I am often asked for my best money saving tips from people that are having a difficult time saving money. After going through a person’s spending habits, I often see a lot of money wasters and savings areas that aren’t being explored. Often what is obvious to one, may be hard for another to notice.
Even if you’re already taking part in some of these money saving tips, if you could just find a few more (or as many as you can!), you may be able to improve your financial situation so that you can live your dream life.
Taking part in these money saving tips can help change your life in many ways, such as:
Paying off your debt quicker.
Stop living paycheck to paycheck.
Living off of one income.
Going on your dream vacation.
Today, we are going to talk about over 50 money saving tips and ways to save or make more money each month. If you do all of the below, you may be able to save hundreds or thousands of dollars each year. Remember, even saving a little at a time can add up to a lot of money!
Related articles with more money saving tips:
Here are over 50 money saving tips:
Find a more extreme way to save money.
I’m sure we’ve all done super embarrassing things to save money. Or, at least, I know that I have!
I recommend reading 60+ Extreme Things People Have Done To Save Money to see some of the interesting money saving tips other financial experts and my readers have done.
These include money saving tips such as:
Shaving your head.
Cutting your own hair.
Fill your name brand cereal box with an off brand.
Dumpster dive for free food.
Move your whole family into your parent’s basement.
Make your own toilet paper.
Freeze water bottles instead of using the AC.
Stop paying to see your credit score.
Some companies will charge to check your credit score, and some people even pay for this on a monthly basis. The truth, though, is that you can receive your credit score for free a few times a year.
It never hurts to check your credit score, and you have no reason not to know what your credit score is.
Your credit score can affect whether or not you are approved for a loan, whether you are hired at certain jobs, your interest rate, and more. It’s relatively easy to raise your credit score, so you should start doing so today!
You can also receive one free annual credit report from the three main credit bureaus (Equifax, TransUnion, and Experian). Yes, this means that you get one from EACH, so three per year. I recommend spacing them out so you get one every four months. You can read more about this here.
Bring your lunch to work.
I read an interesting statistic that said Americans, on average, spend around $3,000 a year on lunches. That is a mix of eating out and eating in when at work.
That is a lot of money. And, if you’re not careful and aware of your spending, that’s an area that can creep up on you and lead to something disastrous, such as credit card debt.
And, that’s the thing about buying lunch at work – it’s a small purchase that doesn’t seem like it would add up to much.
But, bringing lunch to work has the potential to save the average person at least $100 a month, if you know what you are doing. To take part in this money saving tip, you can start by looking at these tasty budget lunch ideas.
Stop paying for TV.
The average monthly cable bill is over $100. By the year 2020 (that’s really not far away at all!), the average cable bill is expected to be around $200 a month.
If you are looking for money saving tips that will change your life, no longer paying for TV is one of my top tips.
We don’t pay for any form of TV (not even Netflix!), and it definitely helps us to live simply and save money.
However, if you aren’t ready to quit paying for TV all together, there are lots of options that allow you to only pay, usually much less than cable, for the shows you want.
Buy a water filter.
Sometimes, in order to save money, you may have to spend a little.
According to The Water Project, the average person in the U.S. spends around $100 per year on bottled water.
Instead of spending $100 on bottled water each year, you can probably drink the water from your own home. You can even buy a water filter if you want to.
Note: Yes, I realize there are some towns where the water is not clean enough to drink and that water needs to be bought, but that is not the average person.
Take part in a savings challenge.
The $20 Savings Challenge is an easy and fun money saving tip that can start you on the path to saving more money without even noticing! All you have to do is save $20 each week for a year, which easily adds up to a savings of $1,040. Right now is a great time to start this savings challenge.
And, it’ll make saving money just a little more enjoyable.
Sign up for The $20 Savings Challenge here.
Save money automatically.
Digit is an app that allows you to easily save money, and I’m sure you’ll love it!
With the Digit savings app, you link up your bank account to Digit, then every few days Digit looks at your income and spending habits to see how much you could possibly save. Digit then automatically moves money from your checking account to a Digit savings account.
