People are always looking for ways to save money and curb bad spending.
Saving money is an important complement to making more to grow your wealth.
It’s easy to forget about ways to save. Sometimes you may doubt whether you can save more money without being excessively frugal.
There are many options. There are ways I can save money even though I am not a very frugal person.
Here are 30 money saving tips that will help you save hundreds or even thousands each year.
Table of Contents
Save money on investments
Food Savings
Shop Smart and Save Money
Save money with these general tips
Save money on investments
- Investing in the right investments can help you avoid hidden fees
You should invest in a retirement account such as a 401k, or an IRA. You can save money by watching out for fees.
You could be losing thousands of dollars in retirement due to account fees, maintenance charges, and other fees charged by financial institutions.
Most of the time, you may not even be aware that this is happening.
Blooom is a great way to avoid these fees and optimize your investment portfolio. Blooom’s 401k Analyzer is available for free and now includes IRAs!
- Spend and save spare change
Fintech has made it possible to invest and store spare change. Many people struggle to have enough money to buy stocks.
Some financial firms have simplified the process.
Stash Invest, for example, allows you to invest fractional shares in stocks, ETFs or bonds with a minimum of $5. You can now save small amounts and watch them grow.
Acorns is another well-known example. The micro-investing platforms can invest fractional shares and take your spare change.
- Invest in index funds with low costs
You have many options to choose from when you start investing for retirement and to build wealth. Index funds are one of the best options to consider.
The financial markets are matched and tracked by portfolios of bonds or stocks.
These funds are ideal because they offer broad market exposure, low costs and low portfolio turnover.
The cost of investing in these funds is fractional percents. This means that you will keep more money over the long term.
Food Savings
- Reduce your grocery bill
According to the Bureau of Labor Statistics we spend over $7,700 annually on groceries and eating out. This is a lot of money that could be used to build an emergency fund or invested.
You will save the most money by eating less at restaurants. When you consider what can be done by cooking your own food, the markups on restaurant meals are staggering.
You can start by meal planning, using coupons, or even purchasing in bulk.
You will not only save thousands of dollars a year, but you’ll also gain convenience by not having to cook or pack your own food.
- Invest in a slow cooker
You may need to invest in a quality product to save money over time. A crockpot is the best way to save time and money when it comes to food.
You can have a lot of leftovers with crockpot recipes.
It’s also easy to make, so you won’t waste a lot of time. A good crockpot is available at reasonable prices so you won’t have to break the bank. Amazon has some great products.
- Drink water
Why not stick to water and save money? Although I don’t say you shouldn’t drink other beverages, the cost of buying them can add up.
Invest in either a faucet filter or a pitcher filter that you can place in your refrigerator.
You can save money by drinking water when eating out. It won’t make your rich, but you’ll have some extra money each month.
- Prepare meals and pack lunches at home
We often forget to save money by packing lunches or meal prepping, despite how simple it is.
Instead of stopping at a restaurant for lunch, or buying food on your way home, prepare in advance!
You can do this by using a Sunday or any other weekday to prepare your meals for the coming week. You will save money by not having to go out for lunch, and you’ll also have your meals ready sooner.
Another reason to buy a crockpot!
There are some restaurants that offer promotions on certain days during the week for kids to eat free. This is a great way to save money when eating out.
Shop Smart and Save Money
- Take retailers off email and social media
What is a quick way to avoid temptations to spend? Take out all retailers and stores in your life.
You can reduce the amount of stress in your life, even if you cannot completely eliminate it.
Unsubscribing from emails sent by retailers is the first step.
You may receive coupons for savings or notice some sales, but this is just a way of getting you to come back. Keep them if you can control your spending and won’t be tempted.
You can also unfollow brands on social media. Although you may still see targeted ads, the fewer images of products to buy that appear in your feed is better.
- Shop and earn cashback
You won’t stop all spending. It is necessary to buy essentials and you may also need new clothing or home items.
Cash back apps are a great way for you to earn money when you shop. Ibotta is one of my favorite apps for getting money back on your shopping. You can also choose from other apps.
Warning. Warning: Don’t buy just because some brands and stores offer cashback.
If you think that you will be tempted to spend more than you intended, you should delete the app.
- Couponing is a great way to save money.
Mastering couponing is a great way to save money. You can use coupons for clothes, food or other purchases.
Coupons can save you money when you need to purchase items.
