Are you independently wealthy, or could you use five ways to save $500 this month? You may be looking for ways to free up some cash to pay for college, afford your children’s clothes, pay for holiday gifts or just be able to sock away more money for retirement. Recently, we revisited some of our original frugal roots to come up with these five ways to put up to $500 back in your pocket this month.
These tips are a good reminder if you’ve fallen off the frugal wagon or never hitched a ride. You may have heard much of this advice before. But have you actually put it into practice? Maybe the numbers we show you below will change your mind and finally convince you to follow this money-saving advice.
Cut coffee spending
The average American drinks 1,132 cups annually — or about 3.1 cups of coffee per day — and spends $1,562 a year on brewed coffee or $2,773 on espresso drinks at stores, restaurants and coffee shops. The biggest spenders: those aged 25-34, who spend just over $2,000 a year on coffee at coffee shops.
The cost to brew the same number of cups of coffee at home is just $294 (26 cents per cup) or $566 (50 cents per cup with a K cup). By making your coffee at home, you can save between $1,000 and $2,500 per year, or between $83 and $208 per month.
Monthly Savings Brewing Coffee at Home: between $83 and $208.
Switch to a refillable water bottle and skip soda
Water that comes out of the tap is free. But Americans spend between $10 and $15 per month on bottled water, according to a Consumer Reports survey. If you got a refillable, reusable water bottle and filled it from the tap, you would save not only money but trash from cluttering up landfills.
If you buy soda to drink, a 12-pack costs around $6. Break the soda habit and that’s another $6 to add to your savings.
Monthly Savings Using Refillable Water Bottle and Skipping Soda: $21.
Pack your lunch
Americans spend $228 per month on food consumed away from home. I’m sure those living in big cities spend way more. Even if only half of that is spent on lunches, that’s more than $100 per month. If you started to pack your lunch, you would incur some grocery costs in buying what you need to make lunch, but by bringing your lunch, you would save more than $1,000 a year. Also, with the kids going back to school, you have the potential to save even more by packing their lunches, too.
Monthly Savings from Packing Lunch: $100.
Switch your cellphone provider
Because cellphone plans run from very inexpensive to hundreds of dollars per month, doing your research with our article on the best cellphone plans can save you big money. For example, Republic Wireless offers plans for $15 per month plus $5 per gigabyte used.
Monthly Savings for Changing Your Cellphone Plan: $40 to $50 or more.
Get rid of cable TV
We know of a young family that spends $300 per month on cable television. Our ultimate guide to saving money by cutting cable tells you everything you need to know about how to save money on cable with streaming TV services, even if you or someone in your house is a sports fan.
Monthly Savings From Cutting Cable: $100 or more.
When you’re living frugally or on the cheap, it’s always a good idea to review your finances on a regular basis so you can find new ways to save. We hope these five tips helped you find some big savings in your monthly budget.
What are your top tips for putting more money in your pocket this month?
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