20+ Fast Simple Ideas To Save More Money

Did you know that you could easily save more money by putting these ideas into action? You don’t need a fancy plan or a lot of motivation to save more money because all these tips will allow you to make better money-saving decisions quickly and easily.

 

Take a look at our 20+ fast, simple ideas to save more money so you’ll have a much fatter bank account in only a year!

1. Create Your Budget

A budget is simply a plan where you keep track of all the money you’ll make and spend, so you’ll always know how to spend and keep your money in your preferred way. Having a strong budget plan will let you meet your long-term financial goals, protect yourself from unfortunate events, and prevent yourself from risky spending habits.

 

It’s recommended to make a budget every month or year. You can use the popular 50/30/20 budget by devoting 50% of your after-tax income to necessities, 30% to wants, and 20% to savings and any debt payments. For your wants categories, if you happen to exceed the allocated spending amount in one, you can reduce the allocation of any other one to make up for the amount you exceeded.

2. Don't Buy What You Don't Need

Yes, it’s that simple. People are spending too much on what they don’t need. The average adult in the USA spends $1,497 a month on nonessential items, according to a report of USAToday. That’s roughly $18,000 a year on things we can all do without.

 

You’ll always save more money when you don’t buy, no matter how much the item is discounted. Don’t buy cheap things for cheap’s sake. You’ll also have a healthier and neater lifestyle when you are not cluttered by too many things around your house.

3. Use The 30-Day Rule

You might know what impulse buying is every time you’re on Amazon to relieve some stress. $314 is how much the average American spends monthly on impulse purchases, according to a report of CNBC. That’s a lot of money that could have been saved for better causes. The 30-day rule is the strategy you need to avoid wasting money like that.

 

Every time something catches your eye and makes you feel like buying impulsively, take a step back and ask yourself, “Do I really need this right now?” If you have any initial hesitation, give yourself a 30-day delay. If you still want to buy the item after 30 days, you can go for it. It’s simple but super effective to save your money.

4. Track Your Spending

You’re likely to spend more than you need without knowing. When you track your spending, you’ll have a bird’s-eye view of your spending habits and make adjustments to suit your needs and goals better.

 

You can use your notebook, a spreadsheet, or an app to record every of your purchase. Note down every single purchase, even something as small as a $2 ice cream cone. Add up the total, see what purchase it contains, and decide which purchase you can eliminate next time to keep your spending in better control.

5. Plan No-spend Days

You should set up days when you don’t spend on anything other than mandatory bills. This strategy can help you boost your savings tremendously and train yourself to think deeper about how you spend your money. Think of it as a small challenge for your delayed financial rewards.

 

You can pick one or two days in a month, like January, when people just got over Christmas and don’t feel like going out. Prepare your food and anything you need to make sure you won’t have to spend anything then. Let your people know of your challenge beforehand to avoid any inconvenience.

6. Use Cash-back Apps & Discounts

You can save quite good money by using cash-back apps and discounts when you shop. Research the best cash-back apps, look for participating merchants and shop there every time you can. Also, look for discounts and rewards you have and use the reasonable ones to buy without spending more.

 

Be careful not to shop just to get more points and rewards because you’ll spend more instead of saving. Only make the purchases you need in the first place.

7. Pay Attention To Brand Names

Some products cost more than their equivalents just because their “names” are more expensive. Americans are wasting an estimated $44 billion a year on buying brand names products over generic ones, according to a recent study published on the National Bureau of Economic Research.

 

By cutting down the money you spend on needless brand names, you can save a lot of money for other purposes. The same paper above suggests that better informed consumers could reasonably save more than a billion dollars a year buying generic products that are roughly identical to brand versions.

8. Have Your Savings Plan With Goals

Hearts & Wallets’ report shows 52% of households save at least 10% of their income for retirement with written financial plans, while only 36% of households without a written financial plan manage to save that amount. A clear plan with reasonable goals will help you save successfully as well as prevent yourself from sabotaging your money.

 

You can start by setting specific but realistic goals, such as “save $10000 in an IRA this year” or “pay off 50% of my credit card debt this month.” When you have all your goals laid out, start building your plan with details of where, why, and how your money flows among five categories: income, spending, savings, investing, and protection.

9. Automate Your Savings

If you’re not confident in contributing to your savings, consider signing up for accounts or using apps that automate your contributions for you. The money you want to save will automatically go from your checking account to your savings accounts every month without you doing anything. You’ll worry less about your savings and still achieve your goals with your automatic savings accounts.

 

You can sign up for a retirement savings plan or cash savings account at your employer. You can also download and use your bank’s online app or third-party apps like Acorns, Stash, and Digit. Follow the instructions to open your automatic savings account and set up your contributions.

10. Build Your Saving Habits

Research found that about 45 percent of people’s activities were almost habitual. When saving has become a strong habit of yours, everything will get so much easier and smoother for you to reach your financial goals.

 

Start building your saving habits by adjusting your daily spending and saving habits. Every time you want some coffee, ask yourself whether you can make it yourself rather than buy it. Every time you receive your paycheck, always put the same amount for saving first and foremost. Habits always start small and grow as long as you keep maintaining them.

