Living in the cost of living crisis, where more and more people are uncertain whether they will be able to afford a warm meal and their home rent in the coming months, can be scary.
No wonder more and more people are taking a step further in keeping that wallet tightly shut if possible. “What are some interesting life hacks for saving money?” someone asked on the Ask Reddit community and the responses came flooding in.
Armed with exceptional ingenuity and often unusual approaches to spending and saving money, people revealed what they do when prices are beyond control. Scroll down through the most interesting responses below!
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Don't have kids
Having just spent an absolute fortune on winter clothes for my kid, half of which he bloody refuses to wear for one reason or another, this made me laugh out loud (and want to cry too!)
To find out more about how to make ends meet in times of cost of living crisis, as well as practical tips to save money from a finance expert, Bored Panda reached out to James Andrews, personal finance and savings expert at Money.co.uk who happily shared some insights.
“You can see the signs of a cost of living crisis through rising bills - the latest inflation figures show households are paying 88.9% more for their electricity, gas, and other fuels than they were a year ago. Meanwhile, food prices have risen for 15 months in a row, and are now 16.4% higher than last year,” he said.
Always eat before going food shopping
True that! Being hungry makes you want to buy all sorts that will most likely end up in the bin or permanently on your waistline!
When at the grocery, look at the price/oz or whatever unit it is instead of the total price. It's usually posted in one corner. It's not going to save you tons of money, but it does add up. Plus it takes out the guess work when comparing similar items.
I don't smoke but live my financial life as a smoker. Meaning every Monday I transfer the sum of one weeks worth of cigarettes to my savings account. If people that earn less than me can afford smoking, so can I.
On top of that, “rate rises by the Bank of England mean the UK base rate is an astonishing 30 times higher than it was a year ago, adding thousands of pounds to the repayment costs of anyone on a variable rate mortgage or exiting a fixed rate mortgage,” Andrews added.
Andrews argues that while some of these price rises will take a while to filter through to everyone, many households are already struggling. “Figures from the Money and Pensions Service last week show more than 11 million people sought out money help in the past three months alone - with Brits asking energy providers and banks for extra support as well as hunting for free debt advice.”
Don’t buy something that you normally wouldn’t buy just because you have a coupon.
Your not saving x amount, your spending x amount on something don't need.
Get yourself a library card. It's not just books, but also movies, workshops, education, software, computer time, music. I've probably saved thousands on all sorts of c**p.
If it weren't for the library, I probably wouldn't have been introduced to awesome books like American Gods, The Way of Kings, All Systems Down, or The Road.
Thanks to government cuts, 900 libraries in Britain have closed in the past 10 years, and many more have strongly reduced hours to the point where they are inaccessible to anyone who works during the day. It's a tragedy. Cherish your library. Use it if you can. We need to show there is demand for them. I love to take out graphic novels from my local one, as they're so expensive to buy and I read them way too quickly.
I have a friend who, at the end of each pay period, moves whatever she has in checking into savings. It doesn't matter if she's got $5 or $50 in the account, it goes into savings the night before payday.
Although saving money when prices are soaring can feel daunting, Andrews says that the best way to address this is to try and save a little each month.
“This small saving will then build up and really help in times of need. If you have money leftover at the end of the month, move the money into a savings account the day before payday,” the finance expert suggested. Andrews added that setting a reminder in your calendar to check this will help you to remember to act.
“The top-paying instant access accounts are currently offering more than 2% interest, so any money you have that’s earning less than that should be moved,” Andrews explained.
learn to cook! 4 or 5 reliably delicious recipes will go a loooooong way.
If you can avoid it, never take out a payday loan.
I've seen the adverts on TV , and often the interest is something crazy like 1000% . They should be banned.
Buy secondhand!
Today I have secured myself a solid pine desk for my daughters room, no marks or damage, for £10, and a worn-once, three piece navy suit for my son to wear at our wedding next year, also for £10.
I buy maybe 80% of my stuff secondhand. I bide my time, wait for a bargain, and I have saved sooooo much money over the years.
Uh. This one is not for me. It's related to my teenage period when my family struggled with poverty. All clothes I had were second-hand, and they all had a persistent, unpleasant smell of disinfectant that wouldn't come off no matter how much I'd wash them. And this was a constant reason for bullying at school.
