How To Save Money Fast – 34 Easy Tips
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Saving money can be daunting, especially with a low income. But with the right strategies and tips, saving money fast and reaching your financial goals is possible.
A few of the main reasons why many people find it difficult to save:
- Most people are living paycheck to paycheck
- Some have an overwhelming amount of debt
- Others are not keeping track of their monthly outgoings
- While an immense portion value spending money over saving it
This blog post will explain the best ways to save money quickly and easily. Let’s overcome the difficulties of saving money!
Table of Contents
How To Save Money Fast
Stop Paying for Convenience
Saving money fast doesn’t have to be complicated. One of the easiest and most effective ways to save money quickly is by avoiding convenience costs.
Convenience costs are those extra fees for services that make life easier, such as delivery fees, subscription services, and pre-packaged meals. You can save a lot of money in the short term by cutting out these convenience costs.
Now and then, it can be tempting to indulge in unnecessary convenience spending. Below is a list of potential convenience expenses that you should avoid if possible:
- Buying pre-made food items that are expensive and not particularly healthy.
- Instead of ordering takeout or delivery every night, try cooking at home with ingredients in your pantry. This will help you save money on food and reduce food waste.
- Using services like Uber to travel short distances when walking or taking the bus would be cheaper and as fast.
- Paying for premium memberships or subscriptions that offer discounts but may need to provide more value.
- Buying items on impulse that could have been purchased later or substituted with an alternative.
- Spending money on entertainment activities such as eating out or going to the movies, when free or lower cost alternatives are available.
- If you need to buy something online, try shopping for the best deal instead of paying extra for expedited shipping.
By avoiding these unnecessary spending, you can keep your budget in check and prevent overspending on items and services that don’t add value to your life.
You can save money quickly without sacrificing too much comfort or convenience by avoiding convenience costs and taking advantage of free resources like library books and streaming services.
Learn How to Budget and Understand Your Finances
If you don’t know where your money is coming from or where your money is going, you can’t save money fast.
That means you must identify and understand all of your income sources. It also means understanding your expenses, such as debt repayments, monthly bill payments, and savings. You must be aware of your cash inflow and outflow before saving.
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Create a Designated Savings Account
Having separate bank accounts can be a great way to save money quickly. Multiple accounts allow you to divide your money into different buckets and track your spending more effectively.
You can also use multiple bank accounts to create an emergency fund or save up for a large purchase. Having a dedicated account for these expenses helps keep you from dipping into other funds when unexpected costs arise.
Additionally, if you are married or in a long-term relationship, having separate bank accounts can help keep finances organized and transparent between partners. This way, each partner knows exactly how much they contribute to the household budget and their individual financial goals.
For example, we have one account for recurring bills, another for Erin’s spending, another for Greg’s spending, another for vacations this year, and another for large items like vehicle replacement.
We have accounts to save for monthly, annual, and longer-term expenses. We also have IRAs. (They used to be 401ks when we still worked)
We know exactly where our money goes. So we can save money. There is no waste.
Overall, having separate bank accounts is an effective way to stay organized with your finances and save money quickly. It lets you easily track your spending and allocate funds towards specific goals without worrying about overspending or using the wrong account.
Use an Envelope Budgeting System
Dave Ramsey’s envelope-stuffing system is an effective way to save money quickly. This system requires you to budget your monthly discretionary expenses and put the money in designated envelopes for each expense category.
Using cash instead of credit or debit cards makes you more likely to stick to your budget and save money. The envelope system also helps you track where your money is going and how much you have left in each category.
This system lets you easily see when to stop spending and start saving. It’s a simple but powerful tool to help you reach your financial goals faster.
As an alternative, younger generations are taking up “cash stuffing.” Cash stuffing is a budgeting method that involves setting aside cash for different budgeting categories at the beginning of each month.
This strategy encourages people to pay for things with cash instead of debit or credit cards, so they should save more of their money. The concept has been around for decades, but it has recently become popular among Gen Zers on TikTok, which has amassed over 700 million views.
Cash stuffing aims to help individuals better manage their finances by allocating funds into separate envelopes or binders labeled with different budget categories such as groceries, gas, entertainment, etc.
Once the cash in an envelope runs out, you know you have reached your limit for that category and can only spend money on it in the next month.
The Envelope Method and Cash Stuffing are conceptually the same things. Both help you save money fast.
Designate a No Spend Day Or No Spend Month
Saving money fast can be a challenge, especially if you’re on a tight budget. One way to help you save money quickly is to introduce a no-spend day or month into your weekly or monthly routine.
A no-spend day or month means you don’t spend any money on anything for the day or month. This could include not buying food, clothes, entertainment, or anything else that requires spending money.
