Want some creative ways to keep more money in you pocket and bank account? There are many saving money hacks you can start doing right now. From cutting costs on your grocery bill, choosing frugal hobbies and thinking twice about your monthly entertainment budget, get creative with saving money while enjoying life’s simple pleasures and becoming more thankful for what you have.
Read on to learn about the top saving money hacks you can start now.
Why You Should Save Money
There are many reasons why you should save money. Here are the top three reasons you should be stashing some cash away after you’ve paid for all your expenses.
Reason #1: Take Care of Debt
When you hear the word ‘debt,’ what do you think of? Maybe you feel uneasy – especially if you yourself carry some loan or interest obligations. When you commit to positive money saving habits, you’ll be able to put some cash towards paying off your loans and reducing interest payments. While not all debt is bad, it’s a good idea to get rid of it as quickly as possible. When you pay interest, you end up spending a lot more than the original cost of the item.
Reason #2: Become Happier With What You Have
Living in a consumeristic, capitalist society means constant pressure to buy the latest and greatest stuff. When you don’t have a set budget, it’s easy to quickly spend hundreds of dollars within half an hour or less. When you try different saving money hacks, you’ll create good habits. As you’ll be used to spending less, you’ll have time to focus on what you already have. Additionally, you can focus on free or low-cost activities that bring you joy.
Reason #3: Invest in Future You
Last but not least, the number one benefit of saving money: taking care of future you. As much as you don’t want to think about it, there will come a day when you won’t be able to work – or at least, won’t want to. After decades spent in the workforce, you’ll need to have a nest egg of assets – primarily, savings invested over time that have accumulated due to compound interest – to take care of you in your old age. The best way to save your your future is investing. When you invest for the long-term, you can take advantage of compound interest.
The Best Saving Money Hacks to Start Now
Here are the best money hacks that actually work. If you’re committed and dedicated, you can save some serious cash by integrating these routines into your life.
Saving Money Hacks When Grocery Shopping
Meal Plan and Use a List When Grocery Shopping
Groceries and food take up a serious portion of anyone’s budget. This is why it’s first on my list of real life money hacks you can start today. The best way to save money at the grocery store? Shopping frugal by having a plan. Always map out your breakfasts, lunches and dinners and prepare a grocery list. Not sure where to start for dinner? Search Pinterest for frugal dinner ideas – or even breakfast and lunch inspiration.
When you have a list ready, you’ll be a lot less likely to put stuff in your cart that you don’t need. There’s nothing wrong with a snack or treat every once in a while, but consistently going over budget can easily derail your saving goals.
Price Compare at Different Stores
Alongside meal planning and bringing a grocery list with you, you should take the time to compare prices of the same item at different stores. This strategy is especially effective if you have a vehicle and can easily pop over to nearby grocery stores to find the same product for a lower price. Use Flipp or another app to compare grocery stores’ prices. A few dollars saved here and there really adds up.
Buy in Bulk
If you have the space, buy larger packages of the same item. Buying items in bulk means you’ll save money in the long run as the cost per unit for an item is generally cheaper. For example, buying a large package of pasta will generally cost you less than a smaller package of pasta. The smaller package costs less, but there’s less in it, so you’ll have to go back to the store again and buy another package.
Buy Generic Brands
Buying generic over brand name will save you lots in the long run. Generic or no-name brands cost less and taste just as great as the brand name. Sure, the packaging isn’t as nice, but it’s the same thing. Next time you’re at the grocery store, look above and below eye level to find the generic brands. Stores generally place cheaper items below and above eyesight because companies want you to buy the more expensive items. This is also an example of paying for convenience.
The Top Saving Money Hacks When Dining Out
Eat an Appetizer at Home and Order Less at the Restaurant
Before you eat out at a restaurant, prepare a simple app or snack. Filling your stomach with a nutritious starter means you won’t order an app and main at the restaurant. If you aren’t as as hungry when you go to the restaurant, you can skip the appetizer and go straight for a main course. Alternatively, you can order an appetizer instead of a main course.
Take Advantage of Birthday Discounts
If your birthday is coming up, go out for dinner on the exact day at a restaurant that offers a free meal. At the very least, some restaurants offer a dessert or discount. Research online to find restaurants in your area. You may need to be flexible with where you dine. If you aren’t picky with where you go out to eat for your birthday, saving on your special day is an easy way to save cash on a conventionally expensive outing.
Saving Money Hacks at Home
Commit to a Clutter-Free Lifestyle – One of the Most Overlooked Money Saving Hacks
While not one of the most obvious money saving hacks, keeping a clean and tidy space means that you’ll spend less time looking for stuff. If you’re in a rush and can’t find that roll of clear tape you need, you might go out to the store and purchase another roll, only to find the original roll hiding under a pile of papers on your desk the following week. While it may not seem like a big deal, constantly repurchasing items is a quick way to waste money. Start decluttering your home by going with one room at a time. You can even try decluttering for just 15 or 30 minutes a day. Small steps add up to huge progress!
Wash Clothing in Cold Water
An oft-overlooked tip that can help you save money two ways. When you wash your clothes in cold water, the clothes will last longer. Clothes washed in hot water tend to wear out faster. When your clothes last longer, you’ll spend less money in the long term as you won’t need to replace the items as often. Additionally, washing in cold water means a reduced electricity bill.
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Minimize Your Use of Heating and Cooling Devices
If you live in a part of the world with cold winters, you’ll likely be using your heater for a few months. Instead of turning it up all the way, turn it down a degree or two you would normally turn it to and put on a thick sweater and pair of woolly socks. On the other hand, if it’s summer and you’re boiling, instead of turning on the air conditioning, invest in a few oscillating fans. Put them around the house. At night, keep your windows open to let the cool evening air come through.
Mix Your Own Cleaning Supplies
One of my favorite saving money hacks that’s so easy to do: make your own cleaning supplies. Spending $5 or more on a bottle of chemical-laden sanitizer isn’t necessary. Invest in some natural ingredients and check out some online resources to learn how to make your own sanitizers, soaps and sprays. Homemade cleaning supplies are cheap, healthier for your lungs and good for the environment.
Start with this article from The Family Handyman about how to make a homemade cleaner.
Ask for a Discount on Utility Bills
Been faithfully paying your monthly internet and phone bills for a while? Call the company and request a discount on your monthly bill. If the rep says they don’t have any discounts, wait a few weeks and then call again. Tell the company that you’re canceling your service. Since the company wants to keep your business, they may offer you a discount at this point. While it takes some time and effort to ask for a discount, a few dollars saved per month adds up – especially when combined with the other saving money hacks listed in this article.
Split Rent and Bills with Family, Friends or a Roommate
Another one of the best saving money hacks: cutting down on rent and housing expenses by sharing living quarters. Do you have a friend who would love to live with you? Rent out your room to him or her. Alternatively, you can find a roommate.
If neither of these options appeal to you, why not move back in with family members – even temporarily? This tip may not be feasible for everyone as not everyone gets along with their family or lives close enough to them. Additionally, some may value having their own space and couldn’t share it with family – totally fair. However, if you can swing it, you’ll drastically reduce your monthly housing costs.
Try a Money Saving Challenge
In addition to practical hacks to save money, try a low spend or no spend challenge. Go a week, month or more forgoing all non-essential purchases – or at least cutting down on them by a certain dollar figure or percentage. When you commit to saving a certain percentage or dollar figure per month, you’ll be able to reallocate those funds towards another cause such as paying down debt, saving for a vacation or investing.
Go Frugal Extreme with Unusual Ways to Save Money
If you’ve exhausted all other strategies in this article, time to go crazy with some fun and unusual ways to save money! Here are some extremely frugal money hacks that actually work.
- Only pay with cash and freeze your credit cards. When you pay with cash, you’ll feel the money leaving your hands and will think twice before you spend.
- Only drink water – skip out on buying and consuming soft drinks, juice and other beverages – even coffee! While this may be a bit extreme, it’s an easy way to save money.
- Hand wash your clothes instead of running the washer. Be sure to hang your clothes to dry – using the dryer will increase your electricity costs.
- Use newspaper instead of buying wrapping paper for presents.
- Read at the bookstore – instead of buying books, go to the bookstore and spend an hour or two reading a book. If you’re a fast reader, you can try getting through a book a week by only going once or twice a week.
- Stop wearing makeup – while not everyone is comfortable getting rid of their makeup routine, consider at least cutting down on how many days per week you wear it. If you work from home, only wear makeup when you have a video call scheduled.
- Buy the older model: You don’t need the latest phone or laptop. Wait to buy it next year or buy an older model. Simply buying last year’s model has saved me over $3,000 over the course of several years. Buying an older product also means there are more reviews on it, so it’s easier to decide if it’s a good investment.
- Only shop on sale – don’t buy that jacket you’ve been eyeing until it’s discounted. By waiting for that item of clothing to go on sale, you can save 50% or more on your bill.
- Take online courses instead of in-person and wait for the sales. Instead of paying for a pricey in-person French language course, take the online version on a platform such as Teachable or Udemy. Additionally, wait for special sales that these platforms offer. This trick has saved me nearly $500 total on educational courses!
- Cut your own hair – while not everyone has the luxury of low-maintenance hair, you should consider this option. Cutting your own hair can save you hundreds of dollars per year.
- Use rags and cloth scraps instead of paper towels for cleaning – this hack will save you money and help the environment as you won’t be constantly tossing out paper towels.
Frugal vs Cheap When Trying Out Different Saving Money Hacks
Saving money is fun. However, it’s easy to go from saving money to becoming a cheap person. Don’t fall into the trap of cutting corners so much that you’re depriving yourself, hurting your relationships with others or costing yourself more money in the long run.
When you choose to buy cheaper items, you may end up spending more money in the long run as you need to replace them again and again. If you don’t bring food or drinks to a party when you were supposed to, you’re being cheap and may turn your friends off from inviting you to future events or hanging out at all. When you decide to go longer than you should without washing your clothes, you’re exposing yourself to a higher risk of becoming sick or developing an infection. The main difference between cheap and frugal is whether or not an item or service brings you value or whether or not you’re hurting yourself or others.
A Final Word on Saving Money Hacks
When it comes to saving money hacks, the possibilities are endless. Try out cutting down your grocery bill, pick a free activity and try out a new frugal extreme tip every once in a while. Why not challenge yourself to trying out a new money saving hack every month? Get the whole family involved. Most of all, have fun saving money!
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Janita is a frugal living expert and owner of Frugal Fun Finance. With over five years of personal experience finding and trying out the best ways to make and save more money, she's eager to share her knowledge. Janita's strategies have helped her save thousands of dollars for funding investments and traveling to over 20 countries.
Janita completed training in personal finance at The University of Western Ontario and McGill University, two prestigious Canadian universities. Her expertise has been shared on GoBankingRates, Yahoo Finance, and NASDAQ.com.
