Jar marked SAVE with money in it

How to Save More Money

Many people dream of going on a great vacation, buying a nice gift for someone, or doing something else that is fun and exciting. The problem people often face is how they can pay for things they want. If you want to know how to save more money, continue reading below. We will discuss some behaviors contributing to spending money and ways to save more.

Are You Behind on Bills?

You might want to know more about saving money because you are behind on bills. Getting behind can be easy to do. If you were sick and missed work, if you had to pay a medical bill, or if you paid to fix your car, these are all examples of expenses that can quickly put someone behind. Unexpected expenses that pop up are not the only reason people may fall short when it comes time to pay their bills. They could be overspending on items that are not necessities. But what is overspending? And how do you know if you are doing this?

Are You Guilty of Overspending?

If you don’t have much money at the end of the month, you should consider what you often spend your money on. Are you guilty of overspending? Do you go to a coffee shop and purchase a latte every morning? Do you take a toll road when a highway without tolls is also available? 

You spend money on many things each month, such as food, electricity, rent, or a mortgage. These expenses are all necessary. Other items, however, aren’t necessities. If you pay $3 per latte each workday, that equals $15 per week. With four weeks in each month, that’s $60 each month that you are spending on coffee. An expense like this could be an example of overspending.  

How to Spend Less Money

We just discussed what constitutes overspending. If you are guilty of this and want to know how to spend less money, start where you’re overspending. Using the same example above, stop spending that $60 each month on lattes. Those lattes are something that you want, but don’t need. Cutting back on overspending is one great way to spend less money. 

You can also look at some of your set, and even necessary, expenses. Maybe you are paying more for cell phone service than you need to. If so, consider getting on a plan with your family. Many cell carriers offer plans for multiple lines, and this can save you a considerable amount each month. 

Another bill to look at is your electricity bill. Some electricity providers offer a service to help regulate your monthly bill. Often referred to as balanced billing, they will average your monthly electricity usage and charge you roughly the same amount every month. This means your bills will be more consistent throughout the year. If you live in the south, you will no longer have a higher bill in summer and a lower one in winter. They should remain about the same throughout the year. 

Make sure you look at all your expenses. Don’t stop after you’ve looked at any overspending or your monthly bills. If you want to spend less money, you must ensure that you are spending your money wisely.

How to Save More Money Each Month

Though you know you need to look at your expenses, you might still be unsure about how to save more each month. There are additional steps you can take.

If you haven’t already, you should create a monthly budget. This is a great place to look at your expenses and see exactly how much you’re spending and where you’re spending it. 

Start by calculating how much net income you have each month. The total amount you are paid is your gross income, but after taxes and other deductions are subtracted, you are left with your net income. Then list out all of your monthly expenses. Some of these will be set amounts, such as your car loan payment, while others, like your electricity bill, might vary each month. Once you subtract all of your expenses from your income, you will know how much money you have left over.

When you have money left over, you can designate a portion to add to your monthly savings. If you consider this money to be one of your expenses, you are more likely to contribute to your savings and less likely to spend it on something else. 

For more help in properly setting up a budget, you can look into the 50-20-30 rule. This method suggests you allocate 50% of your money to your necessary expenses, 20% to financial goals, and 30% to your lifestyle.

How to Stop Spending and Start Saving 

You read the above, stopped overspending, looked at your expenses, and found ways to spend less money and save more. But if you need to be certain that you are doing things the right way, it takes more than understanding how to stop spending and start saving. In addition to understanding what to do, you also need to implement a plan.

Saving can be difficult to do. You want to save your money, but there are some things you might have difficulty giving up. If that is the case, take baby steps. So, instead of cutting out all 5 of your lattes, cut back to 3 each week. Then continue to cut back little by little until you aren’t overspending as much. 

We all know it can be harder to save when a wrench is thrown into our plans. Even by doing everything suggested above, you might be faced with unexpected car repairs, an unforeseen pet bill, or another bill that came out of left field. It’s a good thing that MaxLend might be able to help.

Start Saving With MaxLend

We know that sometimes there are unexpected emergencies in life. Bills come up that need to be paid, and there are other things that we might suddenly need money for. But we don’t always have that money available when we need it. That’s why savings are important. 

If you are looking to cover an unexpected expense and don’t have enough saved, you may want to think about taking out a personal loan with MaxLend.

At MaxLend, we offer cash loans that can be used for a variety of reasons. So if you need an alternative solution to payday loans, we might be able to help. It’s easy. Just apply for cash online.

Maybe you want to know more about how our loans work, or you might have some additional questions. Simply call MaxLend at 877-936-4336. If you apply for a loan and qualify, you might even get Same Day Funding.* Then, when you take out your first loan with us, you will be enrolled in our MaxLend Preferred Rewards program.


*Same Day Funding is available on business days where pre-approval, eSignature of the loan agreement and completion of the confirmation call, if a call is required, have occurred by 11:45 a.m. Eastern Time and a customer elects ACH as payment method. Customers who complete this process by 1:30 p.m. Eastern on business days may still receive funds on the same day, but some banks may not disburse the funds until the next business day. Other restrictions may apply. Certain financial institutions do not support same day funded transactions. When Same Day Funding is not available, funding will occur the next business day.

The content on this site is for informational purposes only and is not professional financial advice. MaxLend does not assume responsibility for information given. All information should be weighed against your own abilities and circumstances and applied accordingly. It is up to readers to determine if this information is safe and suitable for their own situations.

MaxLend, is a sovereign enterprise, an economic development arm and instrumentality of, and wholly-owned and controlled by, the Mandan, Hidatsa, and Arikara Nation, a federally-recognized sovereign American Indian Tribe. (the “Tribe”). This means that MaxLend’s loan products are provided by a sovereign government and the proceeds of our business fund governmental services for Tribe citizens. This also means that MaxLend is not subject to suit or service of process. Rather, MaxLend is regulated by the Tribe. If you do business with MaxLend, your potential forums for dispute resolution will be limited to those available under Tribal law and your loan agreement. As more specifically set forth in MaxLend’s contracts, these forums include an informal but affordable and efficient Tribal dispute resolution, or individual arbitration before a neutral arbitrator. Otherwise, MaxLend is not subject to suit or service of process. Nothing in this website is intended to waive or otherwise prejudice MaxLend’s entitlement to these protections. Neither MaxLend nor the Tribe has waived its sovereign immunity in connection with any claims relative to use of this website. If you are not comfortable doing business with sovereign instrumentality that cannot be sued in court, you should discontinue use of this website.