I’m with ya, that smell is forever ingrained in my mind….I can smell it now. Though, having to wear the cheapest thrift store clothes did push me to develop a “style” I don’t think I would have adopted if we were able to afford new clothes.
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Second-hand furniture is not only great value but so often better made! YOu don't get dovetail joints in Ikea!
People always wonder how my wardrobe is so big, but when I buy it all second hand, the cost of my closet is probably under 200 dollars.
Where I live there is a secondhand furniture warehouse. I recently got a pair of pine 3 drawer bedside cabinates for £60. They are in perfect condition and new would have cost me more then that just for one of them. :)
Would you check to see if they have a writing desk, please. It will need a spot for a large kitten to attack the writer.
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I actually found my wedding dress at thrift store for $20!!! It was beautiful n cool n comfy...loved it!!!
Yes this will save you so much and you can find name brands and sometimes brand new cloths.
And if you get to know the employees really well, they'll let you know when something that you want/need comes in.
We shop at Goodwill for stuff like extra forks and drinking glasses. And 3 ring binders.
I agree and even though the cost of items in thrift stores (in my area) is going way up it's still cheaper than new
I would always recommend young people to buy second hand furniture...preferably older furniture. When older people say, "People used to build for eternity," they mean it. Furniture from the 70's is much sturdier than today's furniture...which is often made from cheap plywood. Even the plywood was better then. With a bit of luck (and an experienced owner), modern, inexpensive furniture might survive two moves unscathed... then they are usually done. Most older furniture can easily be moved 4-6 times without doing much damage... and I speak from experience. I worked at a thrift store and disassembled and reassembled a lot of furniture.
Resale shops are better for clothes, but wherever you get them be sure you go over them carefully. Buying secondhand furniture, kitchen items, kids big toys (like outdoor toys) can save tons
If you have young kids, try to find a second-hand store just for kids. I find clothes for $2, winter coats for $5, shoes for $1, toys, furniture, hats, pajamas, all cheap and usually very nice. I just found a nice long-sleeved shirt with the tags still on it for $2.
I just wait until end of the season when everything gets marked down to next to nothing for clothes and shoes
Old secondhand furniture is often better quality than more modern flat-packed furniture, so it's worth looking out for. However, it can be hard to clean and there's usually a buildup of polish and lacquer which can leave it looking dull. Furniture from a smokers house also absorbs the smell of cigarettes and that can be hard to get out. Sugar soap is good for getting crud off the wood, and I've tried leaving bowls of sodium barcarbonate in the cupboard for a few days to absorb bad smells, but the best way is to sand it right down to bare wood and either varnish or paint. Upcycling furniture isn't that cheap either-specialist paints, paint sprayer, all the consumables you need to use, new knobs and draw pulls etc all mount up.
I look at open box items on Amazon, have gotten some great deals on things that were returned for a small cosmetic imperfection that I can live with. Best purchase so far was a full 17 piece set of Chicago Cutlery knives for 99 bucks.
It's also really good for the earth! I have found so many designer brands at thrift stores. I love it, it's like a treasure hunt. I can afford to buy new.... I just like the idea of reusing stuff and not contributing to more consumerism.
I do this (most of my clothes come from Charity shops). It only works because I am able to find the time to browse the shops regularly, many people would not be able to do this.
This is a lot harder for plus size people. The selection is limited and then there are skinny people buying the bigger sizes just to cut them up.
Check out consignment stores. They always have a plus size section.
Load More Replies... This is great for bargain hunters (tight gets like this Northern monkey!) https://www.freecycle.org/
Many people find it daunting to drastically change their spending habits, and they may feel at a loss of where to start. Andrews argues that a great start is to take a look at your current position and find out how much you’re spending every month.
“The first thing to do is to lower your bills. If you have any debts, you could also pay less interest by moving to a cheaper loan or even a 0% credit card, as it makes no sense to pay banks more than you need to,” he said.
Making one extra payment on your mortgage per year will reduce a 30 year mortgage to roughly 17 years.
Only drinking water is a solid one. Soda at restaurants or other drinks add up a lot.
In some places, bottled water is just as expensive, if not more expensive than a soda!
If you can buy a tool to complete a repair for the same price as the repair itself, buy the tool and repair it for free next time.
