Money Saving Tips

How to Save More Money

Here are 43 money saving tips that will have you saving way more than you thought possible. Being smarter with every dollar you have will give you more freedom, less stress, and the ability to build a better financial future for yourself. This is all about how to save more money. Enjoy!

General Money Saving Tips

1. Start an emergency fund. Having a minimum of 6 months of expenses worth of savings is the ideal savings anyone should have. This can protect you from lose of income, health expenses, etc.
   
   
2. Establish your monthly budget. Without a monthly budget most of us can’t help but spend every penny of our paychecks. Calculate your net income and all your monthly expenses including money set aside for savings and investments.
   
   
3. Use cash and envelopes to budget every dollar. Assigning a job to every dollar you make is the best way to budget. Having individual envelopes for utilities, entertainment and groceries for example that you put money into every time you get paid helps you visualize for budget allocation.
   
   
4. Save money for a reason. For some added motivation put a meaning behind your frugal steps to save more money. Whether it be to finally have an emergency fund, or buy a new car.
   
   
5. Automate your savings. Once you’ve got a complete monthly budget in place automate the process to not only be forced to be consistent but to save time as well.
   
   
6. Start small and watch it build up. You don’t immediately have to be saving 50% of your income right away. Attempting something like that can be seen as daunting and discourage you. Start with a small savings goal and as you get better increase it.
   
   
7. Retirement planning starts early. To retire wealthy or even just comfortably it’s best to start as early as possible. Saving money each month starting now until retirement will save you A LOT of headache and financial stress later.
   
   
8. Employer match retirement contributions. You are leaving money on the table if you’re not taking advantage of employer matched retirement contributions. Depending on your employer you could DOUBLE your tax free dollars come retirement.
   
   
9. Windfalls, tax returns and bonuses are for saving. Whenever you receive larger then normal sums of money such as tax returns or bonuses it’s important you save the money. It makes ZERO sense to immediately blow the money you just got.
   
   
10. Work out a savings plan to follow. Without a sent amount of money you’d like to save it’s impossible to track progress. Don’t just you’ll save more money but rather that you’re going to save X amount by X date.
    
    
11. Save coins. Saving change when you have to pay cash for something surprisingly is something not a lot of people do. Due to the low face value of coins people just discard them.This is short term thinking and by simply saving coins whenever you get them can eventually add up to something big.
    
    
12. Use the 24 hour rule for buying things. Before you buy something expensive always wait 24 hours before you swipe your card. This is to prevent any impulse buying and allow yourself time to truly think about the purchase. It can save you a TON on money and save you from buyer remorse.
    
    
13. Calculate purchases by hours worked and not dollar amount. If your income is earned income, meaning you trade your time for money, think of every purchase in terms of hours worked and not a dollar amount. When you find out that pair of shoes takes you 8 hours of working your job to afford you really begin to prioritize your spending on things that matter.
    
    
14. Look at your current monthly expenses and cut out unnecessary bills. If you aren’t tracking your spending each month your money can run rampant and some expenses are sure to slip in. Take a detailed look at your last months expenses and see if you can limit it going into this next month.
    
    
15. Limit your subscriptions. With how easy it is to sign up for a free trial and then start paying a monthly subscription after the trial period, the subscription expenses can really start to add up. Do your best to limit this kind of spending on only the services you truly need or want.
    
    

Banking, Credit, and Debt Saving Tips

16. Pay your credit card in full each month. Interest rates on credit cards are too high to ignore. Using credit cards properly is a great way to build credit, get rewards and use leverage but unless you can pay it off in full at the end of the month it is going to cost you big time.

17. Use the debt snowball to eliminate all bad debt you might have. Use techniques like the debt snowball, that involves eliminating smaller debt which leaves you with more money to tackle larger debt, to finally relieve yourself of crippling debt.

18. Avoid ATMs with fees. ATM fees are such a dumb expense to be bogged down with. Try to avoid them at all costs.

19. Never overdraft on your debit card. Over drafting can cost up to $35 each time and is something that should never happen. You’d be surprised what over drafting over the course of multiple years can add up to.

20. Be mindful of your credit score to save money on better loan terms. There are so many free softwares out there to help you track and improve your credit score. Prioritize getting a score above 720 to help you save thousands on loans you might get in the future thanks to the low interest rates.

