There are many practical ways to save money that won’t make you feel like you have to sacrifice all of life’s small pleasures. Implementing even a few of the tips below will help you set aside some cash for a rainy day, a trip, or that big purchase you’ve been eyeing.
You’ll feel like you’ve picked up a second job without having to spend the time and effort on a side hustle. Whether you’re looking to pay off debt or grow your bank account, these tricks are sure to put extra money in your pocket.
1. Make (And Stick To) A Budget
The first step to saving money is knowing where it goes. Start by writing down all your regular bills for the month (using your bank statement can help): housing, utilities, car and/or debt payments, groceries, subscriptions, etc. Once you’ve added up every expense you can think of, subtract that number from your monthly take-home salary or estimated earnings.
The amount left over likely won’t be the amount you save. There are always expenses other than our usual costs of living, such as a fun evening out or an unexpected flat tire. But look at the number and use it to help you determine a reasonable amount you could set aside each month. Start with a goal, whether it’s $5 or $500, to put in savings each month or week, put it in your budget, and stick to it. Treat that goal like any other bill, a non-negotiable that has to be put toward your savings account, no matter what.
2. Cut Down on Subscriptions
While you’re making your budget, you may notice you have a lot of subscriptions. Many of us hardly use some of the subscriptions we pay for every month. Do you really need that box of goodies you saw advertised on Instagram?
How many of those items do you actually use? Are you paying for a streaming service that you bought a few months ago just to watch one show or movie and then forget about it? Review your subscriptions, decide which ones you barely use or can live without, and look forward to putting that money toward your savings goal instead.
3. Cook at Home
Restaurants and drive-thrus are charging for more than just the cost of the food they provide. You’re also paying for service, preparation, cleanup, building costs, and more. When you take the extra steps to prepare meals at home instead of dining out, it shows in your wallet.
Cooking at home is one of the most practical ways to save money. Skip the takeout menu and instead head to the grocery store – or, better yet, make something using ingredients you already have at home.
4. Use Coupons and Discounts
We often pay full price for products when there are perfectly good discounts available. Before heading to the register or checking out your cart online, do a quick Google search to see if there are any coupons or promo codes for the items you’re buying or for a similar substitute. You can also ask the sales associate if there are any deals going on currently or coming up soon.
5. Eat Out Less
Perhaps you’ve made a habit of dining out. Whether it’s a weekly happy hour with friends, a date night, or your night off from cooking, eating out is an expense that quickly adds up when done regularly.
Look for other activities you can do that are just as fun as dining out. Instead of meeting friends out for dinner, try cooking together at home, or going on a walk instead.
6. Buy Generic Brands
There are usually multiple brand options for nearly every product we purchase. Take your time at the grocery store to compare prices and go with the less expensive or generic brand. If you check the ingredients you will see that generic brands are almost identical to the better-known name brand but cost a fraction of the price.
7. Brown-Bag Your Lunch
Everyone has to eat several times a day, so it makes sense that cutting food costs significantly contributes to saving money. If you’re in the habit of getting takeout or fast food during your lunch break, bringing a sack lunch will help you save a lot of money each week.
8. Cancel Unused Gym Memberships
Much like subscriptions, many of us pay for gym memberships we don’t actually use. Ask yourself, when was the last time you went to the gym? Do you go often enough to justify the cost? Some gyms offer memberships at different tiers and pierce points; if you don’t want to cancel, see if you can downgrade your membership to a cheaper option. Replace your gym time with outdoor or at-home workouts – there are plenty of free instructional videos on YouTube that will help you work up a sweat from the comfort of your own home, even without equipment.
9. Use Public Transportation
Even if you own your car without making payments on it, gas, maintenance, registration fees, etc., can really add up. If you can give up your car entirely, you may save hundreds of dollars every month.
But even if you swap your drive for public transport, you can save on gas money, reduce your risk of damaging your car, and lower your mileage. And if you’re in the habit of using rideshare apps, replacing them with public transport will save you lots of money with every trip.
10. Buy Secondhand Items
Thrifting is not only good for your wallet, but it’s also better for the environment. You can score great deals on clothes, furniture, kitchenware, electronics, equipment, and more by purchasing them secondhand. And you don’t have to rely on a brick-and-mortar thrift store to have what you need – websites like Poshmark, Facebook Marketplace, and eBay all offer a huge selection of gently used products that cost a fraction of the original price.
11. Negotiate Bills and Fees
Sometimes, you don’t have to pay as much on a bill or fee as you think. For example, medical bills are often negotiable based on income. Some banks waive late fees as a one-time courtesy if you give them a call or have programs to help lower interest payments on your credit card. There are even programs for Internet service and other bills that can be reduced if you meet certain requirements.
Look at your expenses and do some research to find out which of your bills could be negotiated into being reduced or even eliminated completely. The time you spend making calls and online searches will be well worth the money you end up saving.
12. Plan Meals in Advance
When it comes to saving money on food, meal prep is your greatest tool. Cooking in batches and saving pre-portioned helpings for later will not only help you resist the temptation of dining out but also save you time in the kitchen throughout the week. Make a big batch of stew, soup, or other bulk meal and divide it into containers to use as easy meals later. You can even freeze some as a healthy alternative to a store-bought frozen dinner later.
