54 Ways to Save Your Money

I know you’ve heard the saying, “It’s not about how much you earn. It’s about how much you save.” There’s a lot of truth to this adage. For most people, achieving financial freedom or early retirement takes a lot of sacrifices. Living beneath your means is imperative if you are to meet your goals. In today’s world, this is easier said than done with price increases everywhere we turn, the subscription movement, and targeted advertising that knows our individualized tastes and weaknesses.

So, here goes. 54 ways to save more of the money you are already making. Try instituting one of these ideas each week for a year. You’ll be shocked at the savings!

Do It Yourself

Bring your own lunch to work or school. Eating out regularly quickly adds up. It’s estimated that an average lunch costs between $10 and $11 dollars per day, which adds up to more than $2600 per year. Preparing your lunch at home should save around $1200 per year. While this will take some planning and preparation, you’re sure to also eat healthier!
Recycle Track Systems stated that nearly 60 million tons of food is wasted in the US alone each year. Freeze leftovers for easy meals later, even if it’s just one serving. There’s no rule that says everyone in the house must eat the same meal when gathering for dinner. Be sure to label and date it clearly. Switch it over from the freezer to the fridge the night before or in the morning. Or… bring it to work for lunch. This will save you both money and time.
Skip the high-end coffee shops and make your own coffee at home. Spend some time perfecting your favorite brew so it won’t feel like a sacrifice. Depending on your coffee preferences, it’s estimated that you’ll save between $300 and $700 per year.
Save $1000 per year by doing your own manicures and pedicures. Purchase a couple of your favorite polishes, a good nail care set, and splurge on a great sugar scrub or another similar exfoliant. This is the perfect opportunity to bond with you mom, daughter, or a friend. Put on your favorite music, partially fill your tub, turn on the jets if you have them and enjoy the experience.
Dry cleaning is necessary when clothing tags say, “Dry Clean Only”. For any items that say “Dry Clean” you can use the at home kits by Dryel or Woolite, which can be purchased at various grocery and larger retail stores. Alternatively, you can research the type of fabric and some can be hand washed.
Grab your garden hose, some old soft rags, and some soap to wash your car on your own. Enlist help from your kids and enjoy being together and teaching them a little about elbow grease. (Savings $10-$25 per wash)
Learning to sew some simple stitches will allow you to sew buttons, make small repairs on your clothing, or hem pants or skirts (saving $20). You could also hem curtains (saving $20-35 per panel) for semi-custom drapes.
Make your own weed killer. A popular recipe I found on HGTV combines 1 gallon of white vinegar, 1 cup of salt, and 1 tablespoon of dishwashing liquid. Put the mixture in a spray bottle and spray the weeds in the sunniest part of the day. Avoid overspray onto plants that you want to keep. This costs a fraction of name brand herbicides (which don’t even always work here in the south) and is less troublesome for the environment. It may not eradicate the toughest of weeds in your area, but you will be using the expensive stuff much more sparingly.
You can also make some of your own cleaning supplies. You will need to purchase a few spray bottles and have a Sharpie to properly label them. A 50-50 mixture of plain vinegar and water is an excellent glass and mirror cleaner. Just avoid getting the spray on the frames. I clean my computer screen with a 50-50 mixture of hydrogen peroxide and water sprayed on a soft cloth. Instead of using chemicals for dusting or purchasing one-use dusting cloths, I buy re-usable microfiber cloths and dampen them slightly. I just rinse them out and throw them in the wash when I’m done.
Do your own housework. In my area, hiring an individual to clean your home costs between $35 to $50 per hour. If you’ve got the extra funds and your time is worth more, go for it. But if not, ease your burden by committing to 30 min per day so that it doesn’t get overwhelming. Enlist help from the other family members as well. There are tons of schedules, printables, and breakdowns online to keep your organized.
Bake Birthday cakes at home instead of purchasing them from the store. This is another task that can be fun for other family members to be involved in, learn about baking, and increase your quality time together. Start a Pinterest board and gather some recipes to try. While Walmart advertises a customizable sheetcake for $10, most other bakeries start their cake prices around $25. Tiered or specialty cakes are more expensive.

