We all know we should save money, but it’s easy to get into bad habits that lead us to spend more than we need to without even thinking about it. Completely changing the way we approach our finances can’t be done overnight, so it’s usually better to make small adjustments over time and start by looking for a few easy ways to save money.
Everyone views money differently and has their own strengths and weaknesses when it comes to spending and saving, so what works for one person might not always be perfect for someone else. That said, everyone can start saving more if they put in the time to develop better financial skills and take a realistic look at the way they currently use their money.
As you begin to identify problematic spending habits, it will gradually become natural to use your money more efficiently and spend it on the things that are truly important to you. Continue reading for 75 money saving tips that can help you start moving in the right direction and feel more confident in your financial situation.
Getting Started: How to Save Money
You won’t be able to reach your dream financial situation in a week, but you can begin by making simple changes that affect your money mindset. These ideas are easy to implement and a great starting point for anyone interested in tips to saving money.
- Start budgeting now
The simplest problem many of us have with our money is that we just don’t pay enough attention to our income and expenses. No matter where you are now, your first step should be taking a close look at your current habits and creating a basic budget. - The 50/30/20 rule
The 50/30/20 rule is currently one of the most popular money-saving philosophies, and it’s especially helpful for people who are new to budgeting. It involves using half of your income for things you need, thirty percent for things you want, and twenty percent for either saving or paying off debt. - Pay off debts first
While saving as much as you can should always be a long-term goal, you might be facing significant debts that make it difficult to gain more control over your money. Depending on your current financial situation, it could be difficult to save 20 percent while paying off debts—feel free to allocate some of that budget for repayment until you’re debt-free.
Lowering Costs on Common Expenses
Now that you’ve started to move your finances in the right direction, you can begin to look for ways to eliminate or reduce expenses. There are a number of services and options available to help you save money on necessities like gas, power, groceries, and more.
- Take advantage of sales and offers
Small discounts at stores and gas stations might not sound like much, but they can add up quickly if you take the time to look for the best prices and find great deals. Remember that you’re only saving money if you would have made the purchase anyway—it’s never worth spending more to save more on things you don’t want or need. - Negotiate bills
Most of us think of our bills as fixed expenses, but the truth is that you can often get a better deal if you’re willing to negotiate. Depending on your negotiation skills, you could get a significant reduction in bills for things like mobile, internet, and cable. - Take advantage of third-party applications
If you don’t feel confident in your ability to negotiate, there are also a variety of businesses that offer bill negotiation services. Trim, for example, negotiates each of your bills for you and only charges a fee on the money you saving.
Best Ways to Save Money on Shopping
With so many items available at both physical and online stores, it can be easy to lose track of how much you spend shopping each month. As in other areas of your finances, just being aware of your spending habits goes a long way toward helping you cut out unnecessary expenses. You can also use these tips to save at popular stores and become more financially responsible while shopping.
- Make grocery lists
Many of us get sidetracked at the grocery store and end up coming home with much more than we expected to buy. You can avoid this issue by making a clear list of what you need before each trip and sticking to it whenever possible. - Cut down on alcohol and cigarettes
As mentioned above, alcohol is an expensive habit, and it can negatively impact your physical and mental health in a number of ways. Similarly, smokers are simply used to buying cigarettes, and you might not even realize how much you’re spending on these items. - Start meal planning
Meal planning is a popular trend, and many people use services like Blue Apron and Home Chef to cook portioned meals at home. While there’s nothing wrong with subscribing to one of these, you’ll spend a lot less if you can get into the habit of planning meals yourself. - Earn shopping rewards
Just as bill negotiation services allow you to save money without doing any extra work, shopping rewards programs give you the opportunity to earn cash back at the same stores you usually go to. These are easy to sign up for and can be used with a wide range of popular online and in-person brands.
Sticking to Your Savings Plans
As with any long-term change, many of us find saving money easy in the early stages but lose momentum over time. It’s tough to stick to a strict savings plan when you have other life responsibilities and too much in the day to think about your budget.
- Ask someone to monitor your progress
It’s easy to let little things go without worrying about them if you’re saving alone, but it’s often these seemingly minor expenses that prevent us from reaching our financial goals. Talk about your budget with someone you trust and ask them to hold you accountable. - Work toward measurable goals
Saving money is a great goal to have on its own, but it’s much easier to stay motivated if you connect your savings to a long-term financial target that you’re personally interested in. If you’re currently in debt, for example, becoming entirely debt-free is a great goal to start off with. - Closely examine your spending habits
Just as each person can become addicted to something different, many of us have unique problems with spending that are harder to overcome than others. Once you start budgeting either on your own or with the aid of a mobile application, you’ll be able to look at your statements more closely and notice any problematic trends.
Quick Tips to Save More
Long-term financial goals are important, but immediate changes can have a substantial impact and give you more momentum. If you’re looking for ways to cut even a few dollars out of your monthly expenses, these are some of the easiest tips to start using as soon as possible.
- Go reusable
Disposable items like cups, water bottles, and shopping bags are terrible for the environment, but they’re also just as bad for your wallet. A single water bottle per day at 1eachaddsupto1eachaddsupto365 every year, and you can remove that expense by investing in a reusable water bottle. - Take advantage of your employer match
Many American businesses offer employer matches on 401(k) accounts, effectively doubling your income on your 401(k) contributions up to a set limit. If your company matches 401(k) contributions, there’s almost never a reason not to put in the maximum amount allowed. - Download Honey for online offers
Whenever you see the option to add a promo code but don’t have anything to enter, you’re probably losing money on an exclusive discount. Honey and similar tools make this easy by automatically adding any active codes and applying them during the checkout process. - Switch to generic rather than brand-name medications
Many pharmacies sell brand-name medications by default, but the generic option provides the same effects at a much lower cost. Talk to your pharmacist to learn more about your choices and determine the price difference between branded and generic medication. - Shop around for prescriptions
You’re probably in the habit of sending all your prescriptions to the same pharmacy, but different stores and even individual locations often have different prices for the same items. If you currently spend a lot on medications, it may be worth looking into prices at stores in your area to make sure you’re getting the best deal. - Sign up for loyalty programs
Businesses of all kinds offer loyalty programs ranging from discounts on products to punch cards and more. As with other tips, you won’t save anything if you spend more than you otherwise would have, but you should always ask about customer rewards if you’re already a regular. - Eat and drink at home
Restaurants, cafés, and bars all charge significantly more than the cost of the ingredients, and you can usually make an even better product at home. Buying your own ingredients and equipment for meals, coffee, and cocktails is an investment at first, but you’ll end up spending much less than you would have if you continued to go out.