How to Save Money- 50 Money-Saving Tips

Saving money is probably one of the most common sources of worry to any person on planet earth who lives on a minimum budget. Being able to live comfortably and save money would tick off a few boxes for the average person. So, if you are a student, a salary earner, have multiple streams of income or own a business.

Basic steps to Saving

1. Keep track of your Income: While it’s easy to determine that it’s important to save, taking action isn’t always easy. Saving begins when you can determine your income effectively. It could be monthly, weekly, fortnightly, or daily depending on how your income flows in. Keeping track of your income helps you determine the fixed percentage to save and ensures a more regulated saving plan. Professionals encourage people to save at least 30% of all their income.
2. Clear off all debts and don’t borrow: This may not seem important to some persons, but debts can defeat savings. When owners suddenly require payment, the saving pot is what usually gets busted. So before you save try to clear off the little debts which your income can handle immediately. Then for the larger debts, take the least percentage for saving which is 30%, and offset the debt from the other 70% bit by bit. Finally, make sure you avoid borrowing.
3. Change your saving mindset: Saving is important but it’s not for emergencies, that is what emergency funds are for. Savings are for the future like college funds, a new business, etc. Always understand that you are not saving for a rainy day.
4. Have an emergency fund: This is as important as your funds, if not more. Emergency funds ensure your saving journey stays intact. So, as you build your savings, build this.
5. Live within your means: To save money, it’s best to cut your cloth according to your coat. In order words, no matter any other means you try, if you can’t manage what you have and live within your means, saving money would be a pipe dream.
6. Checkmate the things you buy: The most efficient way to do this is to separate your wants from your needs. Stick to your monthly percentage for saving, use the rest to buy mostly what you need, and save up for miscellaneous items. Rarely indulge in wants.
7. Monitor your spending: This may have been better listed as the second tip for saving. If you know how your income flows in but don’t know how it leaves, you would have trouble saving. Take stock of what you spend so you can cross out the necessary and save up on money.
8. Be accountable to a saving plan: This is important cause it helps ensure you save and even determines the amount to save and how, when, and where to save. When all these are available, saving looks a bit more feasible.
9. Set realistic financial goals: This should be one of the things found in the savings plan. Set up the minimum amount to save either yearly, in half a year, monthly, etc. This also helps to determine the fixed amount to pay to the savings account. The set amount should be something realistic and achievable.
10. Create a healthy budget: Make a list of all that you need monthly and how much each cost.
11. Measure your spending annually: When you buy certain things daily, calculate how much it costs yearly not just how much you are spending then. This will help you eliminate certain things from your budget
12. Draft out saving in the budget: It doesn’t matter how often the income flows in, make a budget for each one and allocate a percentage for saving in each income budget.
13. Start saving but maintain a balance: Saving isn’t a comfortable journey but it doesn’t mean stretching yourself to them beyond the limit on the first try. Stick to the percentage you can follow on where the least is 30% no matter how measly the sum might be. Maybe as time goes on you could increase the percentage. Don’t skip to the max cause you might just break.
14. Save small sums consistently: This is an alternative to the 30% monthly idea. This would probably work more for those who don’t earn monthly and students. Rather than saving a large amount or 30% of the salary monthly, make it a weekly thing where you can save $10 to $20 or a certain fixed sum of your choice.
15. Save up all change: The coins, discount money and some lost money from the monthly allowance can grow that emergency fund.
16. Visit the bank for a new account: You can’t save in the same account your daily purchases are withdrawn. So open a separate account for your savings. Set up an account that has a high-interest rate.
17. Set a withdrawal time limit on the account: While I am unsure if every bank offers this service, there should be options for saving institutes and apps to use to save money. So, whenever a new saving account is being opened, opt for it to be inaccessible to you for a certain period, or till the time what it’s needed for is slated to happen. For example, if you are saving money for college and you are in high school, set the time frame for as long as one year. So for one year, you can’t withdraw from the account.
18. Use a piggy bank: This is not hundred percent full proof but a fancy pink plastic doll could help you save money.
19. Cash is better than a credit card: If you want to save money then know that cash is always better than a credit card. Cash limits how much you can spend per day and time except of course if you plan on going back into debt.
20. Set a limit on your credit card: If you are disturbed by the idea of moving with cash, set a limit on your credit card for daily spending.
21. Put money on automatic save Slate a specific amount to automatically enter your savings account each time your income comes into your account. It could also be set to deduct a specific amount daily or weekly.

