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How to Build Savings: 15 Awesome Money Saving Hacks

By The Busy Budgeter | 21 Comments | This post may contain affiliate links

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Do you wonder where all your money goes? Do you reach the end of the month and dread checking your bank account because you fear you’re overdrawn? Do you wish you could build savings instead of blowing through money?

Well, there are simple, painless ways you can build savings—little tricks to help you save without even noticing you’re saving! (Seriously!!) If you’re wondering how to maximize your money, you can use these money saving hacks to discover extra dollars and wiggle room in your budget—then slide the extra money over to boost your savings account!

Don’t believe building savings is easy? I’ll show you how!

Not only did these tips help me build up my savings account quickly and easily but I was surprised to find out that it actually set me up for saving money every single month!! If that's not a budgeting win-win then I don't know what is!

When finances are tight, maximizing money and putting savings aside is rough. Even if you are on a budget and paying down debt, it’s hard to build savings. When extra money comes along, resisting the urge to go out and spend it on fun is tough.

Well, here’s the deal: Life’s short. You need entertainment. You need a date night. You need to hang out with friends and blow off steam. We all do!

BUT entertainment doesn’t need to cost money. You can still enjoy a good time—sometimes an even better time, in fact. Imagine hanging out with friends and not stressing about how much the good times are derailing your budget!

Our group of friends holds a rotating poker night. We bring the kids with us and they play and enjoy a “sleepover” with our friends’ kiddos. We put them to bed and then the adults stay up playing cards. We snack on baby carrots and ranch (cheap, satisfying and diet-friendly). We have a BLAST. Everyone brings their beverages of choice and we meet after dinner so no one worries about providing a big meal. After the game, we pick the kids out of bed and take them home in their jammies. They have fun. We have fun. …and the evening costs like, nothing!

Finding cheap, easy money saving hacks for date night, hanging out with friends or life in general can really help you build savings.

A quick tip before you start working to build savings:

If you really want to see progress, YOU GOTTA HAVE A BUDGET. There’s no way around it. If you haven’t started a budget do not pass go. I want you to check out my 90 Day Budget for Beginners Boot Camp right now.

A budget’s your road map, guiding you and showing your success as you build savings. A budget’s a tool for maximizing money and tracking finances. You need a budget. I can’t stress this concept enough, you guys.

Once you’ve started following your budget, you can move forward to build your savings using these simple money saving hacks. (YOU CAN DO THIS! I promise!)

1. Round Up

Certain banks like Bank of America offer programs to “round up” purchases and transfer the change into your savings account. This concept’s great and even if you use a cash-only budget you can still build your savings.

Simply put all your change into a special area of your wallet or purse. If you really want to maximize savings, you can put dollar bills aside whenever you break a $10 or $20. If you prefer a less aggressive approach, collecting all your spare change from shopping trips and saving your extra coins can still add up quickly!

2. Pay on Time

It’s a bit of a no-brainer, but often we end up tossing money away because we don’t pay attention to extra fees, monthly charges and late fees. These little charges add up fast and if you’re working to build savings they can derail your progress.

If you’re really struggling and are in a situation where you can’t pay your bills, there are steps you can take to get finances under control. If you forgot or made a miscalculation, call your bank, utility company or creditor and see what they’re willing to waive. Many times, bill collectors will offer a one-time fee knock off, especially if you’re a good customer.

3. Substitute and Swap

I used to use Pantene Pro-V shampoo. Then one day at my mom’s house, I tried Suave Rosemary Mint and fell in LOVE. Not only was the shampoo cheaper, but I liked Suave even more than my regular Pantene. By switching shampoos, I saved…. are you ready for this? $101.65 per year! 

Find simple, frugal substitutions you can use in your household. Can you switch to a generic brand for laundry soap? Can you swap ALDI brand chips or canned veggies for your more expensive brand? Maybe swapping won’t work for every item on your grocery list, but there are several items where you might not even notice a difference and you’ll build your savings painlessly!

4. Cut the Cord

When we were building our savings, we got rid of cable and settled on watching Hulu and Netflix through our Xbox. You can use a smart TV, Roku or Xbox to stream services and you may find you hardly miss cable at all.

Cutting cable can save you over a hundred bucks a month. Talk about maximizing money! When we cut out cable we found we didn’t even miss the extra programs at all. In fact, we found we had more quality time and accomplished more because we were watching shows we wanted rather than zoning out through crappy programs and reruns.

