Rachel Cruze: 5 Simple Ways You Can Save $100 This Month

Would you like to cut your monthly budget without making significant lifestyle changes? Money expert Rachel Cruze has five simple ways you can save $100 this month and every month. See if any or all of the following tips can help you find a bit of budgetary relief .

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Relatively Painless Budget Cuts

These minor budget cuts can improve your financial situation considerably over time, especially if you use the money for a financial goal.

1. Drop a Few Streaming Services

Cruze says you can save $30 monthly by dropping two streaming services. According to the Deloitte Center for Technology, Media & Telecommunications’ Digital Media Trends 2024 study , Cruze’s estimated $30 savings is accurate. The study found that the average U.S. household has four streaming services, totaling about $61 monthly.

You could save more by trading your paid streaming services for free alternatives. Consider the following free options:

• Pluto TV
• Tubi
• Freevee
• Sling Freestream

You may have to deal with commercial interruptions, but they could be worth the savings.

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2. Cut Back on Food Delivery Services

Data from delivery experience company Circuit shows that Americans spend an average of $12.80 on each food delivery order to cover the service fee, delivery fee and tip. This figure supports Cruze’s average cost of $13 per order in delivery fees.

Cruze doesn’t say you must give up delivery altogether to save. She recommends simply cutting back by occasionally picking up your order instead. Trading delivery for pickup just four times per month can save $52.

3. Use Curbside Grocery Pickup

The delivery fee isn’t the only money you can save by choosing curbside grocery pickup over delivery. Cruze recommends ordering groceries online for curbside pickup to avoid in-person impulse purchases.

According to Capital One Shopping statistics, up to 62% of grocery store sales revenue is due to consumer impulse buying. If you tend to impulse shop at the grocery store but don’t want to give up picking out your produce and other perishables, start shopping with a list and commit to not throwing anything not on the list into your cart.

4. Avoid Buying Bottled Water

Cruze says bottled water costs the average household about $25 a month, which can be easily saved by investing in reusable water bottles. Data from The Water Project indicates Americans spend $100 per year per person on bottled water, which is about $33 a month for a family of four.

Healthier Homes recommends buying glass, stainless steel or ceramic reusable water bottles. These materials are safer for humans and the environment than many plastic water bottles on the market.

5. Get Autopay and Paperless Discounts

Paperless billing helps businesses save on paper, postage and other costs, and many are willing to share some of those savings with consumers who sign up. Autopay can help businesses boost revenue, so some provide a discount to entice customers to enroll.

For instance, Verizon customers get a $10 monthly discount by signing up for e-statements and enrolling in autopay from a bank account. Allstate offers its automatic EZ pay plan discount and an eSmart® paperless discount for customers who receive an ePolicy.

Cruze advises only using autopay for fixed expenses. She doesn’t specify why, but setting up variable bills on autopay from a checking account and not tracking them could lead to overdrafts.

Put Your $100 Monthly Savings To Work

Cruze’s tips for reducing your monthly budget by $100 don’t require drastic lifestyle changes. With a few tweaks, you can keep more of your hard-earned money and use it in ways that benefit you most, including making or saving more money. Here are a few suggestions for putting your $100 savings to work.

Invest

Suppose you invest $100 every month for 40 years, earning a conservative 5% APY compounded monthly. Your $48,000 in contributions will grow to $152,602.02. If you choose investments with higher returns, you could earn closer to Cruze’s estimated figure of $1,176,000 over 40 years.

Pay Off Debt

If you’re trying to pay off high-interest credit card debt, tacking an extra $100 to your payment could save you significantly. Suppose you have a $10,000 credit card balance with a 27% APR and pay $500 monthly. You’ll pay $3,451.91 in interest. By increasing your monthly payment to $600, you’ll only pay $2,788.21 in interest, a savings of $663.70.

Build an Emergency Fund

Using that $100 to build an emergency fund can help you cover unexpected expenses with cash rather than relying on a credit card and taking on more debt.

This article originally appeared on GOBankingRates.com : Rachel Cruze: 5 Simple Ways You Can Save $100 This Month