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How Do I Save Up To 500 Dollars Or More In A Month

Updated on January 20, 2012

Saving Money Is Easy

Do you wish you could save a little more money each month? If so, you should be looking to make the simple cuts that could save you some big money. Things like your cable bill, eating habits and cell phone usage are some things you can cut right away. Where else can you trim? Read some more to find out.

Easy Cuts

The first thing you need to do is look at your budget and find out where you can cut from it. There are a million little things that you pay for that you do not need, or may not even use. Among these things are:

Gym Membership

Instead of going to the gym, and paying 50 dollars for a service you might not use, why not just get some dumbbells? Save yourself 50 bucks a month and buy something you might actually use to accomplish the same purpose.

Eating Habits

Don't go out more than once a week, if that. Instead, learn to cook your own food and save money that way. Why pay 5 dollars for a drink when you can buy it cheaper at the store, or 10 dollars for some chicken when you can buy a whole weeks worth of food for 10 dollars at the grocery store.

Cell Phone

Do you actually use your data plan? If not, downgrade to a smaller data plan, or just use a regular phone. If you don't text, or you have an app for texts, you can get rid of your texting plan. That can save you at least 20 dollars a month.

If you want some more great ideas to cut some fat out of your budget, you can find great ideas and suggestions here.

Long Term Cuts

Not all cuts are easy, and not all cuts are going to pay off right away. However, that doesn't mean a long term savings has to be hard on you. Here are some costs you can cut for the long run, but you don't have to work hard for. Some options include:

Credit Card Balance Transfer

Save a lot of money on your credit cards by going to a lower interest credit card. Your monthly payment could be cut by 10 percent or more each month.

Refinance A Loan

Take out a second mortgage, or redo your auto loan. This can save you money on interest costs, or you can stretch out the payments on your loan and make your payment lower.

Make A Savings Plan

Deposit a few dollars a week into your savings account, or into an investment plan. This will grow your income long term and allow you to save money as well. Saving 125 dollars a week will save you 500 bucks a month that can go into your bank account right away.


No Two Savings Plans Are Alike

As the above shows, there are different was to save money each month. Whether you decide to cut out spending from your budget, or save more of the money you bring in, there are great ways to save money without having to go to great lengths to do so.

Different people will have different savings needs and financial resources available to them. It might not be possible to save money each week, nor might it be possible to cut back on bills. However you decide to save money, you should be focused on just going ahead and doing so.

The best course of action is to take actions that can be sustained over the long term, even if the savings is realized up front. If you can save 500 dollars a month for 12 months, it will help your savings level and add up to 6000 dollars saved in a single year.

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    • azarmyguy1981 profile image

      azarmyguy1981 6 years ago from Phoenix, Arizona

      Loved your ideas! I know from previous employment in the banking sector you have to be careful with credit card balance transfers; some of them have time limits and then the interest rate on the balance transfer jumps really high!

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