1. PERSONAL FINANCE

9 Amazing Ways to Save $300 Every Month

9 Amazing Ways to Save $300 Every Month
BY Charla Myers
 Updated 
Mar 17, 2025
Key Takeaways:
  • Save $300 a month with a few changes.
  • Socialize at home more, and exercise outside instead of at the gym.
  • Buy cheaper brands and shop expensive necessities like insurance.

What could you do with an extra $300 a month? You know the saying “every penny counts,” yet how do you make those pennies add up to dollars? A few small changes can help you save money every day and keep more in your pocket.

Imagine how $300 could be put toward a car payment, pay down a medical bill, or help get your kid their dream toy for a birthday present.

These 9 budget tips can help you save money fast to provide some financial “breathing room” or to use toward a special savings goal.

Host a Game Night

Instead of meeting friends out for dinner, have them come over for dessert and board games. To cut costs, ask them to contribute a bottle of wine or a six-pack toward the festivities.

Cancel Your Gym Membership

If you’re a gym regular, keep it up and enjoy yourself! But if you don’t go to the gym at least 3 times a week, you may be wasting some money. Check out a local recreation center where there is a fitness room. These gyms can cost as little as $24 a month and might be half that price if you’re 50 or older.

Empty Your Storage Unit

The average monthly fee for a 10’x10’ storage unit is $100. Evaluate what you need versus the “maybe we’ll use that … someday” items—and as you hold each item ask yourself if it’s worth $1,200 per year?

Have Coffee In vs. Coffee Out

Learn to make lattes at home and you can save almost $10 each week.

Search for Coupons

As internet shopping becomes commonplace, always take a moment to search for an online coupon before Checkout. Often you can save on shipping or receive 10% off all for a few clicks.

Switch Cell Phone Plans

Ask about different plans to see which best fit your needs and might cost less. Or consider switching to a less pricey providers or get a prepaid plan.

Buy Generic

At the supermarket, store-brand groceries can cost 10% less than name-brand products. So if you spend $100 a week on name-brand groceries, buying store brands instead is an easy way to save $10 or more.

Call Your Insurance Company

See if there are discounts available for having multiple policies with the same provider. And if you have enough savings on-hand to cover expenses for filing a claim, then consider raising the deductibles on your policies as this will lower the annual premiums.

Lower Your Energy Usage

There are multiple ways to save on energy costs by managing air drafts, adjusting hot water heaters, and monitoring the washing/drying of clothes.

  • Air Drafts: Check for spots where outside air can enter your home—the most common locations are doors and windows, followed by locks, electric outlets, air conditioners, and recessed light fixtures. Install weather stripping and door sweeps, plus cover outside vents, including air conditioning units.

  • Water Heater: Adjust the water heater temperature to 120 degrees or, if you have only a knob, turn it down a level. You can save up to 10 percent on energy costs, yet still have all the hot water you need.

  • Washing/Drying of Clothes: Using the cold cycle in the washer can save up to 90 percent of the energy costs. While a clothes dryer is one of the highest energy vampires, use a clothesline (inside or outside) to hang dry as many items as possible.

Looking for more ways to save money? Check out these money-saving tips.

We looked at a sample of data from Freedom Debt Relief of people seeking debt relief during November 2024. The data uncovers various trends and statistics about people seeking debt help.

FICO scores and enrolled debt

Curious about the credit scores of those in debt relief? In November 2024, the average FICO score for people enrolling in a debt settlement program was 586, with an average enrolled debt of $25,411. For different age groups, the FICO scores varied. For instance, those aged 51-65 had an average FICO score of 587 and an enrolled debt of $26,912. The 18-25 age group had an average FICO score of 550 and an enrolled debt of $14,146. No matter your age or debt level, it's reassuring to know you're not alone. Taking the step to seek help can lead you towards a brighter financial future.

Credit card debt - average debt by selected states.

According to the 2023 Federal Reserve Survey of Consumer Finances (SCF) the average credit card debt for those with a balance was $6,021. The percentage of families with credit card debt was 45%. (Note: It used 2022 data).

Unsurprisingly, the level of credit card debt among those seeking debt relief was much higher. According to November 2024 data, 88% of the debt relief seekers had a credit card balance. The average credit card balance was $15,618.

Here's a quick look at the top five states based on average credit card balance.

StateAverage credit card balanceAverage # of open credit card tradelinesAverage credit limitAverage Credit Utilization
District of Columbia$16,9677$24,102121%
Arkansas$12,9899$28,79183%
Tennessee$13,8229$27,26182%
New Mexico$11,8608$25,73182%
Kentucky$12,8348$26,15681%

The statistics are based on all debt relief seekers with a credit card balance over $0.

Are you starting to navigate your finances? Or planning for your retirement? These insights can help you make informed choices. They can help you work toward financial stability and security.

Tackle Financial Challenges

Don’t let debt overwhelm you. Learn more about debt relief options. They can help you tackle your financial challenges. This is true whether you have high credit card balances or many tradelines. Start your path to recovery with the first step.

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