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Home Personal Finance

How to Save Money in 2024: 30 Easy and Practical Tips

Adeola Adegoke by Adeola Adegoke
June 21, 2024
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Mastering the art of saving money isn’t about depriving yourself or living like a hermit; it’s about making smart choices and finding clever hacks that put more cash in your pocket. Saving money isn’t always easy—I’ve been there too.

As a former shopaholic turned money-saving guru, I know what it’s like to spend recklessly and have nothing left to fall back on. That’s why I’ve written this blog post to share the secrets of saving big while still enjoying life’s little luxuries.

In this blog post, I’ll share 30 easy and practical tips to help you save money. I’ll highlight small changes in your daily habits that can lead to substantial savings, uncover hidden expenses you might not realize are draining your bank account, and reveal how you can use technology to automate your savings.

How to Save Money: 30 Easy and Practical Tips

Whether you’re saving for your dream vacation, looking to build an emergency fund, or simply aiming to achieve financial peace of mind, this blog post is for you. 

I’ve carefully researched and curated the best money-saving tips, ensuring that you have a go-to resource packed with actionable advice that gets results. Check out these 30 easy tips on how to save money:

  1. Track your spending
  2. Automate Your Savings
  3. Cut Down on Restaurant Spending
  4. Cut Down Entertainment Costs and Subscriptions
  5. Cut Down Car Costs
  6. Pay Off High-Interest Debt
  7. Plan Your Grocery Shopping
  8. Plan Big Purchases
  9. Apply Self-Imposed Purchase Delay Periods
  10. Try Online Shopping Freeze
  11. Give Homemade & DIY Gifts
  12. Reduce Electricity Bills
  13. Switch Your Cell Phone Plan
  14. Get a Cheaper Internet and Cable Bundle
  15. Save Every Spare Change

1. Track Your Spending

It is important to keep tabs on your cash flow every month. When you subtract your expenses from your income, you get a clearer view of your spending habits.

These days, you can get tons of budget apps on your Android or iOS device that will help you sort out your finances, so you won’t go off the rails.

2. Automate Your Savings

When you set up automatic transfers from your current account straight into your savings monthly, there will be tremendous accruing of the money without your manual involvement.

With this method, you can speed up the growing process of the money in your savings that you wish to use for things like vacations, down payments, and unforeseen emergencies. With the help of automated transfers, these dreams can come to life quickly.

With apps like Moka, this can be done seamlessly. After signing up for the app, you can send modest amounts from your current/checking account to a separate savings account. This helps to automate the transfer process.

3. Cut Down on Restaurant Spending

If eating out is burning a hole in your pocket, maybe it’s time to dust the old chopping board and get the stove cracking. This is one of the important tips on how to save money.

We’re not saying you should stop getting reservations for those dinners where they bring the medium-rare steak on a fancy platter, but cutting down on restaurant costs and cooking at home could make a difference to your finances.

4. Cut Down Entertainment Costs and Subscriptions

Some of you are probably subscribed to three or four streaming services. Hey, not judging (nothing wrong with watching Game of Thrones on the long bus trip to work and Stranger Things for a good scare right before bed). But, the quest for leisure can come at a price financially.

If you think you can do without an entertainment service, maybe you should ditch them and stick to the ones you really like. This applies to all entertainment, including concerts, museum tours, and the rest. Also, always look out for discounts and use them when eligible.

Further, if there are apps and services you are signed up for that you do not really need, it is best to cut them off. One way to do this is to undo the app’s auto-renew option.

To avoid being charged after a trial period, make sure you set reminders a few days before the free trial ends so that you can cancel just in time.

5. Cut Down Car Costs

Leveraging lower interest rates and auto loan refinancing could also be a lifesaver. Also, car insurance can assist you when trying to reduce costs instead of allowing the auto-renew of your present policy.

Current car maintenance expenses can be reduced by removing heavy stuff from the trunk, reducing your driving time, and not accelerating rapidly (or too often).

You never know when the gas prices will skyrocket, but you can be a step ahead if you are conscious of how you use your gas. With gasoline apps, penny-pinching is possible when you buy gas at a gas station.

