Saving money is a great way to take charge of your financial future. Whether you’re keeping it for your retirement or saving for a rainy day, it’s always a good idea to build healthy savings. Emergencies can also happen that may require you to spend money. Having funds in your savings account may help you avoid the hassle of dealing with stressful situations.
Saving a percentage of the money you earn is one effective way to save. However, there is only so much you can save from your pay. There are plenty of other ways to save money, and this includes thinking of creative ways to save money.
If you’re looking to save money but aren’t sure exactly how to do so, check out these creative ways to save money today!
Here are 29 creative ways to save money!
1. Cook at Home Instead of Dining Out
Dining out is one of the things that contribute to overspending. Instead of going to a restaurant, whip something up in your own kitchen. Groceries are generally cheaper than dinners out. It can last for weeks, and you can create several meals out of it without breaking the bank. Not only will it be less expensive, but it’s also healthier.
2. Buy Generic Brands
When you need medicine, make sure to pick the generic version if available. The difference between these drugs is the dollar amount. You don’t need to spend a couple of extra dollars when they serve the same purpose.
3. Cancel Unused Subscriptions
Many companies use subscriptions nowadays. They come in the form of TV streaming, monthly makeup kits, and even dog toys. Think about how often you watch a show from a particular streaming service or how often your dog needs a new chew toy. Cancel subscriptions that you no longer use or need.
4. Shop for Clothes at Thrift Stores
Fashion trends shift rapidly, but you don’t need to keep buying expensive new clothes to keep up. You can save money by going to your local thrift store. Thrift stores are hidden gold mines for unique pieces that transcend current fashion trends.
5. Cut Your Own Hair or Go To Low-Cost Salons
Trips to the salon are expensive. Go to a low-cost salon that offers hair services at affordable prices. If you want to avoid spending money, consider cutting or styling your own hair. Remember to follow instructions and watch tutorials first before going ahead and chopping everything off. As you become more comfortable, you may never need to set foot in a hair salon again.
6. Use Cashback and Rewards Apps
Another way to save money is to use cashback and reward apps that help you avoid paying for things for their full price. Apps like Honey, Coupons.com, and Fetch Rewards offer discounts and coupons that you can apply whenever you make a purchase. Many banking and payment apps also offer cashback and rewards.
Read More: The Must Have Cash Back Apps
7. DIY Home Repairs and Improvements
If you’re suddenly faced with a home repair and trying to stick to a budget, consider doing it yourself. Hiring service industry contractors can be costly. If it’s an easy fix, consider watching a DIY tutorial online to save yourself the cost of hiring someone else. There’s a wealth of home repair and improvement knowledge available at your fingertips. Not only will you save money, but you will also learn a new skill.
8. Set up Automatic Transfers to Savings
It can be a hassle to remember to transfer funds into a savings account whenever you get paid. Luckily, banks have options for you to set up automatic transfers to your savings. This process eliminates having to manually transfer yourself and keeps money consistently flowing into your savings account.
9. Bundle Your Insurance Policies
Insurance policies can get very expensive. It’s even more expensive if you have several separate insurance companies. Make sure you shop around and learn how to bundle your insurance within just one company. Find the best insurance policies that benefit you and fit your budget.
10. Cut Down on Electricity Usage
Examine everything in your house that requires electricity and determine which ones consume the most to reduce usage. HVAC units can be the largest contributor to an expensive electric bill. Open windows and let fresh air in when it’s warmer outside, rather than using the air conditioner. If it’s colder outside, bundle up and consider lowering the heating at night. Practice turning off all the lights in unoccupied rooms as well.
11. Use Public Transportation
Gas prices fluctuate frequently, and there will be days when taking public transportation is more cost-effective than using gas. If your area has a good transportation system, use it to save money. Metro and bus cards are cheaper than weekly trips to the gas station.
12. Buy In Bulk When Possible
Items bought in bulk are cheaper than buying single units. Visit a bulk grocery store to stock up on groceries that can last you for several weeks. This is cheaper than going to regular stores, where single items can be more expensive. Buying in bulk saves money because less time, material, and labor are used to produce each unit.
13. Negotiate Bills and Fees
Did you know that you can negotiate your bills and fees? Whenever you sign up for a service as a new customer, companies will offer a lower price range to get you to become their customer.
