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41 Essential Tips To Save More Money Now!

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Written by Ryan Scribner
Updated on April 24, 2018

41 Essential Money-Saving Tips

Whether you’re saving for a house, looking to buy a new car, paying off a student loan or any other financial circumstance, the more money you have, the greater success you will achieve.

Have you ever gotten paid and then doled out all that money to living expenses, things like rent, groceries, gas and other necessities? Then found yourself waiting for the next paycheck, without any idea where your money had gone?

Living paycheck to paycheck is an unfortunate situation many people find themselves in, but there are ways to carve out savings for your future.

Most people know little about investing; they are only concerned with spending.

You cannot work to spend.

You need to work to invest.

Check out our beginner's guide to investing in the stock market here!

Here are our 41 essential tips for spending less and saving more money.

1. Eat Cheaper

You don’t need to waste $20 in one night because your friends wanted you to go eat at Chili’s with them.

Stay at home, eat those leftovers, and save that money! Remember, convenience is expensive! Skip the drive thru and pack a sandwich.

Estimated Savings: $50 per week!

2. Forget The Brand

Branding = more expensive for no reason!

If you are still buying name brand razors, groceries and clothing you are spending money for no reason. Often times, the off brands are produced by the same people who make the name brands! All you are paying for is the name.

Learn how to compare prices at the grocery store and ditch the big brands.

Estimated Savings: $25 per week!

3. Quit Bad Habits

Stop smoking. Stop drinking excessively.

If you smoke a pack a day, you could be spending $3,650 a year or more!

If you drink a 30 rack of beer a week, you could be spending $1,500 a year or more!

It always amazes me how many people say they have no money to spend money or invest, but they are happy to shell out money towards a bad habit like smoking or drinking!

Estimated Savings: Up to $5,000 per year!

4. Cancel Unused Memberships

Are you paying monthly for a music app that you don’t even use? Or maybe a gym membership? Think about it, or check your card transactions if you’re not sure.

Paying for things you don’t use is basically throwing money down the drain.

Estimated Savings: $100 per month!

5. Stop Buying New Clothes

Do you really need a new pair of shoes?

Sometimes you do, but most times you just want to spend money.

Try to resist the urge of buying a new sweater that you saw at a store, because chances are it will get lost in your closet and you won’t really use it. This is something called dead money! That money could be earning you interest or dividends, but instead it is sitting in your closet.

Estimated Savings: $100 per month!

6. Understand Wants And Needs

If you are buying something, ask yourself “Is this something I want, or something I need?”

Use this strategy for purchases large and small.

Do this every time you’re going to buy something. It doesn’t have to be long and intense, just quick and casual. You might just realize you were going to waste money for no good reason.

Better yet, follow the 30 day rule! If you want to buy something, put it on a list. If you still want it in 30 days, buy it. This eliminates the impulse purchase!

Estimated Savings: $200 per month!

7. Consider Your Future Self

If you’re going to buy something expensive, ask yourself, “Will my future self be disappointed with my current decision to spend so much money?”

Future you might thank you.

8. Avoid Credit Cards

Credit cards give you the option to spend money that you don’t really have. This creates debt. You don’t want to be in debt.

Instead, use debit cards and real cash. Credit cards only increase your monthly expenses.

Estimated Savings: Could be $1,000 per year or more!

9. Cut Your Services

If you aren't using your landline phone or cable subscription, cut the cord! There are countless alternative streaming options nowadays.

Estimated Savings: $200 per month!

10. Entertainment Expenses

You might choose the movies, a restaurant, or bowling as ways to have fun. It’s fun to have fun.

But fun does not have a price tag. You can have fun playing basketball, having a picnic, or watching movies at home!

Be flexible and creative with your entertainment. Set a monthly entertainment budget and stick to it!

Estimated Savings: $200 per month!

11. Free Transportation 

This kills many birds with one stone.

First off, if you make it a goal to exercise, this is a great way of doing so. You are multitasking by traveling to your destination while working out.

In addition, it spares you from having to fill up your gas tank every week, resulting in huge savings.

Estimated Savings: $20 per week!

