

Doing without completely is not necessary. Examine the amount of channels you pay for and get rid of $15 worth of useless features that bring nothing positive to your life

Groceries

Shop with a list every week and a budget that is $20 less per week than you normally spend. Only purchase ingredients to complement the other items in your pantry. Only buy fruits and vegetables that will be consumed within the week. Avoid wasting the food because it is like throwing away money and those funds look a lot better in your savings account than down the garbage disposal. 20x4 = $80.

Lunches, Coffee and Snacks

Bag your lunches every day, if you normally eat food out of the dollar menu and only buy 3 items at a dollar each, your total weekly savings will be 3x7 = $21x4 weeks = $84

Designer Coffee every morning at $3 a cup will save you another $84 a month.

Snacks and drinks from the vending machine will set you back $2 a day during the work week 2x5 = $10 x 4 weeks = $40

Entertainment

Replace going to the movies once a week with a dollar rental or going for a 2 hour bike ride or walk. A typical savings per week is a conservative $15 based on ticket prices, gas, and snacks. Multiply by 4 and you save $60 a month.

Car Insurance

Lower your insurance premiums by $100. Most people carry too much insurance and have very low deductibles on older vehicles. Shop around for the same coverage from different carriers.

Landline vs. cell phone

Choose one to use and get rid of the other one. Typical landline service runs $35. A cell phone with all the bells and whistles can be downgraded to $35 service.

Sell the clutter

Gather and categorize things around your home that are collecting dust and taking up space. Take a picture, put a price on them and sell them on Craigslist. Attempt to sell $100 worth of “stuff” in one month.

Have a garage sale and strive for at least $100 worth of sales. Even if you only make $2.00 you have reached the magic number of $500 in one month.

Other Ideas to save $500 dollars a month include taking on part time weekend jobs. Freelancing your skills as a writer, tutor, handyman/woman, housekeeping, and recycling cans, bottles and plastics. The money will add up quickly and you may be encouraged to use “down” time into cash more often.

For the long term savings on a monthly basis, compare the cost of lower priced rental units within your area or compare the monthly savings in refinancing your home to a lower interest rate. Current interest rates can easily save $200 a month or more for most homeowners.

Tags

Money, Money Saving Tips, Reducing Expenses, Saving, Saving Money, Saving Tricks, Savings Account

Meet the author

author avatar Olivia Emisar
Writer (obviously), currently working and publishing articles online. My passion is creative writing and novels are always on the works.

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Comments

author avatar Denise O
11th Oct 2010 (#)

The hubby takes his lunch to work , so I will let him keep the cable.
Great advice as always.
Thank you for sharing.:)

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author avatar Olivia Emisar
11th Oct 2010 (#)

You are a good woman!

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author avatar Denise O
17th Oct 2010 (#)

Thank you Olivia.
As are you! :)

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author avatar La Verne
31st Oct 2010 (#)

Great tips!:)

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author avatar Jenny Heart
8th Nov 2010 (#)

Excellent tips for all people trying to save more of their money.

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author avatar Greenfaol
18th Jan 2011 (#)

Excellent article, really useful tips. The point about the cost of coffees is especially useful :D thanks for that.

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author avatar Olivia Emisar
18th Jan 2011 (#)

Many thanks!

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