Let’s be honest, saving money is not easy. But you work hard for your money and it should work hard for you. If you want to learn how to save $500 a month, the key is to start small. Start where you are right now. To make it fun and help keep you motivated, I recommend doing a savings challenge.
Whether you want to get out of debt, build an emergency fund, or save for your dream vacation, a savings challenge can help kick-start your savings so you can achieve your financial goals faster!
I created this free save $500 a month chart for you to follow along and make saving money fun. It’s called the 31-Day Savings Challenge and it’s a great way to save $500 a month!
The best part is, you don’t have to wait to start saving on the first of the month. You can start this savings challenge today and continue watching your savings grow over the next 31 days. Use this save $500 a month challenge to help you save more money.
Ready to get started? You can download your free save $500 a month chart here.
One of the biggest mistakes people make when saving money is they forget to create an action plan. They say to themselves, “I wish I could save $500 a month”, but they don’t follow through with an action plan.
A dream without a plan is just a wish.
That’s why I included a section on this savings challenge worksheet for you to write down which steps you’re planning to take to save money. If you want to learn how to save money each month, this can help you stay motivated be successful with this savings challenge.
You can even try saving $500 a month for a year if you’re feeling extra ambitious. Just use this printable chart over and over to keep track of your progress.
You can download my free printable below to get started and help you save $500 a month. Enter your information below to get your free worksheet!
Need some inspiration to help you save $500 a month? Here’s a list of my favorite ways to save and make extra money!
- 16 ways to save money on groceries
- 50 creative ways to save money on a tight budget
- 21 hobbies that make money
Table of Contents
1. Get paid to share your opinion
Yes, companies are willing to pay you to get your opinion. If you’re looking for an easy way to make money in your spare time, this can be a great option. I started doing online surveys when I was in college to help me make fast money. This won’t make you rich, but it can be a good way to help boost your savings.
PRO TIP: Sign up for several survey websites to earn more money. Then you’ll get to choose the surveys which pay the most money. Save time and earn more cash!
What’s the best survey website that pays cash?
Start out with Branded Surveys. When companies want to launch a new product or collect market research, they turn to the Branded Surveys Community for feedback. Branded Surveys currently has a TrustScore rating of 4.4/5 on Trust Pilot, which makes them one of the highest rated survey sites.
How to get started with Branded Surveys:
✓ Sign up: You can sign up here to create your free account. The more details you provide, the more surveys they’ll provide.
✓ Verify: Verification of your account and honest answers are key to providing market research on behalf of Fortune 500 companies. This will help you unlock more survey opportunities which means more ways to earn extra money.
✓ Participate: Collect points for every survey you complete. Points are redeemed for gift cards, cash, or Branded Pay™ (for US panelists only).
For more surveys for money, check out this guide: 10 Best Surveys That Pay Cash Online
2. Get paid to watch entertaining videos online
Swagbucks can be a great way to passively earn free gift cards to popular retailers such as Amazon, Walmart and Starbucks. All you have to do is earn “SB” (Swagbucks) for things you already do online, such as watching short videos. Then you can redeem your “SB” for rewards.
They currently have a TrustScore rating of 4.3/5 on Trust Pilot, which is up there with some of the best survey sites. If you want to put money aside each month, Swagbucks can be a great way to boost your savings.
How to make money with Swagbucks:
✓ Join Swagbucks: Get a free $5 bonus when you sign up here.
✓ Earn Points: Choose from a variety of different videos to watch on your phone, tablet or computer. Earn points for each video you watch.
✓ Get Free Gift Cards: Redeem your points for free gift cards or get cash deposited in your PayPal account.
Don’t forget to confirm your email address after signing up so you can start making money right away.
3. Get a free $10 bonus when you join Rakuten
Rakuten is free to join and it’s my favorite way to earn cash back when shopping online. Rakuten will even apply coupons automatically at checkout, so you’ll always know you’re getting the best deal.