13. Set up Automatic Savings
Image Credit: garagestock/Shutterstock.One of the most practical ways to save money is to automate it. Many banks and apps allow you to automatically put a portion of your income into a savings account. Tip: try not to not use a paid app or service that claims to help you save money. You can do it on your own for free.
14. Avoid Impulse Shopping
You can still go on shopping trips while saving money, as long as you make sure to stick to the budget and only buy the things you set out to purchase. Those strategically placed items in the checkout line or store window are certainly tempting, but think how much better you will feel about putting that money in your savings instead. You could even go into your banking app and put the dollar amount of the item you want to impulse buy into your savings account right away. And if you need to budget for some fun spending, set a dollar limit and do not exceed it.
15. Sell Unused Items
You could be sitting on a goldmine of unused items in your home. Just as buying secondhand items is one of the practical ways to save money, selling your gently used goods is a way to bring in some extra cash you can put into your savings account. You can find brick-and-mortar stores that will buy your clothes, electronics, and more, or sell them on apps and websites like Poshmark, thredUP, Depop, Craigslist, and Facebook Marketplace.
16. Buy In Bulk
Although this savings tip can be tricky, sometimes it saves money in the long run to buy more of a product at once. The key is to only do this with items you are absolutely certain you will need to purchase again in a timely manner, such as toilet paper and kitchen pantry staples. Keep stock of your items so you don’t make purchases you forget about and end up with clutter and unnecessary expenses. And, if you are trying a product for the first time, it might not be the best idea to buy in bulk until you know you will like it and use it again.
17. Comparison Shop
There’s almost always a better deal out there for nearly any product or service you need. If your car needs a new part, don’t just take your vehicle to the nearest mechanic you can find. Call around for different quotes to see where you can get the lowest price. It doesn’t hurt to mention another shop’s quote and ask if they can match or beat it. If you’re shopping for an appliance, browse multiple stores online and in person to see which one has the best deal.
18. Use Cashback Rewards
One of the most practical ways to save money is to make your spending work for you. If you know you handle credit cards responsibly, look into one that offers cash back on purchases. Many companies offer rebates for certain purchases, and they will reimburse you for a portion of your purchase if you send in your receipt.
19. Eliminate Cable TV
Ditch cable and either switch to cheaper streaming services or eliminate television completely. You can check out movies and entire seasons of shows from your local library for free.
20. DIY Home Repairs
Instead of paying for an expensive home makeover, save a lot of money and pick up some new skills by doing it yourself. You can watch YouTube videos to learn how to do nearly any kind of renovation project you desire, and sales associates at your hardware store will be happy to help you pick out the supplies you need.
21. Avoid High-Interest Debt
Another one of the most practical ways to save money is to avoid or reduce your debt. Prioritizing paying off loans and credit cards will help you save a ton of money in interest rates in the long run. If you are just starting out with credit cards or loans, make sure you budget in your full payment every month.
22. Cut Down on Energy Usage
Turn off the lights, air conditioner, heater, and fans when you’re not at home. Unplug electronics you’re not using, and try not to leave the TV on overnight or as background noise during the day.
23. Refinance High-Interest Loans
You may be able to get a lower interest rate by refinancing high-interest loans. Talk to our bank about refinancing to see if it can reduce your interest rate, saving you some money each month.
24. Use a Programmable Thermostat
Although there may be an upfront cost to install it if you don’t already have one, programmable thermostats can help you save money in the long run. They can be set to automatically change the temperature at night or while you’re away from home, reducing your cooling and heating bills.
25. Buy Used Cars
Everyone loves that brand-new car smell, but a new car depreciates in value the second you drive it off the lot. If you’re in the market for a new vehicle, consider purchasing a used one. If you don’t own your car and want to save on monthly payments, consider trading in for a less expensive model.
26. Repair Clothing
One of the more practical ways to save money is to make the most of what you have instead of buying new things. If your favorite jeans have a hole in them, that doesn’t mean you have to splash out on a new pair. Instead, make a cute patch out of scrap fabric or simply sew the hole shut. You’ll get to save money and keep your trusty pants!
27. Shop During Sales and Clearance Events
If you don’t need a product urgently, it’s worth waiting for a bargain to save some money. Amazon Prime Days and Black Friday are known for their massive sales, but you can also wait for items to go on clearance.
28. Reduce Water Usage
You can save on your water bill by being more mindful of your water usage. Taking shorter showers, turning off the faucet while you brush your teeth, and watering your lawn for less time are all ways you can cut costs. You may also want to invest in items like low-flow toilets and shower heads to save more in the long run.
29. Carpool or Rideshare
Apps like Uber and Lyft are convenient, but they cost a lot of money. Many apps offer options to share your ride with other passengers to reduce costs. You may also cut down on the expense of using your own vehicle by carpooling with friends and coworkers.
30. Reduce Alcohol Consumption
Alcohol consumption is ingrained into many of our social outings and rituals, and it’s a costly habit. Ordering water or soda instead of alcoholic beverages while dining out can significantly reduce your bill, especially if you’re used to having more than one drink. Try reducing the number of times you consume alcohol per week or month to cut costs.
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