If you’re looking for some of the best money saving tips, then you’ve come to the right place! There are many ways to learn how to save money, and today I’m going to tell you about them.
I am often asked for my best money saving tips from people who are having a difficult time saving money, and there are often many saving tips that I can help them with. This is because it can sometimes be very difficult to see where you are wasting and/or spending too much money. Often what is obvious to one, may be hard for another to notice.
Even if you’re already taking part in some of the best ways to save money, if you could just find a few more saving tips (or as many as you can!), you may be able to improve your financial situation so that you can live your dream life.
Today, we are going to talk about over 60 of the best ways to save money, and these money saving tips will help you save more or make more money each month. I believe that learning new ways to make money and save money can completely change your life, and it’s something we can all get better at.
If you do all of the saving tips I list below, you may be able to save hundreds or thousands of dollars each year.
Remember, even saving a little at a time can add up to a lot of money!
Here are over 60 of the best ways to save money on a low income:
Do not give in to ads
Have you ever searched for an item to purchase online just once only to see ads for that same item over and over again on your social media feed and various websites? It is not by coincidence.
On average, we’re bombarded with over 4,000 ads each day. Due to the growing online e-commerce presence, marketers are getting better by the day in targeting their potential customers.
It is very easy to give in to shiny advertisements, clicking through and purchasing a few products here and there.
The first question you should ask yourself is, “Do I really need this? If I hadn’t seen this ad, would I still have purchased it?”
If the answer is no, don’t buy it.
Stop mindlessly browsing online stores
I’ve noticed that a lot of people struggled with scrolling through online stores when they are bored. With most stores offering free shipping and return policies, it can be easy to impulsively purchase items you don’t necessarily need.
I had this exact problem so I ended up deleting all of the shopping apps on my phone. Creating this little barrier to entry helped me to combat this shopping habit.
Try substituting this habit with reading books or cultivating new hobbies in your free time. It will not only help you stay preoccupied, but you will also save money.
Always have a grocery shopping list
I absolutely live by this rule now when I shop. Having a list before you go grocery shopping can be a big money saver. When you have a list, you know exactly what you need from the store.
In contrast, if you don’t have a list you will typically end up making impulse buys or unplanned purchases which all cost money.
Therefore, always create a list before you go grocery shopping and more importantly, stick to it.
Cut the cord
On average, a TV subscription can set you back over $1,200 every year in the US. That is a huge chunk of potential savings if you simply cancel your cable subscription.
Another financial benefit is less exposure to persuasive ads.
If you will want your daily dose of quality TV entertainment, get Netflix, Hulu, or Disney Plus. All three streaming subscriptions will run you less than $10 a month.
Stop eating out and invite friends over
The average American household spends over $3,000 a year dining out. This number obviously varies where you live, with prices being higher in cities with a higher cost of living.
You might be thinking, “There is no way I spend that much.” So let’s take a closer look.
If you eat out 5 meals a week spending an average of about $12 per meal, that’s $60 a week or about $3,000 a year. Small meals adds up.
Stop eating out and instead invite friend over for a potluck or a cookout.
There are other benefits of cooking at home that just saving money. When making your meals at home, you know exactly whats going into your food.
Over time you will become a better cook and you may even find yourself with a fulfilling hobby. Trying new recipes and new ingredients every week is a great creative outlet.
If you’re worried about not being a good cook, there are unlimited resources through YouTube and online blogs.
Downgrade your internet plan
Remember the days when the internet download speed was 28 kbps. When you have speed like that, simply opening a site like Google would take minutes! At that time, upgrading to a faster internet plan was an absolute necessity.
It is not a necessary anymore. Faster plans can seem tempting, but are they really needed?
With just 10 Mbps, one can simultaneously stream 2 to 3 HD quality videos on different devices.
What you really need is to invest in a good quality modem and router. With these additions, one will experience much faster speed on an extended range, all while load balancing over multiple connected devices.
