25 Creative Ways To Save Money (2024)

Prostock-Studio / Getty Images/iStockphoto

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 Years
Helping You Live Richer

Reviewed
by Experts

25 Clever Ways To Save Money You Can Try Now

Growing your wealth often involves more than just earning — it’s about finding creative ways to save money. While traditional methods like budgeting and investing play a crucial role, there are numerous daily habits and unique strategies you can adopt to boost your savings. These clever tricks, woven into your routine, can help you accumulate funds without feeling the pinch.

1. Money Saving Challenges

Taking on money-saving challenges can help form habits to transform your approach to money management, credit health and long-term financial planning. Here are a few examples:

The 100 envelope challenge: Turn saving into a game with the 100 envelope challenge. Label 100 envelopes from 1 to 100. Each day fill an envelope with the corresponding dollar amount. Completing this challenge means saving $5,050.
The $5 savings plan: Save every $5 bill you receive. It’s a simple yet effective way to accumulate a significant amount over time.
Coin jar savings: Collect all your change in a jar. Once it’s full, deposit it into your savings account or use it for a small treat.

2.Automate Your Savings

Set up automatic transfers to your savings account. Even small, regular deposits can add up over time helping you better achieve your financial goals. This clever way to save money can also be accomplished by setting up dual accounts. Keeping your expenses and savings in separate accounts can be key to building your savings. Use one for daily needs and bills, and the other as an emergency or future fund.

3. Do a Subscription Audit and Cancel Any You Don’t Use

Review and cancel subscriptions you don’t use. You might be surprised at how much you can save by cutting out these often-forgotten expenses. Some to consider auditing are streaming services, app subscriptions and any memberships you may have.

4. DIY: Repair Instead of Replace

Learn basic repair skills to fix clothes, electronics or household items, thus extending their life and savings. The extra money you don’t spend on paying someone else can go right into a high-yield savings account or emergency fund.

Doing it yourself doesn’t have to end with repairs as it is a great way to save money while redecorating or remodeling your home. You can even extend this skill set to gift giving as DIY homemade gifts are often more meaningful and cost-effective.

5. Boost Your Credit Score

Improving your credit score can lead to lower interest rates and better financial deals for credit cards or even when securing a loan. Boosting your score now can lead to much healthier personal finances later.

6. Further Your Financial Education and Literacy

Unlock the potential of clever ways to save money through advancing your education to become more financially literate with investing, retirement saving and diversification. Understanding money management can lead to smarter spending and saving decisions.

7. Stop Impulse Buying

Refine your shopping habits and consumption patterns to make the most of your budget. By avoiding unplanned purchases, you can reduce your spending without compromising on your shopping list.

Impulse buying can happen in-store but also online. To help avoid it through websites and social media you should unfollow brands and unsubscribe from marketing emails to resist the temptation of online shopping deals.

8. Become More Energy Efficient

Invest in energy-efficient appliances and bulbs. They cost more upfront but save money in the long run. Embracing these practices can trim down your expenses and help the environment. These smart strategies not only help in cutting costs but also promote a more sustainable and economical household lifestyle.

9. Embrace Thrifting

Explore thrift stores for clothing and household items. It’s eco-friendly and can lead to significant savings. Here are a few thrifty lifestyle things to try:

Participate in Buy Nothing groups: Join local Buy Nothing groups to give away items you don’t need and find free items you do.
Second-hand electronics: Buy refurbished or second-hand electronics. They often work just as well as new ones but come with a much lower price tag.
Borrow, don’t buy: For items you use infrequently, like tools or party supplies, borrow from friends or neighbors instead of buying them.

10. Choose Generic Brands

Opt for generic brands over name brands when shopping. The quality is often comparable, but the price is much lower. Grocery store brands famously use the same ingredients for items such as cereal but charge half what name brands do.

11. Homemade Cleaning Supplies

Create your own cleaning supplies using common household items like vinegar and baking soda, which can be more cost-effective and eco-friendly. Money you don’t spend on expensive chemicals can stay safely in your checking account.