Saving At The Grocery

Stop purchasing bottled water. Not only will it save you money and the earth, but it will also save your back from hauling the bulky packs of bottles over the years. Invest in a good quality water filter pitcher or replace the one in your fridge when needed.
I can’t be the only person that drinks her coffee through a straw! I love coffee but don’t want it to stain my teeth. I began using plastic straws years ago but wised up when I found some metal reusable ones. It comes with a little brush to clean it thoroughly and doesn’t change the taste of my coffee. It came in a pack of three and I don’t ever have to buy disposable ones again.
Consider saving money on toilet paper by installing a bidet from Clear Rear. Given rave reviews by a patient who ordered one in preparation for having a hand surgery, this bidet, called The Buttler, attaches to your existing toilet. My patient mentioned that they still use a small amount of toilet paper to pat dry. Online reviewers claim that it cuts TP use by 60%, saving you…well… a buttload (not a word in my normal vocabulary, but it seemed so fitting!)
Check price tags and opt for the store brands when they’re less expensive. I believe that you get what you pay for but for frequently used items like household cleaners, dry food goods, toothpaste, etc. purchasing the no-name-brand can be the way to go. Many supermarkets and larger retail chains have their own brand for a large number of items from toothpaste to spices. These store brand items are usually a good bit less expensive and at times are even manufactured in the US, supporting our national economy and jobs. Look closely at the price per unit though, as sometimes a name brand with a coupon just might beat the store brand.
Purchase whole fruit, veggies, and meats and cut them up yourself to save at the grocery store. Precut fruit and meat are more costly due to the labor involved in prepping and repackaging.

Eating out

Get in the habit of drinking water with lemon when eating out. Restaurant beverages are historically known for being overpriced, which inflates your bill. Water is better for your body and a squeeze of lemon boosts your immune system and aids in digestion. Your body needs the hydration.
Avoid alcoholic beverages when dining out. While I love a glass of wine with dinner, recent prices in my area are upwards of $12-20 per glass.
Ask your wait staff about fees before paying the bill. In my area, just recently, many restaurants are charging their 3.5% fee for using a credit card back to the customer. While I love the points on my credit card, I’d pay cash at these restaurants before paying the extra fees.

Clothing and Products

If you have a clothing addiction, it just might be a good idea to try to sell some pieces you don’t wear anymore. Poshmark, ThredUp, and TheRealReal are sites that cater to fashion. Make it a rule that you sell one piece before purchasing a new one. This will also help you control clutter. Or find a local consignment store.
Focus most of your wardrobe on classic pieces that don’t go out of style…the little black dress, for instance. You’ll get the most use out of these and can splurge on a few trendy pieces as your accents or pops of color.
Smart phone prices have become quite high. Update your phone regularly and keep it until you have to get a new one. Purchasing the newest version just because there is a newer version won’t help your savings account. When you do need to purchase a new phone, does the latest version have features that you need? Buying a new phone that is a version or 2 behind is usually less expensive.
Get your friends and/or family together for an Exchange Party. We all buy things that we end up not needing or not liking but someone else may have use for. Organizing a get together where the attendees bring these items can be fun and fiscally responsible. Items to exchange could be cosmetics (the color just didn’t work) or hair care products, cleaning products, household items, books, or even dry goods. It’s an excuse to get together and try something new.
For anything that you don’t sell, whether clothes or household items, consider donating to a local charity. Keep a list of the items, the value you attribute to it, and take a photo of the items before you drop them off. Include the receipt from the charity with the other items and submit it to your tax specialist. There is a maximum amount that can be claimed each year, but every little bit adds up!