Don’t hold on to cash in the bank
If you tend to hold on to your cash, or if you typically put a large sum of your money in a checking or regular savings account, you are continuously losing value on that money due to rising inflation.
According to the US Inflation Calculator, the US economy has seen a 95% depreciation of the US Dollar in the last 100 years.
Unfortunately, simply saving your money is not enough, as it is losing value over time due to inflation. It might be the right time to start thinking about investing.
Investing doesn’t have to be risky. I have written an entire article on the basics of investing including low risk investment strategies. I recommend you read the article and apply some of the principles in that post.
Travel hack for a free vacation
Vacation expenses can take a huge chunk off your savings, especially if you have a family. It is also very important to take a break from the daily grind and share experiences with the ones you love.
Thankfully, there are ways to save thousands of dollars for a dream vacation at little to no cost. You can do this by credit card hacking.
You can strategically open up credit cards with the best sign up offers and use those bonus miles to purchase free round trip tickets and hotel stays.
My husband and I personally started credit card hacking in July of 2020 and we used the bonus miles for a free 9 day vacation at an all-inclusive resort in Cancun Mexico. This trip included free flights and hotel stay.
I plan on writing an in depth article on how we did this so stay tuned!
Rent out a room
Housing is the biggest line item on most peoples budgets. Most people spend roughly 25% to 30% of their income on rent of their mortgage.
Do you have an extra bedroom in your house or apartment that is not being used? Why not rent out that room using Zillow Rentals or Hotpads?
This can save you a lot of money over time and contribute to your rent or paying off your mortgage.
Before signing a lease with any potential roommates, take the time to do a background check and a full interview. Remember, this person will be living with you in your home, Safety is a priority.
If you are not comfortable signing a long-term lease, try renting out a room on Airbnb. With Airbnb, you get to choose your flexibility and approve your guests.
Sell things you don’t need
If you were to go through your closet right now, I am sure you could find at least 10 items you would be willing to part ways with.
Consider Craigslist or Ebay to sell the clutter around your house. Your junk may be way more valuable than you think.
By downsizing and adopting more of a simplistic lifestyle you not only make some extra cash, but you may realize you don’t need as big of a home than you initially thought.
Lower your heater bill during winter
When the colder months start rolling in our first instinct is to crank up the heat. Because of this, the typically US household spends about $600 on simply heating their house every year.
Unless you have pets in the home, consider setting your furnace on a timer. This will keep your space warm when you need it and cooler when you are away.
In more temperate climates, consider just bundling up a bit more than you normally do. This will help you save extra money.
Unplug electronic items when not in use
It can be a hassle to unplug your electronic items, but if you remember to unplug these items when not in use this will save your a lot of cash in the long run.
According to the Department of Energy, 5% to 10% of your residential electricity is zapped by devices that are plugged in 24 hours a day! This is especially true for bigger electronic devices such as a TV or a desktop computer.
If it is too much of a hassle, at least try and unplug everything when you will be out of town for an extended amount of time. No need to pay for that electricity if you are not going to use it.
Make a list of food items you already have in the kitchen
If food waste is a problem you face, try writing down all the food and meals you already have in the fridge and freezer.
By doing this, you are keeping yourself aware and being mindful about what you decide to eat. Food items that previously sat in the back of the freezer can finally be remembered and eaten.
It is also helpful to keep your leftover at the front of your fridge, with the condiments and other longer-lasting food items in the door or closer to the back. This way when you open the fridge the food that needs to be eaten will be right in front.
Buy used when you can
When you are in need of a new item such as electronics, furniture, tools, and cookware, I highly recommend checking online for lightly used items first.
I have personally saved thousands and thousands of dollars by purchasing lightly used high quality furniture pieces on places like OfferUp and Craigslist. Sometimes I will even find items that are brand new and priced at half the original cost.
My husband and I have also purchase lightly used laptops and phones on Amazon, which we have now used for over 3 years and still work perfectly fine.
There is no point in buying new when there are others who are looking to get rid of the same item you are looking for, especially it is barely used.
Next time you are searching for electronics, furniture, tools, and cookware try visiting a few of your local thrift stores or shop online and see what is available. You will surprised at what you will find!
Go out to places that don’t cost money
When thinking about going out for the day do a little research and find fun things in your area that do not require any money.
This could include local events like free concerns, farmers markets, hiking a nearby trail, biking next to a lake, have a picnic at the local park, take a road trip, go camping, etc.
There is so much to do that does not require you to spend you hard earned dollars. You just have to be a little creative and open minded.
Related post: 50+ Frugal & Fun Winter Activities for the Whole Family
Take public transportation
If carpooling isn’t your thing consider taking your cities public transportation.
Whether it be the buses, trains, or subways every city and town will have some way for people to get around. Making the choice to take public transportation has many benefits.
Firstly, you do not have to worry about finding parking. One of the greatest feelings when I visit my friend in downtown is not to even have to think about driving the streets searching for a spot that isn’t timed, expensive, or way too small to squeeze into. Finding a good parking spot is not easy so not having to worry about it is a huge relief.
Second, public transportation is cheap. While you do have to pay for each ride you take, this expense may not even come close to the price of a car, gas, parking, insurance, and maintenance. There are also usually ways to purchase some form of a “frequent flyer” pass that gives you discounts on your fare.
Lastly, it is better for the environment. The more people take public transportation, the less pollution we have traveling into our atmosphere. If you are environmentally conscious, try considering public transportation.
Turn off the lights
One of the simplest measures you can take to save energy around your home is turning the lights off when you aren’t using them. If you are wondering why you should turn off the lights when you aren’t occupying a room, take heed of a number of benefits you can gain from the simple act of flicking a switch:
- Reduce electricity usage
- Extend the life of your light bulbs
- Save money on electricity bills
- Buy light bulbs less often
A general rule of thumb for an energy-efficient home has long been that if you are going to be out of room for 15 minutes or more, turn the lights off. If you’re coming back in less than 15 minutes, you can leave them on.
Doing this consistently over time will make a difference to your overall money savings.
Get a wholesale membership
Wholesale clubs offer incredible prices on all sorts of products. They have lower prices on gas, tires, toiletries, grocery items, electronics, and more!
Often times, we will save upwards of 20% on items that we normally buy at other stores. Especially when you consider that most of these items come in much bigger quantities.
On top of that, the cheap, tasty eats you can get at the food court, and the phenomenal customer service make wholesale clubs an attractive opportunity.
Carpool to work
Bottom line, carpooling is an easy way to keep some money in your pocket. You’ll slash your gas and parking costs, reduce your environmental impact and hopefully have a more enjoyable commute, all at the same time.
Does anyone in your building or neighborhood share a similar schedule and commute? Look for community meetups and Facebook groups where you can post your interest. Check whether any of your coworkers live in a similar area or drive past your neighborhood on their way to work.
Make your own coffee
Depending on where you live and how you prefer to take your hot caffeine water, if you’re buying coffee, you’re spending between $1 and $5 per cup. Meanwhile, brewing a cup of coffee at home costs you between 16 and 18 cents per cup.
This means that if you opt to buy coffee at a cafe, you’re spending between $5 and $25 a week — and thus, $20 to $100 a month, and between $240 and $1,200 a year — on coffee (while someone who brews at home is spending around $45 a year on coffee).
Yes, the difference between $45 and $1,200 is pretty stark, so obviously, making your own coffee is an opportunity to save some money.
Cancel subscriptions you don’t use
The average American spends about $237 monthly on subscription services. Do you know how much you are spending on subscriptions?
The truth is you are probably paying way more than you think. It’s hard to keep track of all the sneaky subscriptions and the automatic billing systems don’t make things easier either.
It’s easy to have fraudulent and unwanted subscriptions eating away at your finances. With the onset of automated payment systems, the problem becomes compounded. Go through your bills and bank statements to weed out these payments.
You can also use the ‘Cancel Subscription’ option on smart devices. A much easier approach is by using online tools and apps to monitor and cancel unwanted subscriptions.
Try to fix things yourself
You will save thousands of dollars by learning how to do simple home repairs.
You can find online tutorials and videos that show you how to fix almost anything, and all for free. No matter what you’re trying to fix, it’s always worth a shot at least trying.
I am not the handiest person, but my husband and I try to fix things ourselves before calling the maintenance guy or hiring someone. It’s not only gratifying, but we also save a lot of money.
Buy a car used instead of leasing
The decision to buy or lease a car seems like one of preference: Would you rather always drive a new car at a relatively low monthly payment or finance a car that you’ll someday own outright?
However, the best way to buy a car is to pay cash for something pre-owned to avoid paying both interest and off-the-lot depreciation.
Also, when you lease a car you make payments for a specified period of time and then at the end of the term you have nothing to show for your money. You own nothing.
But, when you buy a car, at the end of the term, you own a car. You can keep that car indefinitely or sell that car for value.
Hunt for coupons before your purchase
Coupons are a great way to save money on things you were already going to purchase. Before you make an online purchase or run to the store, do a quick Google search to see if there is a coupon available. This only takes a few minutes, but has potential to save you money.
Set up auto-pay
With our hectic schedules it can be difficult for some to remember our payment deadlines. If you’ve noticed you have gotten into the habit of missing payments, I highly recommend setting your bills on auto-pay.
Missing a payment can have negative effects to your credit score and you will also be penalized a late fee of $10 to sometimes $35! Multiply that by 10 and you are looking at a very expensive mistake.
If you are in a good financial position where you know you won’t overdraw your checking account, try setting up auto-pay so you don’t have to worry about bills being paid on time.
Don’t buy new college textbooks
Books, in general, are one of the most overpriced items especially college textbooks.
Schools and professors usually have mandatory books that are needed to complete their course, often requiring a certain edition of the book as well.
Publishers tend to jack up the prices on new editions, which usually are the exact textbook with the chapters rearranged and the review questions slightly altered.
The average undergrad spends $1,240 per year on books and supplies. That’s almost $5,000 over the course of a four-year Bachelor’s Degree. Not to mention, this is in addition to the already over-priced cost of admission to college and higher education.
When I was going to go school, I remember one hardback textbook would cost me at least $100. So every quarter I was shelling out $300 to $400 on books! That was until I realized I don’t necessarily have to buy new books.
In order to avoid these ridiculous prices on books, I utilized the school library as much as I could. I also went online and purchased used college textbooks for half the price!
Downsize your home
Bigger is not always better.
Housing is by far the largest expense on most peoples budgets. And due to the amount of stuff we accumulate over the years we feel that a bigger space is necessary, when in reality we have rooms in our house we rarely use.
Instead of renting or purchasing a larger house, consider downsizing your home to a slightly smaller and a more affordable place.
If you love saving money, energy, resources, and enjoy saving time on upkeep consider downsizing your home.
Price matching, an underused customer service perk that could lead to deep discounts at your favorite store.
Many stores offer some form of a price match or price adjustment guarantee. Some will not only match a competitor’s price, but will beat it by as much as 10%!
Find a cheaper gym
If you rarely use your gym membership and don’t absolutely love them, either cancel or shop for a cheaper alternative.
Membership prices differ greatly depending on where you live and the brand of the company. Larger more lucrative gyms tend to charge between $30 to $60 per month.
They also require you provide a credit card so they can auto withdrawal your account every month. Just like any subscription service, what you pay for your gym membership can be easily to overlooked because they charge your account automatically.
I recommend doing a bit of shopping and switch to a more affordable option. If you save just $20 a month, that equals $240 a year!
Downgrade your health insurance
If you are young, relatively healthy, and rarely visit the hospital consider downgrading your health insurance.
Obviously, if you sleep better at night knowing you have the best health insurance available to you, please keep what you have. But if you are healthy and the cost of your insurance really bothers you, consider a high deductible health insurance plan. For just one individual, the difference could save your $1,200 or more per year.
Make sure to weigh the expected savings against the additional sum you have to pay out-of-pocket each year.
Match your employer 401k
Getting the most out of your employer 401k match is one of the most important strategies of retirement planning.
If you’re not doing this, you’re leaving a significant amount of money on the table. You are not only losing out on the employer match, but you are also missing out on the expected growth. This could equal tens of thousands of dollars by the time you retire!
Check with your employer to see if they match a certain percentage of the amount you contribute. If they do, take advantage of this free money and start contributing at least the minimum match amount.
Shop for auto insurance
If you think you have the cheapest auto insurance, think again. If you didn’t shop around for the lowest rates, chances are you are paying too much.
By simply calling a few insurance providers, you can save hundreds of dollars on your year auto insurance bill!
Always try to negotiate the initial auto insurance quote. If you persist, they could apply various discounts such a low mile driver, long driving history, alumni of local university, etc.
Also, when you choose to pay semi-annually or annually instead of monthly, that may save you extra money.
My husband and I used the same auto insurance company for years and I finally set aside 30 minutes on a Saturday to call around and get different insurance quotes. We ended up saving over $600 a year for the same exact coverage!
When you have some money saved up, it is not time to grow it by investing. Simply saving a lot of money will not make you rich. It is just as important to make the money work for you.
You may choose to invest in real estate, REITS, stocks, bonds, ETFs, peer-to-peer lending, just to name a few. My favorite by far is stocks and mutual funds.
I wrote a detailed article on the A Beginner’s Guide to Investing in the Stock Market. It is chock full of information so go check it out.
Bring your lunch to work
read an interesting statistic that said Americans, on average, spend around $3,000 a year on lunches. That is a mix of eating out and eating in when at work.
That is a lot of money. And, if you’re not careful and aware of your spending, that’s an area that can creep up on you and lead to something disastrous, such as credit card debt.
And, that’s the thing about buying lunch at work– it’s a small purchase that doesn’t seem like it would add up to much.
But, bringing lunch to work is one of the best ways to save money and has the potential to save the average person at least $100 a month.
Another easy way to start bringing your lunch to work is by making an extra serving or two at dinner and packing the leftovers away for lunches.
Buy a water filter
Sometimes, in order to save money, you may have to spend a little.
According to The Water Project, the average person in the U.S. spends around $100 per year on bottled water.
Instead of spending $100 on bottled water each year, you can probably drink the water from your own home. You can even buy a water filter if you want to.
Note: Yes, I realize there are some towns where the water is not clean enough to drink and that water needs to be bought, but that is not the average person.
Save money automatically
Setting up an automatic savings plan takes the guesswork out of saving each month. With an automatic savings plan, you handle the initial setup, and it’s hands-off the rest of the way.
You schedule a recurring deposit from your checking account into a linked savings account. How often the deposit occurs depends largely on how often you’re paid and your personal preferences.
Become a minimalist
Trying to manage your life, especially your financial life, can be difficult in today’s age. Between learning about money saving tips, planning for retirement, paying bills, raising a family, etc. life can be exhausting. And, we all have a lot of clutter in our life– not just physical, mental as well!
By living a minimalist lifestyle, you can learn how to be happier, be in more control of your life, waste less of your valuable time, and more. All of this will allow you to enjoy life even more!
Simplifying your life can include:
- Learning to be more organized.
- Paying off your debt.
- Spending less time on social media.
- Paying expenses annually or semiannually.
- Decluttering and maybe even downsizing.
- Having less clothing options.
- Automating your payments.
Start a blog
This isn’t a way to cut expenses, but there are many ways that a blog can help you save more money.
A blog can encourage you to keep track of your finances, introduce you to others interested in saving more, and help you make extra money. I know many people who have started a blog and are making thousands of dollars a month. Many have also left their day jobs to work from home.
No, it’s not easy work, but it can be well worth it if you decide to become a full-time blogger and enjoy it.
Wait 72 hours before a big purchase
The 72-hour rule says: the longer you postpone something the less likely it is that you’ll actually want it.
In other words, when you wait at least three days before you buy something, you usually have found enough reasons to not want it or simply have forgotten about it.
Before you make your next large purchase, you should ask yourself several questions to make sure that it is actually worthwhile. The questions include:
- Can I afford it?
- What else is the item going to cost?
- What else could I spend this amount of money on?
- Can the large purchase wait 24 hours?
- Can I borrow the item from someone instead of buying it?
- Is there a return policy?
- Do I actually need this?
The 72-hour rule will help you to not purchase things impulsively and will train your mind restraint and patience.
Stop paying to see your credit score
Some companies will charge you for your credit score, and some people even pay for this on a monthly basis. The truth, though, is that you can receive your credit score for free a few times a year.
It never hurts to check your credit score, and you have no reason to be unaware of your credit score.
Your credit score can affect whether or not you are approved for a loan, whether you are hired at certain jobs, your interest rate, and more. It’s relatively easy to raise your credit score, which makes it one of the best ways to save money. Knowing your credit score is something you should do today!
You can receive one free annual credit report from the three main credit bureaus (Equifax, TransUnion, and Experian). Yes, this means that you get one from EACH, so three per year. I recommend spacing them out so you get one every four months.
Related post: How To Improve Your Credit Score | Step-By-Step Tutorial
Take advantage of birthday freebies
Everyone has a birthday, and you may be able to score a lot of free birthday stuff by simply showing your birth date on your driver’s license or by signing up for a company’s email club to receive a coupon for your birthday. This is one of the super easy money saving tips, as it’s easy and free for everyone!
When you think about having to cook 7 days a week for you and your family after a long days work, the thought overwhelms most people.
And what typically happens? We turn to takeout or eating out. But how about cooking just 3 days a week? Now that seems most realistic.
I came across this tip almost by accident. Every time I cook, without even trying I would end up making enough to feed a family of ten and we would always had enough food to last us the next day. I noticed that because I cook for two to three days at time, we don’t go out to eat as often because we can simply reheat leftovers.
When you cook dinner tonight, try doubling or even tripling the portion and put the leftovers in the fridge for tomorrow. Chances are, you will happy you did.
Switch to a more affordable cell phone plan
Most people overpay for their cell phone plan. Cell phone bills can easily cost over $100 per month, and if you have a family, then you may be paying a few hundred dollars per month.
Once you find a provider you like, it can be hard to switch. But, once you know how much you can save with another company while still having great service, this is a no brainer.
If you are looking for a more affordable cell phone plan, then check out Republic Wireless. They have monthly cell phone plans for as low as $15 per month.
According to the American Lung Association, tobacco kills nearly 500,000 people in the U.S. each year and costs the U.S. $333 billion per year in healthcare expenses.
Smoking cigarettes can lead to many harmful side effects, such as lung cancer, heart disease, and many other medical problems.
I know and understand this problem because my father suffered a stroke in 2017. He was an extremely healthy man, except for his serious smoking problem. Thankfully, after the stroke he quit smoking cold turkey and he is now healthier than ever.
Due to this experience, I have never smoked a cigarette in my life, and I never will. There are just too many harmful effects of smoking.
Not only is it extremely unhealthy, it is also expensive. According to Business Insider, cigarettes can cost around $5 in states such as Kentucky, and they may cost as much as $15 in New York. If you smoke a pack a day, that can be as much as $450 a month.
Another interesting statistic: According to GlassDoor, smokers earn an average of 20% less than non-smokers.
Due to all of the above, one of the most important money saving tips that I like to tell others is to quit smoking.
Create a realistic budget
Budgets help people manage their money better. It’s that simple.
Budgets are great and one of the best ways to save money because they keep you mindful of your income and expenses. With a budget, you will know exactly how much you can spend in a category each month, how much you have to work with, what spending areas need to be evaluated, among other things.
Budgets have helped people reach their goals, pay off debt, make more money, retire, and more. This is one of the saving tips that will completely change your financial life.
Find ways to work from home
There are tons of work from home jobs that already exist. With the kind of technology we have in today’s world, there are more and more jobs online, and this trend is expected to continue well into the future.
I now work from home and learning to do so has allowed me to save money on transportation.
Some work from home jobs involve working for someone else or you may be able to even start your own business.
And, yes, you can even earn a full-time income from home.
So, if you are looking to start making more money, or if you want a new career path that lets you earn money from home, here are some ideas:
- Sell on Amazon.
- Start a blog.
- Teach English to earn money from home.
- Become a virtual assistant to earn money online.
Pay off your debt quickly
If you owe money on student loans, car loans and credit card bills, you’re not alone. The latest numbers from the Federal Reserve show that the total national household debt stands at a whopping $14.27 trillion.1 That’s trillion with a “T.” Yeah, it’s safe to say that worrying about debt is a national epidemic at this point.
Debt robs you of your money now and steals from your future. Plus, you’re stuck paying for stuff from the past! Not to mention you’re saddled with paying insane amounts of interest too.
My husband and I paid off over $60,000 of debt in 18 months. It was a lot of work, but it feels incredible to be debt free and in charge of my future.
Eat out one less time each month.
How many times per month do you eat out? How much do you think you spend each month at restaurants? Most people are surprised when they actually sit down and track how much they’ve spent.
A family of four can easily spend over $50 for dinner out, and if you do that multiple times per week, that’s hundreds of dollars that you could potentially save.
Eating out just one less time each month is one of the best ways to save money, plus it will help you save a nice chunk of change over a one-year period.
Save money on groceries
Learning how to save money on food and groceries doesn’t have to be difficult.
You can save money on groceries by:
- Planning your grocery trips better.
- Use apps for cash back on your groceries.
- Start meal planning.
- Always shop with a grocery list and stick with it.
- See if there are any sales for the items you are already buying.
- Use coupons when grocery shopping.
- Don’t grocery shop when you’re hungry.
- Skip the pre-made and pre-cut items.
- Sign up for a grocery store’s loyalty card.
Refinance your student loans
Refinancing your student loans can save you thousands of dollars in interest over the life of the loan.
I highly recommend Credible for student loan refinancing so that you can save money on your student loan payments. You can significantly lower the interest rate on your student loans with Credible, which may then help you shave thousands off your student loan bill over time.
Through Credible, you may be able to refinance your student loans to a rate as low as 3.35% (as of January 2021)!
Plus, it’s free to apply. This is one of the best ways to save money while you pay off your debt.
Receive cash back on your purchases
Sign up for a website like Ebates where you can earn CASH BACK for just spending how you normally would online. Stores you can use Ebates at include Walmart, Target, Macy’s, Amazon, Kohls, and more.
This is another one of the best ways to save money because you’re probably already shopping at one of their partner stores.
Go meat free
This is one of the saving tips that might not be for everyone, but cutting just some meat out of your diet can be one of the best ways to save money this year.
Now, you don’t have to go completely vegetarian or vegan, but you can do something like a meatless Monday or try having meat with just one meal a day. Not only will cutting meat out of your diet save you money, there are some studies that suggest it’s good for your health and the environment.
Get rid of your storage unit
Nearly 10% of households rent a self-storage unit. However, many people don’t really have a use for them– it’s just unwanted clutter that people forget about and don’t want to deal with, so they continue to pay that monthly cost.
