Saving money is always good, and you likely have a few things in place to help you do it. Still, are there any areas you may be overlooking? Or maybe you save a little here and there, but now you’re thinking it’s time to start taking it more seriously?
No matter the reason, whether you are saving for a future expense or want to cut back on daily expenditures so you have more cash, we’ve got 30 ways to save money so you can put more cash in your pocket. Small amounts add up over time, so follow along and learn how to save money daily.
1. Create a Budget
Some people cringe at the word “budget.” Thoughts of being restricted from spending sound daunting if you don’t often place limits on spending. Still, please don’t knock it until you try it. To create a budget, keep track of your monthly spending. Write down every penny you spend and what you spend it on. This will help you see where your money is going, what you can eliminate, and how much to realistically allot for each area you need to spend.
2. Cut Unnecessary Subscriptions
We live in an era of subscriptions. We subscribe to streaming channels to watch our favorite shows, we have grocery delivery subscriptions, pet food subscriptions, and even clothing subscriptions. It’s easy to stop using a service and forget to cancel the subscription. Go through your bank statement and see who’s charging you, then cancel any unnecessary subscriptions.
3. Cook at Home
It’s okay to enjoy eating out, and you still can. However, when considering how to save money, cutting back on dining out will quickly add up. If you can commit to cooking at home every night and allow only one night out (or ordering), you may save up to hundreds of dollars a month if eating out has been a part of your lifestyle.
4. Buy Generic Brands
Remember teasing your mom for buying off-brand snacks? Then you had to start shopping for yourself, and you understood mom’s dilemma. Groceries are expensive, and you can save a lot when you buy generic items. There will always be some items you love that must be a specific brand, and that’s understandable. Still, for other things that taste the same no matter which brand it is, opt for the generic and save some cash.
5. Use Public Transportation
If you’re tired of filling up the expensive gas tank each week, you are not alone. Gas prices are high. Have you ever considered public transportation to save some money? It’s a helpful solution, so give it a try and watch the savings add up.
6. Cancel Unused Memberships
Around the beginning of each year, gym memberships skyrocket as people eagerly begin their resolutions to get in shape. Then, after a few months, the gym crowds thin out as members lose interest. The members stop coming, but the gym membership cost still draws from their bank account each month. And it’s not only gym memberships to blame. Many memberships are forgotten as we stop enjoying services. Make a list of all of yours and get your unused gym memberships canceled.
7. Shop Sales and Use Coupons
You may want that new pair of shoes today; however, when learning how to save money, one of the best habits to form is to patiently wait for sales and use coupons when you can. Most things do go on sale eventually. If you want or need something, see if you can get email alerts for the sales in that store. Don’t forget to take advantage of coupons! So many apps allow you to apply coupons automatically to your purchase and save money.
8. Set up Automatic Savings
If you have a savings account already, you can set up auto-deposit, so a portion of your direct deposit paycheck goes right to savings. This is a helpful way to make savings a routine rather than an option. It’s too easy to skip a month when you don’t want to part with the spending money.
9. Buy Second-Hand Items
With Facebook Marketplace and other online shopping places, purchasing second-hand items is easier than ever. Things like furniture, dishes, clothing, and toys are often still in great condition after one person is done with it. Plus, when you no longer need an item, you can sell it on the marketplaces as well.
10. DIY Home Repairs
DIY repairs bring a sense of fulfillment when they are complete and are a great way to save money. Some things are difficult to do independently, but other household tasks might be easier than you think. Here are a few common household repairs that you can DIY:
- Fix a running toilet.
- Unclog a toilet.
- Fix a leaking faucet.
- Patch a drywall hole.
- Replace a faucet.
- Replace a furnace filter.
There may be even more, depending on how handy you feel.
11. Pack Your Lunch
If you eat out every day at work, you probably spend at least $5 to $10 daily. Do the math, and you’ll see that packing a lunch instead will save a great deal of money. When grocery shopping, stock up on deli meat, cheeses, and rolls, and you’ll get several lunches out of it.
12. Negotiate Bills
Many people don’t realize when considering how to save money, they can negotiate some of their bills. Not every bill is negotiable, and you’ll have the best of luck with ones that have competitors. For example, phone and internet services often compete to gain loyal customers. Let the company you use know you can get a lower rate with a different company, and they might strike a deal to keep you.
13. Eliminate Impulse Purchases
Shopping can be fun, and a little impulse now and then is exciting. Still, if you find you tend to operate on impulse often, you may need to pull back the reins. Make a deal with yourself that you won’t make a purchase that feels impulsive until you have thought about it for at least 24 hours. Oftentimes, after a day, the idea no longer seems wise.
14. Comparison Shop
One thing you can do while waiting to decide if you should buy something is to comparison shop. Even if an item seems like a good deal, you might find an even better deal elsewhere. Many businesses keep track of their competitor’s sales to stay ahead of the game and offer even lower prices.