Plus, you’ll get a free $10 welcome bonus just for signing up.
I use Rakuten all the time when shopping online and have been able to earn over a thousand dollars through them. Pretty awesome right?
How to claim your free $10:
1. Start here to sign up for Rakuten. (It’s free to join)
2. Find your store on Rakuten next time you need to buy something. It’s connected to over 2,000 stores, including Amazon, Target, and Walmart. You’ll need to spend at least $25 on your first purchase within 90 days.
3. Your Rakuten account will be credited with reward points. Get this cash sent to a PayPal account or choose to receive a Big Fat Check from Rakuten. It’s up to you!
For Canadian shoppers, you can click here to sign up for Rakuten (free $5 welcome bonus).
4. Slash your monthly bills with Trim
No matter how closely you pay attention to your monthly bills, I’m sure if you take another look, you’d find at least one subscription that you’re not using. You may even discover a late fee you’ve forgotten about. Oops!
To help you get organized and pay less on your monthly bills, consider using this free tool by Trim. Trim is a digital personal assistant that makes it easy to save money on your monthly bills. All you have to do is sign up here and Trim will do the heavy lifting for you.
How to save money with Trim:
Trim will also negotiate your monthly bills, such as your cable, cell phone, and internet bill. Trim works behind the scenes and automates ways to save you money. Now you can have more money in your pocket to help grow your savings, pay off debt faster, and successfully save $500 a month! Sign up here to get started.
Read Next: 15 fast ways to cut your monthly expenses
5. Earn free rebates when you shop online
Do you like shopping on Amazon? You could be getting free rebates on your purchases through sites like Rebaid. This is an easy way to make money from your phone.
Rebaid has tons of great products and offers up to 100% cash back rebate. Rebaid currently has a 4.7/5 TrustScore on Trust Pilot, making it one of the highest rated rebates sites available. This can be an easy way to save extra money when shopping online.
How Rebaid works:
1. Browse Products: Simply click here to browse through their product offers with rebate discounts.
2. Buy on Amazon: Click the “claim rebate” button on the offer page and you’ll be taken directly to Amazon to make the purchase.
3. Confirm Rebate: After buying the item, return to Rebaid.com to confirm your order number. Once confirmed, your rebate will be processed.
6. Turn your old gadgets into cash with Whistle
Do you have old gadgets that you don’t need anymore? Why not turn your old gadgets into cash?
Whistle makes it safe and easy to sell your electronic devices. Compared to other services, you’ll get paid 50% more when selling your device with Whistle.
How it make money with Whistle:
Step 1: Get an offer – Head to Whistle and answer a few questions about your device to see your Whistle offer.
Step 2: Send Whistle your device – Whistle will send you a free shipping kit with everything you need to send your device. Or to get paid faster, you can download and print a free shipping label to use on any box.
Step 3: Get paid – You can get paid via direct deposit, PayPal, gift card or check. You’ll get paid within 24 hours when Whistle receives your device.
If you’re curious to see how much your device is worth, head to Whistle and select the device you wish to sell.
7. Get automatic cash back when you shop with Dosh
Dosh is a free app that gets you automatic cash back at thousands of places when you shop, dine or book hotels. You don’t have to worry about scanning coupons or receipts, which makes it easy to make extra money with Dosh.
How the Dosh app works:
Step 1: Connect – Download the Dosh app and link your cards, or check if your favorite ways to pay offer a cash back experience powered by Dosh.
Step 2: Shop – Swipe your card and Dosh will deposit the cash back into your wallet automatically.
Step 3: Transfer – Once you accumulate $25, then you can transfer the money to your bank, PayPal, Venmo or donate your cash back to charity.
8. Rent out your extra space on Airbnb
Do you have a spare room in your home? You can make money by renting it out through Airbnb. No matter what kind of home or room you have to share, Airbnb makes is safe and easy to host travelers.
