Are you wondering how to save $1000 a month in no time?
Then you’ve come to the perfect place. In this post, I’ll explain 10 valuable tips to help you save $1000 a month.
Saving money can be a struggle for many people; to save $1000 a month, you need to apply multiple of these tips to be successful.
Let’s get started!
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Save $1000 in a month
1. Track every expense
If you’re serious about saving $1000 a month, you need to inspect your spending with a fine-tooth comb.
Track every single purchase you make in a month and categorize them into different categories like housing, food, utilities, entertainment, personal, medical, and transportation expenses.
It’s an easy way to see an overview of your spending habits and change how you spend your money.
2. Evaluate subscriptions and memberships
Streaming services, gym memberships, and subscriptions can all add up to a hefty price every month.
Evaluate whether you genuinely need that $60 a month gym membership or multiple streaming services for $25+ a month.
A good way I’ve saved on streaming services is by using NordVPN with Netflix. I can stream movies in 60 countries with a click of a button.
Using a VPN has allowed me to get rid of all my other streaming services and save $22+ a month.
Join NordVPN today (get 68% off a 2-year-plan and a free gift of extra service)
3. Start investing
Investing is a great way to earn money with your already saved money.
It isn’t a get-rich-quick scheme, but it can help you accelerate your savings over time.
Just from dipping my toes into investments, I’ve been able to earn over $300 in the past 8 months. A high-interest savings account would’ve only made me $26.
Join Acorns – Get $10 by using code 6P2KYV at signup
Investing still intimidates me, yet I’ve made $319.44 (+20.1%) in Acorns returns from money that I would’ve typically just left sit in my bank.
4. Round up your spending
A clever way that I’ve been able to save a lot of money is by rounding up my spending.
How does this work?
Every time I pay for something with my debit card, my bank rounds up to the nearest dollar and saves an extra $5 on top of that (the additional amount is an optional setting).
Meaning, that if I bought some groceries for $24.17, my bank would automatically save me $5.83 and round up my purchase to $30.
It’s a foolproof way to save money without any effort required.
5. Use cash for certain things
To save $1000 a month, you have to eliminate impulse purchases. A great way to do this is by using cash for certain things.
Instead of using credit or debit cards when grocery shopping (for example), only bring in a set amount of cash like $80.
Doing this will stop silly impulse purchases because you have a set amount of cash when you walk in. If you were to use a debit or credit card, you could really spend however much you want.
6. Reduce dining out
The average American household spends $3000 a year on dining out (source); that’s $250 a month.
Learn how to make your own meals at home, and your wallet will thank you.
According to this study, it’s often 5 times more expensive to get meal delivery than to cook at home, so pick up those knives and pans and learn how to cook for yourself!
7. Use cashback apps
Using cashback apps for stores that you already shop at is an excellent way to save more money.
Cashback apps give a percentage back on purchases made through their links. The rates can range anywhere from 1% to 90%.
Doing this alone won’t help you save $1000 a month, but it could help you save around $50 to $100 if you’re a frequent online shopper.
Asia Pacific Cashback App:
– Shopback (spend $20 through the Shopback and get $10 back)
Related Post: Shopback Review
Available in: Australia, Singapore, Taiwan, Malaysia, Indonesia, Philippines, Thailand, Vietnam, and South Korea.
8. Have a clear goal in mind
Make sure to have a clear goal in mind because you want to save $1000 a month.
If you have a goal like saving for a house down payment, getting a new car, or going on a holiday, you’ll more likely save as much as possible to achieve the goal quicker.
9. Change your phone plan
Changing your phone plan is a fantastic way to save money on a recurring bill. Ask yourself if you really need the new iPhone or Samsung phone each year. I guess that you probably don’t.
If you’d like to change your phone plan, look at the cheapest providers and research which network they use. More often than not, they use the same network as the big providers, just at a way lower cost.
The average phone bill in America is $113/month or $1356 a year 🤯
I recently reduced my phone plan from $88/month to $39/month, just by keeping my “old phone.” That’s a saving of $49/month or $588 a year that I can put straight into my savings.
10. Avoid sales
Avoiding sales is an easy way to save money by simply not spending money.
More often than not, we think about all the money we’ve just saved by spending $50 instead of $80, but we’ve still paid $50.
Avoiding sales is also an excellent way to reduce impulse purchases.
So there we have ten different ways of how to save $1000 a month.
Small expenses on your commute to work also add up; that daily $3 coffee could be another $60 added to your savings each month, so spend wisely.
Which was your favorite money-saving tip?