15. Save on Energy Costs
There are several ways to save on energy costs at home. Let’s look at what those are:
- Seal doors and windows to prevent air leaks.
- Turn down the thermostat.
- Use less energy during peak use rates and save high energy appliance use during lower rate hours.
- Use cold water wash in your washing machine.
- Make your showers as quick as possible and a little cooler.
Small steps go a long way to help you save on energy costs.
16. Sell Unused Items
Do you have a garage or basement full of stuff? Take a weekend to go through everything and see what you can sell. The same sites you use to buy second-hand items are great for selling the things you no longer need. It’s fun to set a goal of how much money you’d like to make to encourage you to eliminate more items.
17. Use Cashback Rewards
The most common way to earn cashback rewards is through credit cards. It isn’t recommended that you start racking up credit cards, however. Instead, choose one with the best rate and cashback offer. Then on vacations, dinners out, or even for groceries, use the card to earn cashback. If you can, it’s best to use the card for rewards and pay it off each month.
18. Bulk Buying
If walking down the aisle at Costco gives you a thrill, buying in bulk is already a part of your saving money routine. There are other places that don’t have storefronts where you can buy in bulk online. If you use a lot of something, such as meat or baking items, there is likely a company selling it in bulk online. Shop around for the best deals, and you’ll save on the grocery bill.
19. Choose Free or Low-Cost Entertainment
Don’t panic, extroverts; you can still go out on Saturday night. However, if you want to save more money, it’s time to think about cheaper forms of entertainment. Maybe instead of a fancy dining experience every Saturday night, you eat at the local burger joint now and then and save the special occasions for once a month.
20. Refinance Loans
Interest rates fluctuate, especially for car loans and mortgages. If you think the rate you are locked in at could now be lower, it’s worth talking with the loan company to reduce your payments. You can do this through refinancing. You may have to switch to a different company that can take over the loan and give you a better rate.
21. Grow Your Own Produce
There is something incredibly fulfilling about growing your own produce. Not only do you save money, but you’ll know exactly where your food is coming from. To grow your own produce, you’ll need to garden in the spring and summer, then freeze or can your harvest. You can also grow many items in the cooler months, depending on where you live.
22. Buy In-Season Fruits and Vegetables
When you purchase fruits and veggies out of season, they cost more since you are paying to deliver items from another state or country. Instead, stock up on local produce when it is in season, then can or freeze the overflow, just as you would if you grew it yourself. You’ll save money and get more nutrients from the fresh produce.
23. Limit Eating Out
You’re tired after working all day and resisting eating out is tough. One way to lessen the draw of going to a restaurant is to plan meals for the week or month. When you have a plan and shop for the ingredients, you’re more likely not to waste the food you bought. Try making kitchen time fun by cooking with your partner or family so you can eat at home more.
24. Make Your Own Cleaning Products
Making homemade cleaning products is better for the environment and your health, and an incredible cost savings. Most DIY cleaning product recipes include things you already have around the house, such as lemon, vinegar, baking soda, and essential oils. When you compare the cost of making cleaning supplies in bulk to buying a product off the store shelf, it’s easy to see the savings.
25. Take Advantage of Employer Benefits
A great way to save money is to take advantage of employer benefits. If you are fortunate enough to have them, letting them go to waste is a shame. Many employers offer health insurance with different deductible amounts, so choose according to your needs. Health savings accounts are also helpful and a cost savings. Putting some of each paycheck into the HSA for future medical needs may be worth it.
26. Cut Back on Luxury Expenses
Everyone has their own definition of luxury, so you must decide for yourself what your needs and unnecessary wants are. Make a list of what you consider to be a frivolous luxury. Maybe it’s your nails or a weekly massage. If you can let some luxuries go or enjoy them less frequently, you can likely save hundreds of dollars each month.
27. Use a Programmable Thermostat
When the thermostat constantly fluctuates, or you forget to turn it down when no one is home, it’s a waste of energy and money. If you’d like to see a decrease in your energy bill, consider a programmable thermostat so the A/C and heat turn off and on as necessary to maintain and change the temperature.
28. Quit Smoking or Reduce Vices
There are several vices to turn to for stress relief, enjoyment, and socializing. One of them is cigarette smoking. The average cost for a pack of cigarettes in the United States is $8, with some places as high as $10 for a pack. If you stop smoking, the savings will add up quickly. If there are other vices in your life, such as alcohol, quitting the habit or cutting back leaves more money to save.
29. Cancel Cable TV
We are all waiting for cable costs to come down now that there is a lot of competition for cable companies, thanks to streaming services. Cancel your expensive cable subscription and instead choose only the streaming services you need.
30. Plan Purchases Ahead
Remember the discussion about impulse shopping? Planning ahead reduces spur-of-the-moment purchases. Also, if you look to the future and start planning ahead for what you know is coming, such as a new car or appliance, you can create an account where you can add money regularly and hopefully pay cash when the time comes, which is always the best option.
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