40+ Ideas to Save Money Each Month Starting Today

Even if you don’t have concrete numerical goals you’re working towards in terms of savings, the end of the year is always a good time to take stock of your finances and commit to saving more in the new year. 

In this article, we’ll outline ways to save money by reducing your monthly bills, changing your spending habits, expanding your revenue streams, negotiating, and saving on necessities,“nice to haves,” and bank account drains. 

In other words, there’s something for everyone here about how to save more money and hit those financial milestones! 

Table of Contents

Change Your Spending Habits

First, you may need to change your spending habits. It can be tough to make meaningful changes to money habits, so we recommend starting slow. Try out one or two of these techniques at a time, and slowly incorporate them into your lifestyle. Hopefully, they'll soon become new (and healthier!) habits.

Start + Keep a Budget Journal

If you’re not accustomed to a strict monthly budget, it’s a great time to start a budget journal. Essentially, this is a notebook where you keep track of your spending. (If you prefer a digital version like Notion or Excel, go for it!) 

Take a Real Look at Your Spending

Print out your last few billing statements and create an honest assessment of what you could have done without. The best way to face your personal finances is getting a good (and sometimes painful) look at them—up close and personal. 

Moreover, use a highlighter to look at your impulse purchases and make a commitment to avoid those, whether it’s impulse cookies at the grocery store or a new pair of shoes. We all have those items we just can’t resist, and seeing it highlighted in your journal will make it easier to identify later, when you’re actually at the store. 

Use a Shopping List

Always. It can be so tempting to just dash to the store and pick up the onion you forgot a few days ago, but grocery stores are designed to force you to walk past the fresh bread, chips, and wine just to get that one item. As such, always use a shopping list and stick to it. Add a snack or sweet treat you love to the list but if it’s not on the list, don’t buy it. 

Ignore Sales

While this might seem counterintuitive, the reality is that we have a tendency to buy more when an item is on sale. Even if—and sometimes especially if—it's an item we don’t need. Just because chips are two for $5 doesn’t mean it won’t slowly add up each week. 

Create No-Spend Days

Have days, or even weekends if you’re feeling up to the challenge, where you spend $0. This means all of your meals are prepped and your social event might be a FaceTime with an old friend or a Netflix watch party with friends—but after dinner so that you don’t spend money at a restaurant. While no-spend days can be hard, get creative with them, and you’ll soon find a number of $0 activities you can do while still remaining social. 

Always Check for Coupons

Whether physical coupons or online promo codes, this is an easy way to save that people forget about since they often need to make a purchase in a rush. Another trick is to keep a running list of the items you need or want but don’t need immediately. When they go on sale or you see a coupon for them, pick them up. 

Keep Your Receipts

This especially applies during the holiday season when you need to buy a gift for every person you've ever met. Keep your receipts, and keep an eye out for price adjustments. If you find the item on sale, usually within two weeks of purchase, you can ask for a price adjustment on an item you've already purchased. 

Do a Money Challenge With a Friend

If you’re going on a trip with a close friend, consider having a budget and sticking to it, whether that means more grocery shopping and cooking than eating out or opening a bottle of wine at the hotel instead of at a bar. You can also just have a friend do a no-spend weekend with you or similar money challenge so that you can help each other stay accountable. 

Maximize Your Credit Card Perks

Unbeknownst to many, credit cards come with several perks—from travel insurance to rewards points. Do some research and give your credit card company a call to understand how you can maximize the perks you already have but aren’t using.

It can even be as simple as recognizing that your credit card maximizes points at drugstores and grocery stores when you’ve been using that credit card to make utility payments. Racking up points that can help reduce your bill and be converted into gift cards and other rewards is a save.

On the subject of credit cards, also consider applying for a new, free credit card that comes with a spending bonus. What this means is that if you spend $200, for instance, you might get 5,000 free points, which you can use to reduce your credit card bill. If you’re worried about meeting these spending limits, consider applying for the credit card when you have a big payment coming up, like furniture or a number of plane tickets, or buy dozens of gift cards to reach your spending limit and then don’t spend for a few months.

