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From switching brands to canceling subscriptions, money-saving hacks are everywhere you look.
Yet you might be wondering: Are any of these hacks really worth it?
This guide will cover 100 simple money-saving hacks to boost your savings.
The more you cut from your budget now,the more wealth youll accumulate over time.
The Power of Saving
Although inflation is slowly easing in 2024, prices are still high.
Everyday consumers are feeling the squeeze.
Thats why cutting costs is so important these days.
Experts recommend saving at least 20% of your monthly paycheck.
100 Simple Ways To Save
You dont need to make major changes to save more money.
Below are 100 tips that can help you save hundreds each year without seriously impacting your lifestyle.
That includes your housing costs, utilities, transportation and more.
You cant cut these necessary expenses out of your budget.
However, you might be able to reduce them.
Here are a few changes that can help lower those essential monthly bills.
The average mobile phone bill is reportedly around $144 a month.
Thats a lot especially if youre budgeting for multiple phone lines on one income.
Consider switching to a mobile virtual data pipe operator (MVNO) such as Mint Mobile or Consumer Cellular.
MVNOs offer the same coverage as big networks and are only occasionally slower in high-traffic areas.
Noticed your energy bills spiking in wintertime?
Winterize your home by sealing off drafty areas and insulating open spaces.
Your heater isnt the only appliance driving up your energy costs.
Using your stove, iron, dishwasher, dryer and other appliances adds up.
According to the EPA, low-flow toilets alone can lower household water costs by around $170 each year.
Shop for low-flow models next time you better replace a faucet or toilet.
Turning your AC off for just an hour or two at a time will help you save.
Another great way to reduce your water bill is to use less water in your yard.
Swap your lawn with a drought-resistant garden, featuring succulents, hearty shrubs and greenery like stonecrop and lavender.
By USAAs estimates, members can save around $725 on their annual premium.
Each degree lowered on your thermostat can save up to 3% on your heating costs.
Whether you rent or own, you could make your water heater more efficient with a simple insulation wrap.
If your electric water heater costs you $500 per year, thats up to $75 saved.
New appliances are expensive.
However, if youre due for an upgrade, choosing energy-efficient models will help you save.
Look for Energy Star-certified products such as heat pumps, smart thermostats and electric stoves.
Depending on where you live, you may qualify for rebates to switch to more energy-efficient appliances.
Theres one surefire way to make your monthly bills more expensive: not paying them.
Avoid those fees by setting up autopay on all of your accounts.
That way, the bill is always paid, even if you forget about it.
Every few months, take a moment to assess your monthly bills and compare providers.
Rates often change look for special offers and discounts you may have missed.
Save on Food
Food is another essential cost that you cant avoid.
Between restaurants and groceries, food accounts for more than one-third of the average Americans spending.
But food isnt just a necessity its also a way of life for many people.
Fortunately, there are ways to reduce your food expenses without sacrificing the dishes you love.
Try these easy changes.
Cooking your meals at home is almost always more affordable than eating out or ordering food.
The average meal at an inexpensive restaurant is around $20 per plate.
By contrast, one study found that the average home-cooked meal costs around $4.25 per serving.
That means youre saving around $15 per person every time you eat at home.
To offset the high cost of groceries, take advantage of every discount and sale you find.
preserve your receipts, collect coupons at the grocery store and look for online coupon codes.
Those savings will add up.
One study found that online coupons can save shoppers around $316 per year on their groceries.
Brand loyalty is overrated, especially when it comes to grocery stores.
Instead of getting everything you need at one store, try shopping around.
Different stores offer low prices on different products.
In 2023, one CNET contributor recorded her savings after switching from name-brand to generic groceries.
She found that shoppers can save up to $200 per month by switching to store brands.
Save on Food (Continued)
Dont get distracted in the snack aisle.
Make a list before you head to the store.
Sick of throwing out perfectly good food?
Stick those leftovers in the freezer.
Meal prepping is a great way to save time and money in the kitchen.
Prep your meals with bulk ingredients, and then store them in the fridge or freezer.
That way, youre less inclined to order food or eat out when you dont feel like cooking.
Remember, home-cooked food is almost always cheaper than restaurant food.
That includes your daily lunch.
