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If you’re looking for a few (or a lot of) ways to boost your savings, you’re in the right place. Before my husband and I got serious about our money, we made all the financial mistakes, both big and small.
Thankfully, we got our financial act together just before getting married in 2015 and have been focusing on debt elimination and wealth accumulation ever since. You’ll be amazed at how fast small financial wins add up.
Let’s take a look at 30+ simple strategies you can use to boost your savings without skipping a beat.
~Boost Your Savings With These Simple Strategies~
Here’s a list of 30+ ways you can cut back on expenses starting today. By reducing your expenses, you’ll be in a position to SAVE THE DIFFERENCE.
1. Track your spending and create a budget. The very first thing you need to do is track your spending to see where your money is going. After you know where your money is going each month, you need to create a budget to keep you organized and on task.
It’s HIGHLY likely that you’ll find areas in your budget you can quickly cut to free up some money.
2. Automate your savings. Today. If you don’t have your savings automated, you’re like not saving nearly as much as you could be.
By setting up your bank account to automatically pull money off the top each time you get paid, you’ll be doing what is called paying yourself first. If you try to do the reverse, pay your bills and save what’s leftover, there likely won’t be much leftover.
Do yourself a favor and make saving automatic just like David Bach preached about in his top-selling book, The Automatic Millionaire.
3. Shop around for better insurance rates. Saving money on insurance is as easy as tapping away on your keyboard or making a single phone call. Making sure you have the coverage you need without paying for things you don’t can make a HUGE difference to your bottom line.
4. Pay off high-interest debt. If you have debt, paying off the debt with the highest interest rate will save you the most money in the long run. After that first debt is paid off, you can start saving the money you used to use to pay the debt or you can direct it to pay off another debt. Even though it doesn’t seem like it, you’ll be saving money each month by eliminating debt and incurred interest.
5. Track your net worth. When you’re trying to get a handle on your finances, it can be super difficult to stay motivated, especially if you don’t feel like you’re making much progress. My husband and I were in the same situation when we started paying off debt and trying to find more money in our budget.
I can tell you from first-hand experience that tracking our net worth was our single biggest motivator. We use a regular old Excel spreadsheet to budget, but we use the free software tool, Personal Capital to track our net worth. It’s super easy to link your accounts and they have an excellent reputation for security.
The great thing about tracking your net worth is that it goes up whether you’re saving for retirement, investing in a taxable account, or paying off debt. Yep, even if you’re paying off debt, your net worth is going to go up. THAT is motivation.
The downside? You might start checking your net worth every single day. We do. 🙂
6. Stick to your budget. This probably goes without mentioning, but, if you don’t commit to sticking to your budget, you won’t make much progress. The point is to free up money every month, not just the first month.
I believe they say a habit is formed over the course of 1 – 2 months. Make sure you do your best to stay the course.
Free budgeting software like Mint and Personal Capital can help you with this.
7. Reduce or eliminate your paid TV packages. In today’s day and age of a la carte TV packages, there is no reason to not shop around and tailor a package that caters to your viewing tendencies and fits your budget. A simple internet search will have you comparing packages in no time.
8. Stop eating out. Yeah. You already know this one but it never hurts to get a reminder. Eating out is a sure-fire way to blow your monthly budget. By eliminating this habit (or greatly reducing it) you’ll be able to save the difference.
We absolutely love eating out so I totally feel ya on this point. Despite having reduced our outings, we still get the urge, often, to ditch our kitchen for the atmosphere of a trendy restaurant…or pizza shop, or fast food. It really doesn’t matter too much as long as we’re getting out of the house. We love it.
So, how do we curb our desire to eat out? Each time we do the #adulting thing and cook at home, we transfer the amount of money we would’ve spent into savings. This little trick has been a big motivator for us.
9. Pack a lunch. On the heels of eating out is packing lunch. If you go to work in an office, you probably have co-workers bugging you every day to go out to eat and spend some money. After all, everyone wants to take a break and what’s a few bucks anyway?
Well, $10/day on lunch adds up to $200/month. Ouch. This is an easy win. Just say no. Yeah, I know it’s not always that easy so why not pack your own lunch and make yourself “busy” when those well-meaning work friends hit you up.
I used to fall prey to this almost every single day. These days, I allow myself a single day each week to go out for lunch. Other than that, I’m packing my lunch and running errands. This has saved me tons of money and time. #winning
10. Cook at home. Are you seeing a pattern here?
Other Posts You’ll Enjoy:
- 5 Reasons You Need To Track Your Net Worth To Build Wealth
- 8 Money Moves To Eliminate Credit Card Debt
- 13 Easy Tips To Take Control Of Your Money
11. Invite friends over for insert activity here. No matter what you like to do with your friends, there is probably a frugal alternative.
Instead of catching a movie in the theater, invite some friends over to watch one at your place. Not a movie-goer but end up getting drinks and dinner every week to the tune of $100? Throw a pot-luck at home and see how many of your friends are also happy to save a buck.
12. Ditch your gym membership. Paying for a gym membership that you’re not using is literally throwing money away. Oftentimes, memberships are picked up and forgotten about because the fee is automatically deducted from your account each month.
If you happen to find an underutilized gym membership in your budget (See #1), pop in and cancel it ASAP.
NOTE: Some gyms won’t let you cancel unless you show up in the flesh. Why? Because most people won’t. It’s easier to keep paying that automatic fee that you barely notice.