Are you a coupon clipper who is obsessed with reducing the cost of your purchases to just a few dollars? You don’t have to, but you can always look for ways to save money when you shop.
- Buy only when you are ready to buy.
Shopping today is so convenient that it’s easy to spend your money. You can easily add up your purchases with a few clicks of your account.
You can save money by waiting 24 to 48 hours before you make a purchase.
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You can take the time to reflect and decide if it is really something you need. Often, the excitement or desire to buy subsides.
Remove your credit card from all shopping platforms, and log out of your account. Helps eliminate some quick click purchases.
Save money with these general tips
- Spend less on bills
Unavoidable, we all have to pay our bills. Mail is mainly used for bills. You can save money by reducing your monthly bills.
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If you are paying for different subscriptions, it’s easy to forget the costs. You may be paying more than necessary.
You can, for example, negotiate a better rate if you have a good standing with the business by simply calling them and asking.
You can also use a service such as Billshark which has a 85% success rate in negotiating Cable TV, Wireless Phones, Satellite TVs, Internet Access and Satellite Radio bills.
- Energy costs can be reduced
If you don’t think energy-efficiently, your utility and electricity costs will quickly increase.
There are many ways to reduce your energy bills and save money. Here are a few areas to think about:
Switch to energy-efficient light bulbs
When you leave the house or room, turn off all lights
Open the windows for fresh air when it’s nice outside
Instead of using the dryer, hang your clothes to dry.
Your electric company will provide you with a free audit of your energy usage
Insulate windows and doors of your home
Purchase energy efficient appliances.
- Keep track of your finances and spending
Although I don’t like budgeting and tracking expenses, they are important for personal finances. This is true, especially if you’re looking to save money and grow your net worth.
When you keep track of your spending, it is easier to control your budget and understand what’s going on.
Personal Capital is the easiest way to keep track of your finances. Personal Capital is a free application that provides detailed and organized insights into your retirement accounts, spending, net worth and more.
- Online banking accounts
The benefits that many online banks offer have made them a popular choice in the financial industry. Open an online account to save money.
You have many options, but the ones you choose should meet your needs and be FDIC-insured.
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Many of these banks do not charge overdrafts, ATM fees or reimbursements, account fees, services fees etc.
Some of my favorites include:
CIT Bank
Radius Bank
Chime Bank
- Avoid high interest rates by paying off your credit card in full
As of late 2019, the average household credit card debt in the United States was $8,500. According to WalletHub, the average interest rate on credit cards is 19.02% when new offers are made and 15.10% if existing accounts.
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While these are the averages, your interest rate can be higher depending on the credit card provider and the history of your credit.
People can “Swipe” too much because credit cards don’t actually contain money. Leave the credit cards behind if that is you.
You should only use credit cards to make purchases for which you have cash. You can then pay your entire balance.
A credit card is useful in an emergency. The goal is to pay off the balance and keep your interest rate at zero.
Bonus: If you have a good credit rating and a standing with credit cards, negotiate the rates. Many times, they are willing to lower their interest rates. Asking never hurts!
- Keep a good score on your credit card
Although it is not an immediate money-saving tip, maintaining good credit can help you avoid money problems later.
A higher credit score can make life easier, regardless of whether you are a fan of the system. This includes keeping your mortgage or interest rates low. Saving you money!
If you’re interested in learning more about how to improve your credit score, click on the link.
Create an account with Credit Karma, Credit Sesame or both if you want to know your credit score.
- Turn your hobby into cash
You might not have realized that your hobby can earn you money, but thanks to the Internet and its accessibility.
Saving money can be done by doing something you love to do or create!
You’d be amazed at how much you can earn from your passions.
If you want to know more, here is a list.
- Set yourself a spending limit
I believe that spending money on the things you enjoy in life is okay. It should be done in moderation, and only if you’re actively managing your finances.
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Allowances are a great way to control your spending.
You can set a budget for how much you want to spend each week or month. You decide how much to spend and at what intervals.
- Avoid late fees by setting up automatic payments for your bills
Set up automatic payments for your bills is one of the best ways to save money. Even though you may think you will remember a payment due, it is easy to forget. I’ve been there myself a few time!
You can avoid late fees and save money you could use to invest or save.
Even if you’ve set up automatic payments, you should always double-check to make sure you aren’t getting any surprises.
