How to Save Money Fast: 27 Powerful Tips for a Better-looking Bank Balance
Search for “funny quotes about money,” and one of the first images you’ll see reads, “I’m stuck between ‘I need to save money’ and ‘you only live once.’”
I know for a fact that every one of us can relate to this, or at least has at one point.
You’re tired of crying every time you open your wallet, but also want to indulge in the (most of the time, costly) pleasantries of life. Saving money is something you have to do, but you’re ready to cross it off your agenda as quickly as possible.
So how do you save money fast?
Well in this modern age, there’s an infinite amount of ways to do so. Heck, you can even use social media like Facebook to join groups (like the Dough Rollers), and financial planning forums like the Morningstar.
But due to the ever-increasing quantity of options, I know how easy it is to get overwhelmed.
On top of that, saving money becomes a challenge for many people because they can’t find the right balance between spending and what they should set aside for the future. Plus, you probably have many fixed bills — those that keep recurring every month — such as a mortgage, car insurance, taxes, and the like.
But all these aside, there’s a silver lining: you can, indeed, save money fast.
While there are no sure-fire ways that’ll explode your bank account overnight, there are small hacks you can use to add something to it relatively fast and grow your savings over time.
This post will walk you through 27 tips you can use to save money fast. But before that, I’d like to give you some powerful insights that will help you stay financially disciplined.
Let’s cut to the chase, shall we?
What Are the 3 Rules of Money?
Like many others who make their finances a hobby, you can find me in several financial groups and forums.
And while these platforms give many tips for managing your finances, there are three basic rules of money that never change — so let’s discuss each of them.
1. Spend Less than What You Make
This sounds so simple, but you’ll still find many people burying themselves into debt.
By spending less, you’ll be financially stable all year round and never run into debts.
But how will you ensure that you spend less than you make?
First, understand the difference between what you need and what you want. Remember, you can do without what you want, but you can’t do without your basic needs.
Second, live within your means and avoid unnecessary expenses that come with trying to live beyond them.
Sit down with a pen and paper, or use your smartphone’s notepad, and type out what you need and what you may want to better distinguish the two.
2. Pay Yourself First
This is a financial hack I learned from the best-selling author, Robert Kiyosaki.
At first, you may think this is a weird hack that’ll screw you most of the time with your landlord. However, it’s been proven to work for many who try it.
The first thing you need for this hack to work is to open a savings account.
Then, on your payday, transfer a portion of the money automatically to your savings account, even before you pay your bills. Depending on your financial goals, you can choose to save 30, 40, 50, or even 60 percent.
Make this a habit, and don’t ever relent on this strategy. Whether you have an emergency bill or your landlord has started showing signs of wanting to knock at your door, stick to this rule. That way, when these situations do arise, you have a big enough cushion to fall back on and plenty of spare cash to cover them.
3. Grow Your Money
Once you’ve stayed financially disciplined and turned saving into a habit, the next thing you need to do is find a suitable investment to help you grow your money.
For example, you can invest with Robo-advisors. They’ll start by asking you a few questions to help them familiarize themselves with your financial goals. Once they know everything, they take away all the investing guesswork and take charge of your investments for you.
Another way to go about growing your money is to dip your feet into the real estate market. Mortgage rates have gone down in 2021–2.74 percent from 4.76 decades ago — making this an ideal time to start.
There are plenty of other ways to invest, but these are two of the most popular.
Money Saving Strategy #1: What’s the 30 Day Rule With Money?
The best approach to saving money is knowing where your every coin goes.
Are you impulse buying, or do you find yourself overspending when you go out with your friends?
Know what it is that takes your money away from you.
The 30-day rule with money is a simple strategy that aims to help you avoid impulse buying. Ideally, the principle behind this rule is that whenever you want to purchase something you hadn’t planned for, stop and think about it for 30 days.
If 30 days pass without purchasing the item, it means it wasn’t necessary. Psychologically, postponing a purchase for up to 30 days will help you determine whether or not you can do without it.
Money Saving Strategy #2: What Is the 70–20–10 Rule Money?
The 70–20–10 rule is just percentages that guide how you spend, save and share your money.
Instead of guessing how you should make good use of your earnings, this rule has a strategy you can quickly implement with the help of a calculator (which you might not even need).
According to this financial rule, 70 percent goes straight to your monthly expenses, and 20 percent into your savings account (unless you have some debt that you need to clear first).
The last bit — 10 percent — is any money you’d donate, such as paying tithes or giving to charity.
The advantage of this rule is that it makes it easier for you than hard-nosed numbers. Instead of guessing how much you’d spend on expenses, the percentages already give you a number to work with.
As a result, you’ll never get lost during your saving spree.
How to Save Money Fast: 27 Tips for Financial Freedom
If you want to be financially stable and stop living paycheck to paycheck, saving some money for the future is essential.
Instead of drowning in debt or feeling screwed by the banks, savings can help you sort out random expenses whenever they come.
But saving, as easy as it may seem, tends to be many people’s biggest nightmare.
Knowing what to spend and how much to save from your earnings can be a challenge. However, with these 27 small tips, you’ll find it easy to save and even turn it into a habit.
1. Find Ways to Increase Your Income
Sometimes saving some money can just be challenging, no matter what bare-bones budget you have.
If this is the case, you need to find ways of increasing income so that your savings can add up fast, making the whole process less stressful.
Increasing your income will depend on what skills you’ve got and what jobs you’re comfortable taking. Whether it’s participating in paid surveys online, marketing brands on social media, selling used items, or creating YouTube videos — you can increase your income and make saving stress-free.
2. Stop Automated Purchases and Subscriptions
Understanding what consumes your money is the foundation of financial stability. Automatic subscriptions might look like a measly $5 to $10 a month, but once you subscribe to more, the total really adds up.
As such, review all of your current subscriptions and cancel any of them you don’t use anymore.
This week, I’ll call one of my Wi-Fi service providers to cancel my internet subscription with them as I no longer use it. Earlier this month, I decided to test two different internet service providers, and I’ve decided to retain one, so having two will just add up unnecessary costs.
Canceling these will help you trim down unnecessary expenses and make your savings grow steadily.
Thanks to the wonderful world of apps, you can now do this easily with one like Truebill.
3. Make Repairs — Don’t Buy New Items
When you’re out to save and prepare for the future, every dollar you spend should count.
This is why you should be skeptical about buying new items just because they are broken. Learning some DIY hacks can help you learn how to repair broken items instead of purchasing new ones.
For example, learning how to sew basic stitches can save you from paying a tailor to sew your clothes when they’re torn.
Likewise, you can learn how to assemble your TV cables instead of paying a certified installer. There are many free DIY tutorials online — use them and save more.
4. Use Public Transportation or Walk
While having a personal car is convenient, it’s not the best idea when you’re trying to save money. So instead of owning a vehicle and incurring the expenses, such as fueling it, why don’t you use a public means of transport and trim down the costs associated with owning a car?
There are many advantages to using public transport, especially when you’re saving money.
First, you won’t have to fuel your car or incur expenses that come with owning a car. Additionally, you’ll never worry about paying parking space fees in town.
You can save even more if you live in a city that’s walker-friendly. Instead of having to board a public means of transport, you can go by foot. Please note that this may only be possible if your work area is not far from your house.
5. Leverage Coupon Apps
Leverage coupon apps and save some extra cash using your smartphone. Some retailers have apps that you could use to get discounts and coupons while shopping.
Ibotta, Fetch Rewards, and Target are all good examples of apps you can use to find coupons and discounts to save some money, as they let you scan your receipts once you’ve shopped.
6. Consider Automatic Roundups With Your Bank
Banks have now made it easy for people who want to save.
All you have to do is set up automation, and anytime you make a transaction, the amount used is rounded up to the nearest whole number, and then the difference is channeled into your savings.
Since most of the shops and stores in your area currently accept credit cards as a payment method, this will be a lot easier. From buying coffee to paying for kitchen items at the grocery, this technique will help you channel more money into your savings account.
7. Trim Down Fixed Expenses
Did you know that you can negotiate a deal with your current service providers?
Call your service providers — insurance, cell phone, warranties, etc. — and see if you could negotiate a better plan that would enable you to save more money.
And if you don’t get good deals from your current service providers, you can always switch to see if you can get better rates elsewhere.
The idea is to try and get a cut in your fixed expenses. However, you should first check if your current service provider can offer bonus rates or a deal that can allow you to make some quick cash flow.
8. Review Your Cell Phone Usage
You don’t have to be skeptical about changing your cell phone service provider if another company can offer you a discount.
Most discounted cell phone plans operate on the major carriers, which means the only thing you could lose is the out-of-hand bill.
Your cell phone plans should never exceed your monthly grocery expenses, and if it does, it’s time to find a cell phone provider with discounts so that you can save some coins. Choose plans with perks you genuinely need and exclude any you won’t use throughout the month.
9. Find Free Clothes or Buy Used
If you’re committed to saving for a specific period, you can skip buying new clothes for a few months and instead channel that money to your savings account. But if you must acquire additional clothes, it would be better to purchase used ones as they will cost less.