21. Setup auto-pay so you don’t miss any payments and pay late fees. Credit cards, utilities, internet you name it. Setup auto-pay so you never have to deal with late payments again.

Entertainment Money Saving Tips

22. Take advantage of free local events / places. Libraries, parks, farmers markets, festivals, some music events, etc. are great places to visit for free with friends or family.

23. Never pay full price for entertainment. Far too many places offer specials on certain nights of the week. Why pay $11 for a movie ticket on Thursday night when you can get $5 tickets on a Tuesday. So plan your activities around these specials.

24. Set a “fun” budget for yourself each month to avoid over spending. Saving money doesn’t mean never having fun again. When planning out your monthly budget include an amount for fun activities. Without a set amount you might find yourself spending way too much having fun.

Food & Grocery Savings Tips

25. Pack lunches whenever you can. Fast food is often an expense we over look just because it’s common to get meal for one for under $5. But when you fact or in how often you do this. Man does it add up.

26. Commit to eating out only 1 to 4 times a month. Going out to dinner should be monitored very closely. It’s very easy for a couple to rack up a $35+ bill including a tip… and that’s without any drinks.

27. Only eat out when there are specials or happy hour. If you do decide to go out to eat try to schedule it around happy hours or any kind of special. This can save you a ton of money while getting close to the same amount of food just because you decided to eat out on a Tuesday and not Friday night.

28. Plan meals in advance to minimize grocery bill. Avoid wondering down every aisle and grabbing what looks good. By planning your meals in advance you can avoid wasted food and buy only what you need. This easily save me at least $50 a week in groceries.

29. Take a shot at grocery couponing. If you have some extra time you should consider couponing. I mean you’ve probably seen the shows where someone gets a month worth of groceries and somehow the store owes them money.

30. Limit spending on alcohol when you’re out. I HATE buying alcohol at bars and restaurants. They are just way to expensive. Try to drink beforehand if you have the driving situation figured out. This way you can have a blast at the bars only having to buy a drink or two.

Health Savings Tips

31. Schedule routine checkups to avoid costly healthcare later. Many Americans are burdened with lifelong medical debt. An easy way to help prevent this somewhat is by doing at least an annual checkup with your doctor. It costs very little and can save you a lot.

32. Go generic whenever possible and advised by your physician. If it’s recommended by your doctor to start taking a medication regularly, ask if the generic version is okay to use instead. This can save you thousands of dollars over the course of just a few years.

33. Never buy bottled water…. ever. This one is kind of a no-brainer. NEVER buy bottled water. Not only is it terrible for the environment, but it’s also terrible for your wallet.

34. Don’t get a membership at an all-in-one gym. If you’re just looking for cardio rooms or weights to lift don’t get the $39/mo membership at a gym with 3 pools, spa, 4 racquetball courts, and spin classes.

Home Money Saving Tips

35. Compare home insurance providers. To save loads of money and the hassle of switching later on, always compare insurance providers before deciding on one.

36. Refinance your home (only if the situation is right). I’m not talking about cash-out refinances but rather refinancing your home when mortgage interest rates are at least 0.75% to 1% than what yours currently is.

37. Audit your home energy use. Find out if your home has any energy inefficiencies like poor insulation that’s causing you to waste energy each month and rack up your utility bill.

38. Reduce your water waste. Take shorter showers, turn off the faucet when you brush your teeth, etc. Small changes in routine can amount to big savings.

39. Reduce your electricity waste. Remember to turn lights off, use energy-efficient light bulbs, etc. These are fantastic ways to lower your electric bill.

40. Weatherproof our home. Heating and cooling a home, especially a large one be insanely expensive. Invest a little time and money into improving the efficiency of your home so you can run the AC and furnace less often.

41. Keep blinds closed on hot days. Avoid letting lots of natural light into your home on really hot days. Otherwise, your home will act like a greenhouse and get really hot from the sun.

42. Ditch the paper towel. Help your wallet and the environment. Stop wasting expensive paper towels and use reusable washcloths.

43. Invest in a small tool kit. Spend less than $30 on a toolkit that can handle most small fixes. This will help prevent any unnecessary handyman visits.

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My question to you:

What’s one thing you do to help save money? Comment below!