12. Meal Planning

Plan your meals weekly to avoid impulse buys and food waste. This strategy can significantly reduce your grocery bills as well as save you a bunch of cash from the expensive food and service costs of eating out.

Planning your next meal can also include packing your lunch. Instead of eating out, make your lunch ahead of time and take it with you. Home-cooked meals are generally healthier and cheaper than restaurant food.

13. Home Workouts

Focus on personal care without breaking the bank. Skip the gym membership and exercise at home or outdoors. There are numerous free workout apps and online resources available.

14. Negotiate Your Bills

Regularly review and negotiate your utility bills, insurance premiums and other recurring expenses. You can even call your credit card issuer to see if a representative can help you lower the interest rate you’re paying on your monthly bill.

15. Seasonal Shopping

Buy off-season items when they are on clearance. For example, purchase winter clothes at the end of the season for next year. Deep discounts lead to big savings if you cleverly plan ahead.

16. Use Cash-Back Apps

Leverage cash-back apps when shopping. They offer rebates or rewards on your purchases, effectively saving you money on items you would buy anyway. Also, be sure to take advantage of cash-back credit cards so you’re not leaving money on the table.

17. Use Public Transport

Optimize your transportation and travel expenses with creative solutions. Whenever possible, use public transportation instead of driving. It saves on gas, parking and wear and tear on your vehicle. This clever way to save money focuses on reducing your daily commuting costs and making travel more economical.

You can also try biking or carpooling to work to save on transportation costs. It’s environmentally friendly and can significantly cut down your expenses.

18. Use Your Local Library

Utilize your local library instead of buying books. Many libraries offer free access to e-books and audiobooks. There will also generally be a community board that will alert you to free neighborhood events you can participate in for entertainment instead of spending money on paid activities.

19. Gardening

Grow your own vegetables and herbs. It’s a rewarding hobby that can cut down on your grocery expenses, especially with the ever-rising cost of food.

20. Water Savings

Install water-saving devices in your home. Reducing your water usage lowers your bills and conserves a vital resource.

21. Volunteer for Events

A clever way to save money and engage with your community is by volunteering at events or festivals. Often, you can enjoy the event for free in exchange for a few hours of help.

22. Use a Programmable Thermostat

Install a programmable thermostat to manage your heating and cooling efficiently, reducing energy bills.

23. Potluck Gatherings

Organize potluck dinners with friends and family instead of dining out. Everyone brings a dish, saving money and enjoying a variety of foods.

24.Group Entertainment Discounts

Plan outings with friends and family using group discounts. Bulk tickets for movies, parks or events can be much cheaper.

25. Group Memberships

Share memberships — like Costco or Amazon Prime — with family or friends to split the cost. This way you can buy in bulk and get free shipping without having to fit the entire monthly fee.

Final Take To GO

When it comes to your personal finances, outside of paying off debt, the next most important money move you can make is to start saving. Saving money doesn’t have to be a chore. With these clever ways to save money, you can make the process fun and effective. The key is to find what works for you and stick with it. Your future self will thank you for the effort.

FAQ

What is a clever way to save money?
- A clever way to save money is the envelope budgeting system. With this system you allocate your monthly expenses into different envelopes -- like groceries, entertainment, utilities. Only use the cash in these envelopes for respective expenses. This physical separation of funds helps in controlling overspending and encourages discipline in financial management.
How can I save $1,000 in 30 days?
- To save $1,000 in 30 days, you could implement a strict budgeting plan. You can do the following:
  - Cut out non-essential expenses -- like dining out, subscriptions, luxury items.
  - Use coupons and discounts for groceries.
  - Reduce utility costs by conserving energy.
  - Also, consider doing a temporary side job or selling unused items for extra income.
What is the smartest way to save?
- The smartest way to save is to adopt a diversified approach:
  - Build an emergency fund for unforeseen expenses
  - Invest in long-term, low-risk options like retirement accounts for future security
  - Use high-interest savings accounts for short-term goals
- This strategy ensures both immediate and future financial stability while allowing your savings to grow.

Caitlyn Moorhead contributed to the reporting for this article.

Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.