How to Save Money Every Single Month With These Easy Hacks

Key Takeaways

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Mooch

Free budgeting app that budgets for you
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Fixed-rate loan

A loan where the interest rate doesn't fluctuate during the fixed rate period of the loan. This allows the borrower to accurately predict their future payments.
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401k

A retirement savings plan offered by many American employers that has tax advantages for the saver. It is named after a section of the U.S. Internal Revenue Code (IRC)

Introduction

Saving money is not hard, but it does take some planning and effort. Here are six easy ways to save money every month without feeling like you're missing out:

1. Find the best savings account for you

Now that you know how much money you want to save, it's time to find the best savings account for you!

  • Compare different banks. Look at interest rates and fees (including minimum balance requirements) of various banks. Do some research online or ask friends and family what bank has been working well for them. Try checking out reviews on Google, Yelp and other websites that review businesses like Amazon or TripAdvisor since many people tend to share their experiences with these types of businesses online when they have a good experience or bad one. You can also check out reviews on sites like Reddit where users discuss all sorts of topics including banking services as well as other financial topics such as investments or credit cards
  • The Mooch app also offers savings envelopes that earn you cash bonuses when your envelope it full. This is great solution if you don't want to open a new bank account and would like the money automatically set aside each month so you don't have to worry about transferring it in and out of different bank accounts.

2. Consider moving your student loans to a lender that offers a fixed rate

When you take out a student loan, it's important to consider whether or not you should get a fixed rate loan. If you do, then your monthly payments will remain the same for the life of your loan and you won't have to worry about interest rates increasing over time.

A fixed rate is also beneficial because it gives borrowers peace of mind--they know exactly what their payments will be each month, so there's no need for stress when it comes time to make those payments each month (or even worse: worry about missing one).

If possible, try getting all student loans with fixed rates if possible!

3. Put more money toward your retirement fund

How much should you put away each month?

It depends on how much you make and how much money is already in your 401k, but experts recommend saving 10% of your gross income for retirement. If that seems like too much at first, start by saving 3% of your income and then increase that amount over time as the habit becomes easier to maintain. We recommend using the Mooch app to help set that savings money aside automatically each month so you're not tempted to spend it on other things!

4. Pay off your credit card debt as fast as possible

Now that you have a few extra dollars in your pocket, it's time to put them towards paying off the debt that's been hanging over your head. I know it might seem impossible at first and even scary, but trust me: once you start making progress on paying off those credit cards and loans, it'll be so much easier than continuing to make minimum payments each month--and paying off your debt will give you a huge sense of relief.

If we've learned anything from this article so far, it's that saving money doesn't have to be complicated or take up too much time in order for it to be effective! So let's get started on how exactly we're going about our plan:

5. Skip the coffee shop and brew your own at home with an affordable espresso maker and coffee pods instead of buying ground beans and coffee pods every week or two (this is where I'm at right now, after all)

If you love coffee, but are looking for a way to save money on it, consider brewing your own at home with an affordable espresso maker and coffee pods instead of buying ground beans and coffee pods every week or two.

You can make your own coffee at home. And it's cheaper than buying from Starbucks!

6. Cut back on expensive dates or happy hours by planning low-cost activities together instead, such as going to the park, taking a walk in a nearby nature preserve or enjoying a picnic in the park while listening to music that requires no tickets or reservations and doesn't cost anything at all (like Spotify Premium!)

If you're looking to save money on dates or happy hours with your partner, try planning low-cost activities together instead. These can include going to the park or enjoying a picnic in the park while listening to music that requires no tickets or reservations and doesn't cost anything at all (like Spotify Premium!). You can also find free events in your area by searching "free events" on Google.

Another great way for couples who want something more than just cheap food is by renting movies from Redbox or Netflix and spending some quality time watching them together at home! If you both enjoy cooking, why not make something simple like grilled cheese sandwiches? These are easy enough for kids too so everyone will be happy!

Saving money is not hard, but it does take some planning and effort

You have to be willing to make changes, sacrifice some things, and spend a little more time on it. But in the end, you'll be glad you did!

Conclusion

We hope these tips helped you save money in 2023, and we're excited to see what 2023 has in store for us all. In the meantime, don't forget to check out our other articles on how to save money at home, work or school!

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