By committing to a no-spend day or month, you’ll be able to save more money than usual and put it towards other essential goals like paying off debt or building up an emergency fund.
Additionally, avoiding unnecessary purchases and taking time away from shopping may give you more time and energy to focus on other activities like exercising and reading.
No-spend days and months are great ways to help you save money quickly while giving yourself some much-needed time away from spending.
By setting aside one day or month each week where you don’t spend any money, you’ll be able to progress towards your financial goals in no time!
Save Money When Eating
Save Money When Dining Out
It’s ok to dine out occasionally, don’t forget the menu item does not reflect the total price. You also have to add gratuity and taxes. That’s another 20-30% on top of what it says on the menu.
When eating out, cut back on the add-ons. Is that bacon on your cheeseburger making you $4 happier? (It’s even more than that when you factor in tax and tip on those two slices of bacon.)
Many restaurants have opportunities to save if you know where to look. Some also have coupons, deals, and discounts. For example, grab some Chuck E Cheese coupons before taking your kids to get pizza.
Cook Your Own Meals To Save Money Fast
Making your meals is one of the best ways to save money fast. Cooking your own meals at home allows you to control the ingredients and portion sizes, which can help you save money on groceries.
Making your meals eliminates the need for expensive takeout or restaurant meals. Meal prepping is a great way to ensure that you always have a healthy meal ready when needed.
You can avoid impulse purchases and stick to your budget by preparing your meals in advance. With some planning and preparation, you can save money quickly by making your meals.
Eating out can be expensive, as the average meal costs around $13. Even if you don’t typically spend this much money in one go when dining out, you may still add up to the exact cost over a period of time by having just two meals for $6.50 each.
You could save around $9 per person by cooking your own meals at home compared to getting commercially-prepared meals.
Reduce Your Grocery Spending
Saving money on groceries is a great way to reduce spending and put more money in your pocket. You can save hundreds of dollars yearly on groceries with the right strategies. Here are some tips to help you save money on groceries fast:
- Make a grocery list and stick to it. Before heading to the store, please list what you need and avoid deviating. This will help you avoid impulse purchases that can add up quickly.
- Buy store brands instead of name brands. Store brands typically cost less than name brands, so switching to them can save you money without sacrificing quality or taste.
- Take advantage of loyalty programs and coupons. Many stores offer loyalty programs that provide discounts and coupons for members, so be sure to sign up for these if available at your local grocery store. Additionally, look online for coupons before shopping, which can help you save money on groceries quickly.
- Shop around for the best prices. Different stores have different prices for the same items, so shop around to find the best deals before making a purchase decision.
- Buy in bulk when possible and freeze items that will be used later. Buying in bulk usually saves money in the long run since you get more for your dollar, and freezing things helps prevent food waste while saving cash simultaneously!
- Avoid pre-packaged foods whenever possible, as they are more expensive than buying ingredients separately and preparing meals yourself at home using fresh ingredients from the grocery store or farmer’s market!
- Eat less meat and dairy, which might cost more.
- Check out discount stores like Aldi or Trader Joe’s, which often have lower prices than traditional grocery stores due to their limited selection of products and smaller overhead costs!
- Check out items on our lower shelves. The lower items generally cost less than the eye-level items.
Save Money While Shopping
Look for Coupons and Sales
Couponing and taking advantage of deals can majorly impact your budget. For online stores, using browser plugins like Paypal Honey Browser can help you save even more money by automatically finding coupons to use at checkout.
Before I leave the house, go grocery shopping, mall shopping, or go out to eat, I do a quick online printable coupon. For groceries, I like to use a coupon database. You can search all printable coupons or a specific search for a particular product. Searching for manufacturer, retail, and restaurant coupons is also a good idea.
Your family wants to save money at Dick’s Sporting Goods. Go to Google. Type “Dick’s Sporting printable coupon”
Try it here. Type in the product name and “coupon” or “printable coupon” See what comes up.
Save Money Shopping on Amazon
So many of us shop on Amazon. Did you know there are ways to save when buying from the retail giant? The trick is to know where to find an Amazon Promo Code.
Make a List
Using a list is an effective way to save money quickly because it helps keep your spending in check and ensures you are only buying what you need.
Fight instant gratification. Please get in the habit of making a list before you go to the store and stick to it. It will curb your compulsive spending.
Sign Up for Rewards and Loyalty Programs
Loyalty programs are a great way to save money fast. By signing up for loyalty programs, customers can earn points or rewards that can be redeemed for discounts and free products.
Loyalty programs also offer exclusive events and tiered benefits, allowing customers to access more savings the longer they stay with a company.
With loyalty programs, customers can save money quickly by taking advantage of all the discounts and benefits available.
Earn Cash Back on Purchases
Many apps and chrome extensions can help you earn cash back on buying things. You can also find credit cards that pay cashback on your spending.
