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12 Profitable Hobbies You Can Monetize (You Probably Have At Least One)

12 Profitable Hobbies You Can Monetize (You Probably Have At Least One)

We’ve all got our hobbies—pastimes we dedicate some of our spare hours to because we find them fun or fulfilling.

While we don’t typically get into hobbies to make money, some of them can become a stream of income if you take it seriously enough. Depending on how you direct your talents and interests, you can get anything from free stuff to extra spending money to a full-fledged business where you sell things online—all by doing something you might’ve done anyway.

Here’s a list of 12 common lucrative hobbies that make money, whether it’s through freelancing, becoming an affiliate, building an audience, or starting a business.

1. Writing

Writing and publishing online has the potential to offer you a lot of practical value outside of being a mere hobby. You can use it to further your career and establish yourself as an expert on a topic. You can build a platform for sharing your ideas. Or you can rent out your skills.

The most obvious way to make money writing is to sell it as a service—freelancing on sites like Upwork or Fiverr or reaching out directly to blogs for paid gigs. Good content writers with niche expertise are usually in demand.

However, if you have the discipline and know how to write a good blog post, you can create your own blog-based business by picking a niche and building an audience over time.

Whether you care about tech or travel or cooking, our guide to starting a blog that you can turn into a business will walk you through what you need to know.

For more inspiration, check out how:

Best Self Co. used blogging to sell its productivity tools.
Wait But Why built a business around Tim Urban’s humorous and insightful content.
2. Illustration and design
illustration design

Like writing, illustration and design are creative money-making hobbies you can do at home on a freelance contract basis. Fiverr, in particular, features many newer artists with a variety of illustration styles. Clients post projects for which they need to hire these skills, whether it’s marketing projects or custom portraits or anything in between.

If you want more control, you can put your art on items—from t-shirts to posters to canvases—and sell those instead. It’s important to understand that to turn your art into a product, you’ll need to cater to a specific market or build a unique brand. The former is usually easier.

Hatecopy is an excellent example of a business that was started by an artist putting their work onto things people can buy.

And you don’t need to front the money for inventory either. Print-on-demand services offer a low-risk way to take advantage of your creative hobbies. You’ll just need to create mockups of your products to list online. Once you make sales and know what designs and creative have the most demand, you can consider investing in your own inventory.

To learn more, check out the following resources:

How to Start a T-Shirt Business: Everything You Need to Know
How to Sell Art Online: The Ultimate Guide
3. Music

Next up for profitable hobbies that make money? Sell music. You can take this hobby business in a few different directions.

For starters, there’s the traditional approach to making and selling music—recording your own songs or albums and selling them on your website or hosting them on a platform like SoundCloud.

You can also create different types of sounds that aren’t full-fledged songs or albums, things like beats or samples. Beats are short hooks composed from different sounds and meant to be a background for a musician, while samples are a portion of a sound recording to reuse elsewhere.

You can list beats on third-party sites that work similarly to stock photo sites. Essentially, people purchase your music to use in their own content. These are typically shorter in length and rely more on instrumentals and less on lyrics. There are a variety of sites where you can list your beats, like Airbit and BeatStars. Airbit paid out $32 million in 2019 to its artists, while BeatStars sellers made an estimated $40 million—double what they earned in 2018.

Samples by Vanity sells samples that artists can remix and splice together to create their own music.

samples by vanity

You can make your audio exclusive or non-exclusive. There’s more money to be made when you sell exclusive rights, but you need to produce high-quality work, like SoundOracle. His excellent work has earned him quite the reputation—and his sounds have been featured in more than 20 Grammy Award–winning songs. He sells his beats with both exclusive and non-exclusive rights.

4. Cooking
Food has become an art form worthy of taking elaborate pictures and spending the time to perfect the craft. It’s not only amateur chefs who are involved, but people with adventurous palettes looking to explore new tastes.

Cooking is one of the hobbies that make money that you also can share with the world in a variety of ways, from starting a blog, YouTube channel, or Instagram account dedicated to recipes to diving head first into a business by creating your own food or cooking products. Some even hit the road with a food truck business.

According to Google, 59% of 25-to-34-year-olds take their mobile devices into the kitchen, using resources on the internet to find and practice new recipes. There’s definitely a market of DIY chefs looking for content (as well as products) you can create to serve them.

For inspiration, check out:

Spice Girls: From Hobby to Family Food Business
The Secret Ingredients to Building a 7-Figure Meal Service Business
Overdraft: Will His Family’s Food Business Turn into a Recipe for Success?
How to Start an Online Food Business (guide)
Template Icon
Shopify Compass Course: Sell Your Homemade Goods Online

Have a product you’re ready to sell? The Kular family shares their experience building a business around mom’s recipe book. From selling one-on-one to reaching the aisles of Whole Foods.

5. Gardening

Gardening has seen a spike in popularity as people spend more time at home. It’s a hobby that can make you happier, healthier, and perhaps even richer. Millennials spent $13 billion on plants in a single year.

Leaf & Clay sells succulents, either for a one-time purchase or on a subscription basis.

leaf clay

You can also sell products to help your customers indulge in their own gardening hobbies. Technology seller ēdn introduced an indoor garden to their product line.


6. Photography

If you own a nice camera and know how to use it, you’ve got a few ways to turn photography into one of your hobbies that make money on the side.

While you can become a freelance photographer, this can restrict you to shooting local events and gigs. And when there are no events, there are fewer photography gigs.

For a more scalable side hustle, sell your shots as stock photos or prints. You can also use your photography skills to grow a massive Instagram following and monetize it. You need to pick a niche to serve or a “lifestyle” you want to capture in your photos.

Fun fact: Professional photography accounts are the second-most lucrative on Instagram in terms of how much brands are willing to pay for a sponsored post. And you don’t need hundreds of thousands of followers either.

Check out our guide on how to sell photos online for a more detailed look at how to monetize your photography.

7. DIY crafts

Crafting is another on our list of profitable hobbies that make money. If you enjoy working with your hands, there are plenty of things to make and sell: candles, bath bombs, jewelry, soap, and more. This is a $40-billion industry waiting for your next idea.

“Handmade” communicates a certain quality, care, and uniqueness that department store alternatives often don’t offer. You can test the market for your products by selling them on a smaller scale to friends, family, or on Etsy, and think about scaling into a full-fledged business as you rack up customers.

If the idea of crafting the goods yourself isn’t striking a chord, you can also sell products that allow customers to flex their own maker muscles at home. Create DIY kits for fun projects, like FlowerMoxie’s DIY bridal bouquets. Or, tap into the home improvement industry—between 2018 and 2019, home improvement spending increased 17%.


Here are a few more inspiring stories about DIY businesses and resources to show you how it can be done:

Growing a Handmade Brand: One Family’s Journey from Etsy to Shopify
Etsy and Shopify: How Three Makers Used Both to Grow Their Businesses
Why JM&Sons Launched Their Furniture Business Out of a Shipping Container
Etsy Alternatives: 8 Online Marketplaces and Website Builders for Makers
8. Comedy

Are you good at making people laugh? Do you know what the hottest memes are right now? Why not take that sense of humor and use it to build an audience on the internet? Comedy is one of the more creative ways to make money on this list.

