Clever Ways to Save Hundreds Each Month -- Savings Experiment
Are you on a tight budget? Finding ways to cut back on spending can be tough, but with these clever tips you can save hundreds each month with ease.
Let's start with your car. By getting more mileage out of your vehicle, you can take your savings farther. Start by cleaning or swapping your air filter. Doing this can save up to $100 for every 10,000 miles you drive.
Another great way to save is to keep your tires inflated. For every two PSI of air pressure under the recommended level, you lose 1 percent on your gas mileage. Doing these simple tasks for you car can easily save you between 5-10 percent on your fuel costs.
Next, take a look at your meal budget. Are you eating out a lot or throwing away leftovers and unused ingredients? Ideally, you should be spending 10-15 percent of your take-home pay on food. Any more than this can devour your cash. Do some calculations and adjust your budget as necessary.
Finally, your cell phone bill may be draining your savings. On average, U.S. consumers spend a whopping $85 a month on their phone bills. So if you've noticed that you're spending too much on data, try connecting your device to WiFi instead and scale your data plan back. Explore your options, because in some instances switching from a monthly contract to a prepaid plan could lower your costs by up to 50 percent.
So, as you set your budget for next month, remember these tips. You'll see that with a little homework, there are many clever ways to save on your spending.