6. Pay Off High-Interest Debt

Paying interest on debt can be a pain in the neck, but it can be less of a burden if you pay off the debts with high interest rates. The sooner you free yourself of the burden of huge interest rates, the better.

Related: 15 Practical Tricks to Paying Off Credit Cards Fast

7. Plan Your Grocery Shopping

If you carefully plan before you head out to buy groceries, it could save a lot of money. Sort out your priorities and decide what you need to buy so that you won’t become a victim of your impulses.

Yeah, that new name-brand cereal with lots of fruits looks tempting, but do you need it? Cashback credit cards can also be useful since some offer up to 6% in cashback. Just make sure you pay them what you owe them at the end of the month to avoid paying interest on the credit.

8. Plan Big Purchases

Saving can also be done by timing when you buy cars, furniture, different appliances, and other commodities based on annual sale periods.

There are different tech tools you can use to save money. For example, there are browser extensions that let you know when prices drop on platforms like Amazon (not to mention the ones that compare prices with alternative platforms and help you find coupon codes).

Some even let you know if there are cheaper prices elsewhere when you are shopping in person and scan a bar code. This is another valid way if you are curious about saving money.

9. Apply Self-Imposed Purchase Delay Periods

You should definitely consider this method if how to save money is a priority of yours. This method essentially buys you time to think about what you intend to buy, its merits, and its potential consequences.

If you are using an app or online platform, you can put the object of desire in question in the virtual shopping cart. If you have had time to think about the purchase, new reasoning may kick in, and you may change your mind about it.

Also, filling a cart and leaving it prompts some retailers to give you coupon codes for free. The length of the delay period depends on you. It could be hours or even up to a month.

10. Try Online Shopping Freeze

To avoid buying things you don’t really need, you can put a restriction on yourself. How do I do this, you ask? You could start by not saving your shipping and billing information when using a service platform online or an app.

Discipline will also be needed, but you must keep reminding yourself of what matters. You could also turn off auto-billing if you’d rather process payments instead of having apps billing you automatically.

11. Give Homemade & DIY Gifts

With clever gift ideas like books and essential household objects, you can save yourself some money. This means you might have to make or organize the gifts yourself, so get ready to put those hands to use.

If the gift is intimate and heartfelt enough, the person will not feel you brought them a useless or cheap gift. In fact, it might even mean more to them than the flashy new Audi that their neighbour brought as a gift.

12. Reduce Electricity Bills

Even though small habit changes like turning the light bulbs off when you do not need them may sound irrelevant, they actually make a difference in the long run.

There are several ways you can save power in your house. These ways include blocking insulation leaks, power strip usage, thermostats (the smart types), using energy-saving electronics, and others.

So, do these little things so they can collectively make a sizable impact on your finances over time.

13. Switch Your Cell Phone Plan

Phone plan changing is a valid way to save money on cell phone bills. Different plans come with different conditions and costs, of course.

Getting auto-pay and electronic statements may help you save as much as $4 to $10 monthly. Also, opting out of insurance on your plan could save you up to $90 or even more per year.

14. Get a Cheaper Internet and Cable Bundle

A simple cable package could go a long way if you wonder how to save money. Cable and internet bundling could save you even more if your service provider lets you.

Sure, you will miss some of your favorite shows, but it all comes down to priority at the end of the day. Better yet, you could cancel your cable subscription if you do not need it.

15. Save Every Spare Change

This simply means saving all that spare change in your purse or pocket. When you have saved up to a fairly substantial amount of bills and coins, you can keep it in your savings account.

Of course, this method of saving will not save you a whole lot, but it could make a difference in the long run when the money accrues. Ultimately, this is a valid option if you want to know how to save money.

Other Ways To Save Money In Canada

16. Avoid Unnecessary Bank Fees: Choose no-fee or low-fee bank accounts to avoid monthly maintenance fees. Use your bank’s ATMs to avoid withdrawal fees charged by other banks or third-party ATMs.

17. Plan Your Outings: When going out, plan activities that are affordable or free, such as visiting local parks, attending free community events, or exploring local attractions with no or low admission fees. This way, you can have enjoyable experiences without breaking your budget.