You can probably think of several Instagram, Facebook, YouTube, or Twitter accounts that amassed large audiences simply by curating memes and viral videos or tapping into a niche of humor that no one else was serving. Who knew all those hours scrolling your social feeds would be one of the hobbies that make money?

Once you have an audience, you can partner with brands to do sponsored posts or turn your best running jokes into t-shirts and other products.

Examples of this include:

The WeRateDogs Twitter account
The Méme Bible
Yes Theory’s YouTube channel
9. Coffee
Selling coffee online is a great way to turn a common hobby into a business idea. Globally, people drink more than 400 billion cups of coffee every year, fueling an industry worth $60 billion annually. And as coffee drinkers have become accustomed to brewing their caffeine fix at home, it’s a prime time to capitalize on this opportunity. If coffee is one of your own passions, it could be next on your list of lucrative hobbies.

Whether you enjoy the hunt for the perfect bean, creating a perfectly frothed cappuccino, or just sitting down to your morning cup with a book, coffee drinkers can take this business idea in a number of directions.

Globe-trotting creatives Jeff Campagna and Tania LaCaria found that coffee mixed well with one of their other passions: motorcycle travel. They opened up their own bike garage, Steeltown Garage Co., complete with coffee shop and merch for sale, and they’re cultivating a whole community through their hobby-based business.

Check these out for more inspiration for your coffee biz:

How a Coffee Obsession Became a Business That’s Doubling in Growth Every Year
They’re Making Fair Trade Coffee a Bit Fairer
Overdraft: How This Army Vet Fought His Way out of a Financial Ambush
10. Memberships
Memberships are a great business model because they set you up for recurring revenue—often automatically withdrawn from your customers’ chosen method of payment. These businesses work by charging customers a recurring fee in exchange for products and/or services.

Here’s where the hobby aspect comes into play: memberships can be based on almost anything, in almost any niche. Gardeners might look to the California Native Plant Society for inspiration. Its memberships grant buyers access to educational content, events, and discounts with partnering businesses.

Danielle Spurge turned her crafting hobby into a full-blown business. Now, her company, The Merriweather Council, sells memberships to help entrepreneurial makers leverage their talents to create sustainable craft-based businesses of their own.

The Merriweather Council

The possibilities are quite literally endless here—you just need a hobby and some imagination to get the ideas rolling for your own membership-based business.

11. Brewing beer
Homebrewing, or making your own beer at home, is next on our list of money-making home-based hobbies. More than a million Americans have brewed their own beer at home, and it’s trending upward. In 2018 alone, the global homebrew market was worth an estimated $12 million.

If you love sampling or making craft brews, there could be a viable business opportunity there. Brooklyn Brew Shop sells homebrew kits and accessories so its customers can enjoy the hobby themselves.

Brooklyn Brew Shop

If you want to go this route, make sure you brush up on the legal requirements in your local jurisdiction. Alcohol products come with extra restrictions and regulations—and not being privy to that can end up costing you big time.

12. Gaming

You might be skeptical about the notion of gaming being one of the hobbies you can make money with from home. But if there’s a pattern in this list, it’s that if you can get people to pay attention to you, you can potentially turn it into a profit.

In this case, it’s the rise of the “Let’s Play” video format that has enabled us to make money via gaming, in particular live-streaming on Twitch. Just like learning how to make money on YouTube, you can monetize gaming by sharing ad revenue. But there’s also the potential to get one-time and subscription donations from a large community of viewers. This means the amount you earn through live streaming will vary greatly, but that it’s relatively easy to start at least making residual income.

While the amount of commitment you need to make a significant income might turn gaming into work for you, you can still have fun with it if you choose to stream a game you love, are good at it, and bring your personality to the table.

Gaming is a fast-growing industry with a lot of passion behind it. If you’re an avid gamer who understands the needs of the market, you already have an advantage as an entrepreneur in this space.

You can consider building a business of your own to cater to the needs and interests of gamers, like how:

PC Gaming Race speaks to the superiority of PC gamers.
Corey Ferreira sold gaming glasses inspired by his own gaming needs.
How to make money from a hobby
To start a business based off your hobby, you’ll need to take the following steps:

Validate your business idea: Do some market research to make sure there’s demand for your offering.
Find a business name: Give your business a unique identity.
Make a plan: A business plan will keep you on track to meet your goals.
Understand business finances: Set up business accounts, payment processing, and other money matters.
Develop your product or service: This is where you turn your hobby-inspired offering into something customers are willing to pay for.
Pick a business structure: Legitimize your business and protect your personal assets.
Research licenses and regulations: Ensure you’re conducting business lawfully.
Select your software systems: Build your website, set up accounting software, and get the rest of your tech stack up and running.
Find a business location: Determine where you can operate your business, whether it be from home or somewhere else.
Plan workload and team size: Bootstrap or hire help, depending on your plans.
Launch your business: Let the world know!
When you make money from a hobby
When you start making sales, you’ll need to keep track of the cash coming in and the money going out. This makes tax time easier, simplifies the process in case of an audit, and protects your personal assets. Additionally, it helps you ensure your business stays profitable. It’s a good idea to get set up with an accounting software to manage your books.

Make money from your paid hobbies
I enjoy writing, so I started a side hustle as a freelance writer to earn extra cash in school. I also like to dabble in dance, so I started a Shopify store dropshipping LED shoes for dancers.

In many cases, when it comes to our side hustles, it’s the things we tend to do for free and for fun that hint at the kinds of businesses we can pursue using our own passion and interest as fuel.

So if you have the urge to start something but don’t know where to start, ask yourself what you’re good at or already know about.

What do you already do in your spare time that could turn into something more?

Eight money tips to help young earners plan their finances

Eight money tips to help young earners plan their finances

Dreams, these days, come with a high price tag. A car for Rs 5 lakh, a house for Rs 50 lakh, several lakhs for a decent education for kids and crores for a cushy retirement. In fact, seemingly simple needs have been elevated to dreams due to the high cost associated with them. You require either a large income or a strategic plan to meet these basic life goals.

Budgeting is the simple exercise of reconciling your income with your expenses, and should be your first step. Note down your monthly spending

Budgeting is the simple exercise of reconciling your income with your expenses, and should be your first step. Note down your monthly spending as per your ease of usage: Excel sheet, simple diary, mobile app, or desktop. The aim is to know how much you spend under various heads. “I use Excel sheet to keep track of my spending and know what percentage of my salary goes where,” says 24-year-old Saugata Palit, who has been working as senior executive in a private firm in Delhi for the past 18 month ..

5 ways to save more money from your monthly salary or income

5 ways to save more money from your monthly salary or income

If you’re wondering how much of your income you need to set aside for a secure future, the answer is … as much as you need to support your lifestyle.

1. Start early
Start saving as soon as you can. The sooner you start, the earlier you’ll reach your savings goals.
The power of compound interest works in your favour. Give your money time to grow, and you will reach your goals faster.
2. But not before settling your debts
First, let’s understand what happens when you borrow money to buy something. You accelerate your consumption — you spend today with tomorrow’s income (at a high cost, of course).
The high interest rates on your credit card (up to 3% a month) just can’t be made up by your investments! Borrowing at such high rates leaves you much poorer off then when you started.
Do you have a debt to settle? Pay it off first.