Each transfer averages around $18, but it could be higher or lower depending on your individual situation. You can read more about this money saving tip in my Digit review here.
Simplify your life.
Trying to manage your life, especially your financial life, can be difficult in today’s age. Between learning about money savings tips, planning for retirement, paying bills, raising a family, etc. life can be exhausting. And, we all have a lot of clutter in our life – not just physical, mental as well!
By simplifying your life, you can learn how to be happier, be in more control of your life, waste less of your valuable time, and more. All of this will allow you to enjoy life even more!
Simplifying your life can include:
Organizing your life.
Paying off your debt.
Spending less time on social media.
Paying expenses annually or semiannually.
Decluttering and maybe even downsizing.
Having less clothing options.
Automating your payments.
Start a blog.
This isn’t a way to cut expenses, but there are many ways that a blog can help you save more money.
A blog can encourage you to keep track of your finances, introduce you to others interested in saving more, and help you make extra money. I know many people who have started a blog and are making thousands of dollars a month. Many have also left their day jobs to work from home. No, it’s not easy work, but it can be well worth it if you decide to become a full-time blogger and enjoy it.
I now earn around $100,000 a month from my blog. I also travel full-time and am happier than ever!
If you are interested in starting a blog of your own, I created a tutorial that will help you start a blog of your own for cheap, starting at only $2.95 per month for blog hosting (this low price is only through my link and for a limited time). In addition to the low pricing, you will receive a free blog domain (a $15 value). I also have a free blogging course you can join to help you start and launch a successful blog!
Think before you make a big purchase.
This may sound like a simple money saving tip, but it can be difficult for some. Really, we have all experienced that regretful feeling after making a large purchase and realizing that you have made a mistake. You may be mad at yourself for wasting money, you may realize it will add to your debt, and more.
Perhaps you don’t realize for months or years later, but you eventually understand what a waste of money the item was.
Before you make your next large purchase, you should ask yourself several questions to make sure that it is actually worthwhile. The questions include:
Can I afford it?
What else is the item going to cost?
What else could I spend this amount of money on?
Can the large purchase wait 24 hours?
Can I borrow the item from someone instead of buying it?
Is there a return policy?
Do I actually need this?
Go on almost free vacations just by using your credit card.
One of my favorite money saving tips is to get bonus points and cash back on my credit card purchases.
In 2016, me and my husband earned over $5,000 just by using our credit cards like we normally would. We put all of our expenses on our credit cards, completely pay them off each month, and earn free rewards points and cash back.
Plus, did you know that you can take a 10 day trip to Hawaii for just $22.40?
Yes, it’s possible! For more information on this vacation money saving tip, I recommend reading How To Take A 10 Day Trip To Hawaii For $22.40 – Flights & Accommodations Included.
Everyone has a birthday, and you may be able to score a lot of free birthday stuff by simply showing your birth date on your driver’s license or by signing up for a company’s email club to receive a coupon for your birthday. This is one of the super easy money saving tips, as it’s easy and free for everyone!
Meal plan as one of the easy money saving tips.
Meal planning is something that has completely changed our lives. We eat healthier than ever, we are saving money, and we have less food waste.
If you have trouble eating at home and want to learn how to eat healthy at home while saving money fast, then try out $5 Meal Plan. They send meal plans directly to your email.
It’s only $5 a month, and you get meal plans sent straight to you along with the exact shopping list you need in order to create the meals. Each meal costs around $2 or less per person. This allows you to save time because you won’t have to meal plan anymore, and it will save you money as well! If you are interested in joining for free, click here.
Switch to a more affordable cell phone plan.
Most people overpay for their cell phone plan. Cell phone bills can easily cost over $100 per month, and if you have a family, then you may be paying a few hundred dollars per month.
If you are looking for a more affordable cell phone plan, then check out Republic Wireless. They have monthly cell phone plans for as low as $15 per month.
Please read Saving Over $2,000 A Year With Republic Wireless Review for more information.
Quit smoking (one money saving tip that will save your life).