18. Buy Second-hand Items: Explore thrift stores, online marketplaces, and garage sales to find gently used items at significantly lower prices. Buying second-hand can be a cost-effective way to acquire clothing, furniture, electronics, and other goods.

19. Negotiate Bills and Rates: Contact your service providers, such as cable or internet companies, and negotiate lower rates on your bills. Inquire about any available promotions or discounts that you might be eligible for.

20. Use Free Community Resources: Take advantage of free community services and facilities, such as public libraries, local parks, community centres, and free recreational activities. These resources provide entertainment and learning opportunities without requiring additional expenditures.

21. Lower Your Thermostat: Adjust your thermostat a few degrees lower during winter and a few degrees higher during summer. You can save on energy costs by reducing the workload on your heating and cooling systems.

22. Cut Down on Water Usage: Implement water-saving techniques in your daily routines, such as taking shorter showers, fixing leaks promptly, and using water-efficient devices like low-flow showerheads and faucets. These practices can help reduce your water bills.

23. DIY Projects: Learn to do home repairs and improvements yourself instead of hiring professionals. Online tutorials and resources can help you acquire the necessary skills to complete various tasks, saving you the cost of labour.

24. Rent or Borrow Instead of Buying: Instead of purchasing items you’ll only use occasionally, consider renting or borrowing them. This can apply to tools, equipment, or even formal attire for special occasions, saving you money on items you won’t use frequently.

25. Carpool or Share Rides: Consider carpooling with colleagues or friends who commute similarly. Sharing rides can significantly reduce transportation expenses by splitting fuel costs and parking fees.

26. Use Public Transportation: Utilize public transportation options like buses, trains, or subways whenever possible. Public transit fares are typically more affordable than the costs of owning and maintaining a car, including fuel, parking fees, and insurance.

27. Buy in Bulk: Consider purchasing non-perishable items, such as cleaning supplies or pantry staples, in bulk. Buying in larger quantities often results in lower per-unit prices and can help you save money in the long run.

28. Use Energy-Efficient Appliances: Investing in energy-efficient appliances can lead to long-term savings on your utility bills. Look for appliances with high energy efficiency ratings (e.g., ENERGY STAR certified) that consume less electricity or water.

29. Use Cashback and Rewards Programs: Sign up for cashback or rewards programs that credit cards or retailers offer. These programs allow you to earn cash back, points, or discounts on your purchases, providing savings or rewards for your regular spending.

30. Use Coupons and Discount Codes: Take advantage of coupons and discount codes to save money on your purchases. Look for these savings opportunities online, in newspapers, or through store loyalty programs.

RECOMMENDED READINGS:

  • 40 Creative Ideas on How to Make Money as a 15-Year-Old
  • 20 Passive Income Ideas to Make Money in Canada for 2024
  • How To Make 300 Dollars Fast: 20 Simple Ways To Make Quick Cash
  • 14 Legit Ways To Make Free Money From The Canadian Government
  • How to Make Quick Money in One Day – 33 Legit Ways to Begin
  • How To Make Money Online: 20 Practical and Proven Ways

Final Thoughts on How to Save Money

Mastering the art of saving money is within your reach. By implementing the strategies and tips we’ve covered in this article, you can take control of your finances and build a secure future for yourself. Remember, it’s not about depriving yourself of what you love but making mindful choices that align with your goals and values.

So, why wait? Start your money-saving journey today and witness the incredible impact it can have on your life. Whether you’re dreaming of that dream vacation, planning a down payment on your dream home, or simply striving for financial peace of mind, every step you take to save money counts.

Take the first step by setting specific savings goals and creating a budget that works for you. Track your expenses, seek out opportunities to save, and stay motivated along the way. Remember, small changes can lead to big results.

FAQs on How to Save Money

How Can I Save Money Quickly?

A surefire way of making money fast is putting your money in a savings account with an interest rate that will yield high amounts. This way, you can sit back and relax while your money does all the work on your behalf. If you are curious about investing in Canada, check out my article on the best way to invest money in Canada, 

How Can I Make Money Quickly?

You can keep the cash rolling in in many ways quickly, while some may take a little more time. Ultimately, a money-making method’s dependability and safety should be important factors to consider. 

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