If you have low-interest-rate loans (such as a student loan or an agricultural loan), consider investing in a debt fund where the interest you earn exceeds that the interest you payout. That’s smart money in your pocket!
3. Create an emergency fund
Make sure you have at least four months’ worth of living expenses stowed away in an immediately accessible bank account or in liquid or ultra-short term funds.
This is your emergency fund and you must able to withdraw it immediately at will. Be mindful that you use it only in times of real emergency, such as unexpected medical bills or the loss of a job. Keep this money in a separate bank account or a fixed deposit so that you don’t touch it without good reason to.
4. Set targets based on needs
Calculate how much money you’ll really need for short-term and long-term expenses.

Say, you need to buy a ₹ 12 lakh car five years from now. You need to save ₹ 20,000 a month for five years to reach your goal.
But if you were to invest your savings and instead earn, say, 8% on them, the amount you need to save each month to buy your car in five years drops to ₹ 16,350 a month.
You’d also have to account for taxes on returns, which vary depending on the time period of your investment and the tax slab applicable to you.
5. Save for retirement
Its never too early to start saving for retirement. We all dream of a life where we don’t have to work for money anymore, and our money works for us instead! The key to a successful retirement is to start early. The earlier you start saving, the more you’ll have when you retire!

So if you’ve always dreamed of buying a round-the-world ticket on your 70th birthday, or setting up an education fund for your grandchildren, start saving for it now.

How to Save Money From Your Salary: 10 Key Tips

How to Save Money From Your Salary: 10 Key Tips

You finally got a job that pays you consistently. No more wondering if it will be a slow tip day or wondering if you’ll receive a sales commission check this week. Welcome to the world of being a salaried employee! Now, you’re probably wondering how to save money from salary?

Well, saving money from your salary should start from that very first paycheck. Don’t fall into the trap of putting it off until the next paycheck. It’s easier to start now and adapt your spending after you’ve saved money from your first check.

Been at your job for a while? Following these tips can help you save money from your salary too!

10 Tips on how to save money from salary
1. Budget before each paycheck
Now that you are a salaried employee you will likely have more consistent income. It’s important to have a spending plan for your income before you receive a paycheck.

Determine which budgeting method or tool will work best for you. Do you prefer writing it down in a notebook? Have you tried a budgeting app? Or are you a spreadsheet nerd like me and would excel with a spreadsheet?(See what I did there!)

Include payments to yourself, for example, Roth contributions, deposits to your savings accounts, or you can even set up contributions to your 401k through your employer before you get your paycheck. Plus you can learn more about the difference between IRAs and 401ks while you are at it.

Prioritize saving money and your true needs like housing, transportation, and food costs. Once your needs have been met you can budget for items that are necessities but are important for you to have. If your budget allows for it, leave room for fun money!

Chime banking photos
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Check out the free Clever Girl Finance budgeting course if you need help getting started.

2. Set up direct deposit to save automatically
Saving money shouldn’t be a chore. In fact, you can set up automatic transfers and withdrawals from your checking account to your saving or investment accounts.

Check with your payroll administrator about having two bank accounts for your direct deposits. You may be able to allot a certain percentage or dollar amount into a second bank account making your ability to save money from your salary even easier.

3. Track your spending
One of the reasons we fail at budgeting is because we fail to track our spending. We assume we spend X amount of dollars on groceries when in reality it’s double that amount.

Tracking your spending will allow you to know how your salary is being used. Before giving up on saving money from your salary, review your spending for the last few months. Often, we find that there are areas that we can cut in order to prioritize saving.

4. Reduce your costs on the your 3 expenses
The three budget areas that make up the bulk of our transportation costs are housing, food, and transportation. Reducing costs in these areas will leave you with extra cash from your salary to save.

If you own a home, you could look into refinancing your mortgage to a lower interest rate.

Grocery expenses can be reduced by meal planning. One thing my husband and I like to do is have dinner during happy hour or we take advantage of early-bird specials.

Transportation costs can be curbed by car-pooling, buying monthly travel passes vs daily or weekly ones. And even downgrading your vehicle if you own one.

5. Evaluate current your service providers and other expenses
Are you getting the most bang for your buck? This may be the most tedious of the tips but truly a 15-minute phone call can save you money. If it’s been a while since the last time you had an insurance quote now might be the time to evaluate your service providers.

Home and vehicle insurance are not the only areas you may be able to cut expenses. Previously there were only 4 or 5 cell phone carriers. Now with prepaid plans and other alternative cell phone carriers, you may be able to cut your cell phone bill in half.

6. Tweak your utility usage
Simple tweaks might help you reduce utility costs. Check for appliances that are plugged into their outlets, even if they aren’t being used frequently. Unplugging your cell phone and other electronic chargers when not in use could lower your electricity bill.

As the weather warms up for summer or cools down for the winter, it’s common to have fluctuations in our utility bills. Before turning on the air conditioner try minimizing the amount of sun entering your home. Or perhaps turning on a fan instead of lowering the thermostat might give you the same effect.

And don’t forget to check your lightbulbs! LED bulbs use more than 75% less energy than incandescent lighting.

7. Make access to your money inconvenient
When your money is less accessible, you’ll find that it’s not as convenient to spend it. This is simply because it’s just not there for you to spend right away.

A good idea is to put your savings money in a separate bank account, that you can access when you need to. Extra points if you skip the debit card and checks option!

8. Set up roadblocks to online shopping
Online retailers have made spending money easier than ever. With one-click buy options, impulse buying has never been harder to avoid. Don’t save your credit card information and create hurdles to purchase items online if online shopping has been an issue for you.

9. Get creative with low-cost entertainment ideas
Entertainment is another area where you may be able to save money. With so many subscription services out there it’s easy to have more than a dozen. Between Amazon Prime, cable, Netflix, Hulu, Pandora, and Spotify, just to name a few it may be time to evaluate alternatives to help you slash your bills.

Consider outdoor activities like hikes or camping as alternatives to spending money. Check your local city for reduced or no-cost museum days. Socializing doesn’t have to be expensive either. Trying hosting game nights or having potluck dinners instead of meeting at restaurants.

10. Remember, it’s all about paying yourself first
Paying yourself first is not about getting that cute handbag, finally spending a day at a spa, taking that much needed weekend girls trip, or even upgrading your tech gear. Paying yourself first is the process of saving for the future you.

In the future you may have a health crisis, may want to leave the workforce to raise a family, start a business, buy a house, or simply have a comfortable retirement.

Have you ever asked yourself how the future you will fund these circumstances? These reasons and more are why it’s important to save money from your salary.

How much of your salary should you save
Personal finance is personal but here is a general rule of thumb for the amount to save from your take-home pay, 50% for living expenses, 30% for lifestyle expenses, and 20% for savings.

The problem with general rules is that it doesn’t take into account personal goals. If you are saving for a house, how long would it take you to save for a down payment if you are saving 20% per paycheck? What happens to other short-term goals like vacations or other long-term goals like retirement?

The key factor to your financial goals is setting up a savings plan that works for you. You don’t have to use 50% of income on living expenses. In fact, I would argue that it should be closer to 40% but again, this varies, especially if you are in a high cost of living area.