12. Carpool 

This alternative works if you’ve got a close friend who works with you. If both of you work out, shop or work at the same place, go in one vehicle. You can even take turns. Whoever drives gets to choose the radio station.

Estimated Savings: $20 per week!

13. Avoid Scratch Off Tickets

The lottery is simply a tax on the stupid. If you are in the habit of buying a lotto ticket with your morning coffee, skip the ticket! (Skip the coffee too and brew at home...)

Estimated Savings: $50 per week!

14. Defensive Driving

Speeding can make your tank run out quickly. It also leads to more wear and tear on your brake pads, meaning more frequent replacement. Stop this bad habit, as it’s illegal and it’s expensive!

Estimated Savings: $10 per week!

15. Turn Off Lights

Make the best use of natural sunlight. Turn off the lights, let the light come in from the windows, and relax, knowing that your next light bill will be smaller.

Estimated Savings: $15 per week!

16. Buy Food In Bulk

Buying food in bulk saves you time, energy, gas, and prevents you from being in an environment where you want to spend money.

Try making a bigger shopping list in order to spend less and save more.

Estimated Savings: $10 per week!

17. Don’t Shop Hungry

Shopping hungry will make you think that you need SO much food, when you really don’t. Eating a dozen muffins seems like nothing when you’re hungry. When you’re not hungry, you may not want even a single muffin.

Try to go shopping 30 minutes after you eat. This will ensure you’re not shopping out of a short term feeling of immediate hunger. Go with a list and plan what you will be buying ahead of time.

Estimated Savings: $25 per week!

18. Pay With Cash

Numerous studies have found that people who pay with cash spend less than those who use a card.

Estimated Savings: $100 per week!

19. Customer Loyalty Programs

These programs are run by stores in order to maintain customers.

By tracking your purchases, and being loyal to a select few stores, you can start earning rewards and discounts.

Just be careful. Many of these customer loyalty programs encourage spending to get rewards! Don't fall for this trap.

Estimated Savings: $50 per month!

20. Make Coffee At Home

What’s the point of coffee? It wakes you up and gives you energy.

A Starbucks latte with 60% sugar might taste good, but it’s really unhealthy, expensive, and overrated.

Make your own coffee if you don’t already. It’s a healthy and cheap resource.

Estimated Savings: $1,500 per year!

21. Plan Out Meals

Make a weekly schedule of breakfast, lunch, and dinner.

Buy ingredients ahead of time to avoid last minute dashes to the grocery store.

Estimated Savings: $25 per week!

22. Avoid Small Purchases

Many small purchases add up. The daily trip to the vending machine at work counts!

Estimated Savings: $5 per week!

23. Eat Out Less

Restaurants are way more expensive than they seem. You end up paying for refills and a tip that you didn’t factor into your overall price.

Yes, your plate might only be $12, but your tip, refills, and appetizers can make it $25 or more.

Estimated Savings: $100 per week!

24. Find Free Entertainment

We are humans, we need enjoyment.

Avoid spending money to enrich your life. Playing sports, hiking, picnics; these are all cheap and rich ways to spend your times. They’re definitely better than doling out $15 for a ticket to watch a movie with your friends.

Everyone needs to find something that they do that costs no money! Otherwise, you will only be happy when you are spending money.

Estimated Savings: $100 per month!

25. Avoid Checkout Line Shopping

This part of a store is a collection of stuff you don’t need. Soda bottles, candy, magazines, etc. I have heard some refer to this as the impulse isle!

Don’t even think about buying anything in these sections, because I’m pretty sure you didn’t write “Snickers Bar” and “Ring Pop” on your shopping list.

Estimated Savings: $10 per week!

26. Use Coupons And Promo Codes

You can simply Google these or find them at restaurants and stores. Or, clip coupons on Sunday for your groceries! Just don't buy anything you usually do not.

Estimated Savings: $25 per week!

27. Skip The Happy Hour

If you grab a drink with friends a few times a week, consider drinking at home with your friends instead. It will save you and your friends a lot of money! Bars charge a huge markup on alcoholic beverages.

