Whether you’re saving up for a milestone purchase or just need to tighten up your budget, saving money is never a bad thing.
But too often, when we think about ways to spend less, we think about major lifestyle changes. Unfortunately, studies suggest that if you feel like you’re depriving yourself, you may be more likely to slip and return to old spending habits. That’s why we’ve compiled this list of 10 easy ways to save money that don’t require sweeping changes.
Of course, there are cases where small savings won’t be enough, but making money saving tricks like these a habit can help you keep your spending in check and put more in savings to weather financial emergencies throughout your life.
Here Are 10 Easy Ways to Spend Less
While not every option will work for everyone, with these tips you can save a few extra bucks for a nice dinner out this month – or hundreds or even thousands of dollars over the course of a year.
1. Opt for lower cost options
If you want to save a little extra cash this month or curb your monthly spending, one of the easiest things you can do is switch to cheaper options wherever possible.
This can be as small as switching tomato paste or pasta brands, where you might save only a few cents or dollars at a time, or bigger changes like opting for a less expensive restaurant for date night, thoughtfully selecting subscriptions to downgrade, or shopping at an outlet version of your favorite clothing store next time you need something. Comparison shopping to find the lowest price for something can even be thrilling when you find a great deal!
While you might not notice small changes like these right away, that’s exactly why they’re so smart – over time, you’ll spend less on every purchase, without feeling like you’ve made a big change.
2. Watch your spending closely
For many people, a simple change that can make a difference is just spending more time paying attention to what they’re spending and where. That means logging into your bank account more often and looking at where your money is actually going. Most people can find areas to save money just by paying more attention.
If you don’t already have a set budget, this is also a great opportunity to start creating categories and setting spending limits for how much you spend in a month. Basic budgeting is never a bad idea, and can make a huge difference if you’re struggling to save.
3. Pick DIY over done-for-you where you can
This tip applies broadly – wherever you can save money by doing something yourself, do it!
This can mean making your meals at home, bringing a water bottle instead of buying one, picking things up yourself instead of having them delivered, having a movie night in with popcorn and snacks instead of going to a theater, and so on.
Incremental changes – like still getting takeaway, but ordering it in person instead of using an app – can save you money with minimal sacrifice. Small repetitive purchases we don’t spend time thinking about can be a huge money suck when added up.
Of course, you might not be able to save up a home down payment by making your coffee at home, but being selective about every spending habit can help you splurge smarter.
4. Lower your car costs
Our favorite easy way to save money on autopilot? Refinancing your vehicle. Most people are paying more on their monthly car payment than they need to be, thanks to dealership markups. A refinance can mean a lower monthly payment, a lower rate, or both – putting more money back in your pocket for the things that matter most.
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5. Set fun challenges for yourself
Another sneaky way to save money without feeling like you’re saving money is to turn it into a game or challenge for yourself. You could try eating vegetarian for a week, or take out your treat budget in cash and see how far you can stretch it. Challenge yourself to cook recipes from a specific cookbook or to make meals out of what you already have in your freezer and pantry.
As well as having money saving potential, giving yourself projects – like sanding and repainting a thrift shop bookshelf or learning to patch your own clothes – can help you build money-saving skills and keep you excited and interested in low cost activities. A lot of saving money is a mental game – if you can learn to actually enjoy and want to do and try less expensive things, you can make saving money a breeze.
6. Become a food waste warrior
Americans waste tons of food each year. As well as being hard on the environment, it’s a big waste of money. The good news is, becoming more conscientious about food waste can also mean spending less on food.
There are tons of great resources for people who want to master zero-waste cooking, and many companies that help connect food that might otherwise go to waste to people who want it at a discount. There are several companies that offer perfectly good fruits and vegetables that grocery stores won’t sell because they’re oddly shaped or too large or too small. There are apps where you can buy deeply discounted meals and baked goods from local eateries that have extras that won’t be sellable by the next day.
Some might worry that they’re taking away food from people who need it, but statistically much of that food isn’t going to find someone who wants it before it goes bad. Buying bread from a bakery on discount at the end of the day is doing a favor to the people along the food chain who worked so hard to grow the wheat, ship the flour, bake the bread, who don’t want to see it end up in a landfill just because no one will want to buy it tomorrow.
7. Join a buy nothing group
Buy nothing groups have become much more common in the last 5-10 years. They’re usually location-based, so you’d join one for your neighborhood or community, and can typically be found on social media.
The idea of buy nothing groups is that, often, we only need things for a certain amount of time, and don’t use everything we have every day. If your neighbor needs an extra blender for a party, you might lend her yours for the day, rather than her going out and buying one. If you have a child who’s outgrown their old clothes, you might find another mom whose child is just growing into that size to give the clothes to. This is something people do naturally anyway with those they know – neighborhood groups just expand the circle of people you can ask and give.
Doing this can prevent old clothes and electronics from ending up in landfills and help everyone spend less over time.
8. Revisit old favorites
Sometimes, you don’t need something new – you just need to dig into the back of a closet. Rereading a book you loved in college, shining an old pair of shoes, depilling an old jacket, plugging the InstaPot back in, digging out a board game you used to love can all be a boost. And old clothes can be mixed and matched to look in style again with a little creativity.
Most of us have something in the house we’ve never touched or loved once but haven’t thought about in a long time. Dusting off whatever that is for you and falling in love with it again is a great way to feel like you’re changing things up without spending a penny!
9. Throw time at big purchases
Despite being at number nine, this is one of the most important items on this list. Many of the things we’ve talked about focus on small purchases. When it comes to big purchases, this is the top tip for financial experts everywhere. If you want something that will be a big purchase for your budget, do all the research you want, and then wait a month and see how you feel. If you still want it in a month – and it’s worth the cost to you, and you can afford it – then you can decide to move forward with the purchase.
For expensive non-essentials, this buffer time can help you avoid unnecessary impulse purchases and help you put the cost in perspective relative to your work and other expenses.
10. Save with coupons and points
Last but certainly not least, one of the easiest ways to save without lifting a finger is to pay attention to coupons and sales, and time necessary purchases to ensure you get the best deal on them. Loyalty programs, points, sales, coupons – making them part of your spending plans can pay off royally. Most grocery stores and pharmacies have loyalty programs, and of course there are often sales around certain holidays, but you can get even more granular, choosing coffee shops with punch cards or downloading the apps for your favorite chains.
Use These 10 Tips For Saving Money To Simplify Spending Less
We’ve all heard the old adage, “a penny saved is a penny earned.” Some of these tricks might seem small, but add them up and you’ll be saving a pretty penny in no time.
Start now by finding out how much you can save on your auto loan
When you refinance your vehicle with Auto Approve, you get personalized help to make sure you find the best deal for you. And once you choose your new loan, we do the paperwork for you, meaning you save not just money, but time too.