Break the Impulse Purchase Habit
Many of us have those things we buy repeatedly without thinking much about them. We’ll pick up a candy bar at the checkout when getting groceries or go into a gas station to pick up a soda and a bag of chips while filling up the tank.
For others, it’s a daily stop by a coffee shop on the way to work or eating out for lunch every day.
These are often impulse purchases that we don’t take the time to analyze. It can be surprising how much we spend on these things, and how little we might miss them.
When you don’t really think about buying something like a pack of chewing gum or a magazine, that goes to show that they’re not that important to you.
You won’t miss those trivial things because they don’t add that much enjoyment to your life, and the habit should be easy to break. Avoid impulse buys to save money fast.
Delay Updating Electronics Until It Is Necessary
It’s easy to get caught up in the latest and greatest tech, but if you’re looking to save money, it pays to wait. By delaying updating your electronics, you can save a lot of money.
One way to do this is by buying older models instead of the newest ones. Older models are often cheaper and still have many of the same features as the newer versions.
You can also avoid consumerism by only buying what you need and not succumbing to marketing tactics that make you think you need something new.
Another way to save money on electronics is by trading in or selling your old devices. This will help offset the cost of buying a new one and give you extra cash.
You can also shop around for deals online or at local stores, which can help you find the best price for what you want.
Consider what you really need before making a purchase. Do some research and ensure it will be useful for a long time before investing in it.
Save Money By Buying In Bulk
Buying in bulk is a great way to save money fast. Bulk buying allows you to purchase large quantities of items at once, often at a discounted price.
Bulk buying also saves time as you don’t have to make multiple trips to the store or shop online multiple times.
When done right, bulk buying can be an effective way to save money and reduce waste. It’s essential to consider the cost per unit when making bulk purchases to know what kind of savings you are getting.
It’s important to ensure that whatever item(s) you buy in bulk will not expire before they are used up or go bad before they can be consumed.
Some of the best items to buy in bulk include toilet paper, paper towels, laundry detergent, and canned goods like beans and vegetables.
You can also find great deals on bulk items like clothing and electronics. For example, buying a dozen shirts at once may cost less than buying one shirt at a time.
Overall, bulk buying is a great way to save money fast and stock up on essential items without paying full price. It’s important to research and compare prices before making any bulk purchases to get the best deal possible.
Ask For coupons
Don’t be afraid to ask for coupons. If there are certain products you often use, go to the company’s website and request a voucher.
Okay, so I know many people don’t like asking for discounts. They’re too shy, or they think it’s rude, insulting, or impolite in some way to do so, but they’re dead wrong.
Businesses want to make sales, and if they have to knock 10 percent of the ticket price to do so, it might just be worth it for them to do so, and you’ll save money. Just be polite, and you’ll see more success than you might think! You don’t lose anything by asking.
Point out issues
If you’re dress shopping and you notice that a pretty outfit has a couple of loose buttons or a poorly stitched seam, it might be worth pointing it out to the sales assistant. Ask if you could buy it at a reduced price.
They’ll happily oblige you in many cases because the alternative would ultimately take it off the shop floor.
It may be uncomfortable to ask for a discount, but you’ll have a brand-new outfit at bargain prices.
Remember, plan and be flexible, and you can be on your way to saving a lot of money each month.
Don’t check out so quickly online
Leave items in your cart. You’ve probably noticed that they’ll try to entice you back if you don’t finish the checkout process at several online stores.
Sometimes it is with free delivery, money off, and buy one get one free offer. So, if you’re smart, delay your gratification for a day or two and see those savings roll in.
Save Money on Housing Costs
It’s expensive to keep a roof over your head. Here are some ways to trim expenses so you can save quickly.
Make Your Own Household Products
Did you know you can make your own household products and cleaning supplies? Many cleaners are harmful and expensive. But you can make household cleaning products easily.
Take Care of Your Appliances
Repairing kitchen appliances is expensive. Most repair technicians charge $50-150 an hour, plus a service charge of $50-100 to show up. Add in spare parts and emergency fees, and the bill becomes larger. HomeAdvisor found that, on average, it costs $174 to improve kitchen appliances.
The good news is that you can easily extend your kitchen appliances’ life.
The trick to avoiding costly repairs and replacements is to know when to clean your kitchen appliance.
Find a Roommate
Having a roommate is a great way to save money quickly. By splitting the cost of rent, utilities, and other household expenses, you can reduce your monthly expenses significantly.
Having a roommate can help you save money on groceries and other items by buying in bulk or taking advantage of discounts.
You may find ways to save money on transportation costs if you share rides with your roommate. All in all, having a roommate can be an effective way to cut down on your living expenses and put more money towards other financial goals.
