I love to find new ways to make money. I get such a buzz when I find a new way to make money. It’s almost as exciting as the grand opening of a brand new bar steps from your place. I also don’t believe in absolutes. I still constantly think about how to save more money.
We’re going to try something different today. Let’s cut back on some useless expenses and put this money towards an adventure or something a million times cooler.
My save $100 a month challenge.
Let’s save some money. Let’s save $100 this month and next month and every other month.
My challenge is simple: I want us to use some creativity to find a way to save $100 this month and every month.
What are the rules?
The catch is that you can’t deteriorate the quality of your life. Deciding to never go out again or to stop wearing condoms are not options. You also can’t let your lease expire just to save money.
The savings also have to be sustainable. This should ideally be a plan that you can stick to for the long-term. This isn’t a quick fix.
It should also be fun. Boring sucks. There are many fun ways to save money. I don’t want you guys to be lame.
That’s all. Can you save an extra $100?
What’s my plan to save an extra $100 per month?
Spend less money on going out.
I love to go out. I know that I should be spending less money on going out. I’ve recently figured out how to go out for as little as possible and have as much fun as humanly possible.
How? Grow some balls! Stop going to clubs wasted out of your mind. You’re going to buy drinks all night and then grab food on the way home. Go sober. Drink water. You want a thrill? Never mind sky diving. Go approach strangers sober! My challenge/bet with a buddy is to see who can go the longest without a sip of alcohol. March is no alcohol month and I’m loving it. You save so much money and health when you go out sober.
I’m also going to work on my cell phone plan.
We really get ripped off in Canada. My monthly phone plan is offensive and I won’t even share how much it kills me every single month. I’m debating whether I should negotiate with the company or just leave for a competitor. I’m also considering what phone I should get next. I went through about three phones in the last year (I’m way too rough) and now I want a quality phone that I can keep for a long time.
Eat out less.
Eat out food less often that is. This has been a daily struggle for me. The other day after the gym I cracked and spent $26 on food! Please don’t ostracize me from the personal finance community. It just sort of happened. I can easily save $100 from my monthly spending by eating my own food more often.
Below is a picture of my from last summer cooking my own meals for the day to save money on food…
What can we do with an extra $100 per month?
If you’re thinking that saving an extra $100 is pointless, well, hear me out. What’s so special about saving more money?
- Save for a trip.
- Pay down debt.
- Save up for an investment.
- Buy a new iPad (possibly my plan).
- Add to your retirement.
An extra $100 or even $50 a month can do wonders for your goals. You’ll be pleasantly surprised with how the money adds up over time. While I do suck totally at being patient, my trick is to put the money away and forget about it. Then next I know, I got some savings waiting for me.
The trick is to save an extra $100 and then not spend it on something just as stupid. You can save $10 right now by finding a free checking account. If you sign up with Capital One 360, you’ll get $50 for free. There’s a decent start.
How could you cut out an extra $100 per month from your spending?