According to the American Lung Association, tobacco kills nearly 500,000 people in the U.S. each year and costs the U.S. $333 billion per year in healthcare expenses.
Smoking cigarettes can lead to many harmful side effects, such as lung cancer, heart disease, and many other medical problems.
I know and understand this problem because my father (who I was extremely close to) passed away from lung and brain cancer in 2008. He was an extremely healthy man, except for his serious smoking problem. We tried for a very long time to get him to stop, and it’s something I will always regret not trying hard enough for.
Due to this, I have never smoked a cigarette in my life, and I never will. There are just too many harmful effects of smoking.
Not only is it extremely unhealthy, it is also quite expensive. According to Business Insider, cigarettes can cost around $5 in states such as Kentucky, and they may cost as much as $15 in New York. If you smoke a pack a day, that can be as much as $450 a month.
Another interesting statistic: According to GlassDoor, smokers earn an average of 20% less than non-smokers.
Due to all of the above, one of the most important money saving tips that I like to tell others is to STOP SMOKING!
Make a budget.
Budgets help people manage their money better. It’s that simple.
Budgets are great, because they keep you mindful of your income and expenses. With a budget, you will know exactly how much you can spend in a category each month, how much you have to work with, what spending areas need to be evaluated, among other things.
You can download a free budget printable here.
Budgets have helped people reach their goals, pay off debt, make more money, retire, and more.
Find ways to work from home.
There are tons of work from home jobs that already exist. And, in today’s world, there are more and more jobs online, and this trend is expected to continue well into the future.
Some work from home jobs involve working for someone else, or you may be able to even start your own business.
And, yes, you can even earn a full-time income from home.
So, if you are looking to start making more money or if you want a new career path that lets you earn money from home, here are some ideas:
Sell on Amazon. Jessica Larrew, of The Selling Family, explains how selling on Amazon may be a possibility for you. She is a friend of mine, and I am blown away by her success! In the first year that Jessica’s family ran their Amazon FBA business together, working less than 20 hours a week total, they made over $100,000 profit! Jessica also has a FREE 7 day course that will teach you everything you need to know in order to start selling on Amazon. I recommend signing up for it now!
Start a blog. I created Making Sense of Cents almost six years ago, and since then, I have earned over $2,000,000 with my blog and around $979,000 in just 2016 alone. Blogging changed my life for the better, and it allows me to earn thousands of dollars a month, all by doing something that I love. You can take my free How To Start a Blog course here.
Teach English to earn money from home. VIPKID is a company that allows you to work from home, create your own schedule, and earn $18-21 per hour (many teachers are earning over $1,000 per month) all while teaching English online.
Become a virtual assistant to earn money online. Virtual assistant tasks may include social media management, formatting and editing content, scheduling appointments or travel, email management, and more. Basically, you can get paid to do any task that needs to be done in someone’s business, but doesn’t need to be done by them. Learn more at Make Money Online as a Virtual Assistant.
Brian makes a living (it’s a $650,000+ per year business for him) by picking up trash. If you’re looking to make some extra money, then this may be a side hustle option for you to look into. Learn more at Get Paid $30 – $50 Per Hour To Pick Up Trash.
Learn more at 12 Work From Home Jobs That Can Earn You $1,000+ Each Month.
Drive a more affordable car.
According to Edmunds.com, the average person in the U.S. spends $483 on a new car payment and $361 on a used car payment.
This is sad when you consider that many also take out high-interest loans in order to pay for their car. Back when my husband worked in new car sales, he often told me about new car buyers who had car loans at interest rates of 20% and above.
While $483 a month may be affordable to some, I’m going to assume that it’s a lot of money for most people. Plus, once you add in gas, maintenance, insurance, taxes, registration costs, and more, that number is going to be much higher.
I think everyone should buy a car that they can actually afford. I am a big believer that your car expenses should be less than 10-15% of your monthly income in order for it to be affordable.
Make saving money fun.
Learning to have fun saving money is always a good idea, because it can help you save more money and make learning about the different money saving tips more enjoyable.