Shopping

If you’re an Amazon shopper, save expensive purchases for Prime Day. After searching for the best price on an iRobot vacuum, I ordered one on sale from Overstock. Much to my disappointment, I received a cancellation email a few days later. I hadn’t had time to start looking at sales again when a patient mentioned it was Prime Day. I checked and it was an even better price!
When buying appliances, catching a sale is a must. The big box stores tend to have the best prices around holidays, even the smaller ones. So, if it’s not an emergency buy, time it accordingly.
Take it a step further by saving a snapshot of The Penny Hoarder’s graphic “The Best Time to Buy” in your photo favorites. It’s broken down by month for the best time to buy a myriad of items. This way, you can have a quick reference and avoid impulse buys.
Sign up for Capital One Shopping, a free program that searches for current coupon codes and better prices to prevent you from overpaying. This amazing tool can be downloaded as an extension on your laptop browser or as an app for your phone. And, you don’t have to be a Capital One customer to use it.
Avoid convenience store purchases. Most items are overpriced because you are paying for …well, the convenience of running in and out quickly. I’m thinking mainly about drinks and snacks. This is also true for drinks at fast food restaurant, where most of the cup is filled with ice. Buy your drinks at the grocery or membership-based stores and bring them with you when possible.
Shop at thrift stores or consignment shops for some really good finds. For instance, I found the chandelier in my foyer at a thrift shop and purchased it for $7. It’s one of my favorites and was a fraction of the cost of others in my home.

If I need a piece of furniture, I usually check these stores first. Often, you’ll find pieces that are in great shape, are real wood, and are built well for around $200 compared to a new piece that is made of laminates and pressboard for almost $1000. You can also find some great clothing deals at these stores. Give it a try!

Your Home

If you put less than a 20% down payment when purchasing your home, it’s likely that you have Private Mortgage Insurance (PMI) added to your monthly bill. According to Bankrate.com, lenders are required to cancel your PMI when your mortgage balance reaches 78% or when the mortgage reaches its halfway point. But if your account is in good standing, you can request that it be canceled when the mortgage balance reaches 80%. That 2% difference could save you thousands. Your lender likely will insist that you be current on the payments, have a good payment history, and are free from additional liens. You may also be required to pay for an updated appraisal.

If you’ve renovated your home, you could reach this much sooner if the appraised value has increased substantially. It never hurts to ask your mortgage company earlier, but you still will likely need to pay for an updated appraisal. Consider requesting the same appraiser used when you purchased the home. Since the initial research is done, ask for a discount. Not all appraisers will oblige, but you may get lucky.

If you have an FHA loan, the requirements are not so cut and dry. It depends on two factors. The first is whether you applied for your loan before or after June 3, 2013 and the second is based on how much down payment you paid initially. For some FHA loans, PMI is required for the life of the loan. A simple google search should help you figure out where you stand and if you should contact your lender.

As a homeowner, having a reserve account for unexpected repairs is important. Many banks offer savings accounts that round up your purchase amounts and transfer the difference into a savings account. I recommend also doing this with any change you accumulate throughout the year. Get a jar or vase to corral all your loose change and at the end of the year, add it to your round up savings account. Use this account to offset unexpected repairs and expenses.
When things quit working at home, take a minute to trouble shoot on YouTube. These days, there are videos on everything. A few years ago, I went to visit my mom and she told me how her clothes dryer started acting up. She said, “I fixed it myself by watching a YouTube video.” She ordered the part and replaced it herself. Service calls for plumbers, electricians, and appliance repair services are a minimum of $80 just to come out. That’s before any parts or labor. You won’t be able to fix everything yourself, but it’s worth a few minutes of research to see if it is something simple that you can do at home.
If you are single, living with a roommate can save you a bundle. Housing costs are usually the priciest item on a budget, regardless of whether you are a renter or homeowner. The price of a one bedroom apartment in my area is pretty high ($1450-$1720) while a two bedroom unit is much more cost effective ($1618-$2060 in the same complex). You can also reduce the cost of your utilities this way.