How to become an Airbnb Host:
- List Your Space For Free: Describe your space, how many guests you can accommodate, and share photos.
- Decide How You Want To Host: Set your price and choose your own schedule. It’s up to you.
- Welcome Your First Guest: Qualified guests can book your space and you’ll make money. Get paid via PayPal, direct deposit, or wire.
9. Earn cash back on groceries with Ibotta
Ibotta is a free app where you can earn cash back on everyday purchases such as groceries, apparel, travel, and online shopping. To get started, you just need to create a free account, find and add offers available at your favorite retailers, then earn cash back as soon as your order is confirmed.
How does Ibotta make you money?
Ibotta gets paid by their partner brands for any offer you redeem through the app. Then Ibotta splits the commission with you in the form of cash back. This is one of the best money making apps.
It’s free to sign up for Ibotta and when you join today, you could earn up to $20 in welcome bonuses! If you’re not a member yet, you can join Ibotta here.
How does Ibotta work?
1. Click here to join Ibotta for free.
2. Open the app and browse through rebates. When you see an item that you want to buy at one of Ibotta’s partner stores, just tap to unlock it.
3. Shop at the store. You can redeem offers by uploading your receipt to the Ibotta app.
4. Get paid. Once your Ibotta cash back balance reaches $20, you can withdraw your earnings via PayPal, your bank account or for free gift cards.
10. Get paid to lose weight with Healthy Wage
2021 is here, which means many people are making resolutions to lose weight and get healthy.
Introducing Healthy Wage, the company that will actually pay you to reach your fitness goals. They will help you lose weight by offering a cash prize. Simply make a personalized bet on your own weight loss. If you’re successful with the challenge, you can win up to $10,000.
Head to Healthy Wage’s Prize Calculator to see how much money you could win.
How to get fit and make money with Healthy Wage:
1. Calculate your prize.
2. Make your bet.
3. Lose the weight.
4. Win money!
Read Next: HealthyWage Review – Does it really pay out?
11. Reduce your monthly expenses
The easiest way to start savings money is to look at your monthly variable expenses. These are things like groceries, entertainment, dining out, shopping, streaming services, cable TV, internet, cell phone, and so on.
I like using my Meal Plan Binder to help me save money on groceries and plan healthy meals for my family.
If you’re new to meal planning, I recommend trying the $5 Meal Plan. Many of my readers have told me great things about how this service makes planning meals each week simple and easy.
For just $5 per month, you will receive a delicious meal plan, where every meal will cost about $2 per person (or less). It’s a great way to save time and money, plus they offer specialty plans, including gluten-free and vegetarian meals. Click here to try it free for 14 days.
12. Flip stuff for profit
Do you have old furniture or clothes that you don’t need anymore? Or do you enjoy finding deals and hidden treasures at thrift stores or garage sales?
Flipping means finding things for free (or at a discount) and selling them for a profit. There has never been an easier time to resell and flip items to make money from your phone.
Selling stuff online can be a great way to make money fast. That’s exactly what Rob and Melissa do. They make over $100,000 a year by flipping items for profit. Here’s a crib that Rob and Melissa found at a thrift store for $40. They sold it on eBay for $400!
If you’re interested in learning more, Rob has put together this free workshop to help you learn how to find hidden treasures at thrift stores and turn them into maximum profit online.
He also offers a comprehensive course that will teach you everything you need to know about buying and reselling items on eBay, Facebook Marketplace and other online platforms.
Read Next: The 18 best items to flip for profit
13. Start a profitable blog
Starting your own profitable blog is one of the best ways to make extra money in your spare time. The best part is, you can blog about any topic you wish and you can work from anywhere there’s an internet connection. What’s not to love?
If you’re interested in starting your own blog, check out my free step-by-step guide. It’ll show you how to easily get started. It takes just a few minutes to get your blog up and running.
