Looking to increase your savings? RelayRides blogger and personal finance expert, Eric Rosenberg, shares some simple tips to save $500 each month.
When you sit down to look at your budget, it is easy to get glassy eyed staring at the numbers. It is tough to think of ways to change your personal finances to save an extra $20, $50, or $100 per month. However, if you look at both earning more and spending less, you can easily add an extra $500 to your savings each month. Here are some big wins to help you get started.
The best way to get rich isn’t to spend less (though that helps) it is to earn more. You can only cut your spending so much before there isn’t any more to cut, but you can earn an unlimited amount of money.
Getting a raise isn’t always easy, but there are easy ways to make more money on the side. One that any car owner can take advantage of is RelayRides. The average RelayRides member earns $250 per month renting out their car.
Sign up today and if you’re like the average RelayRides member, making $250 per month, you will already be half way to your $500 goal!
Pack Your Lunch
I have been guilty of buying my lunch out… a lot. It is easy and convenient to run out the front door each morning on the way to work, pick up a coffee (more on that in a minute), and go out with co-workers to lunch in the afternoon.
That lunch trip gets expensive fast when you go 5 days a week. If you spend $8 on lunch and go out 20 days a month, that is $160 saved if you bring your lunch instead.
Skip Expensive Coffee
So, a minute ago, we discussed that coffee habit you have. Whether it is on the way to work or taking a walk across the street once you get there, $2 per day ads up to $60 each month. That is over $700 per year! Is the coffee worth it?
Instead, pick up a cup of the stuff in your company break room. It might not be as good, but its free, and the taste of free is awesome.
Cut the Cable
I admit this one can be a struggle, but it is completely possible. In fact, I did it myself in 2011, and it was one of the best decisions I’ve ever made.
I used to come home from work and zone out in front of the TV each evening. Like the average American, I spent way too much time on the couch and not enough time outside with real live people. I cut the cord and immediately my social life got so much better. I was on my bike more and out catching up with friends instead of watching Friends on TV.
And, the best part, I saved $70 per month. Every month. In the time since I cut my cable, I’ve saved over $2,500 on TV. I kept the internet and Netflix I already had and have hardly ever missed the hundreds of channels I never watched.
Get In the Habit
With just those few changes, you can save $540 every month. Think about all you could do with that money. Or, even better, invest it and save for your retirement.
Even if you already bring your lunch to work and don’t drink coffee, you can still pad your bank account with RealyRides.