15 Quick Tips to Help You Net More Money Each Month 

Even with adequate income, it’s all too easy to slip into the pattern of having more month than money. The right money strategies can help you avoid that financial pitfall and even help pull you out of a financial abyss. It all starts with a plan and some pointers on managing your personal finances.

Spending Plan
You watch your business expenses like a hawk, and track every penny spent on paperclips and K-cups. What percentage of your monthly household income do you spend on household bills? How much of your budget goes toward your student loans or automobile loan payments?

Everything great starts with a plan. Create annual spending goals and a monthly spending plan to keep your financial dreams organized. If you desire a holiday in Scotland, determine how much of the budget can be allocated toward that goal, then stick to the plan so overspending in another category doesn’t quash your vacation dream. You will be gazing at the Isle of Skye in no time.

Track Your Spending
The best plan amounts to nothing if no one adheres to the plan. Tracking your spending can be easy and fun. Mint.com allows you to see your net worth in seconds, anywhere you are. It will track all of your income, investments and spending in one place—linked up with your financial institutions. If you want a less invasive App, try Pocket Expense, which lets you see and keep track of expenditures based on data you input.

If you have trouble sticking to a budget, try using pre-paid, re-loadable debit cards for items like lunches out of the office or weekend fun money. Once you have used the money on the card, your spending is done for the month!

Request Discounts
You don’t need to haggle with the server over the price of the filet, but you should ask about lower prices on larger ticket items. Many retailers will match competitors’ prices, so definitely bring the flyer that shows the other guy’s price for the washing machine you are purchasing. Look for scratch and dent items too. A scratch on the side of your stove or clothes dryer might not show when installed, but it could net you a big discount.

Negotiate Better Rates
High interest rate credit cards quickly eat up the monthly budget and take a toll on your financial future. Even if you had credit troubles when you first got the card, if you have been making on-time and over the minimum payments, you could be able to negotiate a better rate. Call the credit card company to request a lower interest rate. If they refuse, don’t be afraid to shop for one of the many cards with 0% interest for a limited time on balance transfers.

Cancel Unused Memberships
Use it or lose it! Are you paying monthly memberships fees for services you never use? Club memberships to warehouse stores don’t save you money if you rarely shop there or it takes you a year to eat the vat of peanut butter you had to buy. Massage memberships, and gym memberships can cost hundreds of dollars a month and have no value if you don’t use the treatments or facilities.

Avoid the Lure of Advertising
The gravitational pull of advertising feels nearly impossible to resist: pop up ads in social media, department store ads in your newspaper, and don’t even get started on the subliminal smell of the coffee house hook, but it will pull you down. If you want more month than money, you have to say “no” to these little extravagances. Tempting as it is to buy 15 pairs of panties because they are sale-priced, “This weekend only,” you likely don’t need 15 pair today.

Go Fuel-Efficient
Do you still drive the gas-guzzling SUV you needed when you were carting the soccer team around town? If the kids are grown and out of the house, maybe it’s time you switched to a more fuel-efficient vehicle. With the high cost of gasoline—and often higher tags and insurance—you could save a bundle with a smaller and more efficient vehicle.

Save Electricity
Reduce the energy drain on your budget by installing LED or CFL OR Halogen bulbs to save electricity. According to the U.S. Department of Energy, these light bulbs “typically use between 25%-80% less energy” than the incandescent bulbs you stockpiled in your pantry. Depending on the electric rates in your area, that could mean big savings every year.

Do Routine Maintenance
It may seem counterproductive to advocate spending money before something breaks, but spending money on routine maintenance can save you money in the long run. You can keep your car running in top condition by staying current with oil changes, tire rotation and inflation, and changing the air filter. Service your home air conditioner annually with cleaning and tune ups. Clean the gaskets and vacuum out the coils on your refrigerator. Have your roof inspected by a reputable roofer to avoid costly leaks and water damage.

Monitor Your Account Statements
Instead of dumping bank statements and bills into the box on your desk every month, open them and look them over (or look them over online if you receive electronic billing). Look for overcharges, erroneous charges on your credit card statements that could indicate identity theft, and unexpected charges over the estimated amount for repairs.

Rack up Rewards
If you are one of the many people who pay off their credit card balances in full each month, then you could be earning big rewards. Cards that earn airline miles or points toward gift cards reward you for using the card then paying off the balance each month. Some credit unions and banks have partner programs through which you earn points or money back for frequenting their partner’s businesses.

Plan for Retirement
Retirement will come sooner than you expected. Don’t delay your retirement investing. There are plenty of retirement planning tools online that you can use to get started. But don’t base your retirement planning solely on the advice of an App. Think about how much it costs to live in the style you are accustomed. Most people are not going to be as comfortable living with less in retirement than as they think they will be.

Invest Wisely
Consult with an expert to help you plan to reach your retirement goals. How much you invest for retirement is important, but how and in which vehicles is equally important. A certified financial planner can advise you as to how much risk you should assume at each stage of your life.

Decrease Banking Costs
Shop the rates you are getting at your bank and compare them with other financial institutions to ensure you are getting the best deal. Avoid expensive fees of as much as $5 per transaction by using only your own bank’s or credit union’s ATMs. That $5 a week convenience when you’re out on the weekend adds up to $260 a year in fees to access your money. Take advantage of useful services at your bank like free notary services.

Shop Insurance Rates
Once a year, shop around for better rates on your homeowners, renters, automobile, and health/dental coverage. The age of your home or vehicle, the addition of alarm service and the fact you quit smoking can all affect your rates. Bundling your policies with the same insurer can save you even more money. If your children are grown and have left the nest, you may be able to lower your life insurance costs as well by changing to a smaller policy.

By thinking through your expenditures, reducing your debt and planning for your future, you can live more richly on less. Don’t think of your spending plan as life limiting; think of it as life giving. In the words of Henry David Thoreau, “Wealth is the ability to fully experience life.”