Blue Host is offering a great deal right now for getting your blog up and running. For as little as $2.95/month USD. They make it quick and easy to get started. It’s the web hosting company I used to start this blog, which is why I like recommending them. No tech knowledge required!
Save over 60% off the price of your blog with this special offer (expiring soon)!
14. Get paid to play with dogs
If you like dogs, you could get paid to pet-sit and play with dogs. Rover is an online network that connects dog walkers and sitter to pet owners in your area. All you need is your phone to get started making money.
As a dog walker or pet sitter with Rover, you can set your own rates to make sure you’re charging a fair price. Looking for how to make money with your phone as a student? Rover can be a great choice. Plus, it’s free to sign up. You can learn more and get started here.
15. Turn everyday purchases into cash rewards with Drop
Drop is a free app that makes it easy to turn your everyday purchases into cash rewards. Each time you make a purchase at one of your favorite retailers, you’ll earn points.
Every 1,000 points is worth $1. You can redeem your points for gift cards to your favorite retailers, such as Amazon, Starbucks, Walmart, and more. This is an easy way to make money with your smartphone.
How to get started with Drop:
Download the App: After you download the app, link your debit and credit cards. You’ll automatically earn points whenever you spend with any of your linked cards.
Shop at Your Favorite Places: Whether it’s grocery shopping or taking an Uber, you’ll easily earn points.
Get Cash Rewards: Redeem your Drop points for gift cards to where ever you want. It’s that easy!
16. Get paid to grocery shop with Instacart
It’s similar to Door Dash. Simply choose the hours that work best for you. To maximize your earnings, Instacart recommends working peak days.
As a shopper, you’ll be grocery shopping for people. You can choose to be an in-store shopper (shopping only) or a full-service shopper (shop and deliver orders to customers). During busy shifts, you can earn $20 or more an hour depending on tips. This can be a great way to make money from your phone.
17. Earn cash back with the Dosh app
Dosh is a free app that gets you automatic cash back at over 10,000 places when you shop, dine or book hotels. You don’t have to worry about scanning coupons or receipts, which makes it easy to make extra money with Dosh.
How to make money with Dosh: There are many ways to earn money with Dosh. Here’s a few popular ways:
✓ Vacation – Book your hotel with Dosh with over 600,000 hotels around the world and get cash back for your stay.
✓ Everyday purchases – Shop at big-box retailers or your favorite grocery story to earn cash back from Dosh every day of the week.
✓ Sports & Fitness – Many people are getting into fitness this year. Shop through Dosh to get cash back on all your fitness-related purchases.
✓ Dining out – With over 10,000 local favorites on Dosh, this is one of the best apps to earn cash back when eating out.
Dosh is secure and easy to use, making it one of the best money making apps. Simply download the app and link your cards. You can also check to see if your favorite way to pay offers a cash back experience through Dosh.
18. Unsubscribe to retailer emails and delete shopping apps
This is by far one of the easiest and best ways to save money. Simply hit the unsubscribe button from all retailer emails.
I did this a few years ago when my previous shopping addiction was getting out of hand. I could never resist the sales that popped up in my inbox each day. I felt like it was constantly giving me another excuse to spend money on things I didn’t need.
Once I unsubscribed from all retailer emails, I felt relief. I was no longer tempted to spend frivolously and it was an easy way for me to save money. Try it yourself!
19. Learn how to say “no” to peer-pressured spending
Sometimes we feel pressured to spend money and make financial decisions based on what others think. I know it’s never nice to feel like we’re being the cheap or boring person in the group, but spending money that could have gone towards funding our long-term goals is a surefire way to derail our budget.
I love spending time with my friends and family and I don’t want to feel excluded. However, if you want to keep your budget in check, it’s important to learn how to say “no” to peer-pressured spending sometimes.
I hope this list has given you some helpful ideas for you to save $500 a month. Imagine having an extra $500 in your savings account in just 31 days! How could that extra money help you? Stay focused on your goals, create an action plan, and make it happen! You’ve got this!