Negotiate With Your Landlord
Having been a landlord for over two decades, I can tell you our little secret – most want stability. Landlords want to see if they will get the rent they owe.
They also want the confidence that tenants maintain the house properly. Landlords are willing to negotiate rent if you give them a reason to.
Refinance Your Mortgage
Refinancing your mortgage can be challenging in a market with increasing rates. However, it can be beneficial to refinance if you need to consolidate debt into the mortgage, and you can save money fast.
Another way to reduce your payments is by extending the length of the loan; for example, refinancing a loan with 18 years left on it to 30 years.
Consider this approach, as long-term interest payments could cost you more.
Try To Fix Things Yourself
You can save some money by fixing the stuff that breaks. You can fix almost anything online, thanks to YouTube and sites like HomeTalk.
Learning how to fix things on your own can help you save money. While some repairs are best left to the professionals, like HVAC maintenance and repair, there are plenty of home repairs you can do on your own.
Why pay someone to fix your baseboards when you can do it yourself? Look for little jobs you can learn about on YouTube and become a DIY master.
Appeal Property Tax
Did you know you can appeal your property tax? There are law firms that will do the appeal for you. Often if they win, they get paid half of the savings. If they lose, then you pay them nothing. You can also represent yourself.
Save Money on Banking and Insurance Policies
Set up Automatic Deposits
Saving money fast doesn’t have to be difficult. One of the easiest and most effective ways to save money is to set up automatic deposits into a savings account.
By setting up an automatic deposit, you can ensure that a certain amount of money is transferred from your checking account into your savings account each month.
Automatic deposits help you stay on track with your savings goals and allow you to watch your savings grow without thinking about it. Additionally, many banks offer incentives for setting up automatic deposits, such as higher interest rates or bonus rewards points.
Setting up automatic deposits is an easy way to save money fast and reach your financial goals.
Shop Around for Insurance
Shopping for home insurance can save you money fast if you know what to look for. The key is to compare different policies and coverage amounts, get several price quotes, research the company’s record, choose a deductible that works for your budget, and ask about any discounts available.
For example, you can save money by raising your deductible or bundling your homeowner’s insurance policy with auto insurance. Maintaining a security system or paying your mortgage can also help lower your premiums.
It is essential to understand what kind of coverage you need and how much it will cost before purchasing. Make sure you’re not overpaying for coverage that doesn’t fit your needs, and be aware of any potential risks associated with the property.
Another pro tip is that insurance companies generally rotate which ones have the lowest premiums depending on where they are in their loss cycles. So shop around.
By researching different policies and taking advantage of discounts, you can find an affordable home insurance policy that meets your needs and saves you money in the long run.
Get Out of Debt
Stop wasting money on interest and fees. Pay off your debts.
Put a Spending Limit on Your Card
Set personal limits on your credit card balance. It will prevent overspending and encourage the person to reevaluate their daily expenditure immediately. Most banks provide such services.
Save On Recurring Expenses
Cancel Unnecessary Subscription Services and Memberships
Look at all of your subscriptions and memberships. Cancel some. We set up a credit card account solely for recurring expenses. That helps us track and easily see opportunities to trim back.
Pause Memberships To Save Money Fast
We all know how busy life can get, which means you might be unable to make the most of your current memberships. You already know about canceling subscriptions, but some memberships might be too difficult to part from.
Instead, see if you can pause your membership when you don’t use it. This can apply to your gym membership, any theme parks your (used to) visit regularly, or even memberships for national parks.
If you give these services a call, you should be able to pause the payment for one month, two months, or even six months. If not, you can re-evaluate whether you really need this service.
Cut Back on Your Utility Bills
Another excellent tip for saving fast is to use less water and electricity.
Buy Cloth Diapers
Disposable diapers cost four to five times more than cloth diapers for one child. The expense is even more dramatic if you have more than one child. If you have little kids, save money on diapers by buying cloth diapers instead of disposable ones.
Save Money Fast
There are many ways to save money quickly. The general theme with the tips listed here is to slow down. Focus on buying what you need, find coupons, and be conscious about spending less.
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Greg is a Chartered Financial Analyst (CFA) with 22+ years experience in Financial Services. He has held numerous FINRA Securities licenses (series 7, 63, 65, and 66), and is an expert on Investment Products and Financial Planning. Greg has 22+ years experience as a real estate investor and degrees in Psychology and Philosophy.
Greg has been quoted/interviewed in Yahoo Money, Yahoo Finance, USA Today, Authority Magazine, Realtor.com, Business Insider, and others.
Greg is an avid runner, and the father to identical twin girls and their awesome brother. His love of budgeting and his kids led him to join The Great Resignation in 2021.
Disclaimer: Any Financial Tips on ChaChingQueen are general and informational. Speak with a professional about your specific situation.