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40 Ways to Save $100 Every Month

Jun 17, 2024

Are you looking for ways to save $100 every month? Saving money is an essential habit that can help you build a more secure financial future, but it can be challenging to know where to start.

Fortunately, there are many simple strategies you can implement to cut expenses, boost your savings, and reach your financial goals.

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In this article, we’ll explore practical tips and tricks to help you save $100 or more each month, from reducing discretionary spending and automating your savings to finding ways to increase your income.

Whether you’re saving for an emergency fund, a down payment, or a long-term goal, these methods will put you on the path to financial success. Let’s dive in and discover how you can start saving $100 every month today!

Table of Contents

Personal Finance Essentials

1. Pay Off High-Interest Debt

Credit card debt, with its high interest rates, can quickly become a significant burden on your finances.

Prioritize paying off your highest-interest debts first, as this will save you the most money in the long run.

Consider using the debt avalanche or debt snowball method to stay motivated and make progress.

2. Open a High-Yield Savings Account to earn interest and avoid bank fees

If you’re looking for a safe place to store your emergency fund or short-term savings, consider opening a high-yield bank account.

Wood cut out in the shape of a pig with High Yield Savings Account written on it - sitting on top of $100 dollar bills - 40 Ways to Save $100 Every Month

These accounts typically offer higher interest rates than traditional savings accounts, allowing your money to grow faster and remain accessible for emergencies.

Keeping your emergency fund or other savings in an online high-yield account earning over 3% interest can net an extra $100+ annually on a $5,000 balance.

3. Invest in Yourself by boosting retirement savings and long-term growth

$100 bill ripped - Retirement Funds - 40 Ways to Save $100 Every Month

Contributing to a retirement account can help you build a nest egg for the future. 

Even small contributions, such as $100 per month, can add up over time.

Taking advantage of employer matching contributions can help you build your retirement savings faster

4. Automate your savings

Set up automatic transfers from your checking account to a savings account each month.

Having emergency savings as a safety net for unexpected expenses is crucial for financial security. By automating your savings, you’ll be less likely to spend the money elsewhere.

Man in an office sipping coffee in front of a computer showing a payday payment breakdown - 40 Ways to Save $100 Every Month

Start with a small amount, such as $50 or $100 per month, and gradually increase it as you adjust to your new budget. Over time, your savings will grow without requiring much effort on your part.

5. Avoid late fees and overdraft charges: 

Stay on top of your bills and due dates to avoid late fees and overdraft charges from your bank. These fees can quickly add up and eat into your savings.

6. Create a Budget and Track Your Spending

The first step to saving money is understanding where your money is going.

Wooden cut out of a little homes near a bag with budget written on it - 40 Ways to Save $100 Every Month

Create a detailed budget that includes all of your income and expenses. Track your spending for a month to identify areas where you can cut back.

You may be surprised to find that small expenses, such as daily coffee runs or subscriptions you no longer use, can add up quickly. Making coffee at home instead of buying it from a café can lead to significant cost savings, potentially saving you hundreds of dollars annually.

By creating a budget and tracking your spending, you can easily find ways to save $100 or more each month.

7. Set up auto-pay on bills and save a little from every paycheck

Set up automatic payments to avoid late fees and ensure timely payments.

Check your account balance regularly to avoid overdraft fees. 

Consider setting up auto-pay with an account that won’t charge an overdraft fee. 

Make savings a habit by setting up an automatic savings transfer.

8. Take Advantage of Employee Benefits and Perks

Magnifying Glass enhancing 401(k) plan on a paper that is near a calculator, a pen and money - 40 Ways to Save $100 Every Month

Many employers offer benefits and perks that can help you save money. Take advantage of employer-sponsored retirement plans, such as 401(k)s, and make sure you’re contributing enough to receive any employer match. 

Other benefits may include health savings accounts, flexible spending accounts, or discounts on gym memberships or public transportation passes.

