Saving money doesn’t have to mean making huge sacrifices or overhauling your entire lifestyle. With a few strategic changes, it’s entirely possible to set aside an extra $100 each month — and still enjoy your daily routines.
“The good news is that stashing an extra $100 a month, a mere $25 a week, can give you the firepower you need to get there without the kind of radical shift in lifestyle that many people feel is impossible,” said Kevin Huffman, finance specialist/advisor, owner and senior contributor at Kriminil Trading.
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Whether you’re working toward a bigger financial goal or simply want more breathing room in your budget, these practical tips can help you reach that $100 per month target before the end of the year.
Also see Warren Buffett’s seven rules for saving money on everyday expenses without sacrificing comfort.
Examine Your Monthly Bills
Jeffrey Zhou, CEO and founder of Fig Loans, who specializes in alternative financing and financial wellness, recommended examining each of your monthly bills and trying to cut back by $10 to $20 on each until you reach the $100 threshold.
“I suggest starting with nonessential expenses. For entertainment, consider cord-cutting, or if you have a streaming service, downgrade to a cheaper plan,” he said.
Huffman agreed. “Begin with an audit of subscriptions and recurring charges,” he explained.
Those long-forgotten gym memberships and streaming services add up quickly. Then he advised setting up a recurring small transfer into a high-yield savings account on a weekly or monthly basis.
“This is paying your future self first,” he said.
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Think About Your Monthly Food Costs
Zhou said it’s wise to look at expenses like groceries. For example, a simple move like switching from name-brand to store-brand options can save $10 to $20 per week for a family of four.
Another option he recommended is to reduce the number of times you eat out per month by just one. “If you eat out every week, then you’ll just dine out three weeks out of four,” he said.
Zhou emphasized that the sum total of the savings should be at least $100 or more in most instances.
“These methods work well because you’re just slightly cutting back on each area, rather than forgoing more heavily in a single area or two,” he explained.
In other words, multiple small sacrifices are mentally, logistically and psychologically more manageable than one big one.
Be Strategic With That Extra Monthly $100
That $100 may not sound like much today, but Huffman said to invest it wisely. That way, you can take advantage of compounding.
Even CNBC noted that while it can feel pointless investing a small amount of money, even tiny moves can lead to growth.
Remember, financial growth isn’t about perfection. It’s about persistence. These are small wins that add to big flexibility, whether you are playing catch-up or getting ahead.
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This article originally appeared on GOBankingRates.com: 2 Tips To Save $100 Each Month Before the End of the Year