Banking

Choose banks that have free checking or savings account or will waive the fees with certain conditions. These conditions are usually keeping a minimum balance in the account, signing up for direct deposit, or limiting the number of transactions each month.
Avoid using ATMs at banks other than your own. These fees can really add up. Plan ahead accordingly to make sure you have the cash you need on hand from your own bank.

Insurance

Property insurance costs can take a large part of your annual budget, something we know all too well in the great state of Louisiana right now. A local insurance expert in my area reports that each company has its own rules and dollar amounts for discounts. Some have time limits and must be renewed. Others add new discounts from time to time. He recommends mentioning the following to your agent to maximize savings:

If the home is in a gated community
Monitored security system, water leak sensors, and/or smoke detectors
Deadbolts on exterior doors
New construction
Hip Roof
New Roof
Hail resistant roof
Architectural shingles
Storm shutters
Updated wiring and/or plumbing
Fire resistive construction
Sprinklers and/or Fire extinguisher
Smoke Free
Multi-policy and bundling
New customer or company loyalty
Claim free history

If you live in a state that has recently had extremely high price increases due to named storms or other inclement weather, consider a Fortified roof when it’s time for a replacement. In my area, insurance carriers are advertising discounts on premiums from 20-52%. There are also grant programs in place to help offset the cost differences.
To get the best car insurance rates, work on obtaining stellar payment history on all your bills. In the U.S., most insurance companies use certain aspects of your credit score, namely the length of your credit history and your payment history to come up with an insurance-based credit score. This score has been found to be a reliable predictor of risk. It is used along with your driving and claims history when determining your premium.

Utilities

Utility costs are another big budget item. With energy prices increasing each year, make an effort to reduce your bill. If you’re not already using a programmable or smart thermostat, purchase one soon. It pays for itself quickly if you use it. There are options that allow you to program each day of the week and others that let you separate the weekends from a weekday for those with standard work schedules. The idea is that you will reduce your costs by $200-$300 per year by not heating or cooling the house while everyone is away at work or school.
Consider upgrading to a new air conditioning and/or heating unit. I was dreading the day our unit went caput and cringed at the cost of the new one, but my electicity bill went from $500-600 bills each month to $200-300. I was shocked at how inefficient the old unit really was!
Research the types of residential programs your electric company sponsors. My power company has 3 options for consumers. The first is a rebate program for certain energy efficient necessities, such as heat pumps, air conditioners, water heaters, pool pumps, and thermostats. The second is an online energy audit, which makes recommendations based on the data you provide and finds any incentives or rebates that you are eligible for. The last program is an on-site weatherization. A contractor schedules a visit to your home that lasts several hours. They look for air leaks and other factors that limit the energy efficiency of your home. Recommendations are made such as sealing ducts, adding blown in insulation, LED bulbs, etc. It’s offered as no cost to the consumer in my area.

Vacation and Leisure

Consider signing up for sites like Home Exchange, HomeStay, or LoveHomeSwap for your vacations. Most of these sites charge an annual fee to be a member but have between 50,000 and 150,000 members worldwide. There are several different programs but the general idea is to stay in another member’s home while on vacation. They may be interested in reciprocating and staying in your home during the same time frame or in receiving guest points that they can use anytime to stay in a different location.

Evergreen Vacation Club is a network of members over 50 who are willing to “rent out” their guest rooms to other members. An annual membership is required and you pay an additional $15-20 gratuity to your host per day. They provide you with a comfortable guest room, breakfast, and friendly advice on the local area. They’ve been doing business since 1982 and I learned about it from a patient who has traveled this way for years. She loves it! I’m not 50 yet, but I’ll be signing up when I am.

If you love to read, sign up at your local library. Most libraries are free, but you do need to provide a picture ID showing that you live in that county or parish. Many have online options for you to rent out books on Kindle. The books can even be renewed and returned online.
Explore free and low-cost entertainment options for date nights and family days. Outdoor concerts, block parties, and museum exhibitions are just the beginning.