Another tip from Andrews is to look to see if you could switch to a cheaper mobile, broadband and TV package too. “If you’re out of contract, that should be a cinch, but even people within a deal can sometimes save if they ring up and ask.”
You may also want to take a look at your subscriptions - “are you still getting full value from them or are there any you could cut, pause or reduce if you’re feeling the pinch?”
Never underestimate the power of simply taking a good look at your bank statement, as it will clearly show where else you’re spending money, like takeaway coffees and taxi journeys, Andrews said. “Once you have this information, you can start to change your spending habits and reduce costs wherever possible,” he concluded.
When buying online, leave items in the shopping cart for awhile. There is a good chance that the website is tracking this, and will lower the price overtime to entice you into buying.
I've saved a lot by being patient. Like when I got a surround sound amp for $350 that was listed everywhere for $450 to $500, just by leaving it in the online shopping cart for a week.
Make your own lunches for work. The cost of making/preparing your lunch for the week can be less than what you pay buying one days lunch.
Also, can provide health benefits.
Packet of noodles with flavouring:- 55p Portion of frozen mixed veg:- 20p Hot water from a kettle plus 3 minutes in the microwave:- 10p Tasty, healthy lunch for 85p!
If you're low income, **apply for foodstamps** (or whatever your city/state calls the equivalent).
Seriously, there's no shame in it. I neglected to apply for several years when I was really struggling because I had to unlearn the stigma that they had when I was growing up. Times have changed. ***If you need help, don't be afraid or embarrassed to ask for it.*** I qualify for the maximum amount where I live. It doesn't cover my monthly food expenses but it gets me through a few weeks and I could make it stretch if I really needed to. It never hurts to apply.
Very smart. Most states now use a debit-style card, which limits shame at the register.
Don't buy the cheapest option. Often the middle priced option will be the best value. Things that are too cheap are worth what you paid for them.
This is not mine, but 'The 72 hour rule" is pretty damn helpful.
Basically, the gist of it is, if you want something that is not a necessity, instead of buying it immediately, add it to a list (in my case I use a spreadsheet, but whatever works), then wait 72 hours.
If after 72 hours, you still want it, then you can buy it. It seems that 80-90% of the time, after the 72 hours is up, I don't end up buying the item I thought i wanted.
The reason I like doing it with a spreadsheet is, I can then at the end of the year, easily add it up, and see how much money I DIDN'T impulsively spend.
EDIT: It took me a while, but I remembered where I picked this idea up from. It initially came into my world from listening to the ChooseFi podcast interview with the Frugalwoods.
Here's the podcast: https://www.choosefi.com/012-living-frugal/
and here is her original article on it:https://www.frugalwoods.com/2017/01/09/my-foolproof-method-to-stop-impulse-spending/
I try to cost things as portions of better, or more fulfilling things i.e.
A coffee is 1/10 of a new game. Ten meals out is a weekend away etc.
I don't spend $1 bills. I collect them in a box and at the end of the year I usually have a few hundred dollars
Acting broke. Trust me. Nothing helps you save more than acting broke. And there is a way to do that without becoming a mooch. Eat at home if your friends have a dinner plan at an expensive place. Pregame if you're going clubbing. And if anyone asks you why aren't you eating/drinking/coming for that vacation just say you're broke. I learnt this the hard way. Because I remember becoming a recluse and slowly stopped socializing just because my friends always had these extravagant and expensive plans and I realized it really started weighing down on me. But eventually I learnt that there was no shame in wanting to save money/being broke and definitely none in saying so.
Try buying reusable objects in place of single use ones. It's better for your wallet and environment. Steel water bottles, reusable K cups, dish towels instead of paper towels, etc. Over time the costs of little things really add up.
Learn how to login to your online banking system and review your statement regularly. You'll see how quickly money flows out for coffee...snacks.... and unnecessary purchase. Also set a budget and STICK TO IT.
Dollar store bleach. Dollar store vinegar. Dollar store cleaning products. Dollar store air freshener.
Look at store branded food items. Do you really think Safeway, Kroger, Dollar General, Costco, and Walmart all have independent tuna canning facilities? NO! They're sourcing the product from of of the big 3 (or however many) facilities that supply the name brand. This goes for the majority of store branded items. Make it a game to find out who has what national name product as their store brand product.