So many people get tired of paying off debt and saving money because it can feel so monotonous or they just lack the motivation.
This is why I believe the best way to save money is to learn how to make saving money fun. This can help keep you motivated and interested in saving money.
Here are some fun money saving tips:
Take part in the $20 Savings Challenge and easily save over $1,000.
Create a challenge between you and someone else. You can turn it into a fun challenge between your friends, family members, or coworkers.
Create a graphic that demonstrates your financial goal. An example of this would work for something like paying off your house. You could have a picture of a house and section it into 100 pieces. Then, each time you reach a small payoff goal, you can color a piece in.
Find ways to have frugal fun.
Learn more at How To Make Saving Money Fun.
Use a programmable thermostat.
A programmable thermostat is something you may want to invest in to save money this year. They are relatively affordable, and you will most likely make your money back within a year or maybe even just a few months.
With a programmable thermostat, you can set the temperature at exactly what you want it to be for different times of the day. And, because it automatically changes on a schedule, you won’t have to constantly worry about it.
For example, your AC will automatically turn up when you leave for work so that you don’t waste electricity or money cooling an empty house. You can also program it for while you are sleeping, for the weekend, when you are on vacation, and so on.
I did a simple online search and was able to find plenty of programmable thermostats for less than $50, well worth the small investment.
Pay off your debt quickly.
By paying off your debt quickly, you may be able to pay less in interest fees and free up your money to save for other financial goals, such as retirement.
Here are some great debt payoff stories that I recommend reading:
Eat out one less time each month.
How many times per month do you eat out? How much do you think you spend each month at restaurants? Most people are surprised when they actually sit down and track how much they’ve spent.
Eating out just one less time each month is an easy money saving tip, plus it will help you save a nice chunk of change over a one-year period.
Save money on groceries.
Learning how to save money on food and groceries doesn’t have to be difficult.
You can save money on groceries by:
Planning your grocery trips better.
Use this cell phone app for cash back on your groceries.
Start meal planning.
Always shop with a grocery list.
See if there are any sales for the items you are already buying.
Use coupons when grocery shopping.
Don’t grocery shop when you’re hungry.
Skip the pre-made and pre-cut items.
Sign up for a grocery store’s loyalty card.
Refinance your student loans.
I highly recommend Credible for student loan refinancing so that you can save money on your student loan payments. You can significantly lower the interest rate on your student loans with Credible, which may then help you shave thousands off your student loan bill over time.
Through Credible, you may be able to refinance your student loans to a rate as low as 3.35%!
Plus, it’s free to apply.
Cancel your gym membership.
Gym memberships can be costly if you’re not using them. If you’re not getting the full value out of your gym membership, then you should cancel it ASAP. This is one of the easier money saving tips as canceling a membership is a monthly cost that you can get rid of completely!
There are so many ways to get a great workout both inside and outside your home. While it’s beneficial for some to pay for a gym membership, the majority of people do not get their money’s worth out of a gym membership.
Receive cash back on your purchases.
Sign up for a website like Ebates where you can earn CASH BACK for just spending how you normally would online. Stores you can use Ebates at include Walmart, Target, Macy’s, Amazon, Kohls, and more. This is another one of the easy ways to save money because you’re probably already shopping at one of their partner stores.
The service is free too! Plus, when you sign up through my link and make your first purchase, you will also receive a free $10 cash back.
Get rid of your storage unit.
Nearly 10% of households rent a self-storage unit. However, many people don’t really have a use for them – it’s just unwanted clutter that people forget about and don’t want to deal with, so they continue to pay that monthly cost.
Instead, you should think about getting rid of your storage unit as one of the easy ways to save money.
Read personal finance books.
If you want to change your life, then I recommend that you start reading personal finance books. Yes, money is not everything, but improving your financial situation can help you gain control of your life.
Personal finance books I recommend include:
You can find the whole list of personal finance books I recommend here.
Look for easy ways to save money on entertainment.
Someone once told me how expensive it was to enjoy life. They were telling me about all of their debt and everything that goes along with it, and they also told me that their monthly “fun” budget was around $500.
