Need some new ways to save money? Some frugal living tips are kind of a pain to implement. But these practical ways to save money not only make sense but are great ways to put some extra money back in your pocket.
These practical ways to save money are so great, you’ll wish you had known them sooner!
1. DIY Gifts
You don’t have to blow your savings on gifts for other people; after all, it’s the thought that counts. Making your loved ones presents will not only save you a buck but it will also likely mean more to them than any store-bought gift. Use your unique talents, such as baking, woodworking, crafting, or writing, to make something beautiful.
2. Maintain a Good Credit Score
Maintaining a good credit score helps you save money by qualifying for lower interest rates and fees for new lines of credit or loans. Making timely payments on your loans and credit cards pays off in the long run.
3. Avoid High-Interest Credit Cards
Opening a credit card can be a great way to build credit, but you want to make sure you choose a credit card with a low interest rate. Ideally, you should pay your credit card bill in full each month to avoid interest, but a lower interest rate will help you save some money in the event that you can’t make the full payment.
4. Cancel Unused Magazine Subscriptions
Are you receiving a stack of magazines in the mail that you never get around to reading? Canceling those pesky subscriptions will not only reduce clutter but also save you money.
5. Purchase Store Brands
Many convenience, grocery, and online stores offer cheaper alternatives to brand-name products. They are typically found near the name-brand item. The ingredients and materials are often identical, so you won’t miss out on quality by saving money this way.
6. Limit Impulse Purchases Online
It feels good to fill up an online cart and hit the “Buy” button, but that thrill is extinguished when the bill for your purchase arrives. If you need to buy a few things online, put it in your cart and let it sit for a week, if possible.
If you still want the item by then and it fits in your budget, you can purchase it. Try to avoid browsing around the website and looking for other products you don’t need.
7. Buy Used Textbooks
Textbooks are expensive, and there is no need to purchase a brand-new book that you will only use for one semester when you can find a significantly cheaper option.
Many school book stores offer used books, or you can usually find the used textbook you need at a lower price online.
8. Reduce Home Maintenance Costs
You can reduce home maintenance costs by learning how to do repairs yourself. Conducting routine maintenance and inspections will also help you avoid more expensive issues later.
9. Negotiate Rent or Mortgage Rates
You may be able to negotiate a lower rent payment or mortgage rate by talking to your landlord or lender. Be honest about your situation, provide documentation, research comparable rates in the area, and be willing to compromise.
10. Repair Instead of Replacing
Did you break a flower pot? Try gluing it back together instead of buying a new one.
Is your washing machine not working properly? Look into having a part fixed instead of purchasing a whole new machine.
Repairing instead of replacing is one of the most practical ways to save money.
11. Shop Off-Season for Clothing
Clothes are often much cheaper if you buy them during the off-season. Shop for your summer clothes for next year in the fall/winter, and get your cold weather attire during the spring/summer sales.
12. Buy Refurbished Electronics
Refurbished electronics are used devices that have been repaired and cleaned until they are almost as good as new. They are significantly cheaper than new products, so look for refurbished electronics in stores or online whenever you need to purchase a gadget or appliance.
13. Use a Budgeting App
There are a wide selection of budgeting apps that will help you stick to your savings goals. Apps like Mint, Goodbudget, Honeydue, and Fudget are all apps with free versions that will help you keep track of your finances.
14. Limit Convenience Store Visits
Products are usually slightly more expensive at convenience stores because you are paying for the easy location and shopping experience. You may also find yourself doing a lot of impulse buying at convenience stores, and even small purchases add up over time. Plan ahead to shop at regular stores and limit those little drop-in spending trips.
15. Cut Down on Bottled Drinks
Drinking water is one of the most practical ways to save money. Instead of buying bottled sports drinks, sodas, and sparkling beverages, stick to a refillable water bottle to grow your savings account.
16. Shop at Discount Stores
Outlets and discount stores often have the exact items and brands you need at a far lower price than what you will find at the mall. Look at discount stores first before shopping at other retailers.
17. Cancel Streaming Services
Are you really using all of the streaming services you pay for enough to justify the cost? Review your streaming subscriptions and start by eliminating the one that you use the least.
18. Reduce Beauty Salon Visits
Do as many of your beauty treatments as you can by yourself. Manicures, hair dyeing, waxing, and more can all be done at home.
19. Carpool for Daily Commutes
You can save a lot of money on gas and car maintenance by changing your daily commute. Carpool with coworkers, your spouse, or friends to cut down on expenses.
20. Cut Down on Dry Cleaning
See if you can get out that stubborn stain at home, hand wash your delicates, or set aside time to do laundry to cut down on dry cleaning costs.
21. Buy Store Brands for Medications
Many pharmacies offer store-brand alternatives to name-brand medications. Check the aisles or ask your pharmacist for the less expensive option.
22. Use a Slow Cooker
Slow cookers are inexpensive compared to broilers and convection ovens and are energy efficient. They allow you to buy cheaper cuts of meat that you can cook over low heat for longer. There are so many great recipes you can make in a slow cooker.
23. Reduce Credit Card Interest Rates
You may be able to negotiate a lower interest rate with your credit company. Do some research and be prepared to present your case before calling the customer service number on the back of your card or going into your bank. You could also try moving your debt to a balance transfer card, which is designed to help you get out of debt at a lower or 0% interest rate.
