How to Save an Extra $1,000 per Month
Most personal finance advice on the internet is garbage. You might as well throw it in the trash where it belongs.
The reason? A lot of it isn’t practical or useful. And more often than not, it’s not applicable to the vast majority of Americans who are living paycheck to paycheck. For them, making a 5% return on the stock market isn’t a priority. They just want to put food on the table and support their family.
I want to share several financial strategies that enabled me to save a lot more money each month. Hopefully, they will do the same for you, too.
1. Do an audit of your grocery bill
Chances are, you don’t eat absolutely everything you purchase from the grocery store. After all, a study published in the American Journal of Agricultural Economics found that the average American household wasted 31.9% of its food. That’s a lot.
Take a moment to think about how much food you end up throwing away each week. Identify the specific items that rarely get eaten. Then, avoid buying them in the future. Doing so will (probably) enable you to save a lot more money on your grocery bill, as you’ll only purchase what you’ll eat.
2. Check to see if you’re paying for any subscriptions that you don’t use anymore
There have been countless occasions where I’ve forgotten to cancel a free trial. Then, it often takes a few months to realize that I’ve been paying for a subscription that I don’t even use.
Check the most recent 90 days of your bank statement. If there are unexpected charges, make a few phone calls and cancel any future payments. If not, great. At least you’ll have peace of mind knowing that you’re not paying for products or services that you don’t use anymore.
3. Buy your clothes at cheaper stores
I buy pretty much all of my clothes from H&M. My t-shirts cost approximately $7, and they’ve lasted me over a year. Similarly, my sneakers cost $30, and I’ve had them for a long time, as well.