If you think your philosophy of frugality has hit its limits and that it’s impossible to save any more money that you already are, think again. There’s almost always a way to wring a bit more out of your budget to stash into your savings account or throw down to pay off your biggest debt even faster.
To renew your commitment to saving money, try one — or several! — of these tips. There’s bound to be something on the list you haven’t tried yet, and every little bit that you can trim out of your expenditure column will help you build your savings at a greater clip. Here are 20 favorite money-saving tips to jump-start your savings today.
- Bring Back the Old-Fashioned Change Jar
You probably did this as a kid, but it works just as well for grown-ups. Throw all your spare change in a jar and deposit it into your savings account when it gets full. Get the wrappers at the bank and roll your coins yourself to avoid the fee at those grocery store change machines while you’re at it.
- Shave 10% Off of One Discretionary Budget Item
Maybe you like to shop for clothes, or perhaps it’s the latest superhero movie you can’t live without. Whatever your pleasure, you can live just as happily with 10 percent less of it. Shave a bit off one of your budget items and instead set up a direct deposit into your savings for that amount each month — you’ll never miss it.
- Kiss Cable Goodbye
You can watch anything you like on the internet, so why are you still paying for cable? Get rid of your cable addiction and free up over a hundred bucks per month. Bonus points for taking up reading instead, where you won’t be bombarded by all those ads that make you want to spend your cash on things you don’t need.
- Automate Your Payments
Late charges are a budget buster and a credit score slayer. Set up automatic bill payments online so you’ll never have to worry about missing a deadline again. If you’re worried about overdrafting, set reminders on your phone instead.
- Skip the Sugar
If you cut one thing out of your grocery budget, make it sugary drinks. Soda is notoriously bad for your health, and fruit juice is one of the most expensive things your can buy. You can save at least $5 to $10 per week this way, and you’ll also treat your body to better health.
- Make Your Own Fast Food
Resist the urge to hit the drive-thru on busy nights by filling your freezer with pre-made meals. The next time you make a chicken pot pie or casserole, make an extra to stash away for a quick meal when you really need it.
- Change Your Car’s Air Filter
This cheap bit of maintenance can help you save a lot on gas. It turns out that a dirty air filter makes your car run less efficiently, but a nice new one can improve your gas mileage by seven percent.
- Raise Your Insurance Deductibles
The easiest way to save money on insurance — for your house, health or car — is to choose a higher deductible. You’ll lower your premiums instantly, and you’ll only spend the deductible if something goes wrong. Just make sure you have the cash in savings to cover it.
- Kill Your Subscriptions
Do you still get a daily newspaper or monthly magazine? Just say no! You can do all the reading you want online instead — for free. Cancel any of those subscription boxes you may have forgotten about, too.
- Go Vegetarian
You don’t have to give up meat entirely, but it is one of the more expensive items in your grocery cart. Try committing to meatless Mondays to shave a few bucks off your grocery bill each week. If you like your new menu, expand it to three or four days per week to multiply your savings.
- Seal Up Your Home
You can cut way back on your heating and cooling bills if you stop drafts and air leaks in their tracks. Grab a caulk gun and some weather stripping at the hardware store to get started, and watch your energy bills plummet.
- Fix Your Plumbing
A leaky shower head or toilet drives up your water bills every minute of every day. Give your plumbing a good once over to fix leaks and stop your savings from washing down the drain.
- Give Your Time, Not Your Money
Sure, you get a tax break on charitable giving, but it’s even better to donate your time. You can give back by volunteering in person instead of just writing a check. You’ll save money, and you’ll discover a more meaningful way to support the causes you care about.
- Stop Caring About Your Hair
No one’s asking you to be a slob, but a simple haircut that you can maintain yourself will save you loads of money. Pick a style you can trim on your own and that doesn’t require loads of expensive products. You’ll also get to sleep in more in the morning!
- Drive the Speed Limit
Getting caught speeding is expensive: You’ll pay for the ticket and suffer for years of jacked-up car insurance rates. Speed demons also burn way more gas without actually getting anywhere that must faster, so slowing down is a win for your wallet.
- Cancel Your Gym Membership
Do you really work out enough to make this a worthwhile investment? Take up running, cycling, or try lifting weights at home. There are plenty of yoga instructors on YouTube to follow for a free workout right in your living room, too.
- Use a Cash Back Credit Card — Wisely
If a credit card company is going to offer you a few percentage points in cash back, you should take them up on it. Use that card for everything you would normally buy, from groceries to gas — just make sure you pay it off in full at the end of the month.
- Try Insulating Window Treatments
If you have older windows but can’t afford to replace them, consider using heavier, lined curtains or honeycomb shades to keep out drafts. Light-blocking curtains will also keep your house cooler in the summer.
- Use Your Microwave
Boiling water for pasta or blanching veggies uses a lot of energy when you do it on the stove top, but you can save up to 60 percent on electricity when you use the microwave instead.
- Stop Printing Things Out
Embrace the digital world we live in by saving files and documents as PDFs —backed up, if you’re nervous — instead of printing them out. You’ll save on paper and expensive printer ink. If you absolutely must print, choose an ink-saving font like Century Gothic or Times New Roman instead of Arial.
None of these tips will help you get rich instantly, but saving money means making every little bit count along the way. If your favorite money-saving tip didn’t make the list, tell us about it in the comments!
