60 Ways to Save Money (2024)

There are so many ways to save money. Here are 60+ ways to save money this summer, get out of debt and stick some extra cash in your savings account!

60 Ways to Save Money (1)

  1. Get as many free samples as you can through social media, newsletters and on freebie websites and blogs. The stuff you get here prevents you from having to buy it.
  2. Eat smaller portions. The less you eat, the less your grocery bill will be. There are also great grocery money tips to check out to help you save on your grocery bill.
  3. Buy seasonings and spices in bulk. You will pay approximately 75% less for them than if you buy them in packages/jars.
  4. Downgrade your living space and rent somewhere smaller. If you are not renting, where can you downgrade in your home?
  5. Weatherize your home for both warm weather and cooler weather. Air leaks lead to lost energy in both heating and air conditioning.
  6. Cut your own hair and your children’s hair.
  7. Borrow everything you can. This can be tools, books, and movies or anything you can think of! Look in your community for resources and lending libraries. Many communities even have lawn and garden lending libraries, so save your money on purchasing these and borrow instead.
  8. Wash some of your clothing by hand. Delicates, jeans, and rags can often be washed by hand and hung up to dry.
  9. Make your own cleaning supplies. Just do a quick search on Pinterest and you will find many recipes for anything from laundry soap to toilet cleaner.
  10. Use vinegar to clean. It is amazingly versatile and had antibacterial uses. And, it is really cheap!
  11. Buy dry goods for baking in bulk. Don’t pay extra for packaging.
  12. Use coupons whenever it makes sense to do so. You can find these in newspapers, on websites and available to print online.
  13. Find free ways to entertain yourself. The best places to look for free entertainment is your local independent newspaper and the public library.
  14. Maintain your vehicle with regular tune-ups and oil changes.
  15. Carpool to work. If there is not a carpool system formed, make one!
  16. Take your lunch from home. Brown-bagging it can save you hundreds of dollars a year.
  17. Buy your clothing second hand. You would not believe all the name brand clothing in excellent condition at thrift stores.
  18. Create a gift closet. This is an area in your home where you store generic gifts for things like house warming, wedding, children’s birthday parties, and holiday white elephant gifts.
  19. Avoid paying any fees by paying things on time.
  20. Do the 52 Week Money Challenge. By the end of the year, you will have almost $2,000 by just putting away a few dollars each week!
  21. Stop buying convenience food. Many of the things you pay for are simple things you could do yourself with just 5 minutes of your time.
  22. Learn to mend clothing so it lasts longer. If you have no skills, getting things like jeans fixed usually only costs $5 or less. This will save you from having to buy another pair.
  23. Know when to splurge and when to save. Some things really are “you get what you pay for”.
  24. Wash your clothing less frequently. If you only wore it for a couple of hours or used a towel once there is really no need to wash it right away.
  25. Create a price book so you know when a sale is a good one so you can stock up.
  26. Cut off cable. Instead, so a streaming service.
  27. Cloth diaper. While this may not sound initially appealing, you will save hundreds of dollars over the course of your child’s diaper years.
  28. Buy from farmer’s markets. You can often negotiate the price and most of the time, the food is local. This is a great way to get organic at a lower price.
  29. Get regular doctor and dentist checkups. Keeping an eye out for any medical issues before they become expensive problems will not only save your health but your wallet, too.
  30. Send in rebates. It is easy once you get the hand of it.
  31. Wash your car at home.
  32. Utilize leftovers.
  33. Buy cheaper cuts of meat and cook them in your slow cooker. Doing so will tenderize them.
  34. Make your own bread. A homemade loaf can cost as little as a quarter.
  35. Teach your children about responsible money use.
  36. Eat food that is in season.
  37. Don’t automatically buy the larger package. Sometimes, the smaller one is cheaper per unit.
  38. Only make as much food as will be eaten and watch food waste.
  39. Re-use everything you can.
  40. Don’t automatically call an expert to fix your problem. You may be able to do it yourself.
  41. Go meat-free once a week. Doing so can save you up to $10 a week or more!
  42. Drive less often. Walking is not only good for you but good for your car’s wear and tear and your gas tank.
  43. Drink more water. It’s practically free!
  44. Skip eating out as much as possible.
  45. Don’t shop for entertainment. Instead, find something else to occupy your time or set a very strict budget for it.
  46. Sign up for rewards programs. You could save on gas and groceries!
  47. Stock up when you find a good sale. If it is something you use a lot of, get ion the habit of buying at least 6 month’s worth when the sale is good.
  48. Comparison shop. You can do this in-store by just looking online.
  49. Apply for any help you qualify for. WIC, SNAP, and LIEAP is there to help low-income folks make ends meet. If you qualify don’t feel any share about taking the help that is there.
  50. Make lists before you go shopping. You will feel less tempted to do impulse buying.
  51. Plan your meals. Even if you just do it weekly, you will see the savings add up.
  52. Do some gardening. Just growing a little can save you when it comes time to harvest.
  53. Know when the sales cycles are and shop them.
  54. Buy off label medications. They contain the same ingredients as the name brand stuff and in the same formula.
  55. Don’t impulse shop. Practice waiting to buy especially if the purchase is big.
  56. Buy quality furniture. This is one area where you don’t want to go cheap.
  57. Sign up for Amazon Prime. You can get a free 30-day trial and with it comes free 2-day shipping on many products!
  58. Shop discount stores. You never know what you will find.
  59. Buy meat in bulk. If you don’t have the storage space, go in on a bulk purchase with a friend or family member.
  60. Don’t buy disposables items. Use rags instead of paper towels.

60 Ways to Save Money (2)

There are so many other ways that you can save money. I know we just listed 60, but there are hundreds of ways you can save money. If you’re working out in the yard, there are ways to save money Landscaping. Then you can go all hardcore- extreme like and find extreme ways to save money.

If you have teens, they can learn how to save money by reading tips on ways to save money teenagers.

Plus if you have someone going off to college soon, be sure to check out ways to save money college. And for the younger kids, we have great money-saving tips for them too with.

What are some ways that you save money?

60 Ways to Save Money (2024)

FAQs

What is the 60 saving rule? ›

Key Takeaways:

The 60/30/10 budgeting method says you should put 60% of your monthly income toward your needs, 30% towards your wants and 10% towards your savings. It's trending as an alternative to the longer-standing 50/30/20 method. Experts warn that putting just 10% of your income into savings may not be enough.

What is the 60 solution? ›

In the 60% solution method, you cover all your wants and needs with 60% of your budget. The other 40% is for saving. Then, that 40% gets divided up into three savings categories (10% for retirement, 10% for long-term savings, 10% for short-term savings) with 10% left for “fun.”

What is the 50 saving method? ›

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

What is the 60 40 saving method? ›

Save 20% of your income and spend the remaining 80% on everything else. 60/40. Allocate 60% of your income for fixed expenses like your rent or mortgage and 40% for variable expenses like groceries, entertainment and travel.

What is the 70 30 savings method? ›

In doing so, they miss out on the number one key to success in investing: TIME. The 70/30 Rule is simple: Live on 70% of your income, save 20%, and give 10% to your Church, or favorite charity. This has many benefits in addition to saving 20% of your income.

What is the 70/20/10 rule money? ›

The 70-20-10 budget formula divides your after-tax income into three buckets: 70% for living expenses, 20% for savings and debt, and 10% for additional savings and donations. By allocating your available income into these three distinct categories, you can better manage your money on a daily basis.

What is the 60 20 20 method? ›

Put 60% of your income towards your needs (including debts), 20% towards your wants, and 20% towards your savings. Once you've been able to pay down your debt, consider revising your budget to put that extra 10% towards savings.

What is the 40 40 20 rule for savings? ›

The 40/40/20 rule comes in during the saving phase of his wealth creation formula. Cardone says that from your gross income, 40% should be set aside for taxes, 40% should be saved, and you should live off of the remaining 20%.

What is the 50/30/20 budget rule? ›

The rule is to split your after-tax income into three categories of spending: 50% on needs, 30% on wants, and 20% on savings. 1. This intuitive and straightforward rule can help you draw up a reasonable budget that you can stick to over time in order to meet your financial goals.

What is the best formula to save money? ›

What is the 50/30/20 rule? The 50/30/20 rule is an easy budgeting method that can help you to manage your money effectively, simply and sustainably. The basic rule of thumb is to divide your monthly after-tax income into three spending categories: 50% for needs, 30% for wants and 20% for savings or paying off debt.

What is the best formula for saving money? ›

The rule is very simple in practice. It asks you to break your in-hand income into three parts. 50% of the income goes to needs, 30% for wants and 20% to savings and investing. In this way, you will have set buckets for everything and operate within the permissible amount for each bucket.

What is the 3 saving rule? ›

This model suggests allocating 50% of your income to essential expenses, 15% to retirement savings and 5% to an emergency fund.

What is the 80 20 saving method? ›

YOUR BUDGET

The 80/20 budget is a simpler version of it. Using the 80/20 budgeting method, 80% of your income goes toward monthly expenses and spending, while the other 20% goes toward savings and investments.

What is the $27.40 rule? ›

Instead of thinking about saving $10,000 in a year, try focusing on saving $27.40 per day – what's also known as the “27.40 rule” because $27.40 multiplied by 365 equals $10,001.

What is the 80 20 rule in saving? ›

The rule requires that you divide after-tax income into two categories: savings and everything else. As long as 20% of your income is used to pay yourself first, you're free to spend the remaining 80% on needs and wants. That's it; no expense categories, no tracking your individual dollars.

Is saving 60% of income too much? ›

60% of anything is a lot, let alone dedicating that amount to savings. However, by allocating 60% of your money into savings or paying off any debt, you have a better chance of reaching your financial goals and reaching them faster with a lower percentage budget, such as putting away only 10% of your paycheck.

Is saving 60% of my income good? ›

If you still have decades ahead of you to save for retirement, it's OK to cut yourself some slack on the 20% part of the model. If you're a young adult, “60/30/10 is just fine,” says Michael Finke, professor of wealth management at the American College of Financial Services.

What is the 50/30/20 rule for managing money? ›

Key Takeaways. The 50/30/20 budget rule states that you should spend up to 50% of your after-tax income on needs and obligations that you must have or must do. The remaining half should be split between savings and debt repayment (20%) and everything else that you might want (30%).

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