{"id":17417,"date":"2025-07-24T01:57:27","date_gmt":"2025-07-24T01:57:27","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/17417\/"},"modified":"2025-07-24T01:57:27","modified_gmt":"2025-07-24T01:57:27","slug":"how-to-save-money-27-ways","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/17417\/","title":{"rendered":"How to Save Money: 27 Ways"},"content":{"rendered":"

Around two-thirds of Americans say saving money is a financial goal in 2025, according to a new NerdWallet survey<\/a>. Making more money (38%) and paying down\/off debt (35%) were also high on people\u2019s lists of 2025 financial goals. <\/p>\n

Americans want to save for a variety of things, whether it\u2019s a vacation (33%), emergencies (31%), a car (22%) or a home (14%), according to the survey. But there are barriers standing in the way for many. These challenges include increased expenses (41%), unexpected expenses (28%) and a decrease in household income (19%). