Nobody wants to throw money away when there are plenty of ways to save each month. To help, we’ve come up with 25 money saving tips that are easy to integrate into your life.
What you’ll soon discover is that saving money doesn’t mean sacrificing. You can usually make small changes to see big results. Of course, we do caution you that you probably won’t see immediate results in every situation, but the long-term payoff is amazing — especially if you decide to use all 25 money-saving tips.
Saving on Regular Expenses
Finding easy ways to save money each month can really add up quickly. Luckily, there are quite a few simple things you can do.
1. Find Cheaper Housing
The cost of your home or apartment is likely one of the biggest expenses you have. You can save a significant amount of money each month if you find a cheaper place to live.
Consider if you could downsize or move to a different area with lower housing costs. If you own your home, consider refinancing your loan at a lower interest rate. If you rent, consider downsizing to a smaller unit. You might also be able to rent out part of your home, such as an extra room or the basement.
Brainstorm whether it is possible to lower your housing costs. It may not be in certain situations, but this is always something to keep in mind.
2. Shop Around for Insurance
Auto and home or renter's insurance are expenses you can definitely lower. The market for these products is incredibly competitive.
Search around, and get quotes from various companies. Some may give you a nice rate if they know you want to switch carriers. You may also qualify for different discounts depending on the company.
While you may not save a huge amount of money, you can save a decent amount. Every little bit makes a difference!
3. Get Rid of Cable
With all the streaming options available today, there is really no reason to keep paying the high prices cable companies charge. Unless you have a special deal or package, you should be able to drop your cable and save big.
Of course, you should maximize any streaming subscriptions. Sometimes, you can end up paying more for streaming than you did for cable if you subscribe to too many services. Consider the shows you watch and try to choose services that offer access to multiple shows. Also, take advantage of free streaming options, such as Pluto TV.
4. Cut Useless Cell Services
Cell phone companies will often inflate your bill with unnecessary charges. Look for extra costs that you do not need.
Unlimited data may sound great, but most people probably do not need it. You should assess your usage to see if you can lower your plan. Reducing your plan, even slightly, can result in huge savings.
Protection plans are another cost you probably do not need. Think about the cost of this plan compared to whether you will ever use it. Most people are more likely to get a new phone than to do repairs.
You should also consider small carriers. They usually use the same towers that the big companies do but charge a fraction of the cost. See what they have to offer. You could save hundreds of dollars.
5. Find Cheaper Internet
Depending on where you live, you may have options in internet providers. Get quotes from all the companies in your area and go with the cheapest.
You could also negotiate with your current carrier. We all know they offer varying prices based on location and other factors. If you talk to them, you may be able to get a rate reduction. Sometimes, you can get lucky and receive a deal that can save you a significant amount of money.
6. Shop Smarter
Whenever you go shopping, no matter what you are buying, make a list and stick to it. The biggest threat to your wallet is shopping without focusing on only what you need. It is far too easy to start picking up everything you see and throwing it in your shopping cart.
This applies to online shopping, too. Maybe more so for shopping online because it is entirely too easy to add items to a virtual shopping cart, and it is hard to keep impulse buying in check when shopping is so simple.
Making a list gives you a focus. You should only buy what is on the list. If you see something not on your list, make a note for your next trip. By sticking to this simple rule, you'll be surprised at how much you save.
7. Join a Warehouse Club
Warehouse clubs are amazing. You do have to buy in bulk, but you save a lot of money by doing so. It comes down to the price per unit. When you buy more, the price per unit goes down, so you pay less.
One thing to keep in mind about buying things in bulk is that it only makes sense if it is an item that you will use regularly and need in a large quantity. For example, it makes sense to buy toilet paper in bulk because you know you will use it all. However, it makes less sense to buy bathroom scales in bulk when you only need one.
Also, remember these clubs require a membership fee each year. You should consider that when making a decision. However, sometimes clubs run specials that allow you to get a membership for almost free. Try to take advantage of such specials.
If you know someone with a membership, consider going with that person to get an idea of what goods the club carries. You can visit a few different ones to find the club that best suits your needs. Each is slightly different, so you want to join the club that will offer you the most value.
8. Organize your Home
A little organization can do wonders when it comes to saving money. It allows you to easily see what you have so you do not buy something you do not need. Plus, it makes it simple to find things when you need them.
You should organize every area of your home. In the kitchen, you should not only organize but also clean out old food items. Get rid of anything that has bypassed its expiration date. If you find things you will never eat, donate them. Tidy up your cabinets, shelves, refrigerator, and freezer in a way that makes sense for your family.
In other areas of your home, you want to organize any place where you store items, such as closets. Use totes or other containers to group like items. Make use of labels, too. Make every space neat and tidy.
Another perk of organizing is that you may find items you no longer need but that you can sell. You can make a nice amount of money selling gently used items online through places such as Facebook Marketplace or eBay.
Saving on Large Purchases
Large ticket items can deplete your savings if you aren't careful. You should shop smart when it comes to buying anything that will cost you hundreds of dollars or more. Here are some tips to save money on these items.
9. Research Before You Buy
Always shop around and compare prices. You should never buy something without doing your research. For things like appliances, you can even read reviews and get more information to ensure it has every feature you want.
Check the energy rating as well. This is an additional cost of having the item, and you want its energy consumption to be as low as possible.
Don't forget to compare prices. You want to look at different retailers to see who offers the lowest prices — this alone can save you hundreds of dollars.
10. Look for Deals
Make sure you look for deals and discounts. Sometimes, you will find rebates or special offers on big-ticket items throughout the year.
You may be able to find groups online that offer a heads up about discounts or rebate offers. Some even provide coupons to help you save even more.
It is also smart to sign up for rewards programs at places where you buy large ticket items. You can often earn discounts or special deals for spending money that can save you a lot on future purchases.
11. Buy Used
It is also a good idea to consider buying used or refurbished items. These are items in good shape, and that will do the same job as something brand new, but the cost is considerably lower. In many situations, it makes sense to buy used.
You can look online for marketplaces where people sell items they no longer need. You should be cautious about this, though. Always check an item out completely and insist that you see it run before making the purchase.
12. Take Time Away From Shopping
You should always take at least a day between making your final decision and making the purchase. You want to give yourself time to become comfortable with the money you will spend and the idea of buying the item.
Sometimes, you will realize that you don't want to spend that much. You also could decide that you really do not need the item.
13. Maintain Your Appliances
Appliances typically have a set lifetime, but you can ensure you get the maximum use from them by maintaining them. Always do routine maintenance. Make sure that you get issues taken care of immediately.
You should either learn how to repair and maintain these items yourself or find a good deal on a service contract. This is yet another area in which you can save money if you are aware and shop around for services.
14. Be Careful About Buying on Credit
If you need to buy a large ticket item on credit, make sure you can pay it off quickly. The longer you carry the balance, the more money you pay. You should also factor this into the total cost of the item.
You should also shop around for the lowest interest rate you can get, and try to use a card that offers you rewards on purchases. This can give you a benefit to using your credit card.
15. Pay Cash
Ideally, though, you should always pay cash for expensive items. This helps you to avoid paying interest and fees. It also can help you to score a discount. Many places will offer you some type of money off if you pay in cash.
Saving Money for the Future
The whole goal of saving money is so that you will have extra money when you need it in the future. Everyday savings is great to add to your long-term account, but there are also things you can do to boost your ability to save through conventional means.
16. Take Advantage of Retirement Options
If you work somewhere that offers retirement plans, you should take advantage of them. Set up a meeting with Human Resources to discuss your options and learn more about how the retirement program works.
Many companies will match 401k contributions. This is like free money. Make sure you cash in on that.
Plus, when you contribute to a 401k plan, it comes out before taxes on your paycheck. It’s an automatic withdrawal, too, so you won’t even notice it is gone. Contributing to a retirement account is one of the smartest and easiest ways to save money.
17. Create Your Own Savings Plan
If you don’t have access to a retirement plan or you would like an additional savings option, you can set up your own savings account. Most employers will allow you to split your direct deposit into two accounts.
Set your direct deposit up so that every check a portion will go to a savings account. You probably won’t miss the money you send into the savings, but it will add up quickly with zero effort on your part. It is a great way to force yourself to save money.
If your employer doesn’t offer this option, your bank may provide some way for you to send money from your main account into savings automatically. Look into that option and set it up.
Automatically sending money into a savings account takes away the chance to avoid doing the transfer yourself. It makes it a hands-off process that will occur without really impacting you at all because you will be used to the money just not being there to spend right now.
18. Reduce Your Debt
Debt is expensive. When you have debt, you are paying for interest on top of that debt. The more debt you have, the longer it will take to pay off, and the payoff date will just keep moving if you don’t work to pay down the debt by a significant amount.
You should make a plan to pay it off as soon as possible, and then, avoid going more into debt. Being debt-free means that you can maximize the spending power of your money because you get to use every penny you have towards purchases and not paying interest or fees.
Depending on how much debt you have, you may be able to simply create a schedule to make larger payments to pay it off quickly. If you have a lot of debt, you may want to consider consolidating your debt so that you have one payment each month.
Regardless, you should set a goal date to completely pay off your debt and work from there. Figure out what you will have to pay each month to reduce the balance in time to be debt-free by your goal date.
Stay focused on the payoff, and avoid creating more debt.
19. Shop Around for Banks
What you may not realize is how different banks can be. Some banks charge a lot of fees, while others do not. Shopping around for a new bank could enable you to save a lot of money.
If you like your current bank, you may even shop around products. For example, if you pay fees on your checking account, you may be able to find a different account type with your current bank that doesn’t charge fees.
You should be able to set up any type of account you want without paying the bank a lot of money. It will just take a little work to make sure you aren’t just giving your bank free money. Your goal should be to keep as much of your money as possible, which means lower fees or eliminating them completely.
Your bank may not offer you any good options. If this happens, it may be time to switch even if you do like your current bank.
20. Find the Right Credit Card
If you want to use credit cards, you need to make sure you are using the right ones. You should always stick with cards that offer rewards. There are way too many cards on the market that offer rewards that there is no reason to use a card that offers you nothing.
Make sure you maximize the rewards you do get. For example, choose the card that gives you 3% cash back instead of the card that only gives you 1% cash back.
Make sure the rewards are actually beneficial to you. For example, if you don’t travel by plane, then a card offering air mile rewards is not a good choice. Usually, cash-back rewards are the most beneficial for anyone regardless.
Once you have a good card, take advantage of the rewards by using your credit card to pay all of your expenses. At the end of the month, pay off the balance so you avoid interest charges. By doing this, you will not only build your credit but also earn free money back on spending money you would spend anyway. It is a win-win situation.
Saving on Extra Expenses
Life wouldn’t be much fun if the only thing you spent your money on was bills. We all like to spend money on extra things, such as entertainment.
Of course, these extra expenses can quickly add up and deplete your bank account if you are not careful. There are ways for you to still have fun and spend money on things you like without breaking the bank.
21. Find Free Entertainment Options
Entertainment is often a huge money drain. If you want to find ways to save money each month, then you have to take a look at what you spend on entertainment and find ways to cut that down.
You don’t have to wipe all the fun out of your life, though. There are many ways to entertain yourself for free.
For example, if you like to watch movies, wait until new releases are out on your streaming service. It is always cheaper to rent them and watch at home than to go to a theater. Plus, it is more comfortable to watch at home. Rental fees are a fraction of the cost that you would spend by going out to a movie.
Another huge expense is dining out. Instead of heading to a restaurant, try a meal delivery kit. You can get gourmet or upscale kits for much less than you would spend going out. While these kits usually charge a monthly fee, you can cancel at any time or put it on hold so you only pay when you want to get the kit.
For other entertainment needs, you should be able to find almost anything online for free. There are free books, movies, and games available at no cost all over the internet. Your public library is a great source for many freebies, and most libraries make things available online.
You can find a free or very low-cost option for almost any type of entertainment you enjoy. It may take a little more work to set it up or find it, but the savings are well worth it.
22. Get Into DIY
The internet is a wealth of information, and one way it comes in handy is in helping you learn how to make things you would usually buy. Making things yourself can help you to save a large amount of money.
There are several areas where you can do-it-yourself instead of buying. The first is cleaning products. DIY cleaning products generally use only a few key ingredients. They are free of chemicals and healthier to use. They also allow you to spend a very small amount of money and get products that will last you for months.
You can use the same approach to making your own soaps, detergents, and shampoos.
Another DIY category is home décor and gifts. You can typically make something for much less than you will spend buying it. For example, you can use dollar store items to make a stunning wreath. Buying a similar wreath would generally cost three or four times what you spend.
There is a range of gift items you can make yourself. They are just as nice as something you would buy, but they mean a little more because you did put time and effort into making it.
You can also save money through DIY home repair and auto care. Instead of hiring someone to paint for you, do it yourself. Instead of hiring a service to clean your car, do it yourself. These things can be costly, so doing it yourself enables you to save big.
Additional Money-Saving Tips
While we’ve covered a lot in this list of 25 money saving tips, there are a few more bits of advice we need to share. These are very simple changes you can make in your daily life to save money.
23. Drink More Water
Water is incredibly healthy and beneficial. You may have had your doctor tell you to drink more water. However, it isn’t only a health tip.
Drinking more water will lower your consumption of other beverages that cost you more money. For example, trade that lunchtime soda for water. You can usually get water for free or at a fraction of the cost of a soda. Do this every day, and the savings will add up.
Drinking water also fills you up. If you enjoy a large glass of water prior to eating, you will eat less. It will not only help your waistline but also your wallet to get thinner.
24. Skip the Expensive Coffee Drinks
While you may enjoy picking up a fancy coffee every morning on the way to work, these beverages are expensive. Cutting the coffee out can save you a bundle.
However, you don’t have to give it up. You can make it at home. Invest in a brewing machine that will make the type of coffee you enjoy.
Go online for recipes. They are all over the place. You can find a copycat recipe for almost any type of fancy coffee you buy.
When it comes to saving money, you need to do it daily, weekly, monthly, and every chance you get. Our 25 money saving tips are a great start. You can try them all or start out with a just a few. It doesn’t matter as long as you take that first step.
Saving money can secure you a better future, reduce stress related to finances, and set you up to handle an emergency. The main point is living within your means but still being able to have fun and splurge from time to time. Plus, it allows you to control your money more effectively and live a better life.
We promised you 25 money saving tips, so here is tip #25: if you struggle with saving money because you have a low income, you may want to consider looking into side hustles that can allow you to bring in some extra money that you can put directly into your savings.