Save Money By Cutting Back

22. Cut back on takeout and fancy restaurants: To save money, home-cooked meals have to be eaten at least twice daily. For breakfast and even to work. There’s nothing wrong with having it three times a day. Fancy restaurants should be a treat.
23. Cut back on the caffeine: The daily coffee is fantastic but would be better off as an irregular treat. The total sum spent on coffee for a year is worth a lot if consumed daily.
24. Water over beverages: This applies mostly at a restaurant. If you must visit a restaurant, take water and skip the alcohol and other beverages.
25. Don’t buy groceries in bulk: It is more advisable to shop in small quantities per time to avoid waste or food spoiling.
26. Cut back on expensive vacations and hangouts: This is a major saving enemy. There’s nothing wrong with vacations even expensive ones and hangouts but they are not friends if you plan to save money. One vacation can crumble a year’s worth of savings, and one hangout with friends can leave you financially bleeding. So don’t make it a constant.
27. Go a grade lower on some services: If you have car insurance or any other services that offer different tiers, you don’t have to be at the top or use the best. Sometimes the middle tier is better for the sake of your savings.
28. Cancel club memberships: Spa treatment membership, tennis club, and the likes should probably just end. Even gym memberships should be canceled if not used regularly.
29. End automatic subscriptions: This is going to be hard for a lot of people who love movies. But cable TV subscriptions and others like Netflix shouldn’t be set to automatically renew. This is most true for working-class persons who rarely even use these services.
30. Reduce the temperature on your water heater: Every 10 degrees in temperature adds to the water heating cost. So if you have a choice, reduce the temperature to save money.
31. Conserve water: This is important for the environment and your savings. If you want to save money, then don’t leave the taps running, take brief showers, etc.

Shopping Hacks that help save money

32. Save up on certain monthly purchases: Groceries, clothes, and other things which are bought every month can either be forgone in some months or forgone.
33. Always have a list when you go shopping: Go to the mall with a list of all you need, preferably in the order of priority and its price. This will help curb spontaneous spending.
34. Use every discount opportunity: If a product has a 30% off and it’s a good one, there’s nothing wrong in trying it out instead of your usual brand.
35. Bargaining ain’t cheap: If there is room for bargaining on a product in the market, then there’s nothing wrong with doing so. The discount you get can be added to the emergency fund.
36. Use coupons: Most malls, and products have coupons that cater to a certain percentage of what you buy. Seize every coupon opportunity you get.
37. Avoid brand loyalty: Being loyal to a brand is in all ways wonderful and even advisable except when you want to save money. In truth, a specific brand might be good but it isn’t the best and may even be more expensive, so look for good but cheaper brands while shopping.

Lifestyle hacks that help save money

38. Attach punishment to unplanned treats: If you can’t hold back the desire to buy something you want, no problem. Just add the same amount spent on the item to your savings on the same day. This increases your savings and serves as a deterrent.
39. Skip the guilty pleasures: Chocolate and sweet freaks should adhere to this. What you buy might cost a comparatively small sum but in the long run, the total amount spent in a year on it could be worth $1000.
40. Sell out any excess: Go shopping in your wardrobe and home to pick out what you don’t use and are unneeded, trust me they are always there. Then sell them, and split the money between your savings and emergency fund. That’s how you save money.
41. Online shopping is not your friend: Amazon and the likes should be avoided like the plague. If you can’t avoid them, use the 24-hour rule which ensures you wait for 24 hrs before purchase.
42. Visit the library: If you love to read books, try to borrow books from the library rather than purchasing them.
43. Invest in what you use: Sometimes, buy things that can grow in value, like gold so you can sell it off later. Also saving doesn’t equate low standard of living, it simply means managing. So buy good quality clothing especially bags that last longer over cheapskates that need constant repairs or replacement.
44. Not every club or party needs you present: If you attend weddings a lot or you party hard then you might need to fix that. No one spends more than the host and no one wants to dazzle more than guests. So a party means clothes and money.
45. Learn DIY hacks: In fixing appliances and certain other things within the home, learn easy ways to do it yourself. Even doing pizza yourself would be helpful.
46. Seek cheaper alternatives: Don’t always look for mainstream ideas to solve issues especially when they are expensive. Sometimes the cheaper alternative can do more. Take, for instance, using lemon and vinegar as against detergent for your laundry.
47. Rigorously use preventive healthcare: It is easier to prevent than cure. So stick to healthy routines and schedule full checkups and care. Being sick saps money both emergency funds and savings depending on how severe.
48. Swap services: This is a bit stressful but one less dollar could do a lot. Before settling on a company service to use, check others that offer the same and select which is cheaper.
49. Use economy: If you need to travel by plane, the economy class should be an option. There’s nothing wrong with downgrading so long as it’s the same location.
50. Avoid pair buying: Buy two get one free seems like a money-saving deal but it isn’t. You end up buying more than you need just to get one and in some cases, you don’t even use the extra one. Just saying but if you are going to get one free, chip in with friends and don’t do it too often.

Saving money involves and affects every part of your life. Saving is gratifying and guarantees you a backup plan. While the steps above are listed differently, they are interlinked. If you intend to save money try out the basic steps to saving, then cut back on some excesses and use the shopping and lifestyle hacks. All these would help even the most money disoriented person and “shopaholic” save. If you are satisfied with the tips and still wish to learn more then don’t forget to hit the subscribe icon. We would also like you to like, comment, and share.