How much money do you save each month? Want to learn the best ways to save even more?
If you’re aiming to save money this year, you’re in the right place. There are countless ways to save, and you’ll discover over 50 different ideas here.
Teaching people to save money is one of my favorite topics because I’ve seen firsthand how it can help you achieve your goals. When I was paying off my student loans, I used many of these tips, which helped me clear nearly $40,000 in debt before turning 25.
You might be looking to save money for various reasons:
– Stop living paycheck to paycheck
– Pay off debt
– Manage on a single income
– Save for a vacation
– Build an emergency fund
– Invest more
– Or simply to have more budget flexibility
No matter your reason, this post is packed with the best money-saving tips. Some ideas might be familiar, but others could be new to you.
Finding new ways to save can be challenging. You may feel you’ve tried everything or that saving is dull. But if you want to live the life you dream of, you need the right mindset. Remind yourself of your goals when it gets tough. Learning to save money can accelerate your journey to those dreams.
Good money-saving habits can transform your life. I can’t imagine where I’d be without these tips. I might still be stuck in a job I didn’t love, not traveling, and not running my own business.
Start with one idea and see the difference it makes. Even saving a dollar or two here and there can lead to a more stress-free financial life.
Here are some of the best ways to save money:
**Extreme Money-Saving Tips:**
– Shave your head to save on hair care.
– Cut your own hair to avoid salon costs.
– Fill name-brand cereal boxes with off-brand cereal.
– Dumpster dive for free food.
– Move in with family to save on housing costs.
– Make your own toilet paper from old t-shirts.
– Freeze water bottles instead of using the AC.
**Bring Your Lunch to Work:**
Americans spend around $3,000 a year on lunches. Bringing lunch to work can save you at least $100 a month. Try making extra servings at dinner for next-day lunches.
**Open a High-Yield Savings Account:**
High-yield savings accounts offer better interest rates than traditional accounts. For example, Betterment Everyday offers 1.85% interest, compared to the national average of 0.09%. Over ten years, this could earn you an additional $1,850.
**Stop Paying for Cable TV:**
Cable bills can be over $100 a month. Consider alternatives like Netflix, Hulu, or Amazon Prime Video. These services are cheaper and offer plenty of content.
**Live More Simply:**
Simplify your life to save money and reduce stress. This can include being more organized, paying off debt, spending less time on social media, decluttering, and automating payments.
**Start Investing:**
Investing can help you prepare for retirement and possibly retire early. You can start with small amounts and grow your investments over time.
**Think Before Big Purchases:**
Before making a large purchase, ask yourself if you can afford it, what other costs it entails, and if you truly need it. This can prevent buyer’s remorse and save money.
**Get Your Credit Score for Free:**
Check your credit score for free to stay informed. Your credit score affects loan approvals, interest rates, and more. Use services like Credit Sesame to check your score without paying.
**Use Credit Card Rewards:**
Earn bonus points and cash back by using credit cards wisely. This can help you save on travel and other expenses.
**Sign Up for Birthday Freebies:**
Many companies offer free items or discounts on your birthday. Sign up for their email lists to receive these offers.
**Plan Your Meals Better:**
Meal planning can save money and reduce food waste. Consider using a meal planning service like the $5 Meal Plan for convenience.
**Stop Overpaying for Your Cell Phone:**
Switch to a more affordable cell phone plan, like those offered by Republic Wireless, to save money each month.
**Get Rid of Your Timeshare:**
Timeshares can be expensive and hard to sell. Consider getting rid of yours to save money on maintenance fees and other costs.
**Stop Smoking:**
Smoking is expensive and harmful to your health. Quitting can save you hundreds of dollars a month and improve your well-being.
**Create a Budget:**
Budgets help you manage your money by tracking income and expenses. This can help you reach financial goals and save more effectively.
**Search for Work-from-Home Jobs:**
Working from home can save money on commuting and other expenses. Consider jobs like selling on Amazon, blogging, teaching English online, or becoming a virtual assistant.
**Find Ways to Make Passive Income:**
Passive income allows you to earn money with little ongoing effort. Ideas include affiliate marketing, high-yield savings accounts, rental real estate, and more.
**Drive a More Affordable Car:**
Consider the total cost of owning a car, including payments, insurance, and maintenance. Choose a car that fits your budget to save money.
**Make Saving Money Fun:**
Turn saving money into a game or challenge to stay motivated. This can make the process more enjoyable and effective.
**Use a Programmable Thermostat:**
Programmable thermostats can save money on heating and cooling by adjusting the temperature based on your schedule.
**Pay Off Your Debt Quickly:**
Paying off debt quickly can save on interest and free up money for other financial goals.
**Eat Out Less:**
Cutting back on dining out can save a significant amount of money each month.
**Cut Unnecessary Subscriptions:**
Evaluate and cancel subscriptions you don’t use or need to save money.
**Save on Groceries:**
Plan your grocery trips, use coupons, and avoid shopping when hungry to save on food costs.
**Refinance Student Loans:**
Refinancing student loans can lower interest rates and save money over time.
**Cancel Your Gym Membership:**
If you’re not using your gym membership, cancel it and find free or low-cost ways to exercise.
**Ride Your Bike for Errands:**
Biking instead of driving can save money on transportation and provide a good workout.
**Get Cash Back on Purchases:**
Use websites like Ebates to earn cash back on online purchases.
**Have More Meatless Meals:**
Reducing meat consumption can save money and benefit your health and the environment.
**Reevaluate Your Storage Unit:**
Consider if you really need a storage unit or if you can declutter and save the rental cost.
**Read Personal Finance Books:**
Books on personal finance can provide valuable insights and tips for managing your money better.
**Take Paid Online Surveys:**
Earn extra money by taking online surveys from companies like Survey Junkie and Swagbucks.
**Negotiate Insurance Bills:**
Shop around and negotiate with your insurance provider to lower your premiums.
**Use Airbnb for Vacations:**
Airbnb often offers cheaper and more spacious accommodations than hotels.
**Save on Vacation Costs:**
Be flexible with travel dates, stay in Airbnbs, and eat like a local to save on vacation expenses.
**Visit the Library:**
Borrow books, movies, and more from your local library for free entertainment.
**Stop Gambling:**
Gambling can be a costly habit. Avoid it or set strict limits to save money.
**Build an Emergency Fund:**
An emergency fund can prevent debt in case of unexpected expenses.
**Buy Secondhand Items:**
Purchase used items to save money on furniture, clothing, and more.
**Rent Out a Room:**
Renting out a spare room can provide extra income with minimal effort.
**Use a Water Filter:**
Save money on bottled water by using a water filter at home.
**Take Part in a Savings Challenge:**
Participate in challenges like the $20 Savings Challenge to make saving money more engaging.
**Start Micro Investing:**
Invest small amounts of money to learn about the stock market and grow your savings.
**Save on Health Care Costs:**
Consider healthcare sharing programs or other alternatives to traditional health insurance.
**Downsize Your House:**
A smaller home can reduce mortgage, insurance, and maintenance costs.
**Stop Trying to Keep Up with Others:**
Focus on your financial goals rather than comparing yourself to others on social media.
What are the best ways you’ve found to save money this year? How much do you save each month?