9. Use the Rule of 173 to maximize your savings and earn cash-back rewards

The Rule of 173 shows that saving $100 per month can result in a savings pile of $17,300 after 10 years.

This assumes you are investing the savings and letting them grow with compound interest. Small monthly savings can add up over time and have a significant impact on your financial future.

Reduce Expenses

10. Reduce Your Housing Costs

Housing costs, such as rent or mortgage payments, are often the largest expense in a household budget. 

Man looking at phone with house drawing projection and red arrows pointing down - 40 Ways to Save $100 Every Month

To save money, consider downsizing to a smaller home or apartment, taking on a roommate, or refinancing your mortgage to secure a lower interest rate. 

If you’re renting, negotiate with your landlord for a lower rent or look for a more affordable place to live.

11. Cancel Unused Subscriptions and Memberships

Remote pointing to a bunch of subscription screens -

Take a close look at your recurring subscriptions (streaming services, gym memberships, etc.) and cancel the ones you no longer use or need.

Those monthly fees can really add up. Between cable TV, Netflix, Hulu, etc. many households spend $100+ per month on TV services. Trim what you don’t watch.

Also, check with your wireless company, they often have promotions to cover some of your streaming services.

12. Cut Cable

With so many streaming options, having a $100+/month cable bill may be redundant. Downgrading or cutting cable entirely could save $50-$100+.

13. Negotiate Your Bills and Shop for Better Deals

a woman holding a paper and talking on a phone - 40 Ways to Save $100 Every Month

Contact your service providers, such as cable, internet, and cell phone companies, to negotiate lower rates or switch to more affordable plans on your regular bills, potentially leading to significant monthly savings.

Research competitors’ prices and use this information to negotiate better deals.

You can also save money by shopping around for better rates on insurance policies, such as car and home insurance.

14. Reduce Your Cell Phone Bill

Contact your cell provider to negotiate a lower rate or switch to a more affordable plan. Consider prepaid options or family plans to get the most bang for your buck. 

If you feel loyal to your cell phone provider, remember, they are not loyal to you. Most companies nowadays use the similar, if not the same network to provide wireless services. So do your research and see what is a good service in your area and if your service provider is not able to give you a better rate go ahead the research the other providers. 

Often there are promotions available to eliminate the connection fee if you switch services. They also offer perks like covering your streaming services or offering it at a lower price.

15. Implement Energy-Saving Measures at Home

Reduce your energy bills to save up to 25% on utility bills by implementing simple energy-saving measures at home. 

Turn off lights and electronics when not in use and adjust your thermostat to save on heating and cooling costs. 

Consider insulating your water tank and turning down your thermostat to save energy. 

Use energy-efficient appliances and lighting to reduce consumption. 

DIY pest control, lawn mowing, and car washing can all help you save money

By making these small changes, you can save a significant amount on your monthly utility bills.

16. Save on Transportation Costs

a green piggy bank in front of a car

Transportation costs, such as gas, insurance, and car maintenance, can add up quickly. 

To save money, consider carpooling, using public transportation, biking, or walking when possible. 

If you live close to work, walking or biking can save you money on gas and parking while also providing health benefits. 

When running errands, combine trips to save on fuel costs

17. Ditch the gym membership

If you’re not using your gym membership regularly, consider canceling it and exploring alternative workout options like home workouts, running, or joining a less expensive fitness center.

Change Your Habits

18. Brew your own coffee

That $5 latte adds up quickly and costs you a pretty penny.

a woman holding a cup

Invest in a good coffee maker and brew your own coffee at home. You’ll save money and still get your caffeine fix. The extra cash saved from making coffee at home can be used to invest in long-term investments for retirement or to pay down high-interest debt.

Saving $5 per weekday could mean $100 per month back in your pocket.

19. Pack your lunch

Instead of buying lunch every day averaging $8-$15, prepare your meals at home and pack a lunch. By meal prepping in advance, you can save more money on convenient meals, especially for larger families.

