Top Ways to Save An Extra $100 Each Month

In this economy, most of us could use an extra $100 every month. While it might seem impossible given all the demands on your salary, it can be done if you are willing to get organized and make saving, not spending, the focus of your attention for the next six months.

You will have to cut back on a few things and put in some time and effort, but just think what a difference an extra $100 in the bank could make. Here are a few handy hints on how to save $100 or more per month, to help move you closer to your family’s financial goals.

*Pack your own lunches
You could easily save an average of $25 per week just by brown-bagging it every day, or 4 days a week. Shop and plan your means strategically so that dinner the night before can become lunch for the whole family the next day. A roast chicken, for example, is great with potatoes and veggies at night. Add a bit of celery and mayo and you can stretch the roast bird into chicken salad sandwiches for the whole family, plus a pot of soup, meat for pot pie fillings, turnovers and more.

*Plant a garden.
The harvest from your own kitchen can save you money on fruits, vegetables, herbs, and spices. Enjoy the best food you’ve ever eaten at the smallest price from your own garden. It will require patience and planning, but a garden can also be good exercise as well as offer good eating. Choose plants with the best yield and one that is continuous, compared with only one crop per year, and you will have a wealth of vegetables ready to eat in no time. Best of all, you will know there is no salmonella or pesticides, keeping your family safe while saving money at the same time.

Shop the warehouse clubs for the best bargains and split the bill with family or neighbors.
Warehouse clubs like Costco do charge to join, but the savings can be great on a wide variety of items, from food and meat to vitamins and even contact lens solution. The main trouble we see, however, is that the sizes on some of the items can be very large, and many of the products also come in multipacks.

Therefore, consider clubbing together with family members who live nearby or with neighbors who have similar tastes to share the membership fee each year and split the multipacks. They tally everyone’s share to divide up fairly the cost of the bill. Keep track of your savings on the items you use every day and you will more than likely find yourself saving more than $100 a month on household essentials.

*Save on entertainment expenses
We are not suggesting that you give up entertainment totally, just to be more vigilant about what you are spending money on each week. Rent a movie instead of going to the theater or buying a DVD. Going Netflix and rent unlimited DVDs each month. This can include exercise DVDs as well, which will help you save money on gym membership fees (which would save you about $100 a month right there if you are not using your membership regularly). Invite your friends over and have them each bring a snack or drinks to share. Watch a movie or try some other activities. Play cards or boardgames with each other. Go to the park. Go to the beach. Read a book. Ride your bike. Have a picnic. Play softball or touch football or shoot some hoops. You don’t have to spend a lot of money to have a good time.

If you like going out to bars with friends, try to cut back a little by taking turns hosting at home. You can get one reasonable bottle of wine for what a single glass costs in some bars and restaurants. You can also get good bargains on beer in warehouse clubs and at the supermarket.

*Cut coupons like crazy.
Use the Sunday papers and the coupon services online. Also sign up at the websites of companies and products that you use on a regular basis. All of the coupons and special offers you will get can really make a difference to your shopping costs on everything from food and paper goods to toiletries. Shop during the sales with a coupon and see how much you can save. Never go to the store when you are hungry and you should be able to save at least $25 a week on groceries, $100 per month.

Remember that $100 a month is $1,200 a year. If you implement all of these strategies, you will be able to save even more. Put the money into your emergency fund, or start saving for your most important financial goals, such as college for the kids. It will give you a new sense of financial freedom and make you eager to start saving even more.

For more information on how to save money on the types of things you buy every day, see:

Emergency Fund 101.

For more information on how to save for college, see:

The Essential Guide to College Saving Plans

Share