Meta Description:Let’sgive youan effectivebudgetplanandsome trickssoyoucan save $1000 a
month.Once youfollowthem,youwon’tbe broke anymore.
How to Save $1000 Every Month
Spending money on several things recklessly can lead you to an unwanted situation at one
point. When you’ll actually need money for essentials, you won’t have it. That’s why saving is a
If you’re determined, you can save $1000 a month regardless of your earnings. For this, you
have to start with a proper budget plan, saving tricks, and then some changes in your habit.
Need a plan? What are we here for?
Make a Budget According to Your Earnings
You must create a budget plan. Note down the details. It should include the gross monthly
income and expenses for living, necessities, and wants.
Now categorize the expenses. You can use the rule of 50/30/20 budget that lets you allocate
50-percent of your income towards living expenditure, 30-percent towards wants, and 20-
percent towards savings. Or, you can customize the formula. Here’s the one that you can try!
25-percent housing, 25-percent saving, 7-percent debt, 5-percent food, 7-percent
entertainment, 3-percent transportation, 10-percent insurance, 10-percent personal, and 5-
Let’s say, you bring home $4000 a month. Then, this is how your budget should look like:
However, this is just an example.
Change your habits
Figure out the habits that you can change to save a great amount of money altogether. Cut the
expenses by 50-percent. If you’re addicted to eating in costlier restaurants, then limit the
frequency. It’ll help you save about $200 a month.
Moreover, instead of relying on take-out dinners and lunches, try to make time for cooking. Not
only, it’ll save another $150 approximately, but your health too. Many grocery stores give
discounts to regular customers. So, you may get to save some more money once you shop
Try to reduce your expenses on high-end products and costly services. Instead, you can get the
same benefits if you look for similar equivalents at affordable prices. It’ll help you save $200.
If you enjoy a regular night out with your friends, then limit that as well to save another $100.
Avoid impulse buying
Stay away from buying anything on a whim. To control the urge for shopping that can hinder
your savings, ask yourself the following questions.
● Is it really important to get it at this moment?
● Is it worth the money?
Moreover, always wait for 2 to 3 weeks before you step out to buy the thing. This can make
your urge subside within this time. And consequently, you can save at least $400 from here.
Plus, you should not be tempted by sales. It may seem to be an exciting opportunity to save
money. However, it can lead you to buy unnecessary things spontaneously. So, try to avoid such
In this digital era, you can shop all the things without going outside. Don’t shop randomly.
Check various websites. Look for the same thing at a cheaper price or look for discounts and
order accordingly. Moreover, you should look for free shipping services too.
It’ll be great if you use cashback websites and apps. They’ll tell you where you can get the
biggest cashback bonus. Not just that, they can offer you 3 to 20% cashback on anything you
buy. This way, you can save some bucks from the budget.
Moreover, you can save money from your payment card too. If your credit card issuer has deal
pages and shopping porters that offer rewards and discounts, then do use them. Just
remember, avoid going beyond the limits.
You must check your bank account as much as you can. Look at the statements closely and see
the services you’re still using and the subscription fees you’re paying. The subscriptions can be
for a gym membership, Pandora, Amazon Prime, online gaming, music streaming, and Netflix
Let’s guess that you spend around $250 a month on them, cut the expenditure by 40-percent
and save $100.
Ask yourself if you really need them or if they are worth the money. If not, then, cancel the
subscriptions and add the money to your savings.
Sell unnecessary items
Sell the furniture that is lying idle in a corner of your house. Not just that, sell the designer
clothes that you don’t wear anymore.
You can arrange a garage sale or post them online to sell them. The money earned from these
sales will go straight to your piggy-bank.
Negotiate cable, banking, and internet costs
Different companies charge different amounts for their services. These include internet, cable,
or banking services. In such a situation, you should look for the ones where you can access at an
affordable price. Negotiate your bills and explore a little. After that, compare the prices with
other available companies. Lastly, go for the reasonable one.
This way, you don’t have to pay excess bills for them. However, we suggest you change the
provider if you find a better one.
Open a savings account
If you’ve started saving money, then don’t keep them at your house. Instead, open a savings
account at a bank and put all the money there.
Keeping it within your sight will make you feel the urge to spend them. So, it’s better to keep
them out of your reach.
Moreover, a savings account can provide you with a certain amount of interest. We suggest you
add it to your existing money too.
Find an extra source of income
You can take a freelancing or part-time job at night that will help you earn some extra money. If
you have any interesting hobbies or creative skills, then make money out of them and add to
the savings. You can start a small online business too for the same purpose. Investing in shares
can be a great passive income source.
Saving $1000 a month isn’t very difficult if you’re resolute in your goals. You only need a proper
plan so you can start from the 1st day of the month.
However, we’ve only shared the tricks to give you a brief idea. You can follow the outline and
customize depending on your earnings and expenses.
Believe in yourself and stay positive. That will help you achieve your goals too.
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