Having worked in several food factories I know that just because a name brand manufacturer makes store branded items does not necessarily mean it is the same quality. Sometimes it is, sometimes it isn't.
Drive slower. You will see an immediate increase in mpg. Your brakes will last longer. Your tires will last longer. You will immediately be at a reduced risk for an expensive accident. Your engine will be able to go further before needing expensive repairs.
Highway speed limit in Belgium is 120 kmph. Driving slower than 70 kmph is illegal. I seldomly go over 110, keep to 100 most of the time and keep to the right lane. More relaxed drive, bank account more relaxed as well.
If you have any land whatsoever and you aren't growing at least some your own food, plant a fruit tree, etc, you are really missing out.
We got 20ish raspberry canes at an end of season auction last year for $1 each. They saved me at least $200 in the first year alone, and they are spreading nicely, filling out the space I planted them in.
I was pulling in 100 tomatoes every day at one point this summer. My freezer is full of free soups, and bags and bags of frozen tomatoes. I saved seed (heirlooms) and from here on out, I get free tomato plants forever.
If you mulch them heavy with woodchips, they are almost no work. You can make your own compost really easy. It's all a lot less work than you think, and totally free money.
Plus, FRESH raspberries, tomatoes, peaches, strawberries, they are LIFECHANGING. The s**t in the store is hollow tasteless garbage.
This year alone, I bet I saved at least $2k from food I grew, with zero inputs other than a few hours to drop some compost down, plant, mulch, then pick now and then.
Strawberry seeds are life changing… and the avocado tree my mum planted with an avocado core herself when she was a kid
Learning how to cook pasta, rice and beans, soups, stews, polenta, grits, etc, really anything that costs very little and can feed a huge family. You save insane amounts of money, even if you are frugal in terms of buying cheaper things from stores (e.g. $5 sandwhich). For that same $5 you can make pasta with butter, cheese, and peas for the whole family. Or make beef stew with barley (chuck roast is really cheap and delicious in a stew).
Yup… I love potato mash with vegetables. It’s cheap and easy to make and it’s so filling it gets you through the day
Live below your means
Separate s**t out. Use multiple bank accounts.
Use one for "b******t money", Use one for rent/mortgage/wtfever, Use one for recurring bills (gas, car payment, insurance, bills, etc).
You know one easy way to not accidentally blow your rent money on dumb s**t? Keep it separate from your "go party with jeff on a friday night" money.
Rice is really cheap and can be really tasty. Have a side of rice with a lot of homemade meals to really round it out with basically no cost, same with some simple sauteed veggies. Very low cost, quite healthy and tasty.
Indians staple diet is rice, widely consumed by many. We have it with Dals or Curries, ground and fermented into Idlis or Dosas. Rice is cooked into Khichdi, Pulavs and Biryanis adding Veggies or Chicken, fish or Mutton to it. Some have it daily twice or thrice in their meals. Rice can be used to prepare numerous dishes, sweet or savoury, spicy or bland.
-Most people wash their hair way too often, and the scalp responds by increasing sebum production, leading to a cycle of "I have to wash my hair every day or it'll be greasy". Slowly cut back and/or investigate alternative haircare methods - conditioner-only washing, no-pooing, etc. Shampoo and conditioner are expensive.
-If you garden, find other friends who garden and swap seeds, seedlings, rarely-used tools (postholers, mulchers etc), cuttings and expertise. Same goes for any other hobby really. A weird size of knitting needle for a one-off project? A cement trowel? A novelty baking pan? Someone you know probably has it. I'm not saying be a niche - definitely reciprocate - but it's ridiculous for ten friends to own ten sets of stuff they rarely use.
-I get basically all my books from two annual book fairs run by charities. A dollar or two apiece. Libraries are obviously even more frugal, but if you want to keep books, this is the way to go. If you want a new book and can't borrow it, Kindle is generally cheaper than a physical copy.
-In the winter, never throw out a roast chicken carcass. Chuck it in the slow cooker with water, a bit of salt, and if you're really onto it, onion and carrot ends you've saved in a Ziploc bag in the freezer from chopping veggies. Leave it overnight for stock, which is not only great as a soup base, but makes rice taste amazing. Liquid gold.