You could also offer to pay for meals when you’re out with your friends and have them Venmo or PayPal you their portion of the meal so that you can earn credit card points. 

Consider Your Monthly Bank Fees

Some banks charge a monthly fee, so make sure you "need" to pay these. Speak to your bank about dropping a monthly fee or how to maintain a minimum balance that would eliminate the fees altogether.

Keep an eye out for overdraft fees, too. If you have a savings account hooked up to your checking, you can protect yourself by allowing your checking to "borrow" from your savings instead of incurring overdraft fees. 

Similarly, maybe your bank has a high-yield savings account that you’re not using or you’re accidentally paying monthly fees you don’t need to be. It’s a good idea to talk to your bank and learn how they can help you keep or make more money instead of spending it on unnecessary (and often hidden!) fees.

A lot of times this is as simple as moving your money to a high-yield savings account in the same branch or shifting money to your checking account so it meets the minimum the bank requires.

Check for Recurring Fees

Make sure you don't have any items on your bank statement that make no sense to you—or that should have been canceled months ago. 

Start with baby steps and take your time as you work your way to a full lifestyle adjustment. Even small steps will add up and yield savings in the long term.

How to Save Money This Month by Negotiating 

Another easy way to save money? Negotiation!

When you negotiate for your base salary or for a raise or promotion, the extra money you receive should go straight into your savings. And negotiation isn’t just for the workplace.

You can negotiate your credit card interest rates, your rent with your landlord, the rates on your student loans, auto insurance, television, and even internet (especially the providers who give you an intro rate for a year only to then double it). 

Learn How to Say "No"

When dealing with some common expenses, we are trained to incur costs when they come up—but we don't have to. Learn when to say "no" and conduct a little research on your own. 

Get WFH or Work-Related Reimbursements 

Ask for work-related reimbursements such as commuting costs or work-from-home expenses like internet and monitors. Many employees even ask for additional PTO days, gym memberships, or other non-salary perks to help reduce their daily expenses.

Consolidate, Eliminate, or Lump Your Debt

You also might be able to negotiate your credit card debt by speaking to your credit card company. Consider settlement options like a workout agreement, lump-sum settlement, hardship plan, or debt management plan. 

Talk to Your Landlord 

If your rent is "too damn high," have a chat with your landlord about ways to reduce your rent. You could sign a longer lease, exchange help for reduced rent, or recommend a new tenant for another unit in exchange for a cash incentive. 

How to Save Money This Month on Basics + Necessities

For a lot of people, the basics and necessities can really add up.

While it may seem impossible to save money on these items—after all, you need them—making small changes can result in substantial savings by the end of the month or year. For example, here are some items you could consider.

Change Your Light Bulbs

This applies to a lot of household appliances. We often buy the most expensive product because we assume it must be the best quality item on the market, but that just isn’t true. Switch to cheaper necessities—from light bulbs to salt—and see how much you save in one year. Also. consider purchasing energy-efficient lightbulbs and appliances where possible to help save on energy costs. 

Save Money on Laundry

I remember putting a lone shirt in the washer and dryer as a teenager—and my mother going ballistic on me. The cost of running loads of laundry adds up. If you have a washer and dryer at home, you can save money by doing the following:

Unplug Energy Drains

Consider using a service like Ohm which rewards you for using less energy during high-energy times, like from 6:00 to 8:00 PM or on weekends. You can use these rewards to reduce your electricity bills or cash them in.

Even if you don’t use Ohm or the service isn’t available in your area, unplug energy-draining devices or invest in smart plugs to help reduce your energy consumption.

Did you know that electronics are always using electricity when plugged in—even when they're powered off? In fact, The U.S. Department of Energy reports that, on average, 75 percent of the electricity used to power home electronics and appliances is consumed while the products are turned off. Here's what you can (and should unplug):

Control Your Climate (+ Your Budget) 

During summer months, try to keep some of your spaces cool—especially in the morning or after dark—by using fans instead of air conditioning. 

