59 Practical Saving Tips to Boost your Finances
- saradiconza
- Jun 24, 2024
- 8 min read
Updated: Feb 14
We hear it everywhere: "save more money." Yet, as we navigate our daily lives, we're confronted with the increasing cost of living each year, which stretches our budgets thinner and makes saving money seem even more daunting.
On top of this, we are constantly bombarded by a consumer-driven society that encourages us to spend at every turn.
This is why adopting and regularly practising saving habits isn't just a choice — it's a necessity. These habits need to become second nature, something we do automatically despite the pressures to spend.
The following is a list of 59 practical saving tips covering a wide range of daily life aspects, from budgeting and meal planning to smart shopping and energy conservation.
By consistently applying these tips, you'll develop a more frugal lifestyle and a stronger financial foundation.
· BUDGETING AND FINANCIAL PLANNING ·
1. Create a Budget
Draft a basic budget outlining your income and expenses or use a budgeting template to simplify the process.
2. Set Saving Goals
Define clear objectives for saving to stay motivated and focused.
3. Use the 50/30/20 Rule
If you are unsure about how much to allocate for savings, try this: allocate 50% of your income to needs, 30% to wants, and 20% to savings and debt repayment.
4. Create Two Savings Accounts
Create two savings accounts and split your savings amount between these accounts: one for emergencies and the other for your personal goals.
Having a designated emergency fund ensures that you're psychologically prepared for unexpected expenses. When emergencies arise, you can draw from the dedicated fund without seeing and feeling like you're depleting your general savings.
5. Automate your Savings
Set up automatic transfers to your savings accounts one or two days after your payday to ensure consistent savings without the need for ongoing effort.
6. Pay Off Your Credit Card Balance Weekly or Biweekly
Pay off your credit card balance every week instead of waiting until the end of the billing period. This helps you avoid overspending and accumulating interest.
7. Use Apps That Round Up Prices
Many banking and savings apps offer a feature that rounds up your purchases to the nearest dollar and automatically transfers the difference to a savings account.
8. Cut Unnecessary Subscriptions
Cancel subscriptions and memberships you don't use regularly.
9. Use Cash Instead of Cards
When you use cash, the physical act of handing over money makes you more aware of the expenditure, making it feel more significant compared to swiping a card. Also, seeing your cash supply dwindle as you spend can create a visual reminder of your budget, encouraging more mindful spending.
10. Use Cash Envelopes
Allocate cash into envelopes for different spending categories (e.g., groceries, entertainment, dining out) to better manage your expenses. Spend only the cash in the envelope for its designated purpose. When the cash runs out, you must stop spending in that category unless you decide to adjust from another envelope.
11. Use Cash Envelopes for Non-Essential Expenses
Alternatively, you can use cash envelopes only for non-essential purchases. Withdraw a specific amount of cash each week/month and use it only for your discretionary spending.
12. Pay Off Your Debt
Focus on paying off high-interest debt first. Prioritize credit card balances and personal loans with the highest interest rates to reduce the overall amount of interest you pay. Once those are under control, you can allocate more funds to other debts.
13. Keep a Jar for Spare Change
Every time you have loose coins or small bills, drop them in the jar. Over time, this small habit can add up to a significant amount of money, which you can use for an emergency fund, or to boost your savings.
14. Master No-Spend Days
Start by committing to one no-spend day per week. As you get comfortable with this habit, gradually increase the number of no-spend days each week.
15. Make a Little Sacrifice
Consider giving up spending money on one indulgence that you enjoy but isn't healthy, such as daily takeout coffee, cigarettes or sugary snacks. While it may be tough initially, the benefits are twofold: you'll save money over time, and you'll improve your overall health. Commit to this change for at least 30 days to experience how exercising self-control can enhance your confidence and sense of empowerment.
· FOOD AND GROCERY SHOPPING ·
16. Plan Meals
Create weekly meal plans to avoid spontaneous and costly food purchases.
17. Limit Convenience Foods
Avoid pre-packaged and convenience foods, which are often more expensive.
18. Make a Shopping List and Stick to It
Stick to a shopping list to minimise impulse buys and overspending.
19. Buy in Bulk
Purchase non-perishable, such as canned goods, dry grains, pasta, cleaning supplies, and toiletries items in bulk to save money over time. Larger packages usually have a lower price per weight or unit compared to smaller packages. By buying these items in larger quantities, you can take advantage of lower prices and reduce the frequency of shopping trips.
20. Eat Before Grocery Shopping
Eat before you shop to avoid buying unnecessary items.
21. Use Every Single Thing You Have at Home
Be methodical while cooking and avoid food waste by using every ingredient you have at home. Plan meals that incorporate leftovers and creatively repurpose ingredients.
22. Use Store Loyalty Programs
Sign up for store loyalty programs at your regular stores to receive discounts and special offers. Don’t limit yourself to just one; explore and sign up for programs at other stores as well. You never know when you might find yourself near one and need to grab something. Loyalty programs can provide significant savings and perks, making them worth the effort to join.
23. Choose Supermarket Brands Over Others
Opt for supermarket brands over name brands when possible. Often, the products are similar or identical, but the supermarket brand is much cheaper.
24. Use Reusable Grocery Bags
Bring your own reusable bags when shopping instead of using disposable plastic bags provided by stores. To ensure you always have one on hand, place a reusable bag inside each of your handbags and backpacks.
25. Use Food Sharing Apps for Free Groceries
Explore food-sharing apps like Olio or Too Good To Go, where people give away surplus food items for free or at a discounted price to prevent waste.
