70 Money Saving Tips To Boost Your Savings

Are you someone who is looking to stretch your dollars and boost your savings simultaneously?

Well it might be the case because you are looking for some big purchase, or probably trying to pay off your debt.

Be it whatever the case, remember the case that living frugally is an art in itself, not mastered by many. And in order to make it simple and easy for you, what I have done is brought forward a list of over 70 money saving tips that you can use to make the most out of your income.

So, get ready to unlock the secrets of your savvy saving and transform your financial journey right now.

Let’s begin.

70 Best Money Saving Tips

1. Create a Budget

Creating a budget is the foundational step in saving money. It helps you track your income, expenses, and identify areas where you can cut back.

Steps:

List your monthly income sources.
Record all your monthly expenses (rent, utilities, groceries, etc.).
Identify non-essential expenses you can reduce or eliminate.
Set spending limits for different categories.
Review and adjust your budget regularly.

2. Automate Savings

Automating your savings ensures that a portion of your income is saved before you have a chance to spend it.

Steps:

Open a savings account if you don’t have one.
Set a realistic savings goal (like 10% of your income).
Arrange an automatic transfer from your checking to your savings account each payday.
Gradually increase the transfer amount as you get comfortable.

3. Cut Down on Subscriptions

Many people pay for multiple subscriptions they don’t fully utilize. Reviewing and reducing these can save a significant amount of money.

Steps:

Make a list of all your subscriptions (streaming services, magazines, etc.).
Evaluate how often you use each service.
Cancel those you don’t use frequently.
Consider sharing subscriptions with friends or family to split costs.

4. Use Cashback and Reward Programs

Cashback and rewards programs can offer savings on purchases you’re already making.

Steps:

Sign up for cashback and rewards programs at stores you frequently shop at.
Use a cashback credit card responsibly.
Redeem points or cashback for discounts or items you need.
Be mindful not to overspend just to earn rewards.

5. Meal Planning and Cooking at Home

Eating out frequently can be expensive. Planning meals and cooking at home can drastically reduce food expenses.

Steps:

Plan your meals for the week.
Make a shopping list based on your meal plan.
Cook in bulk and store meals for later.
Avoid impulse buys and stick to your shopping list.

6. Energy Efficiency

Improving energy efficiency in your home can significantly reduce utility bills.

Steps:

Replace old light bulbs with energy-efficient LED bulbs.
Unplug electronics when not in use.
Use a programmable thermostat to control heating and cooling.
Regularly maintain your heating and cooling systems.

7. Buy Second-hand or Discounted Items

Buying second-hand or taking advantage of sales can greatly reduce expenses on clothes, electronics, and more.

Steps:

Explore thrift stores, online marketplaces, and garage sales for second-hand goods.
Wait for sales periods to buy new items.
Compare prices online before making a purchase.
Be open to buying items with minor imperfections at a discount.

8. Use Public Transportation

Relying on public transportation instead of owning a car can save you money on gas, maintenance, insurance, and parking.

Steps:

Research public transportation options in your area.
Calculate the cost comparison between public transit and car ownership.
Invest in a monthly transit pass if it’s more economical.
Plan your routes and schedules to maximize the efficiency of using public transit.

9. DIY Projects and Repairs

Learning to do basic DIY projects and repairs can save you the cost of hiring professionals for minor issues. Steps:

Identify common repairs needed in your home (like fixing a leaky faucet).
Research online tutorials or take a local workshop.
Invest in a basic set of tools.
Start with small projects and gradually take on more complex tasks.

10. Avoid Impulse Purchases

Impulse buying can lead to unnecessary spending. Being mindful and deliberate about purchases can save money.

Steps:

Wait 24-48 hours before making a non-essential purchase.
Make a list before you go shopping and stick to it.
Unsubscribe from marketing emails that tempt you to buy.
Set a monthly limit for discretionary spending.

11. Grow Your Own Food

Growing your own fruits, vegetables, and herbs can reduce your grocery bill and provide fresher, healthier produce.

Steps:

Start with easy-to-grow plants like tomatoes, lettuce, or herbs.
Use containers or a small plot in your yard for gardening.
Learn about the care and maintenance of the plants you choose.
Use your homegrown produce in your meal planning.

12. Consolidate and Pay Off Debt

Reducing debt, especially high-interest debt, can significantly cut down on the amount you pay in interest.

Steps:

List all your debts by interest rate and balance.
Consider consolidating debts for a lower interest rate.
Pay extra on the highest interest rate debts first.
Avoid taking on new debt while paying off existing debt.

13. Buy in Bulk

Purchasing items in bulk can offer significant savings, especially for non-perishable items or products you use regularly.

Steps:

Identify items you frequently use that have a long shelf life.
Compare unit prices to ensure you’re actually saving money.
Store bulk items properly to prevent waste.
Split large purchases with a friend or family member if you have limited space.

14. Shop for Insurance Regularly

Regularly shopping around for insurance (auto, home, health) can ensure you’re getting the best rates and coverage.

Steps:

Annually review your current insurance policies and coverage needs.
Get quotes from multiple insurance providers.
Consider bundling multiple policies with the same provider for discounts.
Don’t be afraid to switch providers for better rates or coverage.

15. Utilize Free Entertainment

You can save money by taking advantage of free entertainment options like public events, parks, or free days at museums.

Steps:

Follow local community boards or social media groups for free event announcements.
Visit public parks, beaches, or nature reserves for leisure.
Check for free admission days at museums and cultural institutions.
Organize potluck gatherings or game nights with friends instead of going out.

16. Practice Preventive Healthcare

Maintaining good health can save money in the long run by reducing medical expenses.

Steps:

Engage in regular physical activity and maintain a balanced diet.
Schedule regular check-ups and screenings.
Practice good hygiene and preventive care.
Stay informed about health and wellness to make educated decisions.

17. Buy Generic Brands

Generic brands often offer the same quality as name brands but at a lower cost.

Steps:

Compare ingredients or specifications between name brand and generic products.
Start by buying generic for items where brand isn’t crucial.
Evaluate the quality and satisfaction of generic products.
Gradually incorporate more generic brands into your shopping.

18. Reduce Water Usage

Cutting back on water usage can lower your water bill and conserve a precious resource.

Steps:

Fix any leaks in your home.
Install low-flow showerheads and faucet aerators.
Only run dishwashers and washing machines with full loads.
Collect rainwater for gardening and outdoor use.

19. Plan Your Shopping Around Sales Cycles

Most products have specific times of the year when they are on sale. Timing your purchases can lead to significant savings.

Steps:

Learn the sales cycles for items you need (e.g., electronics, clothing, furniture).
Create a list of non-urgent items you plan to buy.
Monitor prices and wait for sale periods.
Combine sales with coupons or cashback offers for extra savings.

20. Use Library Resources

Libraries offer a wealth of free resources, including books, e-books, audiobooks, movies, and sometimes even tools or equipment.

Steps:

Get a library card in your local library system.
Explore the range of resources available, both physical and digital.
Attend free workshops or events hosted by the library.
Use library resources instead of purchasing books or subscribing to streaming services.

21. Carpool or Ride-Share

Sharing rides can save money on transportation costs like fuel, tolls, and parking.

Steps:

Find colleagues, friends, or neighbors with similar commutes.
Use ride-sharing apps to find potential carpool matches.
Set a schedule and agree on costs and driving responsibilities.
Be flexible and communicative to make carpooling work smoothly.

22. Utilize Energy-Efficient Appliances

Upgrading to energy-efficient appliances can reduce your energy bills and contribute to environmental conservation.

Steps:

Identify old or energy-intensive appliances in your home.
Research energy-efficient models, focusing on those with high Energy Star ratings.
Gradually replace old appliances with more efficient ones as your budget allows.
Regularly maintain appliances to ensure they operate efficiently.

23. Learn Basic Sewing Skills

Basic sewing skills can extend the life of your clothing, saving money on replacements and alterations.

Steps:

Learn basic sewing techniques, either through online tutorials or local classes.
Invest in a basic sewing kit with needles, thread, and scissors.
Practice mending small tears or replacing buttons.
As you become more skilled, try more complex repairs or alterations.

24. Refinance Your Mortgage

If interest rates have dropped, refinancing your mortgage could lower your monthly payments and total interest cost.

Steps:

Monitor current mortgage interest rates.
Calculate the potential savings from refinancing.
Contact lenders to compare rates and terms.
Consider the closing costs and length of your new mortgage in your decision.

25. Batch Errands

By batching errands, you can save time and reduce transportation costs.

Steps:

Make a weekly plan of errands and appointments.
Group errands by location to minimize travel distance.
Try to complete errands during off-peak hours to save time.
Consider walking or biking for nearby errands to save on fuel.

26. Use a Programmable Thermostat

A programmable thermostat can reduce heating and cooling costs by adjusting the temperature when you are not home or asleep.

Steps:

Install a programmable thermostat in your home.
Set a schedule that reduces heating or cooling during hours when you’re typically out or asleep.
Adjust the settings according to the seasons.
Regularly check and update the settings to match your current routine.

27. Buy Seasonal Produce

Purchasing fruits and vegetables that are in season can save money and provide fresher produce.

Steps:

Research which fruits and vegetables are in season in your region.
Plan your meals around seasonal produce.
Shop at local farmers’ markets or subscribe to a community-supported agriculture (CSA) box.
Preserve excess seasonal produce by freezing, canning, or drying.

28. Use Natural Cleaning Products

Making your own cleaning products from natural ingredients can be cheaper and more environmentally friendly than buying commercial cleaners.

Steps:

Research recipes for natural cleaning products (like vinegar, baking soda, and lemon solutions).
Buy the basic ingredients in bulk.
Mix your cleaning solutions and store them in reusable containers.
Test the effectiveness and adjust the recipes as needed.

29. Optimize Your Internet and Mobile Plans

Regularly reviewing and adjusting your internet and mobile plans can ensure you’re not overpaying for services you don’t use.

Steps:

Assess your actual data and calling needs.
Compare plans from various providers.
Negotiate with your current provider for a better deal or switch to a more economical plan.
Consider family plans or shared plans with friends to reduce individual costs.

30. Practice Zero-Waste Living

Adopting a zero-waste lifestyle reduces the need to buy new products and helps the environment.

Steps:

Minimize the use of disposable items (like plastic bags, bottles, and cutlery).
Shop with reusable bags and containers.
Recycle and compost waste properly.
Buy in bulk and choose products with minimal packaging.

31. Utilize Online Free Educational Resources

Enhance your skills or enjoy hobbies using free online resources instead of paid courses or materials.

Steps:

Identify skills or hobbies you want to develop.
Search for free online courses, tutorials, and materials (like MOOCs, YouTube tutorials, and open-source textbooks).
Set a consistent schedule for learning.
Apply your new skills in practical ways to enhance their value.

32. Invest in Quality Over Quantity

Purchasing high-quality items that last longer can be more economical in the long run than frequently buying cheaper, lower-quality products.

Steps:

Research products thoroughly before purchasing.
Read reviews and compare the longevity and performance of different brands.
Save and budget for high-quality items rather than settling for cheaper alternatives.
Take care of your possessions to extend their lifespan.

33. Host Potluck Dinners

Hosting potluck dinners with friends or family can be a fun and cost-effective way to socialize.

Steps:

Coordinate with guests to bring different dishes.
Provide the venue and basic necessities like plates and utensils.
Encourage a variety of dishes to cater to different tastes and dietary needs.
Enjoy the diversity of food and the company without the high cost of dining out.

34. Use a Water Filter Instead of Buying Bottled Water

Using a water filter instead of buying bottled water saves money and reduces plastic waste.

Steps:

Research and purchase a quality water filter.
Regularly change the filter as recommended.
Use reusable water bottles when on the go.
Compare the yearly cost of using a water filter versus buying bottled water to see your savings.

35. Plan Staycations

Opting for staycations rather than traveling far can provide a relaxing and enjoyable break without the high costs associated with travel.

Steps:

Explore local attractions you haven’t visited.
Consider a day trip to a nearby natural park or beach.
Create a ‘holiday’ atmosphere at home with themed meals or activities.
Disconnect from work and routine tasks to fully enjoy the staycation experience.

36. Consolidate and Limit Streaming Services

Many households subscribe to multiple streaming services, which can add up. Consolidating or limiting these can save money.

Steps:

List all your current streaming subscriptions.
Evaluate how frequently you use each service.
Cancel subscriptions that are rarely used or have overlapping content.
Consider rotating subscriptions instead of having all at once.

37. Use Credit Card Rewards Wisely

If you use a credit card, taking full advantage of its rewards program can lead to significant savings.

Steps:

Understand the rewards structure of your credit card (cashback, points, travel rewards).
Use the card for regular purchases to accumulate rewards.
Pay off the balance in full each month to avoid interest.
Redeem rewards for things you would normally spend money on.

38. Reduce Laundry Costs

Laundry can be surprisingly expensive, especially when using a dryer. Reducing these costs can add up over time.

Steps:

Wash clothes in cold water to save on heating.
Hang clothes to dry instead of using a dryer.
Use energy-efficient laundry machines.
Wash full loads but avoid overloading the washer.

39. Practice Seasonal Home Maintenance

Regular home maintenance can prevent costly repairs and improve energy efficiency.

Steps:

Create a seasonal home maintenance checklist.
Perform regular inspections and maintenance of your heating and cooling systems.
Seal windows and doors to prevent heat loss.
Clean gutters and inspect the roof regularly to prevent water damage.

40. Use a Shopping List for Groceries

Impulse buys at the grocery store can quickly increase your spending. Using a shopping list can help you stay on track and save money.

Steps:

Plan your meals for the week and make a list of necessary ingredients.
Stick to the list while shopping and avoid going to the store when hungry.
Compare prices and consider store brands for further savings.
Review your list before checkout to remove any non-essential items.

41. Borrow Instead of Buying

For items you use infrequently, consider borrowing from friends or neighbors instead of buying.

Steps:

Identify items you need only occasionally (like tools or party supplies).
Ask friends or neighbors if you can borrow these items.
Join or create a local community group for sharing resources.
Take good care of borrowed items and return them promptly.

42. Learn Basic Car Maintenance

Basic car maintenance skills can save you money on simple repairs and upkeep.

Steps:

Learn basic car maintenance tasks like changing oil, replacing air filters, or changing wipers.
Invest in a basic set of automotive tools.
Watch instructional videos or attend a workshop.
Regularly check and maintain your vehicle to prevent costly repairs.

43. Negotiate Bills and Services

Regularly negotiating your recurring bills (like cable, internet, or phone) can result in significant savings.

Steps:

Research the best deals currently available.
Call your service providers and ask for a better rate or match a competitor’s offer.
Be willing to switch providers if necessary.
Review and negotiate your bills annually or whenever your contract is up for renewal.

44. Make Your Own Cleaning Products

Homemade cleaning products can be just as effective and much cheaper than store-bought ones.

Steps:

Research recipes for homemade cleaners using ingredients like vinegar, baking soda, and lemon.
Buy these ingredients in bulk.
Mix your own cleaning solutions and store them in reusable containers.
Test and adjust the recipes based on your cleaning needs.

45. Opt for Off-Peak Travel

Traveling during off-peak times can lead to cheaper fares and accommodation rates.

Steps:

Research the best times to visit your desired destination.
Book flights and accommodations during off-peak periods.
Be flexible with your travel dates to get the best deals.
Enjoy less crowded destinations and potentially better experiences.

46. Use a Manual Thermostat Efficiently

Proper use of a manual thermostat can reduce heating and cooling costs.

Steps:

Learn the most energy-efficient temperatures for different seasons.
Adjust the thermostat manually when leaving the house or going to bed.
Use extra blankets or dress in layers to avoid overusing the heating system.
Regularly check and adjust the thermostat to ensure it’s set optimally.

47. Grow Herbs Indoors

Growing your own herbs indoors can save money on grocery bills and provide fresh, organic produce.

Steps:

Choose easy-to-grow herbs like basil, mint, or parsley.
Use pots with good drainage and place them in a sunny spot.
Water regularly and trim the herbs to encourage growth.
Use the herbs in your cooking and enjoy the freshness.

48. Practice Mindful Spending

Being mindful about your spending habits can help identify areas where you can cut back.

Steps:

Track your expenses for a month to understand your spending habits.
Identify non-essential purchases.
Ask yourself if each purchase is necessary and contributes to your well-being.
Gradually reduce or eliminate unnecessary spending.

49. Utilize Space Efficiently in Your Home

Efficient use of space can reduce the need for a larger home or storage unit, thereby saving money.

Steps:

Declutter your home to free up space.
Organize storage areas using shelves, hooks, and bins.
Repurpose rooms or areas in your home to serve multiple functions.
Regularly reassess your space needs and make adjustments as necessary.

50. Share Memberships and Subscriptions

Sharing the cost of memberships and subscriptions with family or friends can cut down individual expenses.

Steps:

Identify memberships or subscriptions suitable for sharing (like bulk shopping clubs, streaming services).
Coordinate with friends or family members who are interested.
Divide the cost and usage terms fairly.
Set up a system for managing payments and renewals.

51. Purchase Refurbished Electronics

Buying refurbished electronics can offer high-quality products at a fraction of the cost of new ones.

Steps:

Look for reputable sellers of refurbished electronics.
Check the warranty and return policy.
Compare the prices and specifications with new models.
Read reviews to ensure reliability and quality.

52. Use Energy-Efficient Window Treatments

Energy-efficient window treatments can reduce heating and cooling costs by improving home insulation.

Steps:

Research different types of energy-efficient window treatments (like thermal curtains, blinds).
Choose treatments that suit your climate and home style.
Install them properly to maximize their insulating properties.
Open and close them strategically to utilize natural light and heat.

53. Participate in Local Swap Events

Swap events allow you to exchange items you no longer need for something more useful, without spending money.

Steps:

Find local swap events or groups (like community centers, online forums).
Gather items in good condition that you no longer need.
Attend swap events and look for items you need.
Swap fairly and enjoy the new-to-you items without spending cash.

54. Implement a No-Spend Challenge

A no-spend challenge involves avoiding any non-essential purchases for a set period, helping to break the cycle of impulsive spending.

Steps:

Choose a realistic time frame for the challenge (like a week, month).
Define what counts as essential and non-essential spending.
Find free activities to replace usual spending habits.
Track your savings and reflect on the experience for long-term change.

55. Maximize Your Tax Deductions

Understanding and taking advantage of eligible tax deductions can significantly reduce your tax bill.

Steps:

Research common tax deductions and credits you may qualify for.
Keep organized records of eligible expenses throughout the year.
Consult a tax professional if you have complex tax situations.
File your taxes accurately to claim all applicable deductions.

56. Opt for Multipurpose Products

Using multipurpose products reduces the need to buy different items for each purpose, saving money and space.

Steps:

Identify products you use that have multipurpose alternatives (like all-in-one cleaners, multi-use kitchen gadgets).
Replace items with multipurpose ones as they run out or wear out.
Evaluate the effectiveness and practicality of the multipurpose products.
Simplify your shopping list accordingly.

57. Choose No-Contract Cell Phone Plans

Opting for a no-contract cell phone plan can often be cheaper and more flexible than contract plans.

Steps:

Compare no-contract plans from various providers.
Evaluate your usage needs (data, calls, texts).
Select a plan that offers the best value for your usage pattern.
Regularly review your plan and switch if a better option becomes available.

58. Use Cold Water for Laundry

Washing clothes in cold water saves energy, reduces utility bills, and is often just as effective as hot water.

Steps:

Set your washing machine to use cold water.
Choose detergents designed for cold water use.
Wash full loads to maximize efficiency.
Only wash clothes when necessary to reduce overall laundry frequency.