If you do not save money from your salary currently, saving 20% may be near impossible until you adjust the other two categories. Check out this calculator from Mint. Try decreasing your expenses by 1% each month and increasing your savings by 1% for a few months.

Build your savings muscle
What you do today and where you put the money from your salary will determine if you have options. Options can give you freedom. No amount is too small as long as you start.

Think about it this way, when you start an exercise routine you may not start off with 100 sit-ups, perhaps you start with 30 or even 10. The strength and improvement come from doing the exercise consistently. Each time you exercise it becomes a bit easier. Slowly you add a few more sit-ups and you’ll see improvement.

Exercising and saving money are very similar. You may not see instant or drastic results, but slow and consistent actions will lead to an improvement in your physical or financial health.

In closing
I am a bit of a money nerd and love talking about money but you don’t have to. Simplify saving by making it automatic and set it on autopilot.

Saving 20% of your money from your salary is a good goal but doesn’t have to be the end goal. In order to successfully save money, you don’t have to deprive yourself. Living frugally is a lifestyle choice and also a mindset.

Prioritize your saving and cut out the things that don’t really matter. Have fun and get creative with finding ways to spend less.

The math behind saving money is simple but not always easy but that being said, it’s totally possible for you to save successfully.

10 Ways a Salaried Person Can Save Up to 50% of Their Income

10 Ways a Salaried Person Can Save Up to 50% of Their Income

Money, money, money! The whole world revolves around this five letter word. We all agree that money doesn’t buy happiness, but wouldn’t it be quite a relief to have an extra wad of rupees in your savings account? Many people are far away from that accomplishment in reality.

The average savings of the Indian middle-class person comes to be around ₹10,000 per month. But he/she should save 30% of his or her earning to survive in an uncertain world like ours.

For example, if someone earns ₹1 lakh per month, then he/she should save at least ₹30,000 per month.

Discipline and self-regulation are the cornerstones of a successful investment plan. I know it is difficult to cut away expenses when everyone around you is spending as if there is no tomorrow. The advent of tremendous peer pressure can cause a level-headed youngster to stumble.

This article shows you 10 secret mantras that can transform a spendthrift into a saver.

10 Ways to Cut Down On Your Monthly Expenses
The biggest challenge for a young working personnel is to control spending. Here are 10 ways you can transform from a spender to a saver.

1) Get A Health Insurance Policy
A question may arise in your mind. How is it possible to save money by buying a health insurance policy, when you have to pay a premium every year?

The answer is, it’s better to spend ₹12,000 per year on a premium of a health insurance scheme, rather than paying a large amount of money on treatment of unexpected hospitalization.

Diseases and accidents come without an invitation. You may save a few lakhs on hospital expenses in case of emergency.

For example, Average Indian working class spends ₹1,500 per month on healthcare (including accidents).

Current Expenditure Option available Approx. Total Savings
₹1,500 per month spends on health ₹1,000 per month on health insurance ₹500 per month
* Average prices are taken for the calculation.

2) Transportation
All of us prefer our personal vehicle when going to work. As the petrol/diesel prices are sky-high in India, you can save a bigger pie of your salary by using a cheaper mode of transportation like:

Using public transportation: If you have access to public transportation, you can save quite a bit of money on petrol/diesel, parking, and maintenance over time. Each time you’re able to leave the car behind, you’ll be saving money.

Carpool to work: If you have an opportunity to share a ride to and from work with someone else or use sharing cabs, you can significantly reduce wear and tear on your car, save on fuel.

For example: Suppose your office is 10 km away from home and you work for 6 days a week then your monthly savings can be up to ₹1000.

Current Monthly Expenditure Options available Approx. Total Savings
₹70-80 per day depending on petrol and diesel variant Use of public transportation @ ₹30 per day ₹4100 per month
₹35,000 per year for maintenance, parking and repair costs Carpool @ ₹50 per day
* Average price was taken for calculation

** Total savings include the saving from maintenance, parking and repair cost, for a swift desire model.

3) Telephone bill
One can save a huge amount by prudently using their telephone recharge plan. Here are some of the ways make a cut on your telephone bill

A) Choose your monthly recharge plan wisely: The entry of Mukesh Ambani-led Reliance Jio has brewed a storm in the telecom segment giving refuge to a data and price war. Other telecom operators like Bharti Airtel and Vodafone can be seen to regularly come up with new plans in order to match the offerings of Jio.
Currently, there are many plans priced at same amount offered by the incumbent operators. It is your task to choose the most economic plan among them.

For example: Suppose you are currently an Airtel subscriber, you can make the switch to Jio :

Current Expenditure Options available Total Savings
Airtel offers ₹448 for 82 days Jio offers ₹399 for 84 day ₹16 per month
B) Switch to Prepaid Mobile Plans: If you use a postpaid mobile plan, it is time for you to switch to a prepaid plan. Mobile phone users should be moving from pricier postpaid platforms to value-rich prepaid plans, negating efforts of telecoms to push more users to a segment that generates higher revenue.
The amount of savings you can make is shown in this example:

Current Expenditure Option available Approx. Total Savings
Airtel postpaid plan offers unlimited calls and 10 GB data at ₹399 per month Airtel prepaid plan offers unlimited calls and 1 GB data per day at ₹448 for 82 days ₹250 per month
So, by switching to a prepaid plan you can save approximately ₹250 per month from your current expenditure.

4) Smart online shopping
Here are some tips to save money while shopping online:

Compare the prices before buying any product online. You can use tools like PriceDekho, Google shopping, MysmartPrice etc. that automatically show the price of the same product on all websites at the same time.
Check for additional cashback: There are some cash back and instant discount websites that offer coupons with additional benefits when you shop through their links. Online shoppers generally go with discounts available with the shopping sites, but not with other sites like Coupondunia etc.
Use payment wallets like Paytm, Mobikwik, Freecharge, PayU which provide you with additional discounts on shopping. For example: PayUMoney gives 1% cashback on online transaction.
Use Free Shipping: While comparing the price, also compare the shipping charges. Sometimes lesser price website charges, charge higher shipping charges.
Stop buying excessive clothing: I have a close friend who spends a significant amount of money on clothes each month.If you need to dress well for work, that’s okay. You can still save plenty by buying fewer but high-quality pieces and really utilizing the wardrobe you already own.
Avoid offer deal: For example, You are going for buying a jeans, you see an offer buy 2 get 1 free and return home with 3 pairs of jeans. Do you ever realize you spend double amount than you were supposed to spend before going to purchase. Avoid these kinds of lucrative offers while doing online shopping as well.
Total savings you can make by implementing these smart online shopping tips is:

Current Expenditure Option available Approx. Total Savings
₹5,000 per month on an average ₹3,000 buy implementing smart online shopping tips mention above ₹2,000 per month
5) Prudent grocery shopping
Grocery is a must for every household and a big chunk of our salary is spent on buying grocery every month. Here are some smart ways of to shop groceries;

Go shopping with a list: Companies spend a lot of money on marketers who decide which items have to be placed on which shelf so that consumers buy more. You might have seen aisles of goodies near the billing counters of supermarkets like Big Bazaar, Reliancemart etc. which are filled with materials under ₹100 so that customers keep buying things even while standing in the billing line.
An excellent way to control impulsive buying is to make a list before heading towards the market. In that way, you will buy what you need and your bills will stay in control.
Buy in bulk: The grocery items you need, can be bought in bulk instead of buying 2-3 times a week. Buy the stock for the whole month at one go ! Buying in bulk is cheaper.
Get a shopping card: All supermarkets provide shopping cards, in which you get rewarded with points for shopping in that particular supermarket chain. The reward point varies from 1% to 10% depending on items, offers, and seasons like, the festive season. It is free of cost and helps you to accumulate lot of points. You can use these points for shopping again.
For example: Consider you to be a middle class going to super markets twice a month.

