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How to Save Money Each Month with Tip Yourself

Saving money can be hard. So, let’s get right down to it and talk about how to save money each month. Regularly saving money, even in small amounts, can have a massive impact on your life.

Money is the number one source of stress amongst American Adults and less than half of adults have $400 or more in cash savings. Those are crazy statistics. You can be different. You can be better!

Our goal with Tip Yourself is to help you remove money as a source of stress in your life and instead view it as a source of reward and empowerment.

Let’s get started. Here’s what we’re going to cover:

  1. Why you need to start with a savings goal.
  2. Where to find extra money to save each month.
  3. How to use Tip Yourself to stay motivated and track the money you save each month.

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Why You Need To Start With A Savings Goal

Life will have its ups and downs. Temptations to spend money are constant. A specific savings goal will help you stay focused and give you the ability to ask yourself what is more important each time you’re tempted to spend money.

For example, if you are saving for a Florida Vacation and you get tempted to order pizza instead of cooking what you already have in the refrigerator, you can ask yourself, “What’s more important, having pizza tonight or going on my trip to Florida?.”

Some days you might pick pizza and that’s okay! What’s important is that you made a conscious decision about what was important to you. You can’t make that choice unless you have a specific savings goal you’re working towards.

If you just decided to “save money” in general, you’re not going to be successful. Set a specific goal. I want to have a $500 emergency fund. I want to go on a Florida Vacation that is going to cost me $750.

Set a goal. It’s critical to your ability to save money each month.

Learn More: Why We Set Savings Goals

Where to Find Extra Money To Save Each Month

If you had some “extra” money you’d save it, right? When you’re living paycheck to paycheck or pretty close to paycheck to paycheck it can feel impossible to save money.

It’s not impossible. You can do it. Here are a few steps to get you started.

1. Stop waiting for “enough” money to save.

The biggest thing holding folks back from saving money is the idea that you need to save money in big chunks. That’s not true. You’ll be surprised how fast your Tip Jar fills up if you add to it regularly, even in small amounts.

I bet you don’t wait till you have “enough” money to spend money, right? Use that same mentality to save money.

With the Tip Yourself App, we make it easy to save small dollar amounts. If you skip an afternoon trip to the vending machine or the coffee shop, Tip Yourself the $2-$4 you didn’t spend. Trust me. You’ll be surprised how fast it adds up.

It’s not that you don’t have “enough” money to save. The problem is you think it’s a waste of time to save $2.

It’s not at all. Save money the same way you spend money. Small steps lead to big outcomes.

Learn More: Keeping Track of Small Savings is Hard

2. Are you paying too much for your cell phone?

Regular monthly bills are an often overlooked area for saving money. One of the most common is your monthly cell phone bill.

Did you know that many low-cost cell phone companies use the exact same cellular network as the bigger expensive companies? For example, Cricket wireless uses the exact same cell phone towers at AT&T. By switching your cell phone bill you can save more than $50 a month while getting the same service.

Learn More: How I Saved $60 A Month On My Cell Phone Bill

3. Review your monthly subscription payments.

Are there any companies taking small dollar amounts of your bank account every month? Do you know why you’re paying that money each month?

Take a look at your monthly statement for last month and make sure you recognize every charge.

Often you’ll find a monthly service charge for something you no longer use. You may actually find some charges you didn’t even know you signed up for. Tricky companies will often automatically convert free trials into a paid monthly bill.

Make sure you recognize every charge on your bill from last month. Cancel anything you don’t regularly use.

4. Should you cancel cable TV?

Ok, this is a big one. Have you cut the cord on cable TV? You’ll be surprised how easy it is to find alternative streaming services for your favorite shows and even local sports while saving yourself big bucks.

If you’re used to always having a big cable TV package of 1000’s of channels, it can be scary. Don’t worry, we break down everything you need to know in our canceling cable guide.

For the vast majority of folks, cable TV is a waste of money. You can continue to watch all your favorite shows at a fraction of the cost each month.

Learn More: The Ultimate Guide to Canceling Cable TV

Did you find some money in your monthly budget?

Now let’s go over how you can use Tip Yourself to keep track of all this money you’re going to save each month.

How to Use Tip Yourself to Stay Motivated And Track The Money You Save Each Month.


Finding ways to save money is not enough. You have to actually save that money!

Don’t make the mistake of simply shifting spending from one thing to another. Let’s use the Tip Yourself App to capture your new monthly savings.

Are you not a Tip Yourself Member? Download the App Now and get started.

Let’s create different Tip Jars for each of the ways we talked about saving money in this article.

Savings Goal Tip Jar

Create a Tip Jar for the specific savings goal you defined. Yes, I was serious about defining a specific savings goal. If you haven’t decided on one yet. Do it now. Then name your new Tip Jar for that savings goal.

For example, “My Florida Vacation” with a dollar goal of $750.

This is the jar you’ll use to track your regular small $1 or $5 savings.

When you’ve earned a tip, big or small, put the money in your savings goal Tip Jar. Like I said before, you’ll be surprised how fast the money adds up.

Monthly Savings Tip Jars

Create a Tip Jar for each of the monthly regular bills you were able to remove or reduce.

For example, if you change your cell phone provider and saved yourself $20 a month, you now want to create a Tip Jar where you will automatically capture that $20 in savings every month. If you don’t save it, you’ll spend it!

Here are the steps to follow:

When you find a monthly bill you can cancel or reduce, set up a new Automated Tip Jar for each of those savings.

  1. Open your Tip Yourself App.
  2. Select Add New Tip Jar.
  3. Select the Automated Tip Jar.
  4. Name your Tip Jar for the bill you just canceled or reduced.
  5. Set the frequency to Monthly and schedule it for the 15th of the month.
  6. Set the Tip Amount to equal the money you saved yourself.

Now, the same amount of money is still coming out of your bank account each month, except the monthly bills you were able to cancel or reduce are going straight toward your savings!

What do you think?

Was this helpful? How much money were you able to save?

Compare your results with other Tip Yourself Members in the Tip Yourself Members Group on Facebook.

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A lifelong student of habits and behavior change. Mike is the CEO and co-founder of Tip Yourself, a mobile app and community focused on saving money through positivity and small shifts in habit.

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