Youll spend a fraction of that cost making your sandwich and coffee at home.
Skipping lunch isnt necessarily cheaper, either.
That can lead to impulsive snacking or food delivery orders later in the day.
Youre better off packing a lunch than going hungry.
One analysis shows that buying in bulk can save shoppers up to 27% [20].
Bulk produce, dairy and meats might go bad before you might eat them.
Early-bird specials arent just for your grandparents anymore.
When you want to dine out, take advantage of special discounts.
For example, many restaurants offer more affordable prices during lunchtime than dinner.
Dont pay for individual packaging.
Buy your snacks in bulk and make your own individual packs for lunch boxes and after-school snacking.
A four-pound bag of the same product costs $22.96, or $0.36 per ounce.
Fully plant-based diets are even cheaper.
If you love meat, you dont have to cut it out completely.
Try implementing one or two plant-based dinners per week to help your family save.
Stretch your weekly grocery budget by making use of everything you buy, including peels, bones and crusts.
Theres no way around it: Buying a car is expensive.
However, used cars are significantly more affordable than brand-new cars.
If you need a new car, look for a used or pre-owned vehicle with low mileage.
It will drive as well as a new model for over $10,000 less.
If you have a spare room or guest unit, rent it out to offset your housing costs.
You could take on a roommate or list your space on a vacation rental site like Airbnb.
Around 8% of the average Americans income goes to insurance policies.
Auto, home and health insurance may be unavoidable costs, but not all providers are equally expensive.
Found an insurance provider you love?
Consider bundling your policies to save more.
State Farm reports that its customers can save over $1,200 per year by bundling home and auto insurance.
Refinancing is the process of trading in your old mortgage for a new one.
This is a helpful option for homeowners who want to reduce their mortgage costs without selling their home.
Lowering your mortgage cost by $200 per month will save you $2,400 per year.
Even a minor medical procedure can be financially devastating without insurance.
If you gotta see a specialist, ask for recommendations from your primary care doctor.
Like insurance providers, not all lenders are created equal.
Shop around and compare multiple lenders before you take out a home or auto loan.
If you find an offer thats $5 cheaper per month, youll save $60 per year.
Just remember that applying for multiple loans can affect your credit score.
Some families with small children spend more than 24% of their household income on child care.
Consider alternative daycare options to save on this big expense, such as shared babysitting duties.
Watch a friends or family members child in the morning, and then swap in the afternoon.
Regular checkups are the best way to spot potential health issues before they escalate.
If your family can downsize to a smaller space, you could save hundreds on your rent or mortgage.
If you follow the 50-30-20 rule, 20% of your income should go to savings or debt repayment.
Once your debts are paid off, that 20% can go entirely to your long-term savings.
Be sure to keep your debt payments below 36% of your income.
Even with a great health insurance plan, a medical emergency can devastate your finances.
Set aside an emergency fund in an account you wont touch.
Experts recommend making a down payment of at least 20% to avoid PMI.
Experts recommend budgeting about $60 per month for car maintenance.
Here are a few tips.
From hiking and biking to picnicking in the park, outdoor excursions are usually free.
Ask your friends to meet you outside in a public place for a free get-together.
An outdoor picnic is a great way to share a meal without paying restaurant prices.
Group discounts are a great way to save on your excursions and get-togethers.
Check out Groupon and other discount sites.
Try hosting a monthly dinner party, game night or potluck.
Take turns hosting with other members of your family or friend group.
That way, no one will overspend on drinks or dishes each month.
The average rate for a hotel room in the U.S. is around $155 per night.
By contrast, a standard campsite costs between $10 and $50 per night.
Even one night of camping on your next road trip will save you up to $145.
Although you will have to purchase camping gear, it can last for years with proper maintenance.
you might also save more by borrowing gear or buying it secondhand.
Looking for something fun to do on the weekends?
Browse your local newspaper, social media feed or community center website to find free events.
Take a look at your streaming accounts do you use all of them?
Can you watch your favorite shows through another service?
Canceling one $12-per-month subscription will save you $144 by the end of the year.
Going out for drinks with friends?
Bars and restaurants charge a pour cost, typically around 20%, for each drink.
That means you could make that same $10 cocktail at home for $8 or less.
Speaking of drinking, youll save tons of money by taking it slow.
The cost of five drinks a week at $5 each adds up to $1,300 per year.
If you reduce that to two drinks per week, youll save $780.
Excessive alcohol consumption is also harmful for your health and can lead to medical expenses down the road.
Instead of a nightly glass of wine, try reaching for a chamomile tea or mocktail.
Save on Entertainment (Continued)
Many museums offer free or discounted days.
Whether youre at home or exploring a new city, look up the museums in your area.
You might be able to see popular exhibits for no charge.
That adds up to $120 saved in just three museum visits.
Instead of traveling during your vacation, consider spending some relaxing time at home.
A standard ticket to a weekend-long music festival is around $200 to $600.
Thats without the cost of travel, food and accommodations.
Fortunately, many festivals offer volunteer opportunities in exchange for free or discounted tickets.
Putting in a little work can save you hundreds.
Be sure to sign up to volunteer far in advance of the festival, before the spots fill up.
If youre a frequent traveler, take advantage of mileage and loyalty programs whenever you’re free to.
These programs may be offered by your credit card provider, hotel chain or airline.
A work trip can be a great opportunity to see a new part of the world.
Take advantage of those prepaid flights and hotel rooms and go exploring during your free time.
That potentially adds an extra $300 to a three-day trip.
Instead of paying for a stranger to watch your house, swap house-sitting duties with a friend or neighbor.
Kids have short attention spans when it comes to entertainment.
Ask your friends and family if theyre willing to donate their hand-me-down toys.
Save on Clothes and Other Purchases
Love to shop?
Thrifting has become a popular choice for fashion-savvy millennials and Gen Zers.
Not only is it more sustainable, but shopping at thrift stores is also easier on your wallet.
One report estimated that thrift store shoppers save up to $1,760 per year on clothes and other items.
Have your eye on a specific purchase?
Take a moment to compare prices at different stores and outlets.
The same shoes you find in the mall, for example, could be $10 cheaper on Amazon.
It takes only 10 purchases discounted by $10 or more to save over $100.
Keep your shopping list somewhere obvious in your home, such as on the fridge.
Remember the 50-30-20 rule?
Only 30% of your budget should go to lifestyle spending.
To double-check you stay within that limit, set up a separate budget for shopping and splurges.
One simple way to do this is with a good, old-fashioned piggy bank.
Set aside your change, tips or gift money until you have enough saved up for a special purchase.
On average, U.S. shoppers spend around $150 per month on impulse purchases.
Thats more than $1,800 per year for things you may not need.
Ask yourself and your partner, family or friends if you really need this item.
Compare prices at multiple retailers, and then come back for it if youre really sure.
Kids clothes and gear can get pricey.
To save money as your little ones outgrow their outfits, ask your friends and family for hand-me-downs.
Clothing rental services are an increasingly popular option for fashionable adults.
It can help to wear headphones, give yourself a time limit and stick to your shopping list.
Online platforms like eBay, Craigslist and Facebook Marketplace are great for browsing secondhand goods in your area.
Check these sites for furniture and other big items before you make a new purchase.
Retailers drive up prices when certain items are in demand.
Youll find the best deals if you shop outside of the peak seasons.
Check clearance racks for discounted items and then save them for next year.
Learning to patch, hem and repair your own clothes will save you from the cost of brand-new garments.
it’s possible for you to either invest in a sewing machine or learn to sew by hand.
A high-quality laptop for work or school costs at least $700.
it’s possible for you to save hundreds each year by taking care of your tech items.
New parents may spend $20 to $50 per month on clothes for their growing baby.
High-quality clothes, shoes and other items may cost more, but theyll also last longer.
Prioritize quality over quantity with your wardrobe, furnishings and more.
For example, a $20 pair of sandals is cheaper up front than a $60 pair.
When it comes to big purchases, its important to plan ahead.
That way, you might budget accordingly and avoid financial setbacks.
Take stock of your household items every few months and note anything that will need to be replaced soon.
Save on Financial Services
Handling your finances shouldnt be expensive.
However, bank fees, interest rates, penalties and other financial service charges will add up.
Here are a few tips to help you navigate the financial industry and avoid unnecessary expenses.