Expenses Current Expenditure Option available Approx. Total Savings
Unwanted items ₹500 per month Totally save this amount if go for shopping with list ₹500 per month
Grocery items ₹6000 per month ₹4500 if buy in bulk plus use of reward points ₹1500 per month
* Average prices are taken for the calculation.

6) Reduce your entertainment expenses
Many people look at entertainment as the first thing to cut when trying to trim costs, but they often forget to look at the regular expenditures that slowly eat away their monthly income
As entertainment is a necessary part of life, here are some of the unnecessary expenses in this domain:

Cancel club memberships: In a busy work life, it is very difficult to be regular in gyms, zumba classes, swimming, dance or other sporty activities.
If you’re using a club membership less than once or twice a week, you’re likely throwing away money. It is better to go for walks or do yoga to keep your health on track.
You could even organize regular work out sessions for free with others who want to ditch club memberships. You don’t need to pay to be fit.
Reduce or eliminate your cable bill: With the arrival of online TV like Netflex, Hotstar, Amazon prime etc, people rarely watch shows through cable connection. So get rid of it and use you internet for shows and matches. Or you can subscribe to only those channels that you want to watch.
Cancel newspaper and magazine subscriptions: almost all newspapers and magazines have their own app for free or minimal subscription charge.
Make online booking for movies: If you book movie tickets through an online portal like Paytm or Bookmyshow, you get instant discounts or cash back.
For example: Considering you use all the above mentioned options as your source of entertainment, here is a table showing how much you can save from your entertainment expenses.

Entertainment Expenses Current Expenditure Option available Approx. Total Savings
Club membership ₹2200 per month Free ₹2200 per month
Cable bill ₹250 per month ₹0 – ₹100 per month ₹250 – ₹150 per month
Newspaper ₹3.5 per day Free ₹108 per month
Magazine ₹5000 per year @ offline booking ₹2500 per year @ online booking ₹209 per month
Movie booking ₹250 per movie @ offline booking ₹200 per movie through online booking For 3 movies, ₹150 per month
* Average prices are taken for calculation

7) Cut down on energy bills
From summer to winter, all the gadgets that are plugged in, consume a hefty amount of money on energy bills. Fortunately, technology has brought us a few effective ways to improve energy efficiency and lower the energy bills.

Some of the ways are:

Install CFL or LED light bulbs: If you use a normal 1000 watt light bulb in your home, consider switching to either CFLs or, better yet, LEDs. These bulbs are about four times more energy-efficient than incandescent bulbs and last for many years.
Replacing a 60-watt bulb with a 14-watt CFL or LED saves about ₹50 per month. Now multiply that by all the bulbs in your house to see how much you’ll save every month.
Unplug all unused electrical devices: Most electronic devices constantly draw a small amount of electricity, which can add up quickly when you consider just how many devices and small appliances you own. To eliminate that usage, unplug any item or power strip you use infrequently like television, washing machine or microwave etc
Air seal your home: Air sealing your home can prevent drafts, which is a common efficiency culprit in older homes. The loss of cool air in summer and the loss of warm air in winter can increase your utility bills substantially.
For example: Considering a middle-class family who own A TV, fridge, AC, washing machine, 6 bulbs and other basic instruments. This could be the prescribed monthly saving

Current Expenditure Option available Approx. Total Savings
₹1800 per month for a middle-class family ₹1300 by using above energy saving schemes ₹600 per month
There may be many more ways available that you can read from numerous online sources to make your home more energy-efficient and reduce your energy bills.

8) Save Money on Food
Food expense is one of the most common problem areas in the average Indian budget. We either eat too much or eat out so often that it causes our expenses to swell. Here are some ways to save money on food and eliminate waste.

Cook and pack your own lunch at work: Yes, it’ll take up a few extra minutes of your evening or morning, but wouldn’t you prefer to have an extra ₹1000 at the end of each month instead? Over the course of a year, that’s a saving of over ₹12,000.
Reduce or eliminate eating out: Dining out can be a luxury and a huge time saver for a busy family, but the expense can be tremendous. By eating at home, you save money that would otherwise be spent on tax and tip, and you can save the extra calories too!
Use online mode for food order: You spend money on your evening snacks or even dinner through take away. If you book food take away through online portals like Zomato, Swiggy, Foodpanda or Ubereats, you get instant discounts or in cash backs.
For example:

Expenses Current Expenditure Option available Approx. Total Savings
Lunch at work ₹60 per day ₹30 per day ₹900 per month
Eating from outside ₹2000 per month ₹500 provided you reduce eating from outside ₹1500 per month
Take away food ₹1000 per month ₹700 per month ₹300 per month
* Average of prices are taken for calculation

9) Make more gifts for people
India is a country of festivals and celebrations. Rather than splashing out on expensive gifts for people in festive seasons, cut expenses and make your own cards and presents, at least for some people.

Find creative ways to express your love to friends and family members with free, lower-cost or handmade birthday and holiday gifts. The gesture won’t be forgotten.

In India, an average of ₹500 is spent by a middle class working person on gifts.

Current Expenditure Option available Approx. Total Savings
₹500 per month ₹100 for making own gifts ₹400 per month
10) Reduce or get away with bad habits
Any consumable habit, whether it be smoking or excessive drinking, can be a constant drain on a budget without any real benefit.

You can totally get away with these bad habits as soon as possible.

Excessive Drinking: Perhaps you don’t drink much, but a lot of people, spend a good portion of their monthly salary on expensive night outs as part of their monthly regime. If this rings true, try cutting back or going alcohol-free for a month to see how much you have saved.
Smoking: Smoking is not only injurious to health, but also creates a big hole in your earnings.
For Example:

Expenses Current Expenditure Option available Approx. Total Savings
Drinking ₹3,000 per month for drinking party Quit or reduce drinking ₹2000 per month provided you reduce drinking
Smoking ₹48 per day for smoking 3 cigarettes Quit Smoking ₹1500 per month
* Average prices are taken for calculation.

You may have landed yourself a good job, you may earn a fat salary and you may have a bright future. Yet, none of this is quite fruitful unless you look at your savings.
Sometimes the hardest thing about saving money is just getting started. It can be difficult to figure out simple ways to save money and how to use your savings to pursue your financial goals.

Here is the summary of all the above calculations for cutting down your monthly expenses and money you can save monthly.

