Longing for more money in your savings account at the end of next month? You’re not alone. Even small changes to your budget can have a big impact. If your monthly balance never seems to grow, there’s one simple move that trumps all others: track your spending and cut one non-essential expense.
Let’s break down why this works, how to do it, and some ways to make it stick.
Photo by Tima Miroshnichenko
Most people make savings seem complicated with charts and jargon. But the path to more money is much simpler: know where your money goes, then stop spending on something you don’t need.
Why Tracking One Expense Works Instantly
A budget is like a map. Without it, you wander and waste money. With it, you see your destination—and the dead ends.
Cutting one non-essential expense is powerful because:
- It creates an immediate increase in savings.
- It takes mental effort only once—decide, and you’re done.
- You still enjoy life, just with one less unnecessary cost.
Think of your budget as a leaky bucket. Plug one hole, and you keep more water. Plug two, and things get better. But start with the one easiest leak first.
Step 1: Track Your Spending This Month
Grab your bank statement, a budgeting app, or even a notebook. Write down every dollar that leaves your account. Don’t overthink it. Tally your spending for these common areas:
- Groceries
- Restaurants & takeout
- Streaming or entertainment
- Subscriptions (magazines, apps, gym, etc.)
- Shopping (clothes, gadgets, hobbies)
- Coffee or snacks
- Ride shares and gas
You may be surprised by how much goes to things you barely notice.
Step 2: Pick One Thing to Cut
The next step is simple: choose just one regular expense to pause, reduce, or cancel next month.
Here are some ideas:
- Cancel a streaming service you don’t use much.
- Make coffee at home instead of stopping by the coffee shop.
- Commit to eating out only once a week rather than several times.
- Drop a rarely used gym membership.
- Skip clothing or gadget shopping for the month.
- Lower your grocery bill by meal planning and shopping with a list.
- Pause all subscription boxes.
Don’t worry about cutting everything. Focus all your attention on just one thing. You’ll see results without feeling deprived.
Real-World Examples: How Small Cuts Add Up
Imagine this:
- You skip buying coffee at $4/day for 20 workdays: save $80.
- Cancel one $15/month streaming service: save $15.
- Eat out three fewer times at $25/meal: save $75.
That’s $170 in your account by the end of the month—and you only needed to change three habits.
Start with one cut. You can always make more changes later.
Make Your Savings Automatic
After making the cut, automate the savings to lock in your new habit. Each time you would have spent on that expense, move that exact amount into your savings account.
Set up an automatic transfer to savings on payday or the day after you cancel a subscription. If you don’t see the money in your spending account, you can’t spend it. It’s the simplest way to trick yourself into saving more.
Build Momentum With Quick Wins
Saving money doesn’t have to be about sacrifice. When you master the habit of tracking and cutting, you feel more in control. Each small win builds confidence.
Try one of these quick wins to see faster progress:
- Use coupons or cash-back apps for things you already buy.
- Lower your thermostat or unplug unused electronics to save on utilities.
- Switch to generic brands when you shop.
- Review your monthly payment plans and negotiate lower rates.
These are small tweaks, but they free up cash right away.
Track Progress and Celebrate
At the end of next month, check your savings. Did your balance grow? Repeat the process if you want to boost your results:
- Review spending.
- Find the next easy expense to cut.
- Automate the difference.
- Watch your savings grow.
Celebrate hitting new milestones—even if it’s just $25 added to savings. The feeling of progress keeps you motivated.
Conclusion: Small Moves, Real Results
Saving more money next month doesn’t need to feel like a big project. The simplest change—tracking your spending and cutting one non-essential expense—gives you instant results.
Pick one area to trim. Make that change automatic. Then watch your savings grow, month after month.
Which single expense will you cut this month? Share your strategy below and inspire others to do the same.