42 Easy Ways to Save Money

There are some innovative ways to save money and keep cash in your pocket, enabling you to be more money-conscious. And when you’re more money-conscious, you’re better equipped to focus on financial goals and increase your financial literacy.

Our 42 easy ways to save money take you through some simple strategies to save a few dollars, right through to some tough negotiations that could save you thousands.

Best Ways to Save Money Today

It helps to break things down into categories that will make it easier for you to maximize your potential. For example, your home, commute, leisure, and use of products may all have hidden savings.

Easy Ways to Save Money At Home

Your home is a treasure trove of undiscovered cash reserves.  

1. Get rid of old or underused items by selling them at a yard sale or online

2. Convert old appliances to energy-saving appliances

3. Change your curtains to manage the weather better

4. Add rugs and carpets to reduce your heating bill

5. Make your own powdered baking mixes and store them in airtight jars until you’re ready to use them

6. Maintain and service your HVAC unit regularly

7. Get plumbing leaks checked out while they’re still small

8. Spend less on ordering-in by preplanning and precooking meals for the week ahead

9. Make your own snacks

10. Keep your thermostat to a comfortable temperature throughout the year

After looking at your monthly expenses, you may find even more ways to save.

Easy Ways to Save Money At Work

Going to work costs money. You need to dress the part, eat, and commute. So make it worth your money.

11. Carpool to work if you can

12. Buy a reliable car that’s low-cost to maintain and low on fuel

13. Clean out the heavy stuff from the trunk—it just adds to your fuel bill

14. Ensure your tire pressure is correct

15. Pack your lunch and snacks

16. Drink the free refreshments provided

17. Keep a change of clothes at work in case of a spill, so you don’t have to run out and buy something new

18. Buy good shoes and purses to reduce the number of times they need to be replaced

19. Calculate your commute cost to property prices to make sure you live a comparable distance away in order to benefit from reduced costs

20. Get a bike or invest in great sneakers for a walk. Even if this means getting off a few blocks before work or home to get in some cardio and save on gym fees

Easy Ways to Save Money with Your Banking

While it may seem like your fees and rates are set in stone, they’re not. Negotiate with your bank to make sure you’re always getting the best deal.

21. Increase your credit score. It unlocks great savings on credit products and opens up numerous financial doors for you, such as access to unique products that could be useful.

22. Compare your credit card products with new credit card products on the market. A lot has changed in the last ten years - from 0% balance transfer cards to those with no annual service fees

23. Refinance your mortgage to a lower APR and/or lower term. This will save hundreds to thousands of dollars over the loan period

24. Save up for a bigger downpayment on your house and car to save on the overall interest

25. Negotiate your monthly maintenance fees or savings account fees or meet the minimum account requirements not to pay these fees. (Or switch to a bank with no fees.)

26. Settle your credit card in full every month to benefit from interest savings

27. Compare savings plans to get the highest interest rates. For instance, those offered by online banks

28. Know which transactions charge extra fees on your bank account and avoid them

29. Keep within your facility limits to avoid penalty fees such as at the ATM

30. Switch to digital banking to capitalize on reduced costs

Easy Ways to Save Money with Your Investments

31. Be sure to look at fund fees before deciding on an investment type

32. Try managing your own investments as managed funds tend to be more expensive

33. Don’t move your investments around too much, as there are costs involved in disinvestments and reinvestments

34. Fixed-term investments that have guarantees may charge penalty fees for early withdrawals

35. Some investment types carry a higher tax burden, so discuss investment options with a professional who can advise on investments and tax implications

36. Working through a broker can be expensive. For beginners who are still testing the markets and investing small, robo-advisors might be a good call.

37. Keep the accounts funded above the required threshold to avoid dormant costs

And you might even want to look at how to invest small amounts of money over time.

Easy Ways to Save Money in Everyday Life

38. Opt for a gym contract that doesn’t necessarily include all the bells and whistles, just what you need

39. Negotiate the fees of your gym contracts, cable, internet, and any other service you’re using on a monthly basis. If they’re guaranteed repeat business from you, they might agree to lower your costs.

40. Book parking in advance where possible to avoid having to use paid parking, especially in inner cities

41. Services such as Uber and Bolt offer loyalty rewards, whereas regular taxi services do not

42. Sign up for rewards programs and memberships with every service you use frequently. The combination of all the savings from these companies is well worth the while.

And here are some bonus tips on how to save money shopping and thrift store shopping.

The Easiest Way To Save Money

Saving is a powerful tool to help you meet financial goals and live your best life. Opening pockets of savings is within grasp, you just need to know where to look.

Sometimes it helps to have a partner who can help you take on saving, spending, and investing without fees. See if Monorail is a good first step for your savings journey.

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