Browse available listings in your area regularly.
26. Use Reusable Coffee Cups
Carry a reusable coffee mug when getting coffee on the go. Some coffee shops offer discounts for customers who bring their own cups.
· HOME ·
27. Make DIY Cleaning Products
Make your own cleaning products using simple ingredients like vinegar and baking soda.
28. Avoid Bottled Water
Drink tap water or use a water filter instead of buying bottled water. It’s cheaper and better for the environment!
29. Use LED Bulbs
Replace incandescent light bulbs with energy-efficient LED bulbs to save on electricity costs.
30. Buy Refurbished Electronics
Purchase refurbished electronics instead of new ones to save money.
31. Learn to Negotiate your Utility Bills
Negotiating can be challenging for some of us, but it can be worth it. Call service providers to negotiate lower rates for utilities, cable, and internet.
32. Pay Bills with Direct Debit
Some service providers may offer better prices or discounts for customers who use direct debit. It can also help you avoid late fees and maintain a good credit score.
33. Extra Layers Over Higher Heat
Instead of setting the thermostat to a high temperature, wear heavier clothes. Aim for a comfortable indoor temperature of around 18-19°C (64-66°F) to save on your heating bill and stay cozy.
· SHOPPING AND CONSUMER HABITS ·
34. Use Coupons and Discounts
Look for coupons and discount codes online before making purchases.
35. Buy Second-hand
Purchase items from thrift stores or second-hand online platforms at lower prices.
36. Adopt the 24h Rule
Wait at least 24 hours before buying non-essential items to curb impulse buying habits.
37. Do Comparison Shopping
Before making a purchase decision, it's important to check the item on various websites, as often the same item is available at different prices. Use Google Lens or other reverse image search tools to locate these alternative websites. For some items, you can use price comparison tools to ensure you find the best deals available.
38. Use Cashback Apps
Utilize apps that offer cashback on everyday purchases. Cashback apps give you a percentage of your money back when you make purchases through them. These apps partner with retailers and brands to offer incentives for shopping through their platforms.
39. Unsubscribe from Marketing Emails
Reduce temptation by unsubscribing from retail marketing emails that encourage spending.
40. Shop on eBay Auctions or Make Offers
Browse eBay auctions or make offers on items you're interested in to potentially secure better deals than buying outright.
41. Shop Off-Season
Purchase clothing, accessories, and seasonal items during off-season sales when prices are typically lower.
42. Consider Renting or Borrowing
Rent or borrow items that you only need temporarily, such as formal attire, tools, or recreational equipment.
43. Attend Sample Sales or Clearance Events
Attend sample sales, clearance events, or pop-up shops to find steep discounts on high-quality merchandise.
44. Use Price Drop Alerts
Set up price drop alerts or notifications through apps or websites for specific items you're interested in purchasing to catch discounts or sales.
45. Practice DIY Repairs and Upcycling
Learn basic DIY repair skills to extend the life of clothing, furniture, or household items, or upcycle them into new creations instead of buying new.
46. Use Freebie Apps for Household Items
Check out apps like Freecycle, Craigslist Free section, or local Buy Nothing groups on social media platforms, where people give away items and goods for free.
47. Leave Items in Your Basket
When shopping online, try to put items in your basket an leave them there for 2 days or more. Sometimes retailers send coupon codes to push people to purchase items they have in their baskets or who abandon it.
· TRANSPORTATION AND TRAVEL ·
48. Use Public Transportation
Opt for buses, trains, or carpools to save on gas and parking fees.
49. Walk or Bike for Short Trips
Opt for walking or biking instead of driving for nearby errands to save on gas and reduce wear on your vehicle.
50. Use Fuel Rewards Programs
Enroll in fuel rewards programs offered by grocery stores or gas stations for discounts on fuel.
51. Travel Off-Peak
Book flights and accommodations during off-peak seasons for lower prices.
52. Use Travel Rewards Credit Cards
Consider using a travel rewards credit card that offers points or miles for every dollar spent on travel-related expenses. These points can often be redeemed for flights, hotel stays, or even cash back, helping you save on future trips.
53. Always Compare Flight Prices
Before booking a flight, make it a habit to check multiple flight comparison websites. Websites like Google Flights, Skyscanner, or Kayak can help you find the best deals by comparing prices across different airlines and travel dates.
54. Pack Light
Learn to travel light, especially for 3-4 day trips. It's easy to get carried away and pack too much (ladies, I'm talking to you!). Stick to packing essentials to avoid extra baggage fees and carrying unused items.
· ENTERTAINMENT ·
55. Use Libraries and Second-hand Books
Borrow books and other media from your local library. You can also find affordable reads at second-hand bookstores or online.
56. Attend Community Events
Keep an eye out for free or low-cost events in your community such as festivals, concerts in the park, art exhibitions, or outdoor movie screenings. These events often offer entertainment without breaking the bank.
57. Engage in Outdoor Activities
Take advantage of nature trails, parks, and recreational areas for activities like hiking, picnicking, etc. These activities not only provide entertainment but also promote physical and mental well-being without costing much.
58. Host Board Game Nights
Instead of going out, invite friends or family over for a board game night. Gather a selection of board games that everyone enjoys or try out new ones. It's a cost-effective and enjoyable way to spend quality time together.
59. Subscribe to Restaurant Newsletters
Sign up for newsletters from your local restaurants. Many offer exclusive deals, discounts, or special promotions to their subscribers.
· RESOURCES ·
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