6 Ways to Save an Extra $100 Each and Every Month

Saving $10 or $20 per month is a relatively easy goal to accomplish – you just have to be willing to make a couple of sacrifices.

However, if you happen to set your goals higher, you’re going to have to put your thinking cap on and get creative.

Saving $100 a month is no easy task, but if your financial situation could use a significant jumpstart, it can help get you back on track in a hurry. Here are six ways to save an extra $100 every month.

1. Reduce Your Housing Costs

If you rent, see if you can find a less expensive property through websites like Apartments and ForRent. Erika was able to reduce her housing costs by $400 a month just by downsizing.

If you get a notice in the mail of an upcoming rate hike, call the property manager and see if you can get it waived by either signing a longer-term lease or helping out with administrative, maintenance, or landscaping duties.

If you’re a homeowner, consider refinancing your mortgage. Look for professionals at the Trulia website or ask friends or family members for recommendations.

2. Ramp Up Your Grocery Coupon Efforts

If you pull out all the stops, there’s no reason you can’t save $100 per month on your groceries.

Clipping coupons in the Sunday paper is a good place to start – buy a couple of copies to multiply your savings. Check food manufacturers’ websites for print-at-home coupons for certain products and use smartphone apps like Favado, as well. You may also be able to sign up for the rewards program at your preferred grocer to earn points, get discounts, and receive more coupons in the postal mail. If your grocer has a mobile app, download that as well.

Read 7 Tips for Saving Money on Groceries.

3. Eat Lunch at Work

How much do you spend on lunch during the work week? Let’s say it’s $8 per day. That means you’re spending $160 per month on lunch alone.

Eliminate this expense by packing some homemade sandwiches or last night’s leftovers and you can save yourself at least $100 each month, assuming you shopped efficiently for your ingredients.

4. Get in Shape at Home

If you improve your physical health, your medical bills are sure to go down. Just don’t make the mistake of paying money to it.

Avoid that gym membership and create a customized home workout program instead. You can reduce your doctor bills, avoid paying a monthly membership fee, and spend less on gas driving back and forth, not to mention the cost of those stylish workout clothes.

Read How to Stay Healthy on a Budget

5. Prepare Your Own Meals

Eating out is fun, but it’s also expensive. If you dread the thought of cooking each and every night, to begin with, ask for help from your partner or kids – it can be a fun bonding experience. Next, cook in bulk and freeze the leftovers. That way, one night of effort results in several meals that you just have to pull out of the freezer and microwave.

6. Scale Back Entertainment

Entertainment like movies, nightclubs, and sporting events can drain your checking account pretty quickly. Try getting your sports fix on TV, where the view is better and cheaper. Instead of going out, invite friends and family over for some stay-at-home fun. Hit your local Target or Walmart and pick up some classic board games like Trivial Pursuit, Pictionary, or Clue, or try out a new one like Forbidden Desert. Throw together some cheap appetizers and drinks and enjoy a night at home for very little money. Eliminate two trips out on the town each month and I bet you reach that $100 threshold.

When the savings start rolling in, be sure you get yourself on a personal budget. Use Microsoft Excel or the Mint website to create it and detail all your expenses down to the penny. If you can find other ways to trim a dollar here and a dollar there, go for it. Saving $100 per month is a great goal, but if you can identify other ways to save more modest amounts, your financial picture can be that much healthier.

What ways can you think of to save $100 per month?