-Op shops in rich neighborhoods have fancy clothes.
-Coconut oil is a good cheap moisturiser, hair oil, deodorant when mixed with baking soda, shaving lotion, oil cleanser...
-Buy or make small Christmas stockings, not those huge Santa sack monstrosities. Train your kids that stockings are for edible treats, not gifts. Fill them with yummy things -pretzels, mini-packs of snacks and chips, candy, whatever. If your kids are smallish and don't eat a ton of treats they'll still be super excited, and now you don't have a trillion plastic junky toys cluttering up your house.
-Buy one Christmas present a month (ideally something on sale) and store then up.
-Mystery shopping is a good way to get a bit of cash and luxuries you wouldn't otherwise be able to afford.
-Buy good shoes and get them resoled when they wear out. I've worn the same pair of fancy Italian boots for what, ten years? Had the zippers fixed twice and the soles redone twice. Even if it didn't save money it'd be worth avoiding the hell of shoe shopping. And my boots get compliments, so yay. :p
Easy one- Buy your own modem. You can get a good one from Amazon for $100. Internet companies charge you $10-$12 a month to rent yours. Buy your own, return the rented one to internet company, and get that charge removed from your bill. Pays for itself in under a year.
If you are getting married, send out wedding invitations to every billionaires address you can find. You have a 50/50 chance that their assistants will just send you a perfunctory gift without ever wondering who the hell you are. Free gifts!
This is a no for me. It's not a "save money" hack, but a dishonest move.
Don’t use your main checking account for non-essentials. Give yourself a cash allowance each week, set it to whatever you find comfortable, and only spend that. Once it’s gone, it’s gone, and you have to wait until next week. It really helps with budgeting - you know exactly how much you’re spending on nonessentials, and you don’t need to track every penny.
Just don't spend on items you don't NEED...
Little items for 10 bucks here and there add up.
Even as less as a dollar adds up in the end.
Once walked by a couple in a Target store arguing about the woman wanting a cute mug because it was only $5. Man said "They're all $5. Next thing you know, we have 50 things because they were all $5!" As I passed them, I yelled "He's right!" And that seemed to break the tension. They just laughed probably realizing that someone was listening in on their dumb argument.
Get a hobby that doesn't take a lot of money, like volunteering, or doing knitting.
10% of your paycheck goes into a savings account and 20% to debts. The remainder stays in your checking account to pay bills and feed/entertain yourself. Be disciplined and stick to the plan. If you can, increase the savings percent. When you have enough savings to fulfill an emergency fund, start investing. Calculate if you can afford things using these constraints, and if you can’t then don’t purchase them. Not exactly a life hack, but this plan will make you wealthy.
Note: this post originally had 62 images. It’s been shortened to the top 40 images based on user votes.
Many of these tips seem to be written by the type of people who "started out with nothing and dragged myself up by my bootstraps. I only had a £1m trust fund, my uncles summer house to live in and a seat on the board of VonBlade Snr and Sons Hedge Fund Management, why can't these poor people make an effort like I did". I dream of having a couple of quid spare at the end of the month to save up.
My dad always said "if you can't afford two of the same item that you want then you can't afford it"
If I like something, I'll buy a few other ones in different colors. One of my brothers does the same.
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If you are one of the millions who live paycheck to paycheck - or the sort that can't afford pricey vacations with the family a couple times a year, and you wonder how other people manage those sorts of things - If you're one of the millions for whom the idea of "investing" is a damned fantasy - You know, the market goes up and all the business people cheer and you still make the same damned wage or salary - If this is you, you need to take your money out of whatever BANK you have it in and open an account with a LCOAL CREDIT UNION. Banks make money for their investors off of the little guy like you - with fees, overdraft charges, and whatever other shady practices they can get away with. A CREDIT UNION is about doing right by their members. Who are their members? The account holders! You! They exist to help the members - not some other big-monied interests. Go to a credit union to find a loan or mortgage - one that services their own loans vs selling them to for-profit Banks
YES! Banks for for themselves and their investors, credit unions work for you. I haven't used a bank in 30 years.
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A good advice right here: When you're in a shop and see something you need/want but it's expensive look it up online before buying it. I bought this coat for 120€ and two hours later I saw the exact same coat on sale on another website. It was down to 35€ so I could've bought 3 coats with that money and still get 15€ back.