11. Maximize Your Retirement Savings Plan

If you haven’t saved for your retirement yet, you should start right now, no matter what. A retirement account could be the biggest asset of your life. It’s always nice to have an abundance of cash available for your needs when you no longer work for paychecks anymore.

 

You can immediately open a 401(k) or a 403(b) at your company or an IRA if you don’t work for anyone. Learn compound interest and how it’ll build your wealth in the long run. Always receive the full employer matches to keep filling your retirement account.

12. Review Your Money Weekly

It’s a good habit to review what you earn and spend every week to make sure you’re not straying away from your goals and adapting to your life changes. You’ll need to review your earnings and spendings in each life category and your investments to make necessary updates.

 

You can use spreadsheets to review your money weekly. You can also use apps like YNAB and Mint to make the process easier and more fun.

13. Sell What You Don’t Need

You’d be surprised to find out how much you can make by selling items you no longer need. You’ll also have more space and less clutter in your house. Make sure you know the value of an item before selling it to avoid any regret that you could sell it for more.

 

You can have an old-fashioned garage sale or use online platforms like eBay and Craiglist. Look at your closet, attic, garage, or storage spaces to find anything you can sell, such as an old dress or a pair of skis.

14. Thrift Shopping

Thrift shoppers save about $150 a month, or $1,760 a year, on average, by thrifting around for gently used items, according to Coupon Follow. You could save that amount of money for other emergencies while making good purchases that still satisfy your needs.

 

You can visit your local thrift shops and flea markets or search around for garage sales. You can also use online platforms like eBay and Craiglist to find what you need more easily from the comfort of your home.

15. DIY Everything You Can

DIY can be fun and also save you a lot of money on things you could have done or made yourself. In most common cases, the cost of materials and a fast Google or Youtube search will save you a hefty amount of money.

 

Before your DIY projects, make sure you’ve owned or borrowed all the tools you need instead of having to buy them. If you’re not capable of handling DIY tasks properly, ask a friend or neighbor for help so you won’t accidentally damage anything in your house.

16. Cancel Your Subscriptions

According to research by Wealthify, the average person spends $12.58 a month on subscriptions they rarely use or don’t use at all, which are $150.95 each year. That’s a lot of costs for the time you don’t use the services you subscribed to. Wasted subscriptions can harm your financial goals in the long run.

Take a look at all your subscriptions, and get rid of the ones you don’t need every time. You should avoid signing up for free trials that require payment information or at least set a reminder to cancel them before the free trial ends.

17. Plan Your Grocery Shopping

Many people tend to buy more groceries than they first intend to because supermarkets are designed to influence visitors to spend as they wander around. You can save more money and also time by making a shopping list before every grocery trip. 

 

Look at what you already have in your kitchen and make a list of what you need to buy every grocery trip. Avoid adding items to your trolley if you didn’t have them in your list. Ask the staff for locations of the items on your list to prevent yourself from wandering around.

18. Make Your Own Coffee

You’ve probably heard this advice a million times before, but they do actually work wonderfully. According to Business Insider, those who only buy their coffee pay between $240 and $1,200 a year, while those who make their own coffee only pay $45 for everything, including the equipment and the ingredients.

 

Make sure you can buy your ingredients in bulk so you can save even more compared to buying at retail prices. Though it’s perfectly possible to do without a coffee machine, consider investing in one if you have the budget to make your coffee easier, quicker, and more joyful!

19. Cook & Pack Your Own Meals

According to The Bureau of Labor Statistics, the average household spends $3,008 annually on food prepared away from home, including restaurant dining and takeout expenses. If you can save $5 every time you bring your own lunch from home to work, you can save up to $1250 every year for your budget.

 

You should make meals that can easily be heated and served to save more time and effort. You can also plan to use your leftovers and take small steps to reduce dining out each month to save even more.

20. Use Public Transportation

According to American Public Transport Association, a household can save nearly $10,000 a year by taking public transportation and living with one less car. You’ll also worry less about gasoline prices as well as car maintenance costs since all you have to do now is to pay the public transportation fee every time you use one.

 

You can start small by allocating as little as one day per week to not using your car and commuting by bus or train. You can increase that number up until you feel completely good to sell your car and use only public transportation.

21. Start Learning More About Personal Finance

Schools don’t teach people about money, that’s why so many are unaware and making financial mistakes every day. According to an article of CNBC, those who said they weren’t financially literate spent more than $10,000 in 2022. Personal finance is definitely the key to building your wealth and preventing yourself from bad money decisions

You can start by reading more blogs like this one, watching personal finance videos, reading books, and taking courses. Many of these resources are free for you to learn, and those that cost may even bring you more benefits and support you never had. Knowledge is power; the more you have it, the more power you have over your money.

22. Fall In Love With Your Process

Saving money and building wealth is a journey, not a destination. It’s perfectly normal to feel unpleasant during your process, but you’ll have a much easier time if you learn how to value your efforts and love your journey despite the challenges. After all, you’ll absolutely feel proud of yourself for not giving up and the wealth that you’ve built.

 

Whenever you have any negative thoughts or doubts that you can’t continue anymore, try to remember all the challenges you’ve overcome and remind yourself that it’s just another milestone in your journey. By the time you retire, you’ll look back and thank yourself for all the consistency you’ve built over so many years.


Have fun saving more money for your future!