25 Ways To Save More Money

Saving money can be like going to the gym. Hard to get started, hard to maintain, but reaps huge rewards.

What’s that? You don’t have any money to spare for a savings account? You need every cent? You can’t possibly save more money?

Think about it this way. What if someone near and dear to your heart was gravely ill. You’d find some way to help them or be there for them, right? I know I would.

It should be the same for our savings. We should be willing to try unconventional methods, hoard loose change, pinch pennies, whatever in order to watch our savings grow.

25 ways to save more money

This list of 25 to save more more money will do just that, help you save more money. Whether it be for a home improvement project, new car, retirement, whatever!

25 Ways To Save More Money

  1. Pay yourself first. Treat your savings account like any other bill. Every pay check, set aside at least a few bucks to deposit.
  2. Collect coins. Grab an empty jar and collect all the coins you can. Change from fast food restaurants, pennies on the sidewalk, etc. Take the jar full of change to deposit at the end of every month. You’ll be surprised how quickly it can add up.
  3. Deposit your refunds. If you receive a refund on a product you’ve purchases (like a lot of couponers do), just deposit the check right away.
  4. Continue making payments. Are you paying off a loan or bill and it’s almost paid off? Once it’s paid, keep making the same payments, but into your savings account instead. You’ll wallet will hardly know the difference.
  5. Stop expensive habits. Are you buying breakfast everyday? Starbucks or Dunkin? Stop it and deposit into savings the amount you would’ve spent. If you’re getting a small vanilla coolatte every morning before work, that could easily add up to $15 more in your savings each week.
  6. Increase your earnings by investing. Rather than a savings account with a 4% yield, invest in a longterm CD, treasury bill or savings bond.
  7. Join a credit union. Couple of reasons: better rates and lower fees, personal service by other account holders, and tons of other financial services.
  8. Buy a U.S. Savings Bond. Invest $25 and get back $50 in 5 years, so best for long term goals. Many employers also offer a payroll deduction program in conjunction with purchasing bonds.
  9. Take advantage of direct deposit. If you aren’t and you’re paying to cash checks, that’s money in someone else’s pocket. Literally. Set up direct deposit to automatically divvy up into each of your accounts. Making sure to set a percentage or dollar amount to deposit into savings.
  10. Join your employers’ Thrift Plan. A compound earnings program for civil service employees.
  11. Get Uncle Sam to save for you. While overwithholding is not the best savings tactic (you’re basically loaning interest free money to the government that you have to apply to receive back), it can work to withhold a few dollars extra each check. Come tax refund time, you’ll get a bigger refund and can make a bigger deposit into savings.
  12. Start or join a Christmas/Vacation Club. A special short term savings account offered by many banks. Deposits can be as low as $2-$5 per week and offer most of the same benefits a typical savings account would.
  13. Bank a lump sum. If you’ve received a big lump sum (i.e. inheritance, retirement, refund) it’s easy to want to spend it all on something nice, but big sums of money should be immediately invested.
  14. Do a no spend month. Have a short term goal in mind? Don’t buy anything unnecessary all month and instead put it in savings. Once you’ve met your goal either set a new one or go back to your original budget.
  15. Fund IRAs one week at a time. Try to set aside $40 per week to fund the initial investment. By the end of the year you’ll have $2000 invested.
  16. Participate in a 401k. If you’re a corporate employee, you can opt of a payroll deduction to automatically contribute. If your employer matches any amount, set it up for the maximum the match. So if they match up to 4%, opt for a deduction of 4%. It’s free money!
  17. Participate in a 403b. For teachers, college professors and nonprofit employees, this is similar to a 401k. Payment deduction that is before tax and offers choice of investments.
  18. Participate in Government Employees’ Retirement Savings Plan. Another before tax savings plan, offered to government workers.
  19. Save your “extra” pay checks. You know those months when there’s an extra payday? Deposit the whole thing into savings.
  20. Save expense account reimbursements. If you have to travel for work and get reimbursed, just deposit the money rather than spending.
  21. Borrow to save. This one requires discipline. It can work when you borrow at a lower interest rate and save at a higher interest rate. More info about how, here.
  22. Reinvest interest and dividends automatically. When setting up any type of savings or investment product, arrange to have the interest and dividends reinvested rather than taking the money out and spending it.
  23. Keep checking account balances to a minimum. Ideally, your checking account balance should be just higher than your monthly expenses. Checking accounts don’t earn interest, so put the extra money in savings instead.
  24. Take advantage of float. These are situations when the presenter of a check is granted use of funds until the check has cleared. On accounts where you are earning interest, this keeps the money earning interest as long as possible. Here is more info on how check float works.
  25. Pay off debt. Would you like to earn 17 to 20% on your money? Pay off a credit card!

