How to save money: 10 tips to save more in everyday life!

Financial planning, spending control and strategic action can save your finances when it comes to saving.

Year after year, everyone wants to know how to save money and break free from financial struggles. Saving money can serve different purposes: buying a house, getting the car of your dreams, paying for college, and, of course, gaining greater financial independence.

The important thing is to understand that every bit of savings counts and can help you reach your goals. So, pick your financial targets, because today we’ll show you the top 10 tips on how to save money easily and practically. Check them out below!

1.   Keep track of all your expenses

This tip is especially useful if you’re wondering how to save money on a tight budget. It’s crucial to know how much you spend every month to identify unnecessary expenses.

To pinpoint which monthly expenses are frivolous, you first need to know where your money is going, right? So, grab a notebook or a spreadsheet and record all your expenses for the month.

Divide your table into columns labeled as follows: ‘date’; ‘what did I buy?’; ‘where did I buy it?’; ‘how much did I spend?’; and ‘payment method.’ Once you have your table, whether digital or on paper, make sure to keep it with you.

Then, every time you buy a product or service, note it in your expense log. At the end of the month, review your spending and identify unnecessary costs that you could cut out.

Maybe that soda, the extra snack, and the discounted shirt weren’t so essential after all. Listing your expenses and removing unnecessary items can help you save even more at the end of the month.

2.   Organize your finances

Another effective way to save money is through financial planning. A solid financial plan makes it far less likely you’ll face financial struggles during the month.

One strategic way to manage your finances is the 70/30 rule. According to this method, 70% of your income should go towards paying fixed expenses and present-day spending, while 30% should be saved or invested.

So, let’s say you receive $2,000 a month. Then 70% of that amount, or $1,400.00, should be used to pay the essential bills that are always present in your month. These bills are usually: rent, electricity, internet, water, groceries, etc.

The remaining $600 should go into different investments to help you reach future goals, whether that’s taking a family vacation, buying a house or car, or achieving financial independence.

3.   Control your credit card spending

One of the best ways to avoid debt is simply not to make unnecessary purchases. The more you charge your credit card in installments, the less flexibility you have in your budget and the harder it is to save.

Did you know that the highest rates on the credit market are credit card interest rates? In fact, credit card interest rates are so high that they can exceed the value of car loans and mortgages.

But remember, it’s not the credit card that’s the problem; it’s how you use your credit line that can lead to debt. Missing payments on your credit card can really hurt your finances.

4.   Pay your bills on time

This may seem simple, but it’s highly effective! After all, the total consumer debt in the U.S. reached $17.1 trillion in 2023, and that number keeps climbing. You may wonder, ‘How does paying my bills help me save?’

The answer is simple: if you don’t pay your bills on time, you’ll face late fees and interest, which will end up costing you more than the original debt.

In other words, make sure you pay your debts by the due date. If you’re forgetful, set your payments to autopay to avoid missing due dates. This goes for both subscription services and fixed expenses.

5.   Compare prices before buying

If you have to make a purchase, don’t rush to spend your hard-earned cash—do some price research first. Today, we have several price-comparison tools like Google Shopping. These allow you to check prices across different stores and find the best deals on the market.

6.   Use discount coupons

In addition to using a good price-comparison tool, look for discounts before making a purchase. If you’re shopping in person, ask about any discounts on your total purchase.

If you’re shopping online, look up discount coupons to apply at checkout and save even more. Sites like Price.com offer great discounts for a wide range of online stores.

7.   Buy products close to expiration

If you’re wondering how to save money on groceries, here’s a great tip. Those items close to their expiration date are usually sold at a discount.

In addition, many supermarkets offer discounts on items with minor damage, such as dented packaging. These items are still perfectly safe to consume but are sold at a lower price.

Next time you’re at the grocery store, keep an eye on the sections for items like yogurts, bread, and fruit, which tend to be sold at a discount as they near expiration.

8.   Bring your own lunch to work

Delivery spending could be the reason your credit card bill is so high. So, this tip is for anyone looking to save money on household expenses.

Think about it: do you really need to treat yourself every day? It’s time to set aside convenience and start cooking. Making your own food will always be cheaper than ordering delivery.

To make it easier, try preparing all your meals over the weekend, so you’ll have lunches ready from Monday to Friday. This way, you can relax and enjoy your favorite Netflix series after work without having to cook each day.

9.   Do It Yourself!

The DIY (Do It Yourself) approach can also help if you want to save money. We’re so used to outsourcing tasks that we often don’t think about what we could do ourselves to save a little cash.

Thanks to YouTube, you can find tutorials on almost anything—from replacing a showerhead to decorating your space. Of course, some tasks are more complex and require skills that take years to develop. But could you paint a room, redecorate, or install a light fixture on your own without hiring help?

In addition to YouTube, Pinterest is a fantastic source of inspiration for DIY projects. By doing it yourself, you’ll save on labor costs.

10.   Prioritize free activities for leisure

There are many ways to save money, and one of them is enjoying free entertainment. What can you do to have fun with your friends while spending little or nothing? For those who live near the coast, beaches are a great option. But even if you don’t, there are plenty of other ways to have fun.

Many cities offer free cultural events, providing open access to theaters, libraries, and even movie screenings. These are great opportunities to learn something new and have fun at the same time.

You could also plan a picnic with friends, visit a park, or exercise outdoors at public venues—all great ways to save money while enjoying yourself.

Did you find these tips on how to save money useful? Start implementing them today to reap the rewards in the future. And don’t forget to share them with friends who also want to save!