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29 Foolproof Money-Saving Hacks Shared By People Who Are Good With Their Finances
Trying to make ends meet in the cost of living crisis can feel truly daunting. Especially when you don’t really have a financial backup plan.
Nearly six in 10 Americans don't have enough savings to cover a $500 or $1000 unplanned expense, the new Bankrate report showed. But the surge of inflation is not going anywhere. In fact, economists say that 2023 is likely to be remembered for the sharpest drop in household incomes on record.
No wonder more and more people are forced to not just rethink their finances but to actually make practical changes. Recently, a thread on the Frugal community on Reddit shed a light on small and simple steps people make to improve their financial life. Below we wrapped up some practical advice, so grab your notes and pull your seat closer.
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#1
Getting rid of Amazon prime was the best decision I made. I didn’t realize how many unnecessary purchases I had made. Also f*** Jeff Bezos.
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#2
I joined a Buy Nothing Group on Facebook and the gifting community has been amazing. I was able to furnish a room in my apartment from gifted items.
#3
For frugal financial advice, here are a few that help me. It’s kind of a Holy Grail in this sub already, but can’t be reiterated enough - use your local library, if you can! Create wishlists or leave the item in your cart for at least a day or two when you want to buy something online. This form of “window shopping” helps curb impulse purchases and if it is an items you actually want, you might get a discount code from the site. Set up text or email notifications on all your accounts for any withdrawals more than $0.01. Bank account, debit cards, credit cards, etc. It helps you catch items you may be missing if you aren’t tracking your expenses already (like a streaming service you never use!) and will alert you to fraud much quicker as well.
#4
I seldom use trash bags or paper towels. I reuse grocery bags and use sponges / rags instead of paper towels. It adds up… I don’t use smell good stuff for my laundry. Dryer sheets and those unstoppable are so expensive. I also re wear my clothes a few times- unless it’s dirty/undies and socks. My friends spend an ungodly amount on beauty stuff. Nails, hair, eyebrows, makeup. It is crazy. I’ll get a haircut every so often, never ever get my nails or eyebrows done and buy dollar tree makeup and a 5$ mascara. This may get looked down upon, but I don’t like going out.. I’d much rather stay at home
#5
As soon as my car was paid off, I took half the payment I was making and put it into a 'car savings account' to be used on repairs of my car or hopefully build up to the point that replacing my vehicle was relatively painless. Eventually, the repair for the car was not worth it and I still was able to get a decent trade in value for it, combined with my savings, my monthly budget didn't change at all. When interest rates were low, I refinanced the house. Rather than a cash out like all of the cool people were doing, I just changed it to a 15 year instead of a 30 year mortgage. I will save well over 6 figures in interest, my payments really didn't change by much. Also, the equity is there if I need it for emergencies but I am not paying interest on money I don't need to borrow.
#7
Group buy / batch cook I dedicate one weekend a month to massive batch cooking to stuff the freezer with easy to make, healthy meals during busy weeknights. It’s usually all family members on deck to help. If you can coordinate with a few friends, agree on a few recipes that everyone would like in their freezer, you can usually get better cost per unit when you buy in bulk. Then, fire up the tunes, break out the wine or beverages of choice and cook your a*s off with your friends. My buddy and I b***** out a large vat of home made sauce, 8 large pan lasagnas and a hundred stuffed shells in a weekend…and it was insanely cheap AND healthier than the high fructose corn syrup s**t in jars.
#8
I make my own bread. I probably eat way too much of it but I use the no knead method and it’s easy.
#9
My entire house has been supplied by thrift store and Craigslist finds: dishes, area rugs, sheets $2, dressers $25, bed $100, toaster $5, blender $5, pots and pans $75, towels $2.50 ea, kitchen table and chairs $25, silver ware $8, etc. All items match, coordinate, function and/or are quality made. Tons of fun finding them, memories and feelings of treasures found linger as I am surrounded by them. I’ve found them most of the time within a days outing in search of each one. Because they are in such good shape, I imagine they are from people moving, or donated during estate liquidation ext. Seriously, Americans have so much stuff there is no need to buy new.
