10 simple ways to save money each month


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One of the simple ways to save money each month is by tasking yourself to save, another way is to stay motivated by having future goals.

Quite all right, the thought of saving money will gladden your heart but when it comes to action, you may feel discouraged.


All because you may be having too many financial obligations and you are not earning much.

On the contrary, your conscience could remind you that you need to put away some portion of your monthly earnings. If not for anything then to solve emergencies and to finance future goals.

Do you find putting away some portion of your monthly earnings challenging? Here are some simple ways to save money each month. (you can read 10 Financial Tips for Young Adults) or follow the tips below.

1. Task yourself to save

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Saving or putting away some amount of your monthly earnings is important. Although most people usually find it difficult. This usually happens when the income earner records poor earnings at the end of the month.

If this is the case then you must mandate yourself to save no matter how small. In a case where some needs cannot be overlooked then you have to curtail the cost of those needs.

You can buy some portion of the item in the first month and shift the remaining to the next month.  In other to task yourself, you can draw a percentage chart on how to spend. 

For instance, 30% goes to groceries, 35% goes to bills 20% to your health and 15% to savings, summing it all you get a 100% of your earnings. If you keep maintaining this formula, you have achieved simple ways to save money each month.

2. Budget your monthly earnings

Every income earner always looks forward to receiving a pay cheque at the end of the month. So, what happens next when you receive your income?

Most people, like the monthly income earners, who already have plans to accomplish, may start spending right away. This may not be encouraging as you may not be able to save for that month.

Therefore, the best advice would be to pick a pen and list down every item that you want to spend on.  As you begin to do this, start from the most demanding of it all and then to the least in demand.

In the end, you may either be having a higher or lower budget. It depends on your income capacity. The simple solution is this: when your budget exceeds income, review your budget and make adjustments

Do not attempt to exhaust all your income on expenses because this can be risky. If your budget is lower than your income check the list again to see if you may need one more thing.

Before you make your list, make sure on monthly bases a certain percentage of your income is targeted toward expenditure

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3. Make your budget a one-time list 

Make it a habit to always budget your expenses before spending. When you do this, make it a one-time list; include the whole expenditures for the month in one list.

For instance, as you approach month-end think and crosscheck all your needs for that month. Then plan to make the expenses 0nce by mapping out the total amount you need for the expenses. 

The whole items in this budget should be able to cover every expense you intend to make for the whole month.

Avoid making budgets on different occasions in the same month.  It might cost you to run into debt without saving a cent.

4. Hide your debit card

Sometimes, the case with most people is not being able to save. It is being able to restrict oneself from going back to withdraw money from the same savings.

In most cases when you find it, difficult to resist the urge you become a victim of expenditure. Even in the process, you may not be aware of this until you run into a deficit.

As with the case of most people, when they remember they have savings, they kept lusting over what to spend on. If you find yourself constantly withdrawing your money, then you may not be able to save each month. 


For the best solution, keep your debit card far away from reach. So that when the urge to withdraw money grips you, you will be able to resist it.

 5. Have future goals

Sometimes, you may ask, “Why do I have to save when I am having too many obligations”? Remember responsibilities may keep reoccurring even after solving them.

Most times if you concentrate more on your responsibilities, you may not save a cent each month. In other to solve this issue, direct your mind towards planning for future goals.

Think of something you want to achieve in the future and then plan how to save towards achieving it. This thought can make you start saving some money from your earnings each month.

In the long run, you may decide to withdraw your goals while your money is still available.

6. Buy your groceries in bulk

One popular way of minimizing some expenses each month is to buy your food item and provisions in bulk.

You could be wasting your money buying them in bits or at retail prices, which can be more expensive.

Make it a habit that you will be purchasing your items at wholesale price. This is less expensive and an advantage of having more money to save each month.

7. Control your appetite

When it becomes impossible for you to resist your appetite from lusting over edibles, you will find it difficult to save each month. But when you make it a habit to control your appetite you will be able to save each month.

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8. Avoid unnecessary debts

Some low-income earners would sometimes take loans to solve some pressing needs. To pay back when the payment arrives.

In the process of doing this, they borrow more than their monthly income. This can happen resulting in mindlessness and non-calculative spending.

The best way is borrowing money when the problem is such that it cannot wait until the month’s end.

Again, when you borrow be calculative so that you can be able to pay back. When the income arrives, make your usual budget, include the loan, and assign some portion for savings.

9. Monitor your bills

This is very important, some domestic bills like house rent, lighting, and cable subscription needs monitoring.

If for instance, your house owner increases your rent bills and it does not align with your monthly income then you need to relocate.

Again, if your light bills keep increasing then you will need to cut down on cables and other high gadgets that increase bills. The need for this is to help you manage your budget and save some amount each month.

10. Plan for emergencies

Emergencies are unavoidable circumstance that needs immediate financial attention. If you do not have any savings and cannot borrow on the spot, you may become a victim of circumstance.

To avoid this situation, the best advice is to keep the occurrence of emergencies in mind. No matter how low the monthly income may seem to be there is every need to save money each month.


Before now, people who save money are mostly income earners. Today non-income earners like students do save in other to have something to rely on in times of emergencies. See also how to save money as a student and be free

The savings may be on daily, weekly, fortnightly, or every three months, depending on how the income arrives. The most important thing is having a record of savings each month.

Even if you find it difficult to put away something within a few days or weeks, then strive to make it at the end of each month by taking any of the strategies above.

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