Eight money tips to help young earners plan their finances

Eight money tips to help young earners plan their finances

Dreams, these days, come with a high price tag. A car for Rs 5 lakh, a house for Rs 50 lakh, several lakhs for a decent education for kids and crores for a cushy retirement. In fact, seemingly simple needs have been elevated to dreams due to the high cost associated with them. You require either a large income or a strategic plan to meet these basic life goals.

While the former may not always be easy for the average salaried person, the latter is certainly within reach, especially if you begin at the beginning. Make a financial plan the day you start working and you won’t have to scramble to fund each aspiration.

However, it may not be as easy as it seems. “I just don’t know how much to save and where to invest, so I don’t budget and end up spending a lot,” says Harshinder Kaur, who started working two years ago as a probationary officer at a bank in Ganganagar, Rajasthan. She doesn’t know how to formulate a plan for herself. This is a predicament many youngsters in their mid-20s face. The twin behavioural devils of ignorance and procrastination push most people into their 30s before they get down to streamlining their finances. This often results in faulty investment choices, flawed portfolios, unmet goals and financial insecurity later in life.

“This category is not a cash cow for advisory firms, and as they have no one to turn to, they often get lost,” says Jayant Pai, CFP and Head, Marketing, PPFAS Mutual Fund. We, at ET Wealth, will try to remedy this through our cover story this week. In the following pages, we offer the newly employed youth a step by step guide to plan their finances. We focus on the building blocks they need at this stage: budgeting, goals, investment, insurance, taxation and salary structure. However, this is merely intended to propel them into planning and they will need to research and learn continuously throughout their working lives. Remember, financial freedom is not achieved the day you start working, but the day you get your finances in working order.

Dreams, these days, come with a high price tag. A car for Rs 5 lakh, a house for Rs 50 lakh, several lakhs for a decent education for kids and crores for a cushy retirement. In fact, seemingly simple needs have been elevated to dreams due to the high cost associated with them. You require either a large income or a strategic plan to meet these basic life goals.

While the former may not always be easy for the average salaried person, the latter is certainly within reach, especially if you begin at the beginning. Make a financial plan the day you start working and you won’t have to scramble to fund each aspiration.

However, it may not be as easy as it seems. “I just don’t know how much to save and where to invest, so I don’t budget and end up spending a lot,” says Harshinder Kaur, who started working two years ago as a probationary officer at a bank in Ganganagar, Rajasthan. She doesn’t know how to formulate a plan for herself. This is a predicament many youngsters in their mid-20s face. The twin behavioural devils of ignorance and procrastination push most people into their 30s before they get down to streamlining their finances. This often results in faulty investment choices, flawed portfolios, unmet goals and financial insecurity later in life.

“This category is not a cash cow for advisory firms, and as they have no one to turn to, they often get lost,” says Jayant Pai, CFP and Head, Marketing, PPFAS Mutual Fund. We, at ET Wealth, will try to remedy this through our cover story this week. In the following pages, we offer the newly employed youth a step by step guide to plan their finances. We focus on the building blocks they need at this stage: budgeting, goals, investment, insurance, taxation and salary structure. However, this is merely intended to propel them into planning and they will need to research and learn continuously throughout their working lives. Remember, financial freedom is not achieved the day you start working, but the day you get your finances in working order.

10 Best Ways to Save Money

10 Best Ways to Save Money

We all want to save money. And whether it’s by denying yourself that $4 mocha latte once a week or putting off an exotic family vacation, everyone has their own way to save.
Use these money-saving tips to generate ideas about the best ways to save money in your day-to-day life.

1. Eliminate Your Debt
If you’re trying to save money through budgeting but still carrying a large debt burden, start with the debt. Not convinced? Add up how much you spend servicing your debt each month, and you’ll quickly see. Once you’re free from paying interest on your debt, that money can easily be put into savings. A personal line of credit is just one option for consolidating debt so you can better pay it off.

2. Set Savings Goals
One of the best ways to save money is by visualizing what you are saving for. If you need motivation, set saving targets along with a timeline to make it easier to save. Want to buy a house in three years with a 20 percent down payment? Now you have a target and know what you will need to save each month to achieve your goal. Use Regions savings calculators to make your goal!

3. Pay Yourself First
Set up an auto debit from your checking account to your savings account each payday. Whether it’s $50 every two weeks or $500, don’t cheat yourself out of a healthy long-term savings plan.

4. Stop Smoking
No, it’s certainly not easy to quit, but if you smoke a pack and a half every day, that amounts to nearly $3,000 a year you can realize in savings if you quit. According to the Centers for Disease Control, the percentage of Americans who smoke cigarettes is now below 20 percent for the first time since at least the mid-1960s — join the club!

5. Take a “Staycation”
Though the term may be trendy, the thought behind it is solid: instead of dropping several thousand on airline tickets overseas, look in your own backyard for fun vacations close to home. If you can’t drive the distance, look for cheap flights in your region.

6. Spend to Save
Let’s face it, utility costs seldom go down over time, so take charge now and weatherize your home. Call your utility company and ask for an energy audit or find a certified contractor who can give you a whole-home energy efficiency review. This will range from easy improvements like sealing windows and doors all the way to installing new insulation, siding or ENERGY STAR high-efficiency appliances and products. You could save thousands in utility costs over time.

7. Utility Savings
Lowering the thermostat on your water heater by 10°F can save you between 3-5 percent in energy costs. And installing an on-demand or tankless water heater can deliver up to 30 percent savings compared with a standard storage tank water heater.

8. Pack Your Lunch
An obvious money-saving tip is finding everyday savings. If buying lunch at work costs $7, but bringing lunch from home costs only $2, then over the course of a year, you can create a $1250 emergency fund or make a significant contribution to a college plan or retirement fund.

9. Create an Interest-Bearing Account
For most of us, keeping your savings separate from your checking account helps reduce the tendency to borrow from savings from time to time. If your goals are more long-term, consider products with higher yield rates like a Regions CD or Regions Money Market account for even better savings.

10. Annualize Your Spending
Do you pay $20 a week for snacks at the vending machine at your office? That’s $1,000 you’re removing from your budget for soda and snacks each year. Suddenly, that habit adds up to a substantial sum.

How to Save Money Every Month

How to Save Money Every Month

In tough economic times, it’s often difficult to put away savings for when you’ll need it. Many of us find ourselves living paycheck to paycheck, struggling to pay rising living expenses. Because emergencies like health problems and job loss can happen to anyone, many advise that a minimum savings goal should be roughly three-to-six months of living expenses. In contrast, a recent survey found that only 71 percent of Americans had any type of emergency savings, the lowest surveyed in five years. Saving money may seem impossible now, but luckily there are many simple ways to live frugally.

Track your expenses. Save receipts for all purchases you make in a month. Gather your monthly bills. Sort them into two main categories: fixed and flexible. Break each of these down further into two subsections: needs and wants.
Fixed expenses are roughly the same from month to month. Fixed needs are things like rent, utilities, car payments, student loans, insurance, basic phone service, and ongoing healthcare expenses. Fixed wants are typically subscription entertainment services, such as cable television bills, premium phone service, and high speed Internet (unless necessary for your business).
Flexible expenses vary from month to month. While they often have a minimum required cost, most people spend more than that. Flexible needs are things like food and clothing. Flexible wants are typically entertainment, alcohol, hobbies, electronics, and other items that we may treat ourselves or our loved ones to.
Some banks and credit card companies offer free automated software that tracks your spending and can create some of these categories for you.