Uhhh, what?! $500? A month?!
If you are trying to get rid of high-interest rate debt, I can’t think of any reason why you should be paying $500 a month to have fun.
All of that money can add up to a lot of stress! Cutting down your entertainment budget doesn’t just save you money, it is also one of the ways to simplify your life in the new year.
There are many ways to have fun for less. Check out How To Have Frugal Fun for some of my ideas.
Take online surveys.
One of the many easy money saving tips is to take online surveys. No, taking online surveys isn’t really a way to cut back your budget, but you may be able to earn money without doing much, and that money you make can easily be put into savings. If you sign up for all of them, you may be able to earn anywhere from $25 to $100+ a month by just taking surveys online.
Survey companies I recommend include American Consumer Opinion, Survey Junkie, ProOpinion, Pinecone Research, Opinion Outpost, and Harris Poll Online. They’re free to join and free to use! You get paid to answer surveys and to test products. It’s best to sign up for as many as you can as that way you can receive the most surveys and make the most money.
Negotiate your car and home insurance bills.
Insurance is a necessary expense, but you may be paying for extras that are a waste of money. Or, you may be wasting money by not shopping around for better plans and lower prices.
The average person does pay too much for various forms of insurance. Yes, I said too much! I know someone who has full coverage car insurance with a deductible on a car that is worth $500, I know someone who pays for towing even though their new car comes with free towing, and there are even more situations like this.
A lot of this is because the average person doesn’t fully understand how insurance works. However, it’s something that you’ll definitely want to learn about because it can save you a great deal of money in the future!
Stop wasting money on insurance by:
Evaluating whether or not you should change your deductible.
Changing some of your coverage amounts.
Understanding insurance terms better.
Possibly taking a driving class.
I also recommend simply calling your insurance agent and asking for a discount, as many times they will offer a discount that will allow you to save money just for asking! This is one of the super easy money saving tips, as this phone call will probably only take a few minutes.
Take a staycation.
A staycation is when you take a vacation by exploring where you live. This can help you save money on airfare or other means of transportation, and you can even do it from the comfort of your own home.
The idea is to explore your area as a tourist would – I’m sure there are tons of things to do and places to visit that you have never had the chance to do before!
This can be a great way to treat yourself as you’ll pretty much be on a vacation, but you’ll get to save more money than if you were to go on a “normal” vacation.
Use an Airbnb for your next vacation.
My preferred way to travel is to stay in short-term rental vacation homes such as Airbnb (this will give you a $20+ Airbnb coupon code for your next stay).
Airbnb vacation home rates are usually comparable or cheaper than a hotel, plus you typically have more room and there is usually a kitchen as well. Also, if you have a lot of people going on vacation with you, you can split a house for a much lower price than it would be for everyone to get a hotel room.
Airbnb is my favorite way to travel, and we hardly ever stay in hotels anymore. We love being able to bring our dogs with us, meaning they’re more comfortable as well. No dog has ever complained about having a backyard to run around in!
Read my Airbnb review The Many Positives Of Using Airbnb Plus a Coupon Code For Your Next Vacation!
Save money on your next vacation.
If you want to leave your hometown and not take a staycation, don’t worry. There are many money saving tips I have to share with you for your next vacation, such as:
Be flexible with your flight dates. A difference of just a day or two can sometimes save you over $100.
Travel in the mid or off season instead of the peak travel season for the specific destination that you are interested in.
Stay in an Airbnb (mentioned above) for a better travel budget.
Ask for a discount at the hotel you are staying at.
Eat like a local.
Buy groceries and eat out less (if you’re staying in an Airbnb, this is easy because many have kitchens).
Related: How To Travel On a Budget.
I always say the first thing you need to do if you want to start investing is to just jump in. However, what if you don’t even know how to start investing?
If you are like many out there, you may not really understand the first thing about investing.
Investing your money can be a scary, stressful, and overwhelming topic to tackle. Remember, you want to invest your money so that you can:
Retire in the future- and possibly even retire early!