#10
I balance my accounts daily. It takes 5 minutes max, and it helps me see exactly what's coming and going, what's expected, and where I'm at. It makes keeping on track really, really, easy.
#11
I bought a steel coffee filter so I could stop buying paper ones (honestly a petty amount of money to save but hey it’s also better for the environment), clipped more coupons from both digital and online sources, invested more money.
#12
I started selling a bunch of stuff on eBay/FB market place and really digging into my “am i ever reallllyyyy guna use/wear this?”
#13
Unsubscribing from sale notifications worked really well for me If I'm considering an impulse purchase I really think about if and how much I'd use it, where I'd keep it, and if I actually need it
#14
To avoid allowing myself to purchase unnecessary things, I made a note on my phone with links to everything I wanted to buy. Occasionally I would spend a long time saving up for those things. Often times, months would pass and when I had money to buy something from the list, I decided I didn’t really want it anymore. This has meant I only buy something extra for myself once every couple of months. This helped my self control, my wallet, and gave me perspective on what’s important.
#15
Mine was setting up my direct deposit for a portion to go right to my savings before it hits my checking so I don't see it. You can either do a percentage or a set amount. I do a set amount and when I get a raise, I up the amount a little. Currently, I have $200 go to my savings and the remainder hit my checking. I learned to live without that $200 as if I am not getting it, and my checking is $400 to $600 more per month depending on how many paychecks I get a month. I realize that many don't make enough to di this, but I started with $50. Got a small raise and upped it to $75. Got a promotion with a 30% raise and then put it at $125, etc.
#16
Item 5 in your list reminded me of something an old colleague told me about: have an annual house maintenance calendar full of lots of preventative jobs to do at specific points through the year. Usual things like clearing out your gutters, jet washing the patio, etc, life admin tasks like renewing annual insurance policies, but then also things I'd never think about doing like pulling all the furniture/storage boxes etc away from external walls every autumn/spring to check for damp/mold. I can't say I've actually put anything as regimented as this in place myself 😅 but it sounds like a good idea!
#17
Giving myself pocket money. Without a doubt this stopped frivolous spending. I give myself a small amount of pocket money every week out of my paycheck and I'm allowed to spend it 100% guilt free on anything I want. It helped me save so much money as I saw all my money as mine and available for spending. Now I love saving up my pocket money to high amounts to buy special things, or just save. Totally changed my view on the value of money and I've never saved so much in my life as now.
#18
Using a credit union instead of a bank. Game changing in terms of low / no fees and low / no minimum balance. If an article of clothing you like loses a button or gets a small tear or the hem comes undone, your dry cleaner will probably fix it for a couple of dollars. This is way better than throwing it out or waiting months / years until you get around to mending it yourself for free. For plain buttons, they probably have a close match if you lost it, or there may be hidden extra buttons sewn in. If the buttons are more custom color or shape, move a matching button from the bottom and replace the bottom button with a close match.
#19
Just googling “website coupon code” whenever I am about to make a purchase that has a coupon code space to enter. Just bought lift tickets to ski and saw that section. Opened a new browser and searched for it. Found one that gave me $25 off. It worked and took me about 3 minutes to find.
#20
For me I have a really bad issue with buying cheap (and sometimes expensive) snacks whilst on my lunch break. Like I’ll go to the market by my job for a bag of chips and get a $2 bag sometimes because it’s $2…whatever, y’know? Well, that adds up. Especially if I’m already planning on buying a lunch. So on days where I grab the bag but then decide to put it back on the shelf, I immediately move that $2 to my savings. It definitely adds up over time, especially if it’s a more expensive snack like a $5 bag of chips, or a $8 pastry. If I could theoretically afford it in that moment, then I can definitely afford to send that money to my savings.
#21
I've adopted "productive" hobbies. I love baking and crocheting. I love drawing and painting, but haven't had the time to sit down and commit to the creative process. With my new hobbies I can come back to a project or finish a recipe in short time. I've become alright at making sourdough fruit loaf and I'm making my kids cute and quirky beanies.
