12 Month Savings Challenge – Things to do Each Month to Save Money
If you’re just getting by from one paycheck to the next, you may find it hard to start a savings account or set money aside for emergencies. Here are some ways to cut back on your spending just a little each month so you can put the money you save aside and finally build your savings account.
January – Don’t buy anything new this month. You just got some great holiday gifts, and probably bought more than you intended. Give your credit and debit cards a much need holiday. If you really need something, buy it used or try to wait until next month. You can do it! Add the extra money to your savings account.
February – Stick to your New Year’s resolutions and eliminate junk food from your diet this month. Put the money you save into your savings account.
March – Pack your lunch every day. This is a great way to use the leftovers from last night’s dinner and avoid spending money you would have spent eating out. If you are already in the habit of packing your lunch, look for ways that you can pack a less expensive lunch. And the savings? You guessed it, right into your account.
April – Avoid alcohol and soda all month. Bathing suit season is right around the corner! Drink lots of water or brew some iced tea instead. Flavor your water with fresh fruit for added flavor and nutrients. Add any money that you would normally spend on alcohol and soda to your savings.
May – Summer isn’t in full swing yet so try to keep your air conditioning off for as long as possible. Open your windows and turn on your ceiling fans to create a cross breeze. Instead of paying the power company, pay your savings account.
June – Put a hold on all of your monthly subscriptions this month. If you subscribe to Netflix, Hulu, or subscription boxes, put them on hold. If you miss them, you can always add them back next month. Add the money you would have spent to your savings account.
July – Don’t go to any paid events or activities this month; this includes concerts, sporting events, or any other kind of entertainment you normally pay for. Enjoy a free exhibit at a local museum, go on a picnic. Look for free events in your local area. Put the money you would have spent into your savings.
August – Look for ways to earn extra money. Summer is wrapping up and school is about to start. Have a yard sale to get rid of anything you don’t use anymore, do odd jobs around the neighborhood, or ask for a raise at work. Put any extra money you make into your savings.
September – Skip the online shopping this month. You can do it. Don’t buy anything online all month. Just keep track of what you would have purchased if you could have and put that money into your savings account.
October – If your hobbies are getting expensive, cut back this month. Either look for ways that you can still do your hobby without spending any money, or find a new hobby to take up for the month. Anything you would have spent should go right into your savings account.
November – It may be getting cold outside, but winter hasn’t fully arrived so try to keep the heat off all month, or at least as long as possible. Layer your clothes or wrap yourself in an electric blanket. Sorry electric company, you’re keeping the savings for yourself and putting it into your account.
December – Cut back on holiday shopping. I know, I know, you have so many people to buy for! But instead of going overboard, try making an agreement with your family to only buy one gift for each person. Better yet, agree to make all your gifts for each other this year. Instead of going into debt, build your savings account.