Prepare for unexpected events in the future.
Allow your money to grow over time.
Visit the library.
Your local library can be a great way to have fun without spending any money.
You can check out the latest bestseller, a classic you’ve been wanting to read, or borrow a movie, which you can then bring home and have a fun night in with friends and/or family members.
This is definitely one of the easy ways to save money as all you need is a library card.
Don’t keep up with the Joneses.
Another easy way to save money is to stop keeping up with others and what they are buying.
When trying to keep up with the Joneses, you might spend money you do not have. You might put expenses on credit cards to (in a pretend world) “afford” things. You might also buy things that you do not care about.
The problems can go on and on.
This can lead to an excessive amount of debt and potentially set you back years with your financial goals, if not decades.
Instead, you should only purchase the things that you can afford and truly want. Who cares about what other people have?!
Sign up for Swagbucks and InboxDollars.
Swagbucks allows me to occasionally earn Amazon gift cards with very little work. Yes, this is definitely one of the easy money saving tips that you can take advantage of today.
Swagbucks is just like using Google to do your online searches, except you get rewarded points for the things you do through their website. Then, when you have enough points, you can redeem them for cash, gift cards, and more. Plus, you’ll receive a free $5 bonus just for signing up today!
InboxDollars is an online rewards website that I also recommend. You can earn cash by taking surveys, playing games, shopping online, searching the web, redeeming grocery coupons, and more. Also, by signing up through my link, you will receive $5 for free just by signing up!
Gambling at the casino and playing the lottery are both risky moves, and my money saving tips for this section is to either stop gambling entirely or to realize what you’re stopping point is when doing so.
In the U.S. alone, people lose over $100 billion gambling each year (that doesn’t even include money lost playing the lottery).
And, according to Bloomberg, the average person who plays the lottery in the U.S. not only spends around $300 a year on lottery tickets, they also lose approximately $0.40 for every $1 in tickets purchased.
While I have gambled before (probably less than $100 in my whole life), I have never been one to enjoy it. But, I have seen people file bankruptcy after gambling too much, so the thought of losing money gambling is something that I’ve never wanted to personally experience.
Gambling can be extremely risky, which most often makes it an unwise financial choice. However, if you choose to gamble, you should always know your stopping point, and you should be able to afford to lose the amount of money you are gambling with. Keep in mind that casinos exist for a reason – they are making money because people are losing money.
Have an emergency fund.
An emergency fund is something I believe everyone should have, and this is one of the easy ways to save money as it can help you greatly in the future. However, according to a report by Bankrate, 26% of Americans have no emergency fund whatsoever.
According to this same report, only 40% of families have enough in savings to cover three months of expenses, with an even lower percentage having the recommended six months worth of savings.
This is frightening to me, as having an emergency fund can help you get through tough parts in life.
An emergency fund can help you if you lose your job, if your hours are cut, if you have a surprise expense, and so on.
Read more at The Ultimate Guide On Emergency Funds.
Buy used as one of the easy ways to save money.
Purchasing used furniture, clothing, and more allows you to save money on the things you are already buying.
Sometimes, you can even get items for free by seeing what friends, family, and neighbors are trying to get rid of, or by perusing the free section on Craigslist.
Trust me, people want to give away their stuff! It’s much easier than trying to find a place to donate things (some places actually have too many donations and have to say no), plus it can mean the person doesn’t have to haul it away.
Finding a roommate is a way to save money.
My husband and I have had roommates in the past, and while that’s not really as possible now that we live in an RV, I do recommend that anyone with an extra room in their house think about trying it out.
While renting a room in your house will not make you rich, it may earn you a good amount of side income with little effort, and it is one money saving tip that I highly recommend!
If you are interested in renting out a spare room on a short-term basis (such as for vacations), I highly recommend you check out Airbnb. I know people who are making thousands of dollars a month by renting out rooms on this website.
Related blog post on this easy way to save money: A Complete Guide To Renting A Room For Extra Money.
What other ways to save money and money saving tips are there? How much money do you save each month?