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20 Tips for How to Save Money

March 21, 2023

Everyone wants to learn how to save money, but it's not always easy to do. Learn some of the best ways to save money with these easy tips.

Generally, when we think about how to save money, we think about all the sacrifices we need to make, like no more morning coffee, no more eating out, or biking to work in the rain to save on gas money.

Save More: Invest Your Tax Refund into an Online Bank Account!

But learning how to save money is more dynamic than the typical financial sacrifices we think about.

There is so much more you can do when learning how to save money than simply depriving yourself of a simple item like morning coffee. 

The 3 Best Ways to Save Money

To learn how to save money, you need to know the 3 best ways to save money:

  1. Make more money
  2. Spend less money
  3. Make a solid savings plan

Use the personal money savings plan worksheet below to help you make personal money savings plans and savings goals.

Savings goals can include anything like, saving for retirement, saving up for a new car, or saving up an emergency fund. It’s up to you! 

Fill out the worksheet after reading over our tips to save and start saving money today! 

savings plan worksheet
Download a Savings Plan Worksheet.

Save Money by Making More Money: 5 Money Savings Tips

save money by making more money

When you make more money, you can save money more! 

By increasing your income you'll be adding to the amount of money you have available each month.

Tip 1: Ask for a Raise 

ask for a raise

Save money by asking for a raise and making more money.

Asking for a raise can be intimidating.

Try setting up a meeting with your boss to discuss the raise. Then practice your talking points beforehand with a friend or in front of a mirror.

Tip 2: Find a Better-Paying Job 

Save money by making more money at a better-paying job. 

If you can't get a raise at your current job, it might be worth it to find a better-paying job. Changing jobs can be hectic, but well worth it if the better pay helps you make and save money.

Tip 3: Sell Your Stuff 

yard sale

If you have things in your house you want to get rid of, make good use of them by selling them. You could have a yard sale or use an online service like the Facebook marketplace. 

Tip 4: Set Up Passive Income 

Passive income is the type of earnings people get from things like owning rental properties or shares in a company or business partnership. You could invest in rental property, invest in a business, or become a partner in a business venture to start earning passive income.

Read More: What is Investing and How Can I Get Started? 

Tip 5: Grow a Garden and Sell the Produce 

grow a garden

By growing your own produce garden, you can both make and save money. Depending on how big your garden is, you can sell your garden produce to friends and neighbors. 

Save Money by Spending Less: 15 Money Savings Tips

Save money when you spend less money. By decreasing your spending you'll also increase your monthly income.

Then, you'll have more money to put toward getting rid of debts like loans and credit card debts, and building your savings and emergency funds. 

Tip 6: Cancel Subscriptions 

Save money by canceling subscriptions you don't really need or use.

Subscriptions can add up to a lot if you aren't careful. End as many subscriptions as you can to save that monthly fee for yourself.

Read More: How to Get Out of Debt | The Complete Guide 

Tip 7: Join Family or Group Subscription Plans 

family subscription

Don't want to say goodbye to that subscription? That's ok!

Another thing you can try is starting a family plan with friends and family to split the cost of the subscription. 

Tip 8: Cancel Memberships

Some memberships can be really useful, like a membership to Costco where you can buy in bulk and save more in the long term, or a membership to a gym where you can work out and stay healthy. 

But if you can, cancel your memberships and find free or cheaper alternatives, like a cheaper gym or running in your neighborhood instead.

Read More: What is a 529 Plan? Learn How to Make a College Savings Plan 

Tip 9: Switch to a Cheaper Phone Plan 

switch to a cheaper phone plan

Phone bills can get really expensive, especially when they include paying off expensive new phones.

While it's really nice to have a great phone and a great phone plan, there might be cheaper options out there for you to take advantage of.

Tip 10: Eat at Home 

Eating out is usually more expensive than eating at home.

By baking and cooking at home you can save more money and potentially eat healthier and more wholesome meals. 

Tip 11: Meal and Grocery Plan

grocery shopping

Prepare for grocery shopping before you go to the store and prepare for making meals this week before the week starts.

This will help you eat at home on a regular basis and keep you from overspending while out at the store. 

Tip 12: Pack a Lunch for Work or School 

We all need to eat during the school or workday.

Save money while taking better care of yourself by packing healthy meals instead of eating out during your lunch break. 

Tip 13: Switch to Cheaper Generic Brands

switch to cheaper generic brands

Brands tend to come with a price tag of their own.

Choose wisely and avoid paying extra simply for a name brand. 

Tip 14: Plan Free Activities 

When it's time to have fun choose activities that don't involve your wallet.

Plan a staycation, go hiking, plan a camping trip, play games, or watch the movies you already have at home. 

Tip 15: Save on Transportation 

bike icon

Save your wallet while helping save the planet!

Use public transportation, walk, ride your bike, or carpool to save on gas costs. 

Tip 16: Reduce Utility Bills 

Spend less on your utility bill and electric bill by using less power each day.

Run less water, keep the AC off on nice days, and turn lights off when not in the room.

Another way to save on utility bills is to avoid late fees by automatically transferring bill payments each month. 

Tip 17: Invest in Reusable Products 


Reusable products can save you lots of money in the long term.

For example, buy cloth towels instead of rebuying paper towels or get reusable tupperware and ziplock bags instead of rebuying plastic wrap and plastic ziplock bags. 

Read More: Zero Waste Living: Saving Money and Your Community 

Tip 18: Build an Emergency Fund

An emergency fund will save you money in the future when a financial emergency arises, and you are already prepared with the family savings you've set aside just for emergencies. 

Read More: The Essential Emergency Preparedness Checklist 

Tip 19: Create a Better Budget 

cash envelope budget

If the budget you have now isn't working then it might be time to throw that budget away and try something new.

One thing you might try is the cash envelope system, or a simple budgeting app to help manage and track how you spend money.

Read More: What is a Cash Envelope System? 

Tip 20: Use Prepaid Cards 

Do you want to know how to save money fast?

Set hard limits on spending by getting a reloadable prepaid card.

These cards are easy to use and they won't let you overdraft or spend more than what you've put on the card to be spent. 

Control Your Spending with Alternative Banking.

Save Money with a Savings Plan

An efficient savings plan is all about learning how to spend less and figuring out ways to earn more.

With these how-to-save-money tips, you'll end up with more money on your side each month and more financial freedom because of it.

If you use online banking with a bank account, make sure you have a savings account so you can start to save each month and reach your savings goals. 

Read More: How to Budget Money with a Free Budget Template