Create your budget. Start with your typical net monthly income, which is your paycheck after taxes. First subtract your fixed expenses. Then, determine what 10 percent of your net income is. This should be your minimum goal to save each month, although 20 percent is even better. Subtract that number from what’s left of your paycheck. The final amount is what you will work on to figure out a budget.
Do you have enough money after bills and savings to cover your typical spending habits? If not, reduce your expenses. Look first at flexible wants, then to fixed wants and flexible needs for areas you can improve.
If you income is irregular, such as most retail workers who don’t usually have fixed schedules, start with an average of the last six to twelve months.

Avoid making impulsive purchase decisions. Always “sleep on” larger purchases that don’t need an immediate decision. If you aren’t mindful of your spending, a trip to the store or a few clicks on the web can blow your entire budget.
What constitutes a larger purchase will vary depending on your income level. The two biggest purchases for many people would be a car or a house. Both of these should take a lot of research and time before committing to. However, while most workers would consider things like furniture, appliances, and electronics to be big purchases, very high earners may not. Conversely, while some may consider a superfluous pair of shoes or a new book to be a major purchase, others may view them as trivial.

Reduce your energy consumption. Electricity is often a large monthly expense. Do both your wallet and the environment a favor and cut back on your home’s energy use.
Seal cracks in your home to better insulate it and reduce the need for heating and air conditioning. Set your thermostat to a higher temperature in the summer and a lower one in the winter.
Unplug appliances when not in use and remember to turn off the lights. Change your computer’s settings so that it enters a very low-consumption “hibernate” mode when you’re not using it.
When buying new appliances, go with ones that have energy-saving features.

Consider reducing service levels. Shop around for a different service provider for your insurance, phone, and Internet. There may be new, better offers from carriers that have been introduced since you first started your plan. Evaluate whether your current service or coverage level is still right for you. Also, try to negotiate with your current provider for a lower rate. If you mention your intention to switch to a competitor, they may be more likely to give you a better offer.

Buy a reliable car with good gas mileage. If you are looking to buy a new vehicle, make sure your purchase has high value. Buy a model known to last a long time with low maintenance costs. You will also immediately begin to save money with a car that has better gas mileage, especially if you commute via car to work.

Refinance your mortgage. If your credit rating has improved since buying a home, it may make sense to refinance your mortgage. Because many homeowners find their credit getting better over time, they may qualify for a lower interest rate than they did a few years earlier. Refinancing can result in lower monthly payments and/or less money going towards interest. Consult your mortgage company to figure out if refinancing is right for you.

How To Save Money From Your Monthly Salary

How To Save Money From Your Monthly Salary

Do you end up having no money at the end of the month?
Do you always end up spending unnecessarily and regret it later?
Do you feel like no matter how many appraisals you get, you can never save money?

Well, you are in the right place then. We are going to tell you how you can change all that in 6 magical steps! Umm… wait. Did we say magical? Oh! We meant 6 practical steps on how to save money from your monthly salary.

Step 1: Keep a track of your finances
As soon as you start earning, the first thing you should do is keep a track of the inflow and outflow of money. It can get very tempting to just spend as and when you wish and not care about where you have spent your money.
Firstly, make a note of the amount that is being credited to your account every month. Next, note down every expense that you make and divide it into 2 categories — fixed and variable. Under the fixed expense category you can put rent, bills, basic groceries, etc. Under the variable category, you can add purchases that aren’t going to recur every month such as eating out, vacations, etc.

#MojoTip: If you don’t have the patience to make a note of every transaction you make, note down the cash you withdraw for all the times you pay by cash and for online transactions, you can check your bank statement at the end of the month.

Step 2: Make a budget
After identifying and listing out the expenses for the month, highlight the ones that could’ve been avoided or the unnecessary expenses you made. For example, if you have just moved to a new city and you need to set up your new home, opt for furniture and appliances on rent rather than buying them. You can rent them from
Now, use this to calculate the amount that you can end up saving every month.

Savings = Income – (Regular expenses + Unnecessary/avoidable expenses)

This should typically come up to 30% of your income. If it is more than 30%, you’re doing great! Extra savings will be a bonus. If it is less than 30%, see how you can reduce your expenses a little more. And, if it is nowhere close to 30%, you need to make bigger changes and adapt to a lifestyle that lets you save more.

Step 3: Pay off debts, if any
Now that you have a realistic budget, use a certain percentage, say 5%, of your savings to pay off your debts. Increase your debt payments and try to get lower interest rates. These debts can be EMIs, loans, credit card bills, etc.

Step 4: Start an emergency fund
After allotting a small percentage of your savings to clear off your debts, it’s time to create an emergency fund. Another 5% of your savings need to go to the emergency fund. This will be the amount that you’ll set aside every month and not touch it unless it’s an emergency. This will help back you up when you are in a bad situation financially.

how to save money from your monthly salary
Step 5: Savings
Let’s get to the main part…savings.
After deducting the expenses, debt amounts, and emergency fund from your income, the amount remaining is what is going to be your actual savings. If there is an emergency, you will fall back and use your emergency fund but try not to use your savings. Your savings should be close to 20% of your income.
Now that you know the exact amount you can comfortably save every month, transfer this amount to your savings account as soon as your salary is credited.

#MojoTip: You can categorize your savings to have more clarity. You can save some for your retirement as well ‘cause it’s never too early to start saving for your twilight years. If you are planning a vacation, you can plan to save for that separately. This way, you’ll not have to dive into your main savings for things like vacations or buying something that’s slightly on the expensive side.

Step #6: Invest
Last and final step is to start investing. To know where you can invest in the initial stages of your career, you can check out this blog — 5 Best Investment Options For Millennials.

Making a budget, savings, investments can seem too complicated to understand but it is not. It is the best thing you can do to secure your future. They say that life is short and you shouldn’t worry too much about the future but it’s always better to be prepared to deal with tough situations. So go on, have fun but also, don’t forget to set aside a good chunk of money in your savings account.

12 Ways To Save Money on A Small Salary This Year

12 Ways To Save Money on A Small Salary This Year

Are you looking for ways to save money from your salary but aren’t sure how to do that?

Don’t worry! This post will share some tips on how to save even if you have irregular income or a smaller salary.

When I first started blogging I didn’t make any money and we live off my husband’s income. It was hard that year but we made it work and was able to put money in our savings account so it’s totally possible.

After I started making money from my blog I turned it into a business but my income was irregular and changed every single month. Because of that, it was very important for me and my husband to get on the same page so we decided to have a monthly financial meeting every month to set our goals. This post will share 12 ways to save money even with a smaller salary or irregular income.

Related Post

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12 Ways To Save Money on A Small Salary

1. Map out a Plan & Decide on Your Priorities

One of the first things you want to do to start saving money after each paycheck is to map out a strong plan. For me, mapping out a plan meant making the whole process fun with colorful binders, markers and savings trackers.