5. Watch for Group Deals

We watch Groupon and similar sites for deals on local activities and fun activities around town. I’m amazed at how great the offers are. I find Groupon offers are awesome gift opportunities too. A trip to a museum, a day at a water park or tickets to a show are more meaningful than another “thing.”

Give experiences over gifts. They don’t even need to cost a dime—go to a park, spend a day together at the beach, hike or sight-see. Keep your eye out for special local offers, free and discounted activities in your neck of the woods.

6. Enjoy Dinner at Home

Fast food and eating out are the biggest budget busters. Spending on fast food seems like a few dollars here and a few dollars there (hey, you may even order off the DOLLAR menu), but the spending really adds up. You don’t need to swear off fast food, but cutting back a few trips a week will really help you save.

If you swap out three meals a week and eat at home rather than going through the drive-thru, you can save about $20/week or $80-100 a month, simply by opting for a dinner at home! Cooking at home doesn’t require a big production either—opt for 15-minute meals to get out of the kitchen and enjoy dinner fast!

7.  Start a Money Jar

A painlessly easy way to build savings to to start a savings jar. Throw your spare change in there, the $5 birthday money from your aunt and the extra cash you get from selling your old lawnmower on Craigslist. Spare change adds up crazy-fast and can really build your savings. In fact, a friend of mine recently reported saving $1,000 in six months simply by throwing her “extra money” in a jar.

When you’ve saved up your jar, take the change to the bank. Don’t go through a coin counting machine! They take a big fee for counting your coins and most banks will count money for free if you’re a customer. Credit unions will also take change for members.

8. Go Cash-Only

If you’ve ever heard of the “envelope savings system,” you know people report fantastic results with the method. You operate on a cash-only budget for all incidentals like groceries, gas, entertainment and shopping. Each month, you take your cash and divide the dollars into envelopes. When the cash is gone, you’re out until next month.

The envelope method works. Some people love this method and others say it’s tough, but a great way to maximize your money and hang onto your cash. Let me tell you, parting with cash is MUCH harder than swiping a debit card. Using cash will adjust your thinking on what you’re spending.

9. Borrow What You Need

Join your local library! If you haven’t been to your library in a while, let me tell you how awesome the library is! They offer books, obviously, but they also offer magazines, software, CDs, lectures and classes! You can borrow music, movies, magazines and reading material for NOTHING. If you love to read or want cheap entertainment, the library’s where it’s at!

Don’t limit your borrowing to the library. Swap items with friends, visit Craigslist and your neighborhood boards for items you need and use rental services for videogames, movies (Netflix) and more. Getting away from the “need to own” mentality’s hard, but many items we can borrow, enjoy and return without spending money.

10. Thrift for Basics

Thrift stores aren’t the place for every purchase but they’re an awesome spot to score cute jeans for literally a few dollars. I’ve found the best jeans I own at thrift stores. Because denim’s such a sturdy material they’re often so gently used they feel like new.

Thrift and second-hand stores are also great spots for furniture (add a coat of paint or clean an item up and you can find real treasures), frames, jackets, sports gear and more. Be discerning and examine items carefully to ensure they’re in good condition and of course, buy only what you need.

11. Get Creative with Friends

Our poker nights are a great solution for us and for our friends. All of us are attempting to save money and I think they were just as relieved as we were not to fork out $100 every time we hung out. Keep the creativity going with your friends by working out together, going for walks, enjoying barbecues in the yard or park, or hosting a game night.

You can ask friends to swap babysitting and trade off play dates if you and your significant other are looking for a date night solution as well. Invite your friends over for a potluck party and pool together to share a babysitter. Hanging out shouldn’t be expensive!

12. Hydrate & Caffeinate at Home

A cup of coffee, soda or bottled water seems like no big deal—it’s only a few bucks, right? Those few dollars can add up quickly and if you’re spending $5 a day on drinks you’re spending $1825 a year! Enough money to take a vacation!

Instead of spending money on water, soda or coffee, brew coffee at home. Get a Nalgene bottle or another portable water bottle and fill up with filtered water at home. Steep iced tea and keep the tea in your fridge to drink when you need a pick me up—less sugar and fewer calories, plus tea’s way cheaper than a bottle of soda.