Programmable thermostats like the Nest thermostat can also help you save hundreds of dollars over the course of a year. 

Use Coupons + Cash Back Apps

While this, of course, includes paper coupons you may receive in the mail, this also includes online extensions like Honey or Rakuten, which will alert you to deals on shopping sites and give you cash-back rewards that you can receive as a check through the mail or a PayPal deposit.

Often, Rakuten will have their own “sales,” where they offer 25 percent cash-back on certain stores. Have a list handy for times like this when you need to pick up some necessities and can maximize on discounts, too. 

Here are some coupon and cash-back sites and apps to try: 

Call Your Electric Company for Customized Billing

A lot of times, electricity companies maintain data on when you use the most energy—and how much it costs to use energy during that time.

They also have multiple plans so that you can reduce your energy payments. If you work a night shift at the ER, for instance, and use most of your energy during the day when people are typically at the office, they might have a plan that is better for your schedule. 

Call your electric company to ask about different plans or how to customize your energy optimization hours. This could be as simple as cooking dinner in the morning before work versus after you come home to save on the energy surge prices.

DIY Home Repairs 

If you lease your home, offer to do a DIY fix in exchange for a reduction in rent or utilities for the month. Often, even if you don’t know how to fix an issue, service professionals on sites like TaskRabbit are affordable and can make a $100 rent reduction worth it.

You could also DIY other items, too, from creating your own candles to baking your own bread to picking up knitting. While the pandemic allowed us to try out new hobbies, some of them were more lucrative than others. Even without the constant lockdown of the pandemic, these DIY methods can still help to save money in the long run.

Cut Your Cord to Cable TV

With so many streaming services, it may not be truly necessary for you to pay for cable. You can always split a YouTube Red or cable cost with a friend, or only pay for the months when you need it to watch sports or other seasonal content. 

...And, Watch for Streaming Service Overload

With so many streaming services, though, make sure you don't end up spending just as much as you previously spent on cable, only scattered throughout ten bills. Do you need Hulu+, Netflix, HBO Max, Disney+, and Peacock? Maybe. Maybe not. 

Don't Shop Hungry 

With groceries, abide by some of the rules outlined above like shopping with a list, using online ordering if you tend to splurge at the store, and definitely not shopping while hungry. It's hard to turn down those candy bars in the checkout line if you feel some hanger coming on. 

Try "Rejected" or Discount Foods 

Consider services like Imperfect Foods that sell wonky-shaped vegetables and fruits that grocery stores pass up—for a fraction of the price. While these ingredients are still safe to eat, they're marked down because grocery stores think their shapes will make them difficult to sell. Plus, you get the benefit purchasing food that might otherwise go to waste.  

You can also find snack items on Imperfect Foods, such as pretzel boxes with too many crushed pretzels, or meat that restaurants use as a result of pandemic shut downs.

While Imperfect Foods doesn’t offer everything you may want, it does help reduce grocery costs. Similar services exist where you, as a consumer, can purchase high-quality produce directly from farmers and cut out the costly middleman of the grocery store entirely. 

Reduce Car Expenses

Remember the negotiating tips from above? Get on the phone with your car insurance provider (or a competitor) to ascertain whether you can lower your rates. 

Speaking of insurance, can you bundle your insurance? Look into it. 

Use Prescription Savings like GoodRX

A lot of the advice here relies on not "accepting" a price just because. The same approach can apply to your prescriptions, too. Sometimes, coupon providers like GoodRX offer better rates for your medications than your health insurance. Before your net trip to the pharmacy, look your prescriptions up on GoodRX and generate some coupons to save (potentially!) big bucks. 

Quit the Gym

Quit the gym for good this time. Try free workouts on YouTube, workout subscriptions, or hit the pavement for a free walk or run. 