Packing a lunch can save $40-$75 per week for one person.

Get into the habit of making extra dinner portions to bring leftovers.

20. Shop Smarter and Use Coupons

When shopping for groceries and household items, look for sales, use coupons, and compare prices between different brands and stores. 

a woman sitting on a couch looking at a laptop showing a coupon

Plan your meals around sale items and buy in bulk when it makes sense. 

Don’t forget to check for online coupons and discounts before making purchases. 

By shopping smarter and using coupons, you can easily save $100 or more on your monthly expenses.

21. Buy Generic Brands

Generic brands for household items, groceries, and other essentials can be just as good as their name-brand counterparts but cost significantly less.

22. Limit Impulse Purchases

Before making a purchase, ask yourself if you really need it or if it’s just an impulse buy. Depending on the amount of the purchase, wait until the next day to make a final decision. Sometimes a good night’s sleep helps us think clearly.

Impulse purchases can quickly drain your budget and make you regret it later.

23. Shop Second-Hand

When you need to make a purchase, consider buying second-hand items instead of new ones. 

Thrift stores, consignment shops, and online marketplaces like eBay or Facebook Marketplace offer a wide variety of goods at discounted prices. 

Not only will you save money, but you’ll also be supporting a more sustainable lifestyle.

24. Reduce Your Entertainment Expenses

a man and woman laughing in a movie theater

Entertainment expenses, such as going to the movies, concerts, or sporting events, can quickly add up. 

Instead of costly outings and to save money, look for free or low-cost entertainment options, such as community events, outdoor activities, or movie nights at home. 

Take advantage of student or senior discounts when available. 

25. Use Your Local Library

Instead of buying books, movies, or music, take advantage of your local library’s resources. 

Most libraries offer a wide selection of materials that you can borrow for free. Some libraries even offer digital resources, such as e-books and streaming services, that you can access from home.

If you have a local library card, check out the Libby and Overdrive app. These apps allow you to check out books, audiobooks, etc. for free with your library card in the comfort of your home. 

26. Sell unused items 

Go through your belongings and sell any items you no longer need or use. 

You can use online marketplaces like Facebook, Postmark, Mercer, and ThreshUp or hold a garage sale to turn your clutter into cash.

27. Use Cash-Back Apps and Rewards programs

Take advantage of cash-back apps and rewards programs offered by credit cards or retail stores. These can help you earn money back on your purchases.

Cash-Back Apps:

Here are some of the apps to check out:

IbottaIbotta is a versatile app that offers cash back on groceries, travel, and online shopping. Users can earn cash back by adding offers in the app, shopping at participating stores, and uploading receipts. Once you reach $20 in earnings, you can withdraw your cash via PayPal, bank transfer, or gift cards.
Fetch RewardsFetch Rewards allows users to earn points on every purchase by scanning receipts. These points can be redeemed for gift cards. The app is particularly popular for grocery shopping but works with a wide range of retailers.
RakutenRakuten offers cash back on purchases from over 3,500 stores. Payments are issued every three months via PayPal or check. Rakuten is known for its high-profile partnerships and travel savings.
DoshDosh provides automatic cash back on purchases made at participating hotels, stores, and restaurants. Users link their credit or debit cards to the app, and cash back is added to their Dosh wallet. Once you reach $25, you can cash out via PayPal, Venmo, or bank transfer.
UpsideUpside offers cash back on gas, groceries, and dining. Users claim offers through the app, pay as usual, and either check-in or scan receipts to earn cash back. The app is particularly useful for frequent travelers and those who drive often

Rewards Programs:

