9 Amazing Ways to Save $300 Every Month
- UpdatedSep 21, 2024
- Save $300 a month with a few changes.
- Socialize at home more, and exercise outside instead of at the gym.
- Buy cheaper brands and shop expensive necessities like insurance.
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What could you do with an extra $300 a month? You know the saying “every penny counts,” yet how do you make those pennies add up to dollars? A few small changes can help you save money every day and keep more in your pocket.
Imagine how $300 could be put toward a car payment, pay down a medical bill, or help get your kid their dream toy for a birthday present.
These 9 budget tips can help you save money fast to provide some financial “breathing room” or to use toward a special savings goal.
Host a Game Night
Instead of meeting friends out for dinner, have them come over for dessert and board games. To cut costs, ask them to contribute a bottle of wine or a six-pack toward the festivities.
Cancel Your Gym Membership
If you’re a gym regular, keep it up and enjoy yourself! But if you don’t go to the gym at least 3 times a week, you may be wasting some money. Check out a local recreation center where there is a fitness room. These gyms can cost as little as $24 a month and might be half that price if you’re 50 or older.
Empty Your Storage Unit
The average monthly fee for a 10’x10’ storage unit is $100. Evaluate what you need versus the “maybe we’ll use that … someday” items—and as you hold each item ask yourself if it’s worth $1,200 per year?
Have Coffee In vs. Coffee Out
Learn to make lattes at home and you can save almost $10 each week.
Search for Coupons
As internet shopping becomes commonplace, always take a moment to search for an online coupon before Checkout. Often you can save on shipping or receive 10% off all for a few clicks.
Switch Cell Phone Plans
Ask about different plans to see which best fit your needs and might cost less. Or consider switching to a less pricey providers or get a prepaid plan.
Buy Generic
At the supermarket, store-brand groceries can cost 10% less than name-brand products. So if you spend $100 a week on name-brand groceries, buying store brands instead is an easy way to save $10 or more.
Call Your Insurance Company
See if there are discounts available for having multiple policies with the same provider. And if you have enough savings on-hand to cover expenses for filing a claim, then consider raising the deductibles on your policies as this will lower the annual premiums.
Lower Your Energy Usage
There are multiple ways to save on energy costs by managing air drafts, adjusting hot water heaters, and monitoring the washing/drying of clothes.
Air Drafts: Check for spots where outside air can enter your home—the most common locations are doors and windows, followed by locks, electric outlets, air conditioners, and recessed light fixtures. Install weather stripping and door sweeps, plus cover outside vents, including air conditioning units.
Water Heater: Adjust the water heater temperature to 120 degrees or, if you have only a knob, turn it down a level. You can save up to 10 percent on energy costs, yet still have all the hot water you need.
Washing/Drying of Clothes: Using the cold cycle in the washer can save up to 90 percent of the energy costs. While a clothes dryer is one of the highest energy vampires, use a clothesline (inside or outside) to hang dry as many items as possible.
Looking for more ways to save money? Check out these money-saving tips.
A look into the world of debt relief seekers
We looked at a sample of data from Freedom Debt Relief of people seeking debt relief during August 2024. This data highlights the wide range of individuals turning to debt relief.
Age distribution of debt relief seekers
Debt affects people of all ages, but some age groups are more likely to seek help than others. In August 2024, the average age of people seeking debt relief was 50. The data showed that 17% were over 65, and 15% were between 26-35. Financial hardships can affect anyone, no matter their age, and you can never be too young or too old to seek help.
Home-secured debt – average debt by selected states
According to the 2023 Federal Reserve Survey of Consumer Finances (SCF) (using 2022 data) the average home-secured debt for those with a balance was $212,498. The percentage of families with mortgage debt was 42%.
In August 2024, 27% of the debt relief seekers had a mortgage. The average mortgage debt was $236,240, and the average monthly payment was $1,890.
Here is a quick look at the top five states by average mortgage balance.
State | % with a mortgage balance | Average mortgage balance | Average monthly payment | |
---|---|---|---|---|
California | 21 | $391,801 | $2,725 | |
Washington DC | 18 | $336,914 | $2,290 | |
Utah | 35 | $324,405 | $2,184 | |
Nevada | 26 | $307,368 | $2,063 | |
Massachusetts | 29 | $303,507 | $2,366 |
The statistics are based on all debt relief seekers with a mortgage loan balance over $0.
Housing is an important part of a household's expenses. Remember to consider all your debts when looking for a way to get debt relief.
Support for a Brighter Future
No matter your age, FICO score, or debt level, seeking debt relief can provide the support you need. Take control of your financial future by taking the first step today.
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