#22
Some of my bigger savings are from: * Riding bus & bike instead of driving (though we’re a one-car family now b/c kids) * Biking also eliminates the need for a gym membership * Watching stuff on YouTube instead of cable / subscriptions * Day trips instead of overnight trips * Filling thermoses with coffee/tea that I make in the morning to take wherever I’m going * Brewing my own iced tea to keep in the fridge instead of juices, sodas, etc
#23
I chose one day a month to treat myself with a fancy coffee/ fast food- whatever. This way I could not just randomly decide today was the day and then forget and do it another day and before you know it you’ve spent $100 on dunkin. So one a month. When I got more financially secure I’d choose 2 and now I am at Fridays. On Fridays I can buy a drink or a treat. This does not include takeout food necessary for a meal. These are treats that are highly unnecessary and a waste of money…… but for some reason people love to do it
#24
I’ve gotten rid of all but one of my streaming services and I rotate through them and binge watch. So Netflix for a couple of months, prime for a couple of months, then Apple etc… And I don’t buy takeaway coffee.
#25
The one about social media got me. I’ve deleted tik tok and Instagram over the least year and I find I’m spending a lot less on [nonsense] things I don’t need that I saw on an advertisement (I’m a highly influential millennial)
#26
11. I cannot stress enough how little i really needed all the things ive ever ordered from amazon it’s easy to rationalize it like oh it ends up paying for itself and all the free shipping and I can get groceries and whatever you Gotta tell yourself but at the end of the day you go back and look at your history and you think [darn] that was a waste. That was a waste. That was a waste.
#27
As a formerly homeless and currently disabled single mother, I know about making ends meet. I suggest always making a shopping list and always sticking to it. Planning meals within your budget is vital. My food budget is less than $3-5 a day total for my entire family. Parents, if you too are plagued with worry about feeding your kids what's worked for me, is "fasting for the future." When "fasting for the future " it's highly suggested to skip at least 2 meals a day, while always eating any and all leftover scraps from the meals being skipped ...but still above all else always still being fed regularly the children to reduce waist and ease hunger /hypoglycemia when "fasting for the future " , as I call it. Fasting for the future will ultimately result in fatigue and malnutrition, but think of the growing children and their health and development, the choice becomes clear. So compensate yourself by budgeting in at least $10+ monthly for yourself minimum, as you will need it. Remember, you can't pour from an empty cup as a parent, so always eat the scraps. No matter how meager. Trust me. Rice and beans are filling and nutrient dense. Dried beans soaked overnight and simmered with a meat bone can be Devine. ONLY purchase produce in season. Oatmeal, pancakes, peanut butter, and jelly are also great low-cost meals overall. Call 211 for local free food centers and utilize them as much as possible Think 3 times before spending. Do I need this? Is this a smart purchase? Will I get buyers' remorse? Purchase mixes and bake at home to save money. Or even better learn to cook from scratch. Choose recipes with very few ingredients to avoid expensive meals. Or plan meals around what you have on hand. Googling, for example, " corn, beans, and canned chicken recipe," and peruse your culinary options. Thinking and planning ahead are essential. Other options to save money are simply not to spend money. Look for free swap style rummage sales like j*** in the trunk, etc. Go on free local facebook pages. Utilize any and all resources from non-profit organizations. By wearing the same clothing, even though you lost 60 pounds, you can save a ton of money. We survive off of less than $1k month for a family of 4. I'm wearing my boots another winter even though there are holes in the bottom of them where the heel has worn down and my socks get wet. That's $50+ saved for an emergency or another expense.
#28
Pretty much stopped drinking - that saved me a ton. Coffee at home. I actually prefer picnics to eating out and my family has gradually followed. I almost never eat take-away, so I suppose learning to cook is savings measure. Do lots of little jobs around the house rather than hire someone. Hanging a picture in WA practically requires a construction crew because of the brick walls.
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