24. Shop for Used Furniture
Instead of purchasing a brand-new sofa or table, try finding one at a consignment store or online marketplace.
25. Eliminate Unnecessary App Purchases
Check your app purchases and subscriptions on your phone, and delete the apps you no longer use. This will help you avoid those pesky in-app purchases.
26. Barter or Trade Services
If you need a repair that you don’t know how to do, barter with a more experienced friend or professional. Offer them a service they may need help with instead of spending money.
27. Repair Appliances
You can often repair broken appliances instead of spending the money to replace the entire machine. Research how to do the repair yourself, or hire a professional to do the repair, which will still likely be cheaper than buying a new product.
28. Use a No-Fee Bank
If you’re racking up expenses in bank fees, consider opening a new account with a no-fee bank and transferring your funds. You may also be able to switch your account type with your current bank.
29. Cancel Unused Online Memberships
Check your bank statement for any online memberships you may have forgotten about. If you never or rarely use the service, cancel the subscription and put that money toward your savings account instead.
30. Limit Home Decor Purchases
Home decor items are fun to shop for, but they usually aren’t necessary. Seasonal items, in particular, are an easy expense to reduce or eliminate. Simplify your holiday decorations by working with what you’ve got or making ornaments at home.
31. Buy In-Season Produce
You will get the lowest prices on fresh fruits and vegetables when they are in season. Opt for frozen or canned alternatives when necessary.
32. Reduce Pet Expenses
Pets are expensive, but there are many ways you can reduce pet costs without sacrificing your pet’s happiness or well-being. Try grooming your dog yourself at home, or exchange favors with a friend to watch your cat when you’re out of town instead of paying a sitter.
33. Eliminate Excess Phone Features
Do you really need all those gigabytes of data or a hotspot built into your phone? Decide which of the paid services on your phone you actually need, and get rid of the ones that are unnecessarily draining your bank account.
34. Cut Back on Impulse Snacks
Snacking out of boredom or impulse increases your food costs. Consider whether you’re really hungry next time you grab a bag of chips at the gas station, or wait until dinner to get that tasty roll out of the bread box. The longer you can spread out your food purchases, the less money you will spend.
35. Buy Pre-Owned Jewelry
Clothes and electronics aren’t the only items you can buy secondhand. Plenty of people sell their gently used jewelry online or at thrift stores, ranging from costume pieces to high-end antiques.
36. Plan Car Trips Efficiently
If you’re going on a road trip, you can save money by planning in advance. Compare hotel prices and book your stay before getting behind the wheel, or leave early enough that you can drive through the entire trip without stopping. Bring your own snacks or get them from the grocery store instead of paying for the convenience of gas stations or takeout meals.
37. Limit Car Washes
Go for longer stretches without washing your car, or drive that extra couple of miles to a car wash at lower prices.
38. DIY Car Maintenance
You can learn how to do many simple repairs on your car yourself instead of paying a professional. Watch YouTube videos or ask someone you know to teach you how to change your oil or replace a flat tire.
39. Use Free Entertainment Options
A fun night out doesn’t have to be expensive; there are many free entertainment options, no matter where you live. Instead of going on a date in a restaurant, pack a romantic picnic. Rather than buying concert tickets, search online for free live music playing in your area.
40. Sell Unused Gift Cards
There are several online markets, such as CardCash, CardKlip, or GiftCash, that will let you sell or trade your unwanted gift cards. You can also ask friends and family if they would take your unused gift cards off your hands in exchange for cash.
41. Buy Energy-Efficient Light Bulbs
You can save money on your electricity bill by using energy-efficient light bulbs. They also need to be replaced less frequently, cutting down on the cost of the light bulbs themselves.
42. Cook Larger Batches of Food
The more of a food product you buy, the cheaper it usually is. You will save both time and money by cooking in bulk and freezing some food for later.
43. Reduce Home Security Costs
You can reduce costs by ditching subscription security system plans and choosing one that has a one-time, flat fee. You can also comparison shop for the lowest price on a home security system.
44. Avoid High-End Fashion
Generic brands are often just as high-quality as designer labels, but a fraction of the price. If you absolutely have to have your fashion fix, search for secondhand options.
45. Limit Alcohol at Restaurants
One of the most practical ways to save money while dining out is to limit your alcohol consumption. Opting for water, tea, or soda will significantly reduce your bill.
46. Use a Library for Movies and Music
It’s free to get a public library card, and most libraries have a plethora of movies and music you can borrow. They also have online options so you may not even have to go into the library building to check out the entertainment you’re looking for.
47. Buy Store-Brand Cleaning Products
Store-brand cleaning products contain nearly identical ingredients to the name-brand ones, just in different packaging.
48. Use Free Financial Tools
You can learn practical ways to save money without spending more money. Don’t pay for financial tools and apps; there is almost always a free alternative that works just as well.
49. Avoid Extended Warranties
Sales representatives can be awfully convincing when it comes to pushing you to purchase extended warranties, but most of the time, they aren’t really necessary.
50. Prioritize Needs Over Wants
If you want to maximize your savings, carefully consider each and every purchase you make. Weigh the item or service in your mind and ask yourself, Do I really need this or just want it?
You don’t have to implement every item on this list to save money. Choose a few tips that work with your lifestyle and stick to them as consistently as possible. You’ll be amazed by how much your savings account can grow when you make just a few simple changes.
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