If those low rates can be offered to new customers, they can also be extended to their repeat customers. You can also look at an itemized list of what you’re paying for and figure out which ones you can do away with to save money.
14. Grow Your Own Vegetables
If you have enough space in your backyard, try to grow your own herbs and vegetables. Growing your own produce can help you save money while also learning a sustainable lifestyle at the same. When your harvest is bountiful, it can also be a source of income by selling it to other people.
15. Participate in Free or Low-Cost Activities
You don’t need to pull money out of your wallet to have fun. There are many free and low-cost activities to keep you entertained. Go hiking or explore a museum. Active communities also hold monthly free events that are both fun and entertaining.
16. Buy Second-Hand Furniture
Second-hand furniture can be very affordable. They can be found in social media marketplaces or thrift stores. Some second-hand furniture comes in great condition. They can also be sturdier than modern, mass-produced furniture. You can save money in the long term by opting for furniture that has stood the test of time.
17. Make Your Own Cleaning Products
There are many recipes available online on how to make your own cleaning products. These are a combination of cheaper and on-hand ingredients that work as well as chemical products. It can also be made from organic ingredients, which means it is safer to use.
18. Avoid Impulse Purchases
In relation to the first tip, stick to your budget by avoiding impulse buying. If there is something that you really want to buy, work your way towards it as a reward. Make sure to save up for it instead of giving in to instant gratification.
19. Unplug Electronics When Not in Use
Plugged-in electronics such as computers and appliances can still consume electricity. While it may not be much, the energy usage can accumulate which will be reflected on your electric bill. Save a few extra dollars by unplugging electronics when you’re not using them.
20. Plan Meals Ahead To Reduce Food Waste
Wasting food might as well be like throwing money down the drain. Plan your meals before going to the grocery store. Create a list and stick to the items in that list. Don’t get an extra bag of salad mix only to forget about it in the refrigerator. Make sure you get the right portions of ingredients so you don’t have to pay extra and waste food.
21. Take Advantage of Free Community Events
Communities hold scheduled events every month that aim to bring people together. These events are low-cost or sometimes even free. Some communities do movies at the park or art exhibits by local artists. If you’re looking to save money while trying to meet other people, go to community events.
22. Carpool or Share Rides
Another way to save money is to carpool or share rides with other people. You can pay only part of the gas fee of the driver you are sharing a ride with. Rideshare apps can get expensive, so choose to share rides with people you personally know. If you can’t avoid using a rideshare app, select the option to share the ride with another passenger.
23. DIY Gifts Instead of Buying
You don’t have to spend money when it comes to giving gifts. When you make a gift yourself, you are creating something unique for the person you are giving it to. DIY gifts are something you can’t put a price tag on.
24. Buy Refurbished Electronics
Instead of buying brand-new electronics, buy refurbished ones. They cost less and still function the same way as new electronics. Laptops and computers are the most refurbished electronics so they are pretty easy to get. While it may not be the latest model, it still serves its purpose.
25. Take Free Online Courses Instead of Classes
Going to school is very expensive. While taking out loans may help ease the process of paying for your education, it might hurt you in the long run. There are several affordable and available online courses. Some of these courses are also accredited, so they are a better option than going to expensive classes.
26. Use the Library for Books and Movies
If you’re an avid reader who is trying to save money, the library is your best friend. The library is a great place to get free or low-cost entertainment in the form of books and movies. Local libraries are also up to date with newly released books, and they have a huge collection of movies. These are all available to borrow for a small membership fee.
Read More: 13 Ways To Get Free Books for Kids
27. Use a Programmable Thermostat
As mentioned on this list before, heating and cooling a house consume the most electricity. Running it continuously can cause your electric bill to skyrocket. If you have a programmable thermostat, you can adjust your HVAC unit to work depending on the room temperature. When you do this, you are practicing an economical way of saving energy.
28. Sell Unused Items Online
If you have things that hold no value to you but could be of value to other people, try selling them online. You can earn some money by selling your old things and putting the money in your savings account. You also get space back in your home.
29. Brown Bag Your Lunch
It’s tempting to spend money on lunch since it saves you time from preparing it, and you don’t have to carry it around in your bag. However, eating lunch out can get expensive. If you’re saving money, it’s better to pack your own lunches. When you buy groceries, you are paying for several meals with less money.