Financial education is important.
Topics like balancing a checkbook, applying for loans and choosing a mortgage arent always covered in school.
However, that doesnt mean you should pay for that knowledge.
If you want to improve your financial literacy, look for free classes in your community.
You might also find free online lessons on YouTube or another platform.
Consolidating your debt makes it easier to pay off your loans faster, avoiding high interest rates.
Banking fees can add up to around $24 per month for many Americans.
A low credit score can cost you more than you might think.
Interest rates on home and auto loans are determined by an applicants credit, among other factors.
The better your credit, the more youll save on interest.
Keep an eye on your credit and set up autopay to avoid missed payments that can hurt your score.
Financial decisions often feel overwhelming.
Many online providers offer fee-free individual retirement accounts.
Applying for a new loan?
Dont do it on your own.
Ask your partner, a parent or a friend to help you compare offers and fill out your system.
That person will help spot any red flags or costly fees you might miss.
If you use a budgeting app, you might be paying as much as $100 per year.
Unfortunately, scams are everywhere in the financial world.
Fraudsters impersonating banks or lenders might contact you with threats of account closure, false fees or unrealistic offers.
Anytime you receive any unusual message from your financial provider, contact customer service.
Never pay a fee or open a new account unless youre 100% sure the source is legitimate.
It might be more than you realize.
Cars arent just expensive to buy theyre also expensive to own.
You could potentially save thousands by reducing the number of vehicles in your household.
Ask your partner or family about becoming a single-car household.
Carpooling, public transportation and biking are much more affordable forms of transportation that can replace your second vehicle.
A standalone landline service can cost up to $50 per month.
Eliminating that cost will save you up to $600 per year.
The average cable TV plan costs $83 per month, with the most expensive plans reaching $250.
By contrast, YouTube TVs service costs $73 per month.
Hulu + Live TVs plan costs $75.99.
Better yet, skip a live TV service altogether to maximize your savings.
Delivery apps charge as much as 45% more than the menu price, not including tips.
Save yourself the cost and pick up your order instead.
If going to the gym is an important part of your life, then your membership is worth it.
A $40-per-month gym membership costs $480 per year.
Autopay is a great tool to help you avoid late fees.
However, it also makes it easy to sign up for more subscriptions than you need.
Take a look at the services you pay for each month and cancel anything you dont regularly use.
Cutting $20 per month out of your budget will save you $240 over the year.
Paper towels alone cost around $4 per roll.
If you use a roll every week, thats $208 per year.
Choose washable, reusable items instead.
Fashion trends come and go.
Wait to see if a trend sticks around before you switch up your style.
Fridges are a great example.
Instead of cluttering your home with old items, sell them to offset the cost of the new purchase.
Insurance is a necessary expense but not all insurance.
Review your policies and ensure youre paying only for the coverage you need.
Set up a gift budget to avoid overspending.
Then show your love through homemade gifts and quality time.
This effect is common but dangerous.
Save yourself from the ongoing cost and sell that asset, even if it means taking a minor loss.
Like the fashion world, the tech world moves fast.
It might be tempting to buy the latest trend in virtual reality or gaming.
From vitamin subscriptions to luxury spa retreats, wellness can get expensive.
Staying well is crucial for your health, but its important to differentiate between effective treatments and overpriced trends.
Cancel any subscriptions or services that arent supporting your mental or physical well-being.
Save Big With These Little Tips
Cant keep track of 100 ways to save?
Here are five simple rules to complement the 95 previous tips.
Sustainability and savings go hand in hand.
In general, a greener lifestyle is also a more budget-friendly lifestyle.
Teenagers and older children can be included in financial discussion, too.
One of the best ways to save hundreds of dollars a year is to rely on community support.
If it’s possible for you to do it yourself, dont pay for it!
This applies to home repairs, vehicle maintenance, cleaning and more.
One of the most important things you might do for your financial well-being is avoid overborrowing.
The average credit card annual percentage rate is over 24% today.
That can lead to hundreds of dollars in interest each year, depending on how much you borrow.
Stick to your budget, avoid impulse buys and prioritize your existing debt to keep yourself from overborrowing.
To get a clear picture, calculate your monthly cost reductions and then multiply them by 12.
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