We all know that we should be saving more and spending less. Unfortunately, in a world where the price of living keeps increasing, but the wages that we earn continue to drop in value, it’s hard to find the cash to make ends meet. You may find that the only way to make a real difference to your current financial standing, is to come up with some more creative ways of managing your money.

The good news? We’ve got a few simple tips that will help you to save more money every month. Not only are these tips suitable for everyone, but they’re easy to implement too – so you won’t feel like you need to change your entire lifestyle at once.

Create a Budget

The first thing you’re going to need if you want to successfully save money each month is a reliable budget. The right budget will help you to see where the money is coming into your life and going out again each month. As you budget and track your spending, you’ll be able to see where your biggest problem areas are. For instance, perhaps you’re a victim of passive shopping. If so, you need to think more carefully about each purchase you make. Rather than just buying the same brand of soup from the store every week because that’s what you’re used to, try a slightly cheaper option to see whether you can save some money. Instead of buying a product on impulse from the store that you’re most used to shopping at, go online and see if you can get a better offer from another company.

moneybox, pig, piggy

Give Every Dollar a Purpose

Once you have your budget in mind, and you’ve started taking steps to reduce your spending in problem areas, make sure that every dollar you earn has a purpose. In other words, you might put 50% of your income each month towards the bills that you absolutely have to pay, like your rent or mortgage. Another 30% of your income can go towards the discretionary spending that you do each month, like buying food or entertainment. Finally, the other 20% of your income can go towards your savings – the long-term goals you want to accomplish. By the time you’re finished budgeting, you should have a plan for every penny.

Refinance your Loans

Finally, when the time comes to actually buy things in your life, make sure that you’re actively working on getting the best deal, wherever you go. This includes making sure you’re getting the best deal with your loans. For instance, you might notice that you’re spending a fortune on your student loan every month. However, with student loan refinancing, you could reduce your expenses and potentially get rid of your debt faster. Alternatively, if you’re over-spending on your health insurance, you could look into switching providers to see whether you can get a better deal. You’d be surprised how many students continue paying the same price for their loans each month, unaware of how easy it could be to reduce their expenses.