Instead, you should think about getting rid of your storage unit as one of the best ways to save money.
Read personal finance books
If you want to change your life, then I recommend that you start reading personal finance books. Yes, money is not everything, but improving your financial situation is one of the saving tips that can help you gain control of your life.
Books have changed my life in such a positive way and I know it will benefit you too.
Take a staycation
A staycation is when you take a vacation by exploring the city you live in. This is one of the best ways to save money because it still involves going on a vacation. By taking a staycation, you will save money on airfare or other means of transportation, and you can even do it from the comfort of your own home.
The idea of a staycation is to explore your area as a tourist would. You could make a list of all of the places around you that you’ve been meaning to explore, from parks, museums, restaurants, etc. I’m sure there are tons of things to do and places to visit that you have never had the chance to see before!
This can be a great way to treat yourself as you’ll pretty much be on a vacation, but you’ll get to save more money than if you were to go on a “normal” vacation.
Use an Airbnb for your next vacation versus a hotel
Ever since I first tried Airbnb they have been my favorite way to travel. Airbnb offers short-term rental vacation homes in nearly every part of the world and for nearly every budget.
Airbnb vacation home rates are usually cheaper than a hotel, plus you typically have more room. They will often come with a kitchen too, and that can help you save money on going out to eat while you are on vacation.
Also, if you have a lot of people going on vacation with you, you can split a house for much less than it would cost for everyone to get a hotel room.
Take advantage of the public library
Your local library can be a great way to have fun without spending any money.
You can check out the latest bestseller, a classic you’ve been wanting to read, or borrow movies, music, and more. There are actually a lot of libraries now who let you borrow things like cameras, GoPros, even telescopes, and more.
This is definitely one of the best ways to save money as all you need is a library card.
Gambling at the casino and playing the lottery are both risky moves, and both of these things can cost you a ton of money. My money saving tips for this section is to either stop gambling entirely or know your stopping point and stick to it.
In the U.S. alone, people lose over $100 billion gambling each year (that doesn’t even include money lost playing the lottery).
And, according to Bloomberg, the average person who plays the lottery in the U.S. not only spends around $300 a year on lottery tickets, they also lose approximately $0.40 for every $1 in tickets purchased.
While I have gambled before (probably less than $100 in my whole life), I have never really enjoyed it. It always just feels like I am throwing my money away, and that is not something I have any interest in doing.
Unfortunately, I have seen people file bankruptcy after gambling too much, and that is why it is such a dangerous activity to get into.
Gambling can be extremely risky, which most often makes it an unwise financial choice. However, if you choose to gamble, you should always know your stopping point, and you should be able to afford to lose the amount of money you are gambling with. Keep in mind that casinos exist for a reason– they are making money because people are losing money.
Have an emergency fund
An emergency fund is something I believe everyone should have, and this is one of the best ways to save money as it can help you greatly in the future. However, according to a report by Bankrate, 26% of Americans have no emergency fund whatsoever.
According to this same report, only 40% of families have enough in savings to cover three months of expenses, with an even lower percentage having the recommended six months worth of savings.
This is frightening to me, as this is one of the saving tips that will help you get through tough parts in life.
An emergency fund can help you if you lose your job, if your hours are cut, if you have a surprise expense, and so on. Without an emergency fund, you may have to take out a loan, rely on credit cards, and more. And, all of those things can cost you a ton of money in the long run.
Cut your own hair
Hair cuts are expensive, especially if you get your hair colored too. Instead of spending money at the salon, look up a few YouTube videos and teach yourself how to cut hair.
My hair is long and thick, so whenever I cut my hair at a salon it would cost about $100 after tax and tip. I finally bit the bullet and taught myself how to cut my own hair. And you know what? It was so easy!
My husband and I have now been cutting our own hair for years and we have saved thousands of dollars.
What are the best ways to save money that you know of? Do you have any saving tips to share? How much money do you save each month?