I hope this list of 25 ways to save more money is helpful for you and gets your gears turning. Financial planning isn’t easy and it doesn’t just happen. Someone has to initiate the process, and now is as good a time as ever. So get to it!

What are some ways you’ve learned to save more money?

Don’t forget to follow along on Twitter and Facebook for more money saving tips and tricks 🙂

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25 Comments

  • Reply
    Debbie W.
    February 16, 2016 at 9:00 pm

    Love these ideas, especially pay yourself first.

  • Reply
    Daniel
    January 30, 2016 at 8:08 pm

    Great post!
    I often hear saving money is just ‘too hard’. You provide some great tips that should allow everybody to build quite some savings. It is not hard at all, you just need to be creative and persistent!

  • Reply
    Tamieka
    January 25, 2016 at 8:13 am

    Great tips!

    I pay myself 1st and have started a weekly savings.

  • Reply
    Gail
    November 18, 2015 at 10:28 pm

    I do the Summer or Christmas savings and it takes it automatically out of my account so it is one less thing for me to do.

  • Reply
    cindy c
    November 13, 2015 at 9:37 am

    Great tips! I will have to keep these in mind!

  • Reply
    Jess Beer
    November 13, 2015 at 9:15 am

    Great ideas – a lot of them are already on my list as things I want to work on!

  • Reply
    Shann Eva
    November 12, 2015 at 10:52 pm

    So many great ideas! We all have piggy banks, but we need one big change jar so we can save for a vacation. I also love the one about keep making payments into your savings account once something is paid off.

  • Reply
    angie
    November 12, 2015 at 10:25 pm

    so many great ways to save money a few I all ready do and others I had never even thought about. I believe there may be a few more $$ saved in the future for me

  • Reply
    Brooke
    November 12, 2015 at 10:09 pm

    Alright, I admit that when I read the title I was expecting the same few suggestions everyone else has written about. But, BUT you have so many great things here! I’m pinning this. Great post, truly.

  • Reply
    Tiffany
    November 12, 2015 at 7:51 pm

    These are all really great tips. I like how you have given some really down to earth practical tips that anyone can do!

  • Reply
    jessica birgeneau
    November 12, 2015 at 6:01 pm

    Such great tips! The big one i think is to pay yourself first. And if i have any money left over after i pay off all my expenses, that goes in the savings too!

  • Reply
    Faye
    November 12, 2015 at 12:36 pm

    Love these tips – especially #1: pay yourself first. So important if you ever want to build up a real nest egg!

  • Reply
    Sara
    November 12, 2015 at 11:58 am

    No kidding, every vacation we have ever had has been because of change jar. We have a giant plastic bear container that we throw our coins into, even the kids. Once the bear is full, we cash it in and plan a trip. That’s how we went to South Dakota two summers ago, paid everything in cash and it was easily one of the best trips we’ve ever taken!

  • Reply
    Karen
    November 12, 2015 at 11:11 am

    Pay with cash whenever possible. It is harder to give away cash then to just whip out a credit card, plus then you never acquire debt.

    • Reply
      Jenn
      November 12, 2015 at 11:19 am

      So true! It is so easy to swipe.

  • Reply
    Lauren
    November 12, 2015 at 11:01 am

    My hubby & I swear by #4.. such a great idea! I love the whole list.. thanks for sharing

    • Reply
      Jenn
      November 12, 2015 at 11:19 am

      Thanks for stopping by, Lauren 🙂

  • Reply
    Samantha
    November 12, 2015 at 10:59 am

    These are so useful, thanks! I really need to get spending under control!

    • Reply
      Jenn
      November 12, 2015 at 11:20 am

      Me too! Thanks for stopping by, Samantha 🙂

  • Reply
    Beena
    November 12, 2015 at 10:47 am

    This is such a great list! I’m saving it since tax season is coming soon

    • Reply
      Jenn
      November 12, 2015 at 11:20 am

      Thanks, Beena!

  • Reply
    Caroline Vieyra
    November 12, 2015 at 10:46 am

    A lot of good ideas I need this time of year!

    • Reply
      Jenn
      November 12, 2015 at 11:20 am

      The holidays are coming!

  • Reply
    Victoria
    November 12, 2015 at 10:28 am

    Lots of good tips here! From 2010-2012 my boyfriend and I were saving up for a backpacking trip around the world and followed a lot of these tips. We also made sure to cook all meals at home and whenever we did go out to eat we always took advantage of groupon or restaurant.com coupons instead of paying full price!

    • Reply
      Jenn
      November 12, 2015 at 11:21 am

      Thanks for stopping by, Victoria!

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