59. Rent Out Unused Space

If you have extra space in your home, consider renting it out for additional income.

Steps:

Identify any spare rooms or storage spaces in your home.
Prepare the space for rent (clean and furnish if necessary).
Advertise the space on rental platforms.
Screen potential renters to ensure safety and compatibility.

60. Plan Ahead for Major Purchases

Planning and saving for major purchases in advance can prevent last-minute financing at high interest rates.

Steps:

Identify upcoming major expenses (appliances, furniture, electronics).
Start a dedicated savings fund for these purchases.
Research the best time of year to buy these items at a discount.
Purchase the items in cash with your savings to avoid financing costs.

61. Use Public Libraries for Books and Media

Public libraries offer free access to a wide range of books, movies, and music, reducing the need to purchase these items.

Steps:

Get a library card from your local library.
Explore the library’s catalog of books, DVDs, and digital media.
Take advantage of library lending programs.
Attend free events or workshops hosted by the library.

62. DIY Beauty and Personal Care

Making your own beauty and personal care products can be cheaper and healthier than buying commercial products.

Steps:

Research recipes for products like face masks, scrubs, and hair treatments.
Buy raw ingredients in bulk.
Experiment with different recipes to find what works for you.
Store your homemade products properly for longer shelf life.

63. Optimize Your Bank Accounts

Choosing the right bank accounts with low fees and higher interest rates can help save and even grow your money.

Steps:

Research different banks and their account offerings.
Look for accounts with low or no fees and competitive interest rates.
Consider online banks, which often have better rates.
Regularly review your banking needs and switch accounts if you find better options.

64. Pack Lunch Instead of Buying

Preparing and bringing your own lunch to work or school can save a significant amount of money compared to buying food every day.

Steps:

Plan your meals for the week.
Prepare lunches in advance, perhaps using dinner leftovers.
Invest in good quality lunch containers.
Make bringing lunch a habit to avoid the temptation of eating out.

65. Use Energy-Saving Power Strips

Energy-saving power strips can reduce the electricity used by devices in standby mode, lowering your utility bill.

Steps:

Identify electronic devices that can be connected to a power strip.
Purchase energy-saving power strips.
Plug your devices into these strips.
Turn off the strip when devices are not in use to cut power completely.

66. Shop for Clothes Off-Season

Buying clothes off-season can result in big savings, as many stores offer significant discounts to clear out past season’s inventory.

Steps:

Plan your clothing needs in advance.
Shop for winter clothes in the spring and summer clothes in the fall.
Look for clearance sales and discounts.
Store off-season purchases safely until needed.

67. Regular Vehicle Maintenance

Regular maintenance of your vehicle can prevent costly repairs in the future and improve fuel efficiency.

Steps:

Follow your vehicle’s maintenance schedule.
Regularly check and change the oil, air filters, and tires.
Address minor issues before they become major problems.
Learn basic car maintenance tasks to save on service costs.

68. Reduce or Eliminate Alcoholic Beverages

Cutting back on or eliminating the purchase of alcoholic beverages can lead to significant savings.

Steps:

Monitor how much you spend on alcohol.
Look for non-alcoholic alternatives or reduce your intake.
Skip alcohol when dining out, as restaurant prices are often marked up substantially.
Find other ways to socialize that don’t involve drinking.

69. Use a Clothesline or Drying Rack

Using a clothesline or drying rack instead of a dryer can save on electricity costs.

Steps:

Invest in a clothesline or drying rack.
Hang clothes to air dry after washing.
If necessary, use the dryer for a short time for final drying or fluffing.
Iron clothes if needed to remove wrinkles.

70. Practice Preventative Pet Care

Regular preventative care for pets, like vaccinations and check-ups, can prevent costly health problems later.

Steps:

Keep up with your pet’s vaccination schedule.
Regularly visit the vet for check-ups.
Invest in quality pet food and regular exercise to maintain their health.
Consider pet insurance to cover unexpected medical expenses.