Starbucks RewardsStarbucks Rewards members earn stars for every dollar spent, which can be redeemed for free drinks and food. The program also offers personalized offers and early access to new products.
Sephora Beauty InsiderSephora’s program has three tiers, each offering increasing rewards based on annual spending. Members earn points on beauty products, which can be redeemed for rewards like free samples and beauty classes.
Target CircleTarget Circle offers personalized savings, access to deals, and a 5% discount with the Target Circle card. Members also earn votes to help direct Target’s community giving.
Walgreens (MyWalgreens)This program provides 1% Walgreens Cash rewards on purchases and 5% on Walgreens branded products. Members also get access to sales and personalized offers.
Best Buy (My Best Buy)Best Buy offers three membership tiers with benefits like free shipping, exclusive member prices, and extended return windows. Higher tiers include protection plans and tech support

28. Use Cash Instead of Credit Cards

a woman holding money and a credit card

Withdraw a set amount of cash each week for discretionary spending, such as dining out or entertainment.

When shopping, use cash instead of credit cards. Start paying down high-interest debt to improve your financial security, especially in times of economic uncertainty.

When the cash runs out, resist the temptation to use your credit cards.

This strategy can help you stick to your budget and avoid overspending.

29. Curb Impulse Buying And Avoid Walking Into Stores

Make a shopping list before going shopping to stick to your budget.

Write down the item you want to buy and wait a few days before making the purchase.

Avoid buying unnecessary items by sticking to your shopping list.

30. Shop Smarter for Groceries

When grocery shopping, look for sales, use coupons, and compare prices between brands and stores. 

Plan your meals around sale items and buy in bulk when it makes sense. 

By shopping smarter and using coupons, you can save $100 or more on your monthly grocery bill.

31. Cut Down on Dining Out and Takeaways

two people holding food in containers

Most people spend over $200 per month on restaurants and takeout. Cutting this in half puts $100 back in your pocket.

Eating out and ordering takeaways can be a significant drain on your budget. By cooking meals at home and bringing your own lunch to work, you can save a substantial amount of money each month. 

Plan your meals in advance, shop for groceries with a list, and take advantage of leftovers. If you typically spend $15 on lunch five days a week, bringing your own lunch can save you $300 per month.

32. Plan Your Meals and Cook at Home

Meal planning and cooking at home can save you a substantial amount of money compared to dining out or buying pre-packaged meals. 

When planning your meals for the week, check your local grocery store’s sales flyer and base your menu around discounted items. 

Stock up on non-perishable goods when they’re on sale and freeze perishable items for later use. 

By being strategic with your grocery shopping, you can save money without sacrificing quality or variety in your diet. 

33. Buy Food in Bulk

a shopping cart full of vegetables

Plan your meals for the week and make a list of ingredients to buy.

Buy food in bulk to reduce costs and save time. Consider buying in-season fruits and vegetables to stretch your budget.

If items are on sale, stock your pantry with only the products you know you’ll use before they expire.

Challenge For Ways To Save $100 Every Month

34. Try Free Activities and Date Nights, and Say ‘NO’ To Happy Hour

Try free activities and date nights to save $100 per month.

There are many free activities and events in your city that you can take advantage of.

Getting creative with your entertainment options can help you save money.

Saying ‘no’ to that after-work happy hour is a guaranteed way to save $100 per month.

35. Entertain at Home

Going out for entertainment can be expensive, especially if you do it frequently. 

Instead, host gatherings at home with friends and family. Plan potluck meals, game nights, or movie marathons to enjoy quality time together without breaking the bank. 

36. Do a Spending Freeze

Try ano-spendingg freeze. For one week per month, spend only on needs like rent/mortgage, utilities, and gas. 

Avoiding restaurants, shopping, entertainment, etc. for just one week can easily save $100.

37. Participate in Savings Challenges

a woman holding a jar of money

Savings challenges can be a fun and effective way to save money. 

For example, the 30-Day $100 Savings Challenge involves saving a small amount each day, gradually increasing the amount until you reach $100 by the end of the month. 

This can be a great way to build a savings habit

38. Start a Side Hustle or Sell Unwanted Items

To boost your income and save an extra $100 per month, consider starting a side hustle or selling unwanted items. 

Freelance work, tutoring, pet-sitting, or selling handmade crafts can provide additional income. 

Go through your belongings and sell items you no longer need or use on online marketplaces or at a garage sale.

39. Use a Clothesline or Drying Rack

Help save on your electric bill. If you can and have the space, skip the dryer and hang your clothes to dry on a clothesline or drying rack. 

This not only extends the life of your clothes but also reduces your energy bill at the same time.

40. DIY and Learn to Make Repairs

Instead of hiring professionals for every home repair or maintenance task, learn to do some of these tasks yourself. 

Basic plumbing, painting, and landscaping can often be done with a little research and effort. By tackling these projects yourself, you can save a significant amount of money on labor costs.

YouTube is a great online source to learn a lot about DIY for almost anything.

Frequently Asked Questions (FAQs)

What are some simple ways to save $100 each month?

There are numerous ways to save $100 each month, including:
Cutting unused subscriptions: Cancel services you no longer use, such as streaming platforms or gym memberships.
Reducing food delivery: Limit takeout and cook at home more often.
Negotiating bills: Contact service providers to negotiate lower rates on utilities, internet, and phone bills

How can I save money on groceries?

To save on groceries:
Avoid pre-cut fruits and vegetables: Buy whole produce and prepare it yourself.
Shop sales and use coupons: Look for discounts on items with shorter shelf lives and use coupons whenever possible.
Plan meals: Create a meal plan to avoid impulse purchases and reduce food waste

What are some effective cash-back apps?

Popular cash-back apps include:
Ibotta: Offers cash back on groceries, travel, and online shopping.
Fetch Rewards: Earn points by scanning receipts, which can be redeemed for gift cards.
Rakuten: Provides cash back on purchases from over 3,500 stores.

How can I reduce transportation costs?

To cut transportation costs:
Carpool, bike, or walk: Share rides with coworkers, bike, or walk to work to save on gas and reduce vehicle wear and tear.
Use public transportation: Opt for buses or trains instead of driving

What are some tips for saving on utility bills?

To save on utility bills:
Use energy-efficient appliances: Switch to Energy Star-qualified appliances, such as dishwashers and showerheads.
Negotiate with providers: Ask for discounts or better rates from your utility providers

How can I save money on entertainment?

To save on entertainment:
Limit streaming services: Cancel subscriptions you rarely use and stick to one or two essential services.
Find free activities: Look for free or low-cost events in your community, such as outdoor concerts or library programs

How can I save money on dining out?

To save on dining out:
Cook at home: Prepare meals at home instead of eating out.
Pack lunches: Bring your lunch to work instead of buying it

What are some benefits of using a high-yield savings account?

High-yield savings accounts offer:
Higher interest rates: Earn more interest compared to traditional savings accounts.
Easy access to funds: Quickly access your money in case of emergencies without penalties

How can I make saving money a habit?

To make saving a habit:
Automate savings: Set up automatic transfers to your savings account each month.
Track spending: Monitor your expenses to identify areas where you can cut back.
Set goals: Establish clear savings goals to stay motivated and focused

Final Thoughts

Saving an extra $100 per month may seem challenging at first, but by implementing some of these strategies, you can easily reach your goal. 

Remember, small changes in your daily habits can add up to significant savings over time. 

Start by creating a budget, tracking your spending, and identifying areas where you can cut back. Implement energy-saving measures, shop smarter, and look for ways to boost your income. 

By staying committed to your savings goal and making smart financial decisions, you’ll be well on your way to improving your financial situation and building a more secure future.

The Budget Academy
Fab Kellum author of the Girl, Get Out of Debt! blog

Hey you! Welcome to The Budget Academy. I am Fab, a mom, and an entrepreneur at heart. Like many, I have overcome financial struggles, and now I get to share with you how I became debt-free and what I learned on my own personal journey.  I have a Finance and Real Estate background and am passionate about helping others succeed and achieve financial freedom.  So, please don’t be shy, let’s connect and start this journey together! Learn more about me here.