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Simple Ways to Increase Your Savings Every Month

While we could all benefit from having a nice cushion of savings, it can be difficult to know where to start. Take it one step at a time with these tips to help keep more of your money in the bank (or, ahem, credit union!).

1. Cut Down Bills

When it comes to cutting costs, the name of the game is budgeting . A great rule of thumb when setting up your budget is the 50-30-20 plan, where 50 percent of your paycheck goes to necessities, 30 percent toward wants and 20 percent into savings. A helpful suggestion to ensure you stick to your budget is writing down all purchases, which can help you pinpoint areas of spending that you may want to trim.

It also pays to save on little things, like your utility bill. Turn off the lights when you’re not using them, turning your thermostat a degree or two lower in the winter and higher in the summer, unplug electronics when you can or try switching to energy-efficient CFL or LED bulbs. If you live in the city, you can go a step further and consider carpooling or using public transportation. That way, you’ll save on gas, parking fees and maybe even maintenance costs.

2. Chop Your Grocery Bill

Everyone knows that cooking at home can save a big chunk of change compared to restaurant dining. Aside from being the craze of the day, meal prep can save you valuable time and money by planning out your meals beforehand. Determine the ingredients you’ll need, make a shopping list and when you hit the grocery aisles, make sure you abide by the list.Don’t forget you can save money at the store by buying nonperishables in bulk, planning meals around your grocery store’s weekly deals and taking advantage of coupons. After whipping up your food, save leftovers for the rest of the week or freeze them for later. It’s savvy saving that tastes good, too.

3. Have Fun on the Cheap

Entertainment can be expensive, but it doesn’t have to become a drain on your budget. Cheap fun can be found all over the place if you take the time to look. Check out your city’s community calendar for free or low-cost events going on around town. It can be a great resource to help you track down farmers markets, festivals and other activities going on right in your backyard.To save a little extra while maintaining the feel of a night on the town, create a DIY experience from the comfort of your own home. Host a movie night with an assortment of snacks, whip up some homemade facemasks for a spa day or invite your friends over for a good ole potluck. That way, you get all the perks of a night out at only a fraction of the cost!It’s good to get in the habit of saving, and with these tips, you will be well on your way to small savings that can create big results. Don’t believe us? Take it from our Project Money participants! And as always, our Summit financial coaches are here to help you find even more ways to save.
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