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29 Clever Ideas to Save More Money

I believe that we shouldn’t spend more than we need to on any purchase. That means having a savings strategy and being tactical, like clipping coupons, using discount codes, getting rebates, and earning rewards.

Every time you save a penny or two, you can then use that savings towards other goals.

I’ve compiled a list of the many ways you can save money, from the strategic to the tactical.

Here are my faves.

1. Pay Yourself First

Allocate a portion of your income to savings before paying bills or indulging in discretionary spending. Treat saving as a non-negotiable expense, just like paying bills, and prioritize it in your budget. This is what we refer to as paying yourself first.

2. Automate Your Savings

Set up automatic savings transfers from your checking account to your savings account on a regular basis. Automating your savings ensures consistency and removes the temptation to spend the money elsewhere.

3. Have a Budget

Create a budget that outlines your income and expenses, and allocate a portion of your income towards savings each month. Tracking your expenses can help identify areas where you can cut back and increase your savings.

4. Set Clear Goals

Define specific savings goals, whether it’s building an emergency fund, saving for a down payment on a house, or planning for retirement. Having SMART financial goals helps you stay motivated and focused on your saving efforts.

5. Use Multiple Savings Accounts

Organize your savings into separate accounts for different purposes, such as an emergency fund, short-term goals, and long-term goals. Multiple savings accounts help you track your progress and avoid dipping into savings intended for specific goals.

Take advantage of high-yield savings accounts or accounts with competitive interest rates to maximize your savings potential. Look for accounts with no monthly fees or minimum balance requirements.

7. Reduce Expenses

Look for ways to reduce your expenses and save money on everyday purchases. This could include cutting back on dining out, canceling unused subscriptions, or shopping for discounts and deals.

Look for cheaper alternatives or find ways to enjoy free activities.

8. Increase Income

Explore opportunities to increase your income through side hustles, freelance work, or investing in additional skills and education. Increasing your income allows you to save more money and reach your financial goals faster.

9. Pay Off Debt

Prioritize paying off high-interest debt, such as credit card debt or personal loans, as part of your savings strategy. Paying off debt frees up more money for savings and reduces the amount of interest you’ll pay over time.

10. Refinance Loans

If interest rates have dropped since you took out a loan, consider refinancing your mortgage, student loans, or car loans to secure a lower interest rate. Refinancing can result in lower monthly payments and long-term savings on interest charges.

11. Invest Wisely

Consider investing your savings in assets that offer the potential for growth, such as stocks, bonds, mutual funds, or real estate. Investing allows your money to work for you and can help you achieve long-term financial success.

12. Take Advantage of Employer Benefits

Maximize your employer-sponsored retirement accounts, such as a 401(k) or 403(b), and take advantage of any employer-matching contributions. These accounts offer tax advantages and help you keep more of what you earn and save for retirement.

13. Avoid Impulse Purchases

Pause before making a purchase and ask yourself if it’s something you truly need or if it’s just a want. Delaying gratification can help curb impulse buying and save money in the long run.

14. Negotiate Bills

Contact service providers and negotiate lower rates on your cable, internet, or phone bills. You may be able to save money by switching to a different plan or provider.

15. Limit Utility Usage

Reduce energy and water consumption by turning off lights, unplugging electronics, and using energy-efficient appliances. Lowering utility bills can result in significant savings over time.

Make your home more energy-efficient by installing programmable thermostats, LED light bulbs, and energy-efficient appliances. These upgrades can lower your utility bills and save you money on energy costs over time.

16. Shop Smart

Compare prices, use coupons, and take advantage of discounts and sales when purchasing. Consider buying generic brands or shopping at discount stores to save money on everyday items.

17. Use Cashback and Rewards Programs

Use credit cards that offer cashback or rewards for your everyday purchases. Just be sure to pay off your balance in full each month to avoid interest charges.

18. Cancel Unused Subscriptions

Review your subscriptions and cancel any that you no longer use or need. This includes streaming services, gym memberships, magazine subscriptions, and more.

19. Shop Generic Brands

Opt for generic or store-brand products instead of name brands to save money on groceries, household items, and personal care products. In many cases, generic brands offer comparable quality at a lower price.

I look at the manufacture of the generic brand and often learn the branded product was manufactured at the same place.

20. Cook at Home

Eating out can be expensive, so try cooking meals at home instead. Plan your meals in advance and prepare large batches of food to enjoy throughout the week. Meal prepping can help you save money on groceries, reduce food waste, and make healthier eating habits more manageable.

21. Buy Used or Secondhand

Consider purchasing gently used items instead of buying new ones. You can often find quality clothing, furniture, electronics, and other goods at thrift stores, consignment shops, or online marketplaces at a fraction of the cost.

22. DIY Projects

Instead of hiring professionals for home repairs or improvements, consider tackling DIY projects yourself. Countless tutorials and resources are available online to help you learn new skills and complete tasks independently, saving money on labor costs.

I once saved $500 when I learned how to fix my toilet’s flushing mechanism. YouTube came to the rescue, and Amazon provided the supplies.

23. Shop Seasonal Sales

Take advantage of seasonal sales and clearance events to purchase items at discounted prices. Whether it’s clothing, electronics, or home goods, timing your purchases can result in significant savings. This requires planning, but buying items after the peak season will give you sizable savings.

24. Barter or Trade Services

Exchange goods or services with friends, family, or neighbors instead of paying for them outright. Whether swapping childcare, pet-sitting, or home-cooked meals, bartering can save you money while fostering community connections.

25. Utilize Free Resources

Take advantage of free resources available in your community, such as libraries, parks, community centers, and local events. These resources offer entertainment, educational opportunities, and recreational activities without breaking the bank.

I’ve taken advantage of free museum days or “pay what you can” events. I’ve also borrowed ebooks through the public library.

26. Review Insurance Policies

Periodically review your insurance policies, including auto, home, and health insurance, to ensure you’re getting the best coverage at the lowest rates. Shop for quotes and consider bundling policies with the same provider for additional savings.

It took 5 minutes to save $500 a year on auto insurance by switching from the gecko.

27. Change Up Your Transportation

Cut down on transportation costs by using public transportation, carpooling, biking, or walking whenever possible. You’ll save money on gas, parking fees, and vehicle maintenance while reducing your carbon footprint.

28. Plan Affordable Vacations

Instead of expensive vacations, opt for budget-friendly alternatives such as camping trips, road trips, or staycations. Look for deals on accommodations, activities, and attractions to maximize savings while still enjoying time away.

29. Practice Minimalism

Embrace a minimalist lifestyle by decluttering your home and reducing unnecessary purchases. Focus on quality over quantity and prioritize experiences and relationships over material possessions.

By incorporating these strategies into your savings plan, you can maximize your savings potential.

What other ideas do you have?

Jason Vitug

Jason Vitug is a bestselling author, entrepreneur, and founder of phroogal.com and thesmilelifestyle.com. His purpose to help others live their best lives through experiential and purposeful living. Jason is also a certified yoga teacher and breathwork specialist and has traveled to over 40 countries.

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