13. Save on Your Water, Heat & Electric

None of us want to run around worrying about turning off light switches and powering down electronics all the time, but there are simple steps you can take to reduce your electricity, water and heating bill. By turning your thermostat up a few degrees in the summer or down a few degrees in the winter you can see a big reduction in your costs.

Put a gallon bottle in the back of your toilet to cut water usage, install a water saving showerhead and turn your water heater down to 110 degrees (you won’t notice a difference when you shower, I promise). Use a power strip on electronics so you can turn them all off at once and install energy saving lightbulbs. You can reduce your utility bills by a noticeable amount with these small, painless steps.

14. Stock Up

When you come across a sale on your favorite products, stock up! If you find a great deal on a product you’ll use regularly, buy several at once to maximize savings and store extra in your storage closet. When you go to the store, buy the bigger bags of chips, crackers and other snack items in bulk sizes. When you get home, repackage the items in individual packs rather than opting for snack packs and fun sizes.

While buying all items in bulk is costly and wasteful, there are plenty of items where bulk buys can pay off. Watch for items without expiration dates—paper products and home goods. Condiments, canned goods and toiletries are often good bulk buys as well, because they have a long shelf life.

15. Use Half

One of the most painless ways I’ve found to save is simply cut my usage of items in half. Dishes still get clean with half the amount of detergent. Laundry still washes up perfectly fine with half of the soap. I can condition my hair with the size of a dime rather than a quarter.

Use the same concept when you go out to eat—enjoy half and take the other half home for tomorrow’s lunch. Stretch recipes by using half the meat called for or half the cheese (two expensive ingredients). Cutting your usage back to half is a simple way to build your savings and yet still get and do what you want.

If you’re looking for more ideas to build savings and maximize money, I’ve compiled the Ultimate Money Saving Checklist here. There are 200 ideas you can use to save money and stretch your money each month!

What are your favorite money saving hacks? Do you know any tricks you use to painlessly save and maximize your money? 

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FTC Disclosure of Material Connection: In order for us to maintain this website, some of the links in the post above may be affiliate links. Regardless, we only recommend products or services we use personally and/or believe will add value to readers

Filed Under: Money Saving Apps, Save Money Tagged With: budget, Save Money

Comments

  1. Krystal @ Simple Finance Mom says

    July 12 at 12:11 pm

    These are GREAT tips! We have a very basic cable package, but my husband would literally die if I cut the cable cord altogether. Eating out is our biggest weakness. We are trying really hard to do better about that! I love the tip about saving my coins or $1 bills. That is something I used to always do. Maybe it’s time I brought it back!
    Krystal @ Simple Finance Mom recently posted…4 Tips to Save Money on School SuppliesMy Profile

    Reply
  2. Lorna Ye says

    July 12 at 10:11 pm

    Those are awesome money-saving tips. It is important to remember that we don’t have to open our wallet every time to enjoy life. I have done most of what listed above, but I need to check out thrift stores more. It sounds there are some great inexpensive stuffs there.

    Reply
    • The Busy Budgeter says

      July 17 at 4:55 pm

      Absolutely! There’s so much more to life than just “stuff” 🙂

      Reply
  3. Sandie at Fulfilled For Less says

    July 13 at 7:27 am

    I love these tips! I’ve definitely seen the huge difference some of them have made in my life. Getting creative with friends is one of my favorites. We have some friends that we love to get together over a board game and a bottle of wine with. Those have made for the most fun (and memorable!) nights together (:
    Sandie at Fulfilled For Less recently posted…How to Save $1,000 Fast (in as Little as One Month!)My Profile

    Reply
    • The Busy Budgeter says

      July 17 at 4:56 pm

      Game (and wine) nights are the best! 🙂 Thanks for reading.

      Reply
  4. Justin @ Atypical Life says

    July 13 at 9:40 am

    Great post! I definitely agree with you on using cash. I started using cash exclusively when I travelled to Europe a few years ago. It helped to really transform my spending. I am already stingy when it comes to spending but spending cash only brought it to a whole other level.

    Reply
    • The Busy Budgeter says

      July 17 at 4:57 pm

      Right? It makes such a difference! 🙂

      Reply
  5. Ashish Mesepam says

    July 17 at 11:30 pm

    Saying cut the cable is easy. But these dumb companies charge a lot just for internet cause they want you to bundle their services. I’m still looking for a company that won’t charge me $65 just for internet.