Alternatively, you can reach out to your friends and relatives to see if they want to dispose of any.
There are a couple of places where you can purchase used clothes at a fairly reasonable price. And the best of all is that they are in good condition and could still serve you longer.
eBay, ReakReal, Etsy, Thredup (which offers $10 to use when you sign up) are some online platforms where you can get started with.
10. Refinance Your Debts
I know how frustrating it can be to have a debt and be broke at the same time. But, not to worry, you have an option to refinance your debts and reduce the monthly minimum payment you continuously make every month.
Don’t sit back and give up just because you have a loan with another lender. Instead, do some research and see if financial institutions can help you refinance your current loan but at a lower monthly repayment plan.
Many lenders are open to this idea. Some even go as far as offering a delayed first payment to their clients, making it easy to take advantage of your extra cash flow and save some money.
11. Save on Prescription Drugs
You need to do some research before you file your prescriptions — whether you have medical coverage or not.
You can even save up to 80 percent on any generic medications you get and up to 40 percent on name-brand medications using Amazon Pharmacy.
If you don’t have medical insurance, you can look for a prescription drug card and save some money through discounts and coupons.
If your medication is way more expensive than you thought and you’re requested to pay the bills out-of-pocket, it’s best to talk to your pharmacist or doctor to advise further.
They could have a lower cost alternative you could use, so don’t hesitate to ask them for a cheaper option, because they most likely have them.
12. Plan Your Meals Weekly
Planning your weekly meals will save you money because you’ll reduce the number of trips made to your local grocery store. Usually, the more times you go shopping, the more likely you are to impulse buy.
Draft a grocery list, purchase all the items you need for the week, and plan your menu accordingly.
This way, you’ll know what you need to cook for your family on specific days and times, alleviating the stress of figuring out what to prepare daily to keep yourself (and everyone else) fed.
13. Stick to Your Grocery List When Shopping
It’s tempting to try and get a few more items when you visit the grocery. But one way to reduce the possibilities of this happening is by drafting a list before you go.
This way, you can get disciplined and only purchase what’s on your list — no impulse buying.
A couple of smartphone apps can help you make a quick grocery list, so you don’t need to jot down everything on paper. For example, Anylist will craft your shopping list quite fast by suggesting what you might need when you start typing the first few letters.
14. Cancel Insurance Services You Don’t Need
Insurance covers are essential, but most times, you won’t use many of them. As such, they’ve become one of the most notorious money-suckers.
That said, purchase only the most critical insurance covers, such as renters insurance and medical insurance, and eliminate the rest.
15. Try the No-spend Challenge
It’s a simple hack and rule — if you want to save money, just don’t spend what you already have.
Using the no-spend challenge, you can commit to not spending any money for a specific period — daily, weekly, or even monthly — depending on your saving goals.
Alternatively, you could tweak this challenge a bit and call it a pantry challenge. Instead of purchasing grocery items regularly, try to use whatever you already have in your pantry until it’s empty.
16. Use Credit Cards to Your Advantage
It’s good to use credit cards to make purchases, but many people aren’t utilizing the benefits.
When money is tight, you need to find ways to take advantage of your credit cards and not just use them.
For example, check to see if your card provider has cashback on purchases, points convertible to gifts, or discounts when purchasing at specific stores.
17. Find a Roommate
If you’re paying for a spacious room, you can consider getting a roommate so that you can split the rental costs. Looking for a roommate shouldn’t be stressful — you can ask for recommendations from friends and relatives.
However, it’s essential that you thoroughly vet anyone you’re going to make your roommate. Consider doing a background check to be certain that whoever you’re bringing in to live with you is a good egg and someone who wouldn’t stab you in the back (literally or figuratively).
While getting a roommate might seem risky, especially when you’re doing it for the first time, it can help you split costs and save money on expenses that drain your bank account fast.
18. Review Your Day-to-Day Expenses
You can never be successful with saving if you can’t account for where every penny goes. It’s the first step — review your day-to-day expenses and see what unnecessary costs you have.
If you realize that you go out with friends quite often and end up spending a lot while together, you might want to reduce hanging out with friends as frequently as you have been. Likewise, if you find that a specific grocery in your local area charges more, you can look for cheaper alternatives.
Jot down every expense you incur daily and review them at the end of the day to see what you could easily do without. If you need help, a couple of budgeting apps can help you organize your daily budgets and save more money.
19. Opt-out of Marketing Emails
Email marketers are some of the best sales copywriters, and they’re good at what they do — writing to sell. They know the right words to use that tempt you into securing a 24-hour coupon.
Opting out of marketing emails is one way to remove people trying to sell offers to you when you don’t necessarily need them.
At the bottom of the email offers you get, scroll down to the bottom and subscribe using the unsubscribe link at the bottom of that email.
20. Carry Packed Lunch
Instead of worrying about overspending during your lunch breaks, try to get into the habit of cooking your food at home before you leave for work.
In most cases, eating at nearby restaurants, especially near your job, can be expensive.
The restaurant owners likely already know your financial capabilities, so finding cheap meals can be a nightmare. As long as your company allows employees to carry packed lunches and even has a microwave where you can warm your food, take advantage of it.
21. Leverage Discounts and Pay in Cash
There are many discounts around, and chances are you haven’t known about them because you haven’t asked.
So the next time you’ll be attending a movie theatre or going to get your hair done, check to see if they’re offering any discounts or offers. Even if they don’t have any deals at the moment, try to negotiate and pay in cash.
Most companies or businesses will be happy to offer their customers discounts and offers, especially those who have committed to recurrent plans.
For example, some car insurance companies offer up to $2 every month if you have an automated recurrent plan. $2 isn’t much for many people but can add up over time.
22. Treat Yourself in Cheaper Ways
We all need a break from our day-to-day activities to freshen up and revitalize our mood. You can do this by giving yourself a simple treat — and it doesn’t have to be fancy or involve an outrageous night out.
Cheap satisfaction can have a significant impact on your happiness and comfort. You can spend some time on your stress management and self-care.
A good savings plan should have some flexibility in it so you can treat yourself once in a while. But instead of guzzling drinks at a club, buy a cheap bottle of good wine and enjoy it at home.
You can also try a DIY spa with simple ingredients you probably already own. If you’ve been away from home for quite some time, you can rejuvenate your home’s decor without spending money.
23. Cook at Home — No Eat-outs
Okay, I get it — cooking at home can be hectic if you’re running on a busy schedule. As a result, you find eat-outs a more convenient option. However, most people don’t know that food is easy to account for when determining your overspending.
If you calculate the total amount you’ve been spending on food monthly, you may be surprised by the figures you’re getting. The number might be even more significant if you’re always buying food for a large family.
By eating at home, you can save and cut down on numerous food bills. Speaking from experience, I guarantee you’ll likely be in shock at how much your savings account reads when you stop eating out.
24. Sell Your Unused Items
Another way to save money quickly is by selling your unused items, and there are many ways to do so. Thanks to technology, Facebook has diversified groups where you can sell almost anything — whether brand new or second-hand.
There are so many things you could sell on Facebook, including furniture, electronics, video games, kitchenware, decor items, and more. Then, use the money to settle other bills or save for later. This is by far the best method to get rid of unused stuff in your home.
25. Negotiate a Pay Raise — But Don’t Spend It
There’s no doubt that your tastes will get fancier each time you get a pay raise. As a result, you’ll want to increase your living expenses and your overall lifestyle.
This is normal, and it happens to almost everyone. However, it can be a savings killer if you don’t plan your future raises amicably.
If you don’t feel comfortable asking your employer for a raise, just let things unfold at their right timing or find other ways to increase your income. Then, once you get the pay raise (or extra money), channel the extra earnings into your savings account — and don’t spend it.
Instead, you can choose to save half your next pay raise and keep the rest in a savings account.
26. Seek Low-Cost Financial Help
If you’re finding it challenging to stick to a budget, it can be a good idea to seek a financial advisor’s help. And by the way, you don’t have to spend a fortune to get the services of a qualified and experienced advisor.
Do some quick online search and see the financial advisors around you. You could also ask for referrals on social media platforms like Facebook, and ask relatives and friends to recommend those they have worked with in the past.
Finally, ensure that you’ve compared rates and get the best deals or discounts, if any.
27. Be Open and Speak Out
Sometimes you need to speak out and let your friends and relatives know that you’re on a savings challenge and that you won’t be taking part in any financial contributions they might be planning in the future.
Doing this gives you the peace of mind to focus on saving and not getting involved in secondary needs.
If you still haven’t repaid your student loan, reach out to the student loans repayment body and negotiate with them to give you some time so you can reorganize yourself.
Likewise, you can reach out to anyone you owe money to and strike a repayment plan that would suit both of you.
Saving money requires good financial discipline. So if you’ve decided to start saving some and planning for the future, you need to stick to your goals and don’t let anything come in between them.
I’ve used most of the hacks included in this post, and so have thousands (if not millions) of other people.
Of course, you don’t need to try them all, but find out what works best for you and stay consistent. Out of 27, one is sure to bring you closer to your dream bank account balance.