Memberships and Subscriptions

Many people pay monthly for gym memberships that they do not use. Instead check out YouTube. There are so many options for all levels of fitness and they’re free!
Create an account for toll roads. Even if you travel them occasionally, you will save money and time. The toll in my area is 44% less if you have a tag and it’s amazing how much faster it is. 11 cars go through in the time it takes one to pay! You can make an initial deposit to your account and set it up on auto-replenish. Very convenient!
Since subscriptions have taken over the world, companies and entrepreneurs are reveling in recurring income. Remember when we were able to purchase something we needed just once? Now because of updates, everything is a monthly subscription. For the consumer, it’s easy to think “It’s only $2.99 per month.” But depending on how many of these you have, it can really add up. Obviously, it’s fine if it’s something that you use frequently. But, if you don’t use it, the extra steps required to cancel the subscription may leads to months of paying for it anyway. Make it a point to analyze your list of subscriptions, once a month, once a quarter, or whatever works for you. Put it on your schedule. That way, you can cancel unused apps and keep your money for yourself.

Pets

Check into pet product websites for your pet food, medicine, and other items. My favorite is Chewy.com. They offer competitive prices, fast delivery, and extra discounts for auto shipments for your repeat purchases. They send email reminders and it’s easy to change shipping timelines or skip items you don’t need to refill just yet. When combined with it being delivered to your front door, saving your back and money on gas, this one is a win-win.
When getting a new family pet, consider a rescue from animal shelters. “Designer” dogs and cats are expensive while one from a shelter is often less than $100, which covers some of their vaccinations and care. I grew up with pure bred Labradors, but have my first rescue right now. (I should have listened to my college friend, Kerri, sooner!) Charlie did need an adjustment period and was very timid at first. But, as he’s gotten used to our household, he has let his personality shine. He is both charming and a rapscallion at the same time with a zest for life I’ve not seen in my other dogs. He seems to be grateful for his new family, warm bed, and endless amounts of treats and regular meals. But he’s not quite grateful enough to not jump on the couch (aluminum foil works here), chase through the woods after squirrels and the occasional skunk (that was a fun evening), or run through the fence if another dog goes by (added chicken wire). He keeps us on our toes even though he’s the oldest of the bunch and he wins hearts everywhere he goes.

Savings Essentials

In a world where we can see what everyone else has or is doing, focus on what’s important. Buying items to “Keep Up with the Jones’” is a trap for your bank account. Just because your neighbor or best friend has a new BMW, doesn’t mean you have to. This is one of the premises in the book, “The Millionaire Next Door.” The wealthiest people are sometimes the people you’d least expect. They drive regular cars, live in homes beneath their means, and don’t dress in high style. They haven’t gotten caught up in buying expensive items to “keep up” or “fit in.”
Make it a rule to buy luxury items only if you have the cash in your bank account to pay for it. While you may pay with a credit card to get reward points, you should be able to pay it off at the end of the month to avoid paying interest. If this isn’t the case, ask yourself, “Do I really need this? Is it worth delaying financial freedom for it?”
Institute the old rule of paying yourself first. This means putting money into your savings account is the first thing you do, before you pay your bills. This strategy is meant to teach you to live on less.
If offered, never pass up an opportunity to participate in an employer sponsored retirement account, such as a 401K (or SEP if self-employed). This money will be taken out of your paycheck before it gets to you, reducing your current taxes. Since it gets invested, you cannot access it easily. Many companies match your contribution, which is a huge bonus to you. Talk to a financial planner or CPA regarding this and other options, such as IRAs, to help you save.

While frugal living may not feel fun at first, once you see how much more money stays in your pocket, I’m confident you’ll be in it for the long haul. Getting your family to buy in may be difficult, so try to make it fun. Turn it into a weekly contest of who saved the most or put the money aside for an end goal… that long awaited vacation, building family memories, or something on your bucket list. Who knows? You may find that saving together gives you an added benefit of bringing your family closer.

I’d love to hear your favorite ways to save!