How To Save Money: 49 Ways to Save

Debt

Last updated Sept 17, 2021 | by Kirk Anthony | 7 Min read

If recent world events have succeeded in doing nothing else, it’s clear they have pointed out the importance of saving money. It used to be that people were taught to save money for retirement or a rainy day. Now, saving money has become just as much about financial survival.

Some people find saving money to be a real challenge. It’s not necessarily a matter of them not wanting to save money, it’s just that some people don’t know how to make it happen. With that in mind, the following represents a list of 49 tips for saving money.

Setting Saving Standards

1. Paying Off Existing Credit Card Debts

Before implementing new savings measures, you need to clean up past mistakes. Paying off high-interest credit cards is a good place to start.

2. Preparing a Monthly Budget

The best way to control your spending is by preparing a monthly budget. Your budget should be as detailed as possible. A budget will force you to think twice about unnecessary expenditures.

3. Holding Oneself Accountable to a Budget

Once you have a budget in place, you must abide by it. If you exceed your budget in one area, try to compensate by spending less in another area.

Setting Up Proper Savings Plans

4. Choosing Retirement Savings Options

You can save money by finding ways to make money. Your retirement savings should be directed towards giving you the ability to maintain a sustainable lifestyle after retirement. A good financial advisor could be useful in helping you choose investments to help meet your retirement goals.

5. Setting up an Emergency Fund

You have to save for emergencies. Failure to do so could force you into expensive borrowing measures should an emergency occur.

Saving on Necessities

6. Buy Generic Food Brands

Don’t fall into the trap of buying Kellogs Frosted Flakes when the grocery store’s generic brand of Frosted Flakes is just as good and nutritious.

7. Limit Restaurant Dining

Restaurants charge for the cost of food, food preparation, and employee salaries. Once you tack on tips and commuting expenses, eating out ends up being 200% more than the cost of eating the same meal at home.

8. Only Purchase Grocery Items on Sale

Eventually, every item a grocery sells will go on sale. If you are patient and persistent, you should never have to pay full price on a grocery item.

9. Clip Coupons

It might seem cliche, but coupons can still offer significant savings on food and household items.

10. Use Shopping Lists

Freelance grocery shopping can get expensive. You should prepare a well thought out grocery list and abide by it. It’s a good way to avoid purchasing unnecessary items on a whim.

Also take advantage of stores that offer free pick up or delivery. Walmart is a great example, they will do all of the shopping for you and all you need to do is pick it up. This is great because you know exactly how much you will be spending and you won’t get distracted in the store.

11. Purchase Prepaid Cell Phone Plans

Data and text charges can accumulate very fast. You can better control your cell phone costs by purchasing a prepaid plan.

12. No Long Distance Phone Calls

With free long distance talking options like Skype and Facebook messenger, there is no need to make expensive long-distance phone calls.

13. Make Regular Trips to Dentist

Preventative dental care for the family will pave the way towards avoiding more expensive dental procedures down the road.

14. Turnoff Unnecessary Electricity

You can save 20% or more on your electric bill by simply making sure you turn off lights and appliances you are not using at any given time.

15. Purchase Generic Medications When Possible

Once a medication’s patent expires, generic options will become available. Since the active ingredients are the same, you should always buy generic when possible.

Saving Money While Spending Money

16. Avoid Using Credit Cards

Once you start using credit cards for goods and services, you stand the risk of incurring extra interest should you decide not to pay cards off in full.

17. Bargain Hunt

If you need or want something, you should be willing to invest a little time online or elsewhere to find the best prices available.

18. Avoid Name Brand Clothing

The amount you pay extra for a logo or clothing tag is absurd. You can save money by avoiding the need to be part of the “in crowd” and not buying name brand clothes.

19. Buy Used Clothes for Small Children

Small children will outgrow their wardrobes twice a year, long before their clothes wear out. Buying used or using “hand me down” clothes will save you significant money.

20. Limit Holiday and Birthday Spending

Merchants love the holiday season because customers have an uncontrollable urge to spend. You can limit your spending by giving everyone one thing they want and one thing they need, period. It’s also helpful to set a limit with your family on how much you will be spending on each other.