So think about these following questions first:

What will make the process fun and enjoyable for you? One of the ways that most people fail at saving money and budgeting is by thinking that they have to do what others do to succeed but that’s not always the case. In fact, creating a specific savings plan that will cater to you will help you stay motivated.
Figure out you’re why! Think about why you want to save money. Is it because you want to pay off debt? Do you want to have money for your children in the future for college? Having a “why” will help motivate you when things get off track.
Find out what will be needed to accomplish your goals. What will be needed to accomplish your goals this season? Do you need new notebooks? A new savings app? Think about what will help you stay organized while on your savings journey.
Think about what your priorities are. What are you willing to sacrifice to make sure you are adding to your savings each month? Are you willing to sacrifice eating out more? Not going into Target every week? What are you willing to put on hold for a little while?
2. Track Your Expenses
After you have mapped out a solid plan the next thing to focus on is tracking all your monthly expenses. The reason you will track and write down all your monthly expenses to see where your money goes every single month. When I track my expenses I break them down into 2 groups which are, my priority bills, and my variable expenses.

Priority bills are the bills that you pay every single month around the same time of the month. Priority bills are also called fixed expenses which means they are normally around the same amount each month and you don’t have a lot of control on how much you pay. The payments are normally set by the company that you have to pay the bill to.
Variable expenses may change each month because you have control over what you want to spend on these items each month. These expenses are things like household items, beauty, clothes, gas, and fun. I use the cash envelope system to help me stay organized with my variable expenses and only put a certain amount of money in each cash envelope after I get paid from my business and side hustles.

To help track my expenses I also use my monthly expenses tracker which is shown below! You can grab it by signing up below.


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3. Use The Cash Envelope System
Using the cash envelope system has helped me stick to a weekly and even monthly budget every time I get paid. The cash envelope system is basically when you put your variable expenses into categorized envelopes and label each one such with titles such as beauty, household items, and gas.

Once you receive your paycheck from your job or from a side hustle you put a certain amount of money in each envelope which is determined by you. After that, you only spend the amount in the envelopes until your next payday. This method has helped me to stay on track and not overspend which helps me save more money each month.

4. Set Up a Budget
Another way to save money from your salary every month is by setting up a monthly budget. When most people hear the word “budget” they think of boring restrictions but I have taken a whole new view on budgeting each month. Since I love making my budgeting process fun I make sure to have the following items to help with my budget every single month:

Budget Templates (Monthly Bills Template, Paycheck budget template & Saving Tracker) You can grab my budget templates by clicking here!
Highlighters & markers
Budget Binder
Debt pay-off tracker.

5. Increase Income With Side Hustles
Another way to help put money in your savings is by picking up a side hustle. Every single month I do at least one side hustle such as a focus group, a survey, or a website testing assignment to add money to my savings and cash envelopes.

Finding different ways to make extra money can help you put more money in your savings and also help with paying off any debt. If you are looking for ways to make extra money click here and read this post!

6. Use Trim
With the Trim app, it makes it super easy to save money each month. For example, have ever had a subscription that you weren’t using but forgot about it? Or have you gotten a late fee that you forgot about it?

Well, that’s where Trim can be of service!

Trim is a financial management service that helps you reach your financial goals quicker. Through personalized recommendations and savings opportunities, this app makes saving money in places that you never would have before much easier. Also, on your behalf, Trim communicates with different companies to help you save the most money. Click here to check out Trim!

7. Check out Honey
If you are looking for ways to save money from your salary check out the Honey app. Honey is an awesome browser extension that helps you find the best deals and coupons while shopping online. With the app, it finds you the best deals within seconds and gives you discount codes to apply to your online shopping cart to save money.

While you are shopping online at your favorite stores, Honey automatically search for coupons which makes it much easier than looking through a full book of coupons. Save money on your purchases by checking out Honey here!

8. Use Cashback Apps
Another way you can save money is by using cashback sites such as Ibotta and Rakuten. With Ibotta, you can earn money back after you upload a receipt from most grocery stores that you already shop at.

How it works:

First, you will download the app and then select offers on great products such as ketchup, mustard, juice and more.
After that, you will buy the items at any supported retail store and grab your receipt.
After you grab your receipt take a photo of it and upload it onto the Ibotta app. Then Ibotta will match the items you bought and you will earn cashback.
Rakuten is formally known as Ebates. With this site, you can earn 40% cashback from over 2, 500 stores online. The cool thing about this site is that you don’t have to earn points or pay fees to join. Since stores pay Rakuten a commission for sending customers their way, Rakuten shares the commission with us and we get money back. It’s that simple! Check out Rakuten by clicking here.

9. Reduce Utility Bills

Another cool way to save money is by reducing utility bills. Some of the ways, you can do that are the following:

Contact Your Utility Company: At times if you contact your utility company and ask them about programs or ways you can save money they will give you a ton of resources and information. So, it wouldn’t hurt to reach out to them to see what can be done to lower your monthly utility bills.
Grab Some Fans: To save money during the summertime on your electric bill get some fans because they use less energy than cooling systems.
Unplug Your Electronics: There are a ton of electronics that we don’t use on a daily basis that can be unplugged to save on the utility bills. When electronics stay plugged in but aren’t being used they still take a small amount of energy just by being plugged in.
10. Start Meal Planning
Meal planning is one of the best ways to help save money every month. Before I started meal planning I would overspend on fast food all the time. One day my husband and I looked at our bank statements and found out that in one month we spent over $500 on fast food alone.

Seeing that number woke us both up and helped us get serious about not eating out so much.

After that, we were determined to stop spending so much money on fast food so we started using the cash envelope system to help us stay on budget for each month.

Tips To Help With Meal Planning:

Write out a list of meal ideas for the week. Check out Pinterest and type in the keyword, “Recipes” in the search box to help with ideas.
Write out the items you will need to make the meals for the week.
Take the list with you to the grocery list and grab the items.
Put your weekly meal plan up so that you can see it daily. This can be in the kitchen up on the wall or even on your phone.
11. Avoid Shopping Triggers
I use to be the type of shopper that would go inside a store without a plan and leave with a bill of over $200. I had seriously shopping triggers and would shop without a clear plan and spend over my budget all the time.

After setting up a budget I had to address this issue and fix it. It wasn’t easy at first but with dedication and hard work, I am now able to go inside a store with a plan and not overspend.

So think about any shopping triggers you might have. Do you shop to feel better? Do you shop more when you see a “SALE” sign in the store? Whatever your shopping triggers are make sure you are aware of them and move in the direction to fix them so that you can stay on budget and save.

12. Start a Savings and Emergency fund
I saved the best one for last!

No matter how much money you make it’s super important to start a savings and emergency fund. If you aren’t sure what both are and how they are different, I am going to break each one of them down below.

Savings Account: A savings account is created for the purpose of saving a certain amount of money each pay period. A saving account isn’t supposed to be like a checking account where you can take money out every day but it’s there for you to save money over the years and grow the money in the account.
Emergency Fund: An emergency fund covers 3 -6 months or more of living expenses. This fund is for the possibility of emergencies such as your car breaks down out of nowhere or you get charged a huge hospital bill that needs to be paid ASAP. This fund is only to be used when emergencies pop up out of nowhere and to cover unexpected expenses.
Alright! That’s it for now! This post shared some tips on how to save money from your salary. How are you saving money this week?


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