Downsize Your Living Space

For most Americans, rent is the costliest of their recurring “necessary” expenses. If you’re finding yourself becoming increasingly anxious about money and wanting to save more than just a few hundred dollars here and there, consider downsizing your living space.

If you live in a one-bedroom apartment, switch to a studio. Sell some of your furniture while also reducing your rent substantially. And if you live in a studio apartment, consider moving in with roommates and sharing a living room and kitchen to cut down on costs. 

While not all of these will save significant amounts of money, it can add up. For instance, switching to cheaper light bulbs, saving on energy by unplugging energy-draining items, and quitting the gym could easily add up to $100 in savings per month. Over the year, that’s an extra thousand dollars in your bank.

How to Save Money This Month on “Nice to Haves”

We all know the difference between “wants” and “needs.” But—it’s hard to cut down on spending on “nice to haves” when we’ve had a hard day at work or want to celebrate something with a friend.

Here are some ideas on how to enjoy your “wants,” while also adding a little more savings into your wallet. 

Skip the Drinks 

Skip drinks or apps while at dinner. Consider inviting your friends over to your place before or after a meal for wine and cocktails, instead. 
Find free events to frequent like Farmer’s Markets, hikes, outdoor fairs or flea markets, and even picnics, where you can bring affordable grocery items. 

Save for "Bucket List" Items

Create a savings bucket for large purchases, like a couch, or even a vacation to Europe. Slowly put money away each month for these events. Plan in advance—or even put money away in a high-yield savings account—so it accrues interest. That way, you'll have a little something extra for your trip. 

Be a Host

Create a culture of potlucks with your friend group, and invite people to your place. Whether through a book club or a dinner, once one person in the group instigates, chances are, others will follow.

Walk to Dinner

Go to nearby “walkable” sites versus Ubering or constantly paying for gas. While public transit in America isn’t as good as it should be, consider using a train or a bus to save money on other expensive modes of transportation. 

How to Save Money This Month by Creating New Revenue Streams

Of course, the easiest way to save money is to grow it through additional revenue streams. In today’s day and age, lots of people have a “side hustle.” Even if your side gig only brings in a few hundred dollars a year, it still makes a difference.

Sell Items Online

Consider selling gently used items online to sites like Poshmark or ThredUp to make some extra cash. 

Pro Tip: If you're looking to sell on Poshmark or another online marketplace, conduct a quick search to see what is selling the best at the moment. If Nike items are selling well and you have a pair of Air Force Ones you haven't worn in two years, it might be time to list them. 

Try Out a Gig Job 

Try out common gig jobs like offering advice on resumes and cover letters online or participating in quizzes and other paying questionnaires or studies. 

Go Freelance

Finally, if you have a talent or skill, use it by becoming a freelance writer, photographer, or contract worker. You don’t need to become an influencer or launch a YouTube channel to make money on the side. Be creative and consider how you can grow your income.

If you’re truly stuck for a place to start, just look on LinkedIn. There are dozens of “Contract” or “Temp” positions available that could help launch a side hustle. 

Get a Side Job or Weekend Shift

Pick up an extra shift at Trader Joe’s to get a discount on groceries or become certified as a sommelier so you can work in a restaurant. There are lots of possibilities for side hustles. Think outside the box and carefully consider all of your skills, not just the ones you are most proud of or are most comfortable displaying. 

How to Save Money This Month on Common Bank Account Drains

Finally, there are a number of little ways in which we unknowingly drain our bank account. Once you recognize that you’re participating in these small expenses, you can figure out how to cut them out.

Here are a few quick ways to save on common recurring charges, some of which we have explored more in-depth above. 

Ultimately, saving money isn’t that complicated. In fact, the first step of beginning to cut out unnecessary spending is the hardest. Once you can identify ways you spend that you want to change, you can slowly start to count up the savings. This is the fun part—and will likely motivate you to save even more. 

How to Save Money This Month by Using Helpful Savings and Budgeting Apps

Last, but certainly not least, here are some resources to help you budget, save, and create better financial habits overall.