21. Buy Christmas Decorations and Wrapping Paper After Christmas

After the holidays, merchants will usually mark down these items by as much as 50%. You should be a buyer for the next holiday season.

22. Plan Travel During Off Season

You can save significant dollars by making flight and hotel reservations during the fall, winter, or spring for summer travel.

23. Avoid Tourist Traps

If you have to see popular travel attractions, you will pay a premium. It might be better to see more off the beaten path for the same amount of money.

24. Buy Only What’s Needed

When you buy based on want, you could become impulsive with no regard for price. Try to restrict your purchases to what you need.

25. Buy Reusables

Why buy paper plates when you can buy plastic plates you throw in the dishwasher?

Saving Money on Home Ownership

26. Don’t Avoid Minor Repairs

You need to stay up on minor repairs to avoid issues becoming major issues that require expensive repairs.

27. Refinance Home Loan When Rates Are Favorable

As a rule of thumb, refinancing your home makes sense if you can lower your interest rate and monthly payments enough to exceed the loan fees you would incur by refinancing.

28. Install Energy Saving Items

Energy-efficient light fixtures and appliances can save you a ton of money over the years.

29. Perform Your Own Repairs and Maintenance

style=”font-weight: 400;”>Performing your home repairs and maintenance will cost you time and effort but save you lots of money

30. Replace Landscape With Hardscape

Hardscape requires very little maintenance.

31. Carry Adequate Homeowners Insurance

You cannot afford to replace your assets at today’s prices. You need adequate homeowners insurance to avoid a financial calamity.

32. Use Fans Instead of A/C in your house

Fans use 75% less electricity than A/C units.

Saving on Auto Expenses

33. Implement Practical Car Buying Options

You don’t live in your car. If you employ the proper due diligence, you could make do with a decent used car.

34. Look for Car Maintenance Coupons

If you require tires or brakes, you can usually find auto repair places offering coupons on those goods and services.

35. Learn How to Do Basic Auto Repairs

You can save a lot of money changing your car’s oil, oil filter, fan belts, and windshield wipers.

36. No Warranties or Service Contracts

As a rule of thumb, the cost of extra warranties and service contracts will exceed the risk of not having them.

37. Avoid Car Washes

It takes 30 minutes to wash a car. Car washes can take just as long depending on travel and wait time and charge you money for the service.

38. Set Monthly Mileage Limits

Try to avoid piling up the miles on your car by establishing a monthly mileage budget. It might motivate you to take a little walk now and then.

39. Protect Your Car’s Interior

When you go to sell or trade-in your car, the interior of your car will matter as much as the exterior.

Going the Extra Mile

40. Borrow Movies and Books From Friends

You can save money by working out book and movie exchange deals with family and friends.

41. Get Kids Interested in Low-Cost Sports Activities

If your kids want to play sports, basketball and soccer are more affordable than football and baseball.

42. Maintain Good Credit Standing

You have to pay your bills on time. It will cost you money in some way if your credit rating starts dropping.

43. Get Regular Exercise

By implementing a regular exercise regimen, you can improve your health and hopefully save on medical costs.

44. Payoff Credit Cards in Full

If you do use credit cards, you can avoid high-interest costs by paying off credit cards in full each month.

45. Avoid Nonbank ATMS

If you use ATMs tied to your bank, you can avoid ATM fees.

46. Purchase Pet Health Insurance

Pets are like little people. They get sick and vet bills can get expensive.

47. Attend Matinee Showing of Movies and Plays

If you want to enjoy a movie or play, matinee prices can run as much as 50% lower than regular evening showings.

48. Throw Loose Change in Piggy Bank

You would be amazed at how much you can save each year by throwing loose change in a piggy bank at the end of each day.

49. Recycle

The pennies you can earn by recycling can add up over time.

The money you save over time will provide a level of financial security you perhaps have never experienced before. With a little effort and imagination, you can make saving money fun and exciting. Aside from the 49 ideas provided above, you might be able to conjure up some saving tips of your own.