Estimated Savings: $50 per week!

28. Spend Time, Not Money

Instead of spending money with your friends, spend time instead. It is just as easy to walk through the park as it is to walk through the mall.

Estimated Savings: $20 per week!

29. Collect Spare Change

Most people underestimate spare change. Stash yours away as a simple method of saving money. Make sure to always keep it in an accessible place, like your car or in a jar at home. This comes in handy and can amount to large figures!

If you don't use cash, find an app that rounds up your purchases and accumulates the spare change in a savings account!

Estimated Savings: $100 per month!

30. Leave Your Wallet Home

If you are going to school, for example, there’s almost no need to take money with you.

If you are going out somewhere, and you know you are not going need money there, resist temptation and leave your money at home.

Estimated Savings: $20 per week!

31. Learn To Say No

A lot of people let other people waste their money. Learn to say “no,” whether they ask you to go to a concert or out to eat with them. Offer to spend time with them, not money!

Estimated Savings: $100 per month!

32. Have A Weekly Budget

First, you need to calculate food, memberships, bills, gas, etc.

Come up with a number, an amount of money that you need to have each week. Then, try to stay within this budget.

Estimated Savings: $50 per week!

33. Track Your Expenses

Where is your money going? Once you answer this question with specific details and specificity, you’ll realize there’s a lot of stuff you can painlessly cut back on.

Estimated Savings: $50 per month!

34. Shower Faster

Most people get caught up in the shower, singing their favorite song or thinking about their next business venture.

Instead, take a brisk shower, get out, and get on with your day. Water bills can be reduced largely this way.

Estimated Savings: $10 per month!

35. Pack Lunch For Work

You don’t have to go out, and you don’t have to spend money. Make yourself a full sandwich with snacks and sides. Some people spend as much as $20 a day on lunch!

Estimated Savings: $75 per week!

36. Set Savings Goals

Those jeans might look great on you. But, are they really in line with your goals? Will this $100 be better spent on pants or on your savings account?

Estimated Savings: $100 per month!

37. Tax Yourself

In The Richest Man In Babylon, it talks about imposing a tax on yourself. Commit to doing this and tax yourself before you have a chance to spend that money! Start with as little as 1% and build up from there.

Estimated Savings: UNLIMITED!

38. Avoid Spend To Save Gimmicks 

It is impossible to spend money and save money at the same time. Don't buy that toaster because you will save $50 with the mail in rebate.

You didn't save $50, you just spent $50 less. The truth is, that rebate is already factored in and they are still making a profit on the sale! Plus, a lot of people will forget to mail it in.

If your toaster works fine, why buy a new one? Spend to save gimmicks are all over, so watch out!

Estimated Savings: $50 per month!

Talk down that inner voice with the voice of reason. Follow these tips studiously and you will see your savings blossom. Your future self will thank you!

39. Enjoy The Beers At Home

A lot of us enjoy going out with the guys or the girls for drinks. Your frugal lifestyle doesn't have to make a dent in your social life! The cost of drinking at home versus going to a bar is far cheaper. Consider inviting everyone over to your house for drinks, or rotate each week!

Estimated Savings: $50 per week!

40. Consider Long Term Costs

Far too often, people are lured in to the upfront cost of something without considering the long term costs. A perfect example of this is pets. That gerbil might seem like a bargain for just $25, but what most do not consider is the ongoing costs for food, bedding, toys etc. Now, we are not saying that you shouldn't have pets! Just consider long term costs over the lifetime of the animal instead of the upfront cost. Maybe this leads to to stick to one dog instead of two.

Estimated Savings: $100 per month!

41. Repair Worn Out Clothes

What do you do when your shirt loses a button or your pants tear at the knee? Most of us throw these items away. The reality is, these clothes are still perfectly fine and a minor repair could bring new life to them. Consider repairing your worn out clothes instead of buying new. At the very least, take your worn out jeans and use them for yard work and gardening. This will help you get more life out of your good clothes!

Estimated Savings: $100 per year!

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  • This is great and very detailed post, Have you calculated the read time.
    But at the end i found it very interesting.

    thanks for sharing

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