    Reply
  6. Amanda says

    July 18 at 9:08 am

    Great tips!! We use a lot of these ideas already, but can definitely do better with substituting for alternatives and thrifting. Thanks for the tips!

    Reply
  7. Sarah | I Heart Frugal says

    July 19 at 10:08 pm

    These are amazing tips! I especially love cutting your cable! We love Netflix and you never run out of shows!

    Reply
  8. Meri says

    July 20 at 12:53 am

    Initially, we cut cable, after a while though, we missed it. I shopped around and signed up for cable through Costco, who was offering a $300 gift card for signing up for a two year contract for $55 a month cable. I canceled the CBS package we were paying $10 a month for, and used online budgeting software to put that $300 into that budget, to cut the cost back by $12.50 a month ($300/24=$12.50) making my cable $42.50 a month. My cell phone provider made a deal with the cable company which lowered my cable bill to $30 a month. $30 a month, minus the $12.50 I set aside means I’m paying $17.50 a month for cable. That’s the best deal I think I could ever get! If you account for the $10 fee we were paying for CBS (to watch The Big Bang Theory, Amazing Race, and NCIS), we are now paying $7.50 more a month for cable than we were paying a year ago! 🙂

    Reply
    • The Busy Budgeter says

      July 25 at 2:12 pm

      Wow, that’s awesome! Way to be creative 🙂

      Reply
  9. Mallorca says

    July 25 at 11:40 am

    Great tips! I never thought about bringing in my own parts, so I’ll have to try that on my next repair. Thanks for sharing!

    Reply
  10. Kimberly says

    July 25 at 1:09 pm

    Great money saving hacks! We cut the cord and got an antenna 6 years ago and haven’t looked backed! Use mostly cash, love thrifting and rarely go out to eat. Getting the right mindset is key! When you know why your doing it, it makes it so much easier.
    Thanks for sharing!
    Kimberly recently posted…Simple Meal Planning on a BudgetMy Profile

    Reply
    • The Busy Budgeter says

      July 25 at 2:15 pm

      Absolutely! You have to have your “why” 🙂

      Reply
  11. Leo Tat says

    July 30 at 4:27 pm

    I’ve heard about Groupon for years but did not start using them until several months ago. Now I try to find dining Groupons whenever we want to dine out, saves a good amount.

    I also want to share one tip that I use to save money, and that is using cash back sites when making purchases online. You set up an account on these sites, and then you click their referral link when you want to buy something on another site. This tracks the purchase and you get % of the purchase cost back. So far I have claimed back thousands of pounds (since using it 7 years ago).
    Leo Tat recently posted…Ketosis vs. Ketoacidosis (DKA): What Is the Difference?My Profile

    Reply
  12. Robert Hatcher says

    December 10 at 8:39 am

    All are great tips the one that I applied for myself and to my family is we eat at home.Going outside can be out of your control especially the menu anything can happen.

    Reply
  13. Joseph Thompson says

    January 15 at 2:09 am

    Thanks for this financial hacks it really helps a lot. Keep on posting!

    Reply
  14. Kim Kelly says

    January 16 at 3:04 pm

    thank you so much for sharing amazing and creative tips. Keep the good work going !

    Reply
  15. klnkpokj[ says

    December 6 at 4:19 pm

    Great tips 🙂

    Reply
  16. Alexandra F says

    February 13 at 8:34 pm

    The cooking more at home tip is one that we’ve recently tried to adopt more purposefully in our family, and I have to say, it makes a BIG difference! Not only to our budget (though the savings have been significant), but also to our health, and honestly, overall enjoyment of our food. Once we made the effort to intentionally set aside more time to cook (it’s sooo hard sometimes!), we found that we actually prefer these homemade meals – even the quick, simple ones. Plus, they end up being way cheaper…win win! Of course, we still do crave our fast food or other special meals out once in a while, and have discovered the magic of Kids Eat Free deals!! I did not realize these existed until fairly recently, but it is a great way to still enjoy eating out once in a while without breaking the budget. Here’s an awesome list of national chains that offer these deals that’s worth checking out: https://www.upparent.com/lists/kids-eat-free

    Reply

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