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10 Easy Ways to Save Money Every Month

It’s never about how much you are earning in your life, it’s always about how much you are saving and investing. Yes, saving money every month is the first step towards financial freedom. And neither should you spend less nor study economics to save money. All you need to do is just understand these 10 easy ways to save money every month! And effectively manage your spending by increasing your saving.

1. Choose the cheapest mobile phone plan available in the market

2. Choose affordable restaurants for eat-out

3. Attend Free Seminars and Events for entertainment

4. Join Free Exercise Classes

5. Save on Electricity Bills

6. Choose an affordable car to buy

7. Use Public Transport

8. Stop extra subscriptions

9. Don’t spend more on alcohol for parties

10. Learn the skill of negotiating

1. Choose the cheapest mobile phone plan available in the market – the most important of the 10 easy ways to save money

Most people fail to research “value for money” plans for mobile phones or internet services available in the market. 

Did you know? Prepaid plans are always preferable over postpaid as you can save more money. 

For example: Compare your postpaid bill of about Rs.500 per month with the annual recharge of a prepaid plan with unlimited calls that are available at Rs 2500/-

Annual Costing in Prepaid Plan –  Rs. 2500/-

Annual Costing in Postpaid Plan – Rs. 500 x 12 = Rs.6000/-

Now you decide which plan is best for you. With the prepaid plan, your annual saving would be Rs3500/-  

If we save this amount for 30 years, then your total saving would be more than a lakh. So, you should start thinking that even your small savings will impact more in the longer run. That is why we have quoted this as the most important of the 10 easy ways to save money every month. 

2. Choose affordable restaurants for eat-out

Of course, we are all social animals and love to eat out with our friends or family.

Have you ever calculated your expenses for dining every month?

If not, we suggest you start doing it right away. That too, if you’re doing it more than 3-4 times a month, then you cannot miss it. For a few, this cost might exceed their monthly savings. So imagine how much you can save if you plan the eat-outs economically? 

Every street has at least 4-5 eat-outs. With these huge options, you can easily find better deals and affordable restaurants before going out. In fact, house parties are becoming popular as they are affordable and anyways happiness would remain the same.

3. Attend Free Seminars and Events for entertainment

It is always good to learn something new from workshops, and seminars. Also, it is much relaxing to watch movies. But do you think all of these are costs involved? Definitely a big NO. 

There are lots of free Seminars, free cultural events, and free movies streaming at cultural centers in almost all major cities where you can go and have fun. Regardless, it’s all about an individual’s preference toward how much you value your money and which recreation you want.

So, you can spend thousands of rupees at a movie theatre or you can find and attend a free seminar in your city to learn something new. The choice is yours!                  

4. Join Free Exercise Classes

Everything is digital today. So, you need to pay that hefty amount to the gym to work out. You can easily learn yoga or other exercises through YouTube coaches. 

Also, find out if any free classes are happening in your nearby parks. There are free exercise groups from which you can join and benefit from it on both fitness and networking terms.

5. Save on Electricity Bills

Solar panel options are umpteen in the market. And with other advancements like time-based automation for heavy loads, motion, or sensor-based lights for stairs/pathways, you can really save much on electricity bills. 

Be it you or your family members, ensure you/they inculcate the habit of switching off the lights when you are moving out of the room or house. 

6. Choose an affordable car to buy 

 Let’s discuss the two categories of people now.  

  • A few people buy a car as a piece of show off 
  • A few people buy a car for the mere purpose of transportation

Now, which category do you belong to? 

Before you choose, you should consider major points like fuel cost, insurance, depreciation cost, resale value, maintenance/ service cost, etc before purchasing a car. The past says, the costlier car you are going to buy, the much faster its value will depreciate when you would sell it in the market. 

Nowadays, electric cars are promising and offer you with more economical and mileage advantage when compared to Petrol and Diesel on a per-mile basis. 

7. Use Public Transport

You should always prefer the public metro or public bus over a private vehicle if you have enough time and enjoy socializing. If you are the only one traveling, then public transportation is the best as it will reduce unwanted private vehicle usage and ofcourse traffic in the city. As you know, most four-wheelers on the road today board only one (the driver) or two people (including the driver). 

Just think of this wonderful option and try to reduce your transportation cost as much as possible. This will automatically help you spend less and thereby efficiently save money.

8. Stop extra subscriptions – another easiest way to save money on a monthly basis 

 Most families miss this out. Let you not be on this list.

It is much essential to sit and check on how many services you have subscribed to and how much you are spending on them every month. 

Wait, if you’re doing it for the first time, do not panic at the amount you see on the paper or your calculator. Check how many of those subscriptions are necessary for you and your family. And UNSUBSCRIBE those that are not really important to you or left unused for months. Easy peasy!

9. Don’t spend more on alcohol for parties  

We have seen most people who think there is no party or a get-together without alcohol. Ofcourse, you can have it but on limits. In spite, you are spending too much on alcohol, then we’re sure it is going to empty not only your wallet sooner but your health.

Do you agree or not? Isn’t it one of the great ways to save money?

10. Learn the skill of negotiating – last but effortless way to save money

Last but not the least, let me tell you about the most important life skill – Negotiation. 

Nobody will give you a discount if you don’t ask or don’t want it. You need to understand that there is no shame in bargaining with the seller whether you are buying a car, insurance, real estate, clothing, etc because you are going to spend your HARD-EARNED MONEY.

So, learn to NEGOTIATE now!! Here is a useful article that includes the definition, benefits, and examples of negotiations.

Summary

Now that you have understood the 10 practical and easy ways to save money, you have to start practicing or try inculcating them into reality. Yes, theoretical is over. Practical starts now…!

If you feel this article has helped you by any means, please give a thumbs up (👍) in the comments!

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