I know all the advice, but I can't stop spending. I think it's my depression; I try and spend my way out of it but nothing makes me happy. I'm really focusing on trying to save but I find it so hard. 😭😭
These are very helpful to the person already living in harsh poverty. I guess we should just skip these type of articles. :(
didn't see t here , but WATCH THOSE AUTOMATIC SUBSCRIPTIONS. Look at your credit card statement and see what's being automatically deducted each month. Like that streaming channel you never watch anymore, or that car wash club you hardly ever use, and so on.
We only use cash between pay checks. If we run out of cash, oh well!
When meat or fresh vegetables (other than salad) are on sale, I buy bulk, prepare meals from them, or prepare to eat/cook (wash and chop)... and freeze portions. I always have "ready-to-cook" vegetables, meat and fruit in the house. Cooking is faster and I cook healthier. It's also worth collecting deposit bottles here (Germany)... you get up to 25 cent per bottle. If possible, the deposit money goes into my piggy bank. I've saved almost 400€ in the last 6 months.
Try this one. Use a TracFone and limit your use off of WiFi. It's less than $200/ year. Beat that data plan!
I think, if the economy doesn't get any worse... I'll be okay with money when I get older (I'm about to have a job actually what-) anyway, hopefully I'll be okay
Many of these tips seem to be written by the type of people who "started out with nothing and dragged myself up by my bootstraps. I only had a £1m trust fund, my uncles summer house to live in and a seat on the board of VonBlade Snr and Sons Hedge Fund Management, why can't these poor people make an effort like I did". I dream of having a couple of quid spare at the end of the month to save up.
My dad always said "if you can't afford two of the same item that you want then you can't afford it"
If I like something, I'll buy a few other ones in different colors. One of my brothers does the same.
Load More Replies... If you are one of the millions who live paycheck to paycheck - or the sort that can't afford pricey vacations with the family a couple times a year, and you wonder how other people manage those sorts of things - If you're one of the millions for whom the idea of "investing" is a damned fantasy - You know, the market goes up and all the business people cheer and you still make the same damned wage or salary - If this is you, you need to take your money out of whatever BANK you have it in and open an account with a LCOAL CREDIT UNION. Banks make money for their investors off of the little guy like you - with fees, overdraft charges, and whatever other shady practices they can get away with. A CREDIT UNION is about doing right by their members. Who are their members? The account holders! You! They exist to help the members - not some other big-monied interests. Go to a credit union to find a loan or mortgage - one that services their own loans vs selling them to for-profit Banks
YES! Banks for for themselves and their investors, credit unions work for you. I haven't used a bank in 30 years.
Load More Replies... A good advice right here: When you're in a shop and see something you need/want but it's expensive look it up online before buying it. I bought this coat for 120€ and two hours later I saw the exact same coat on sale on another website. It was down to 35€ so I could've bought 3 coats with that money and still get 15€ back.
I know all the advice, but I can't stop spending. I think it's my depression; I try and spend my way out of it but nothing makes me happy. I'm really focusing on trying to save but I find it so hard. 😭😭
These are very helpful to the person already living in harsh poverty. I guess we should just skip these type of articles. :(
didn't see t here , but WATCH THOSE AUTOMATIC SUBSCRIPTIONS. Look at your credit card statement and see what's being automatically deducted each month. Like that streaming channel you never watch anymore, or that car wash club you hardly ever use, and so on.
We only use cash between pay checks. If we run out of cash, oh well!
When meat or fresh vegetables (other than salad) are on sale, I buy bulk, prepare meals from them, or prepare to eat/cook (wash and chop)... and freeze portions. I always have "ready-to-cook" vegetables, meat and fruit in the house. Cooking is faster and I cook healthier. It's also worth collecting deposit bottles here (Germany)... you get up to 25 cent per bottle. If possible, the deposit money goes into my piggy bank. I've saved almost 400€ in the last 6 months.
Try this one. Use a TracFone and limit your use off of WiFi. It's less than $200/ year. Beat that data plan!
I think, if the economy doesn't get any worse... I'll be okay with money when I get older (I'm about to have a job actually what-) anyway, hopefully I'll be okay
