How Can I Save More Money Each Month Piggy Bank

How Can I Save More Money Each Month?

Are you tired of constantly wondering how to make ends meet and wishing you had more money in your bank account? Many of us have been there at some point in our lives, trying to figure out how to save more money each month. The good news is that there are practical steps you can take to increase your savings and improve your financial situation.

In this blog post, we explore some tried and tested strategies, backed by concrete examples, on how you can save more money each month. With a little discipline and a willingness to make some changes, you can start building your savings and secure your financial future.

Table of Contents

Create a Budget

One of the fundamental steps in saving more money each month is to create a budget, as this allows you to track your income, expenses, and set clear financial goals. It’s hard to improve your finances if you don’t know what’s coming in and what’s going out.

Start by listing all your sources of income, whether it’s your salary, freelance work, or other sources like rental income. Then, make a detailed list of your monthly expenses, including rent or mortgage, utilities, groceries, transportation, and discretionary spending like entertainment and dining out. Divide these incomes and expenses in categories.

I personally like to use Excel to create my budget. I have one section for income and once section for expenses. These sections are divided in several categories, like salary and dividends for income, and housing and health insurance for expenses. A simple formula in Excel automatically adds up all my income and expenses and shows me my net income.

Would you also like to create a budget? Then be sure to download my template below. It’s completely free and you don’t need to fill in an email adress. Simply click the button and get started with your budget!

Reduce Unnecessary Expenses

After tracking your expenses, it’s time to identify and cut down on unnecessary spending. These expenses often add up without us even realizing it. 

For example, do you really need that daily coffee from your favorite café, or can you make coffee at home for a fraction of the cost? Are you using all the features of your premium streaming services, or can you downgrade to a more affordable plan?

The core here is to look at your expenses and cut anything that is either not important to you, or not worth the cost. And be sure to research cheaper alternatives. In some cases it can be possible to find a similar alternative at a lower cost.


Catherine, a young professional, found that she was spending an excessive amount on her gym membership and unused magazine subscriptions. By canceling the unused subscriptions and switching to a more cost-effective gym, she managed to save $60 each month.

Shop Smartly

When shopping for groceries and other essentials, look for discounts, use coupons, and buy generic brands when possible. You’d be amazed at how these small changes can add up. In addition, consider shopping in bulk for items with a longer shelf life, such as canned goods or non-perishable items.

Moreover, every time you want to buy a non-essential item, be sure to wait a couple of days before purchasing said item. You’d be amazed at how many unnecessary and wasteful impulse purchases you can prevent this way.


John is a family man with three children. By purchasing his family’s non-perishable groceries in bulk and using coupons, he saved about $30 each month. Over the course of a year, this added up to an extra $360 in his savings account.

save more money shop smartly

Save Windfalls

Whenever you receive unexpected money, like a tax refund, work bonus, or a gift, consider saving a portion of it rather than spending it all. Saving windfalls is an excellent way to boost your monthly savings without making significant lifestyle changes.


Linda received a tax refund of $1,000. Instead of spending it on a shopping spree, she decided to save 50% of it and use the rest for a small treat. This simple decision allowed her to save an extra $500 that month.

Automate Your Savings

Automating your savings is a hassle-free way to save money each month. Set up an automatic transfer from your checking account to your savings account as soon as you receive your paycheck. This ensures that you save a portion of your income before you have a chance to spend it.

Furthermore, you can also automate your investments. If you’d like to know more about investing, be sure to check out our post about why it is important to invest your money.


Michael automated his savings by setting up an automatic transfer of $100 to his savings account each payday. This simple step allowed him to consistently save $200 each month without even thinking about it.

Create Financial Goals

Having clear financial goals can be a powerful motivator to save more money each month. Whether it’s saving for a vacation, a down payment on a house, or building an emergency fund, having specific goals helps you stay focused and committed.

In fact, creating financial goals is a necessity in adult life. Without clear goals, you’re like a ship drifting aimlessly in the ocean. By having (SMART) goals you can take control and create the life you want to live. One of my goals, for example, is achieving FIRE. What would you like to achieve?


Megan and Peter, a couple, dreamed of purchasing their first home. To achieve their goal, they created a dedicated savings account for their down payment and set a monthly target. Every month, they made sure to allocate a specific amount toward their dream home. This commitment enabled them to save $500 each month, and within a few years, they achieved their goal of buying their own house.

Negotiate Bills

It’s surprising how many people overlook the opportunity to negotiate their bills. This applies to various bills like cable, internet, insurance, and even medical bills. By negotiating these expenses, you can often secure better rates or discounts.

There are also specific dates when a lot of companies give you great deals, like Black Friday. Be on the lookout for deals on these dates, as you might reduce your monthly bills significantly,


Jake, a retiree, realized he was paying too much for his cable and internet services. After a quick call to his service provider, he negotiated a better deal and saved $30 each month on his bills.

Reduce Transportation Costs

Transportation costs, including gas and maintenance, can take up a significant portion of your monthly expenses. Consider carpooling, biking, or using public transportation to reduce your commuting costs. And if you do have to use a car, it can be beneficial to exchange a car with high fuel costs for a model with lower fuel costs.

It’s highly dependent on where you live what options are best suited for you. I live in The Netherlands, so it’s very common to bike almost everywhere. And I can take the train to my job. But if you live in a rural part of the USA, a car is probably your only option.


Hannah, a young professional, decided to carpool with her colleague to work, cutting her monthly fuel costs in half. This simple change allowed her to save $50 each month, which she redirected to her savings account.

Cut Down on Entertainment Expenses

While entertainment is essential, it’s also an area where many of us overspend. Evaluate your entertainment expenses, such as dining out, movie nights, and concert tickets. Look for affordable alternatives or limit the frequency of these activities.

It is important, however, to note that you also need to enjoy your life. So if it’s something you thoroughly enjoy and it fits your budget, it might be a good choice to not cut that expense. Balance is key here.


David, a movie enthusiast, decided to reduce his monthly movie nights from once a week to once a month. He also opted for streaming services instead of buying individual movie tickets. These changes saved him $100 each month, which he happily put into his savings account.

Conclusion: How Can I Save More Money Each Month?

If you’ve been wondering how you can save more money each month you now have the tools and strategies to make it happen. By creating a budget, tracking your expenses, reducing unnecessary spending, shopping smartly, saving windfalls, automating your savings, setting clear financial goals, negotiating bills, reducing transportation costs, and cutting down on entertainment expenses, you can significantly boost your monthly savings.

Remember, every small step you take to save money adds up over time, leading to a more secure financial future. Start implementing these strategies today, and watch your savings grow month by month. It’s not about sacrificing your happiness but about making smarter choices and achieving your financial goals. So, take control of your finances and watch your savings account flourish. Good luck!