13. Go to your local library – not the bookstore. If you’re a bibliophile and continue to find yourself dropping money to buy new books that you may or may not read, switch gears and check out your local library instead.
Libraries can usually order or borrow any book on your reading list.
14. Start a side hustle. The gig economy is booming and the possibilities are nearly endless.
If you have the time, side hustles are a great way to increase your income and savings. I started this blog 4 years ago and it’s been an excellent source of side income for my family. Not only does it provide me with extra money, but it provides me with a sense of accomplishment. I truly enjoy writing for my readers and helping people improve their finances.
If you’re interested in starting your own blog, check out my 5,000+ word post that has lots of tips and tricks for new bloggers. But make no mistake, blogging can be a BIG time commitment, especially if you want to earn money.
Other Posts You’ll Enjoy:
15. Have a family game night or make a fort! If you have a family and you struggle to find frugal activities to fill up the weekends, try something as old-school as throwing a game night or building a fort (indoor or out).
16. Go for a bike ride or hike. If you’re a physical activity junkie, a long bike ride or hike can be the perfect filler for a no-spend weekend.
My husband and I are lucky enough to live in an area with lots of parks and trails. If the weather is supposed to be nice, we usually plan to use the trails. Sometimes we’ll pack a lunch and make a day of it. There’s nothing like enjoying the sunshine, staying physically fit, and saving money all at the same time.
17. Start a carpool. I know you probably enjoy your alone time in the car on the way to and from work, but imagine how much money you could save if you carpooled with a friend.
Think of it as a double win. Not only will you be saving money, but you’ll also be reducing your carbon footprint as well.
18. Buy a fuel-efficient car. Buying a fuel-efficient car will save you tons of money when it comes to driving to work and around town.
There was a time that I had a V-8 Jeep Grand Cherokee. It was a powerhouse and I loved being able to plow through high snow, but it was a gas-guzzler.
When I traded it in for my current Mazda 3, I saved hundreds of dollars a month on gas alone – not an exaggeration.
19. Live close to work. This is another one where it’s not easily remedied if you’re already settled in your current living situation, but if you’re not opposed to extreme measures, reducing your commute would mean saving a ton of money and time.
20. Negotiate WFH days.
Working from home can be a wonderful work win if your employer allows it. With the current fluid economy and flexible workforce, more and more employers are being flexible and allowing their employees to work from home a few days a week.
21. Meal plan, meal plan, meal plan. If you’re truly dedicated to saving money, meal planning is a must. Meal plans are just budgets for your food.
You get to pick exactly what you want to eat every day of the week. Want to include a pizza night? Go for it. Feel like going out to eat twice a week? The choice is yours.
22. Book a staycation. The other year we saved a ton of money by booking a staycation instead of a traditional vacation. We were surprised by how many things there were to do right in our backyard.
We went horseback riding, navigated our way through a corn maze, and made our own ice cream. Our hotel was our house and we actually treated it that way.
23. Cut back on your mobile data plan. Just like reducing your paid TV packages, this one is just as easy. Check out how much data you’re using each month. There’s a good chance you’re paying for more than you need.
With free WiFi being offered in most public places, you can trim your data plan by just being more mindful of your usage.
24. Downsize your home. Easier said than done, I know. But, if you’re in the market for a house, consider opting for less square footage than your banker says you can afford. Smaller homes are less expensive and easier to maintain. Those savings, both in terms of money and time, really add up over the long haul.
25. Sell your stuff. One woman’s junk is another woman’s treasure. This is an age-old adage that still holds true.
A few weeks ago, my husband and I de-cluttered and organized our storage room. To say we found a few things worth selling is an understatement. We found A LOT of things we can sell.
I’m guessing you might also have a few things around your house you wouldn’t mind letting go for some extra cash.
26. Got a raise? Increase your savings. If you get raises at work, you might be tempted to blow it. Don’t. Saving money consistently is much easier if you automatically increase your saving rate each time you get a raise.
I mean, you lived without that money up until this point, why not continue to live without it. Save it instead.
27. Save your bonus. Just like the raise you got, save your bonus, too. Or, at least save a portion of it.
Not spending any money is unrealistic, but that doesn’t mean you can’t save some of it – especially when it’s not money you depend on for recurring monthly expenses.
28. Negotiate the interest rate on your credit cards. If you’re carrying a balance on credit cards and you have a history of paying your bill on time each month, it might be worth a phone call to see if the company will give you a better interest rate. Asking never hurt anyone.
29. Implement a insert vice here ban. Spending bans are all the rage these days. I often see clothes-buying bans online. I even did one myself a few years ago. If you don’t buy a lot of clothes, to begin with, you might want to choose something else for your ban.
Maybe you spend too much on fancy coffees or cat toys or beer. Whatever it is, implement a ban and save money you would’ve spent each time you get the urge.
30. Analyze your grocery bill and make changes. You can do this when you’re making your meal plan. Take a look at what you normally buy at the grocery store and see if you can swap some items for less expensive options.
Brand names aren’t always best.
Don’t forget to sign up for your store’s customer reward card and check their weekly circular for special offers.
Other Posts You’ll Enjoy:
- How We Save Money By Having Our Groceries Delivered
- 25+ Low-Calorie Snacks To Help You Lose Weight And Save Money
Bonus: Set financial goals. Having goals for your money is a BIG MOTIVATOR to save!
So, sit down with yourself, your partner, or a friend and make a list of short-term and long-term goals for your money so you can live your best life.