- You can ask for a fee waiver
It’s incredible how many times we, as a culture, just accept the fees that come with certain things. It doesn’t matter if it is for banks, credit card bills, utility bills etc.
Asking for the fees to be waived is a simple way to save money. It’s not always possible, but you can try!
Many companies will waive their fees if you present your case politely and with courtesy.
This is not going to make you rich, but it will allow you to save money that would have otherwise been spent on fees.
- Reduce your costs by downsizing or moving to a smaller home
Living costs are likely to be one of your biggest expenses. Housing costs, whether it’s your mortgage or rent can make you bankrupt.
This option may not be easy but can save you a lot of money. Consider moving into a more affordable area or sharing costs with roommates.
Rent or mortgage payments can be reduced, property taxes saved, and you will live in an environment that is more affordable.
You may have to sacrifice a little to save some money, depending on your financial situation. This is an excellent option if your housing costs are affecting your finances.
- Challenge yourself to save money
It can be hard to develop the discipline necessary to save money in the beginning. You can make saving money more fun by creating a challenge.
You can make this process more enjoyable and accountable to save money within a certain timeframe.
You can also choose from many variations, such as a bi-weekly money saving challenge or a 52-week challenge. Try some of these money-saving challenges to get yourself started.
- Budget your holiday ahead
Our spending can quickly spiral out of control as the holidays get closer. A holiday budget can be created well in advance to help you save money. This includes buying gifts for others in advance.
You can then take advantage of deals in the off-seasons and stay within your budget.
You won’t have to worry about cash or temptation to buy more during the holidays.
- Maintain your household appliances routinely
Routine maintenance of your appliances is a great way to save money in your home.
Consider the cost of your refrigerator, dryer, furnace, plumbing and other appliances.
Cleaning these appliances and checking their connections will ensure that you get the maximum use from them. It is expensive to call someone for help or to have to purchase new appliances.
If you’re renting, you won’t need to worry about this.
- Do not listen to what your friends and family say
What is one of your favorite money-saving tips? You can save money by ignoring the urge to keep pace with your family, friends and colleagues.
When you stop comparing yourself with others, you’ll be amazed at how much you can save.
You may want to keep up with others if they are spending a lot of money, going to a lot of events, or buying fancy cars.
It can be difficult to adopt this mindset. Once you master this mindset, your financial situation will be stronger.
- Learn to distinguish between your wants and needs when saving
I believe that saving money and controlling your spending are really mental processes. Even if you follow the best financial tips, your mindset will still be crucial in saving money.
The key is to eliminate the consumer mentality, and distinguish between your needs and wants.
Saving money will become second nature once you master this skill. You’ll eventually reach a stage where saving money and spending less will become a part of your daily routine. You can break your bad habits of spending and saving money.
- Cancel memberships and subscriptions
You should cancel other recurring bills in addition to finding ways to reduce your monthly expenses. Create a list of your current memberships and subscriptions.
Consider the value of each item and its cost before deciding whether it’s worth keeping.
You may be surprised by the amount you pay and where.
When I began to learn about personal finance, I discovered that I paid $25 per month for the gym. It wasn’t outrageous, but I never went! My apartment had a gym that included everything I needed, and it was free. I saved myself $300 per annum.
Trim is an excellent service if you are unsure of what subscriptions you may have or if you have a lot. Trim analyses your transactions to identify all of your recurring subscriptions.
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Trim can cancel your account if it is no longer needed. Trim also manages other aspects of your finances.
- Cables are no longer needed
Cable prices have continued to increase over the past few years. It’s only natural that things like cable will increase in price. But it can be a little ridiculous.
I paid over $125 a month for cable and I didn’t get anything extra! This is not a new phenomenon.
I decided to cut the cord, and only use streaming services. I’m sure that every network or channel will soon create their own streaming apps, and they’ll cost the same as cable. But this is a different discussion.
If you’re not a cable fanatic, there are cheaper alternatives. For a while I only had Netflix, and more recently Hulu. My monthly entertainment costs were cut by over half.
- First, pay yourself
Paying yourself first is one of my favorite ways to save money. It’s a little different than the other tips because you want to make sure that money is going directly to you, before paying bills. That’s right!
As soon as you receive your pay, you should immediately invest money in your retirement account, your savings or other future investments.
Paying your bills on-time is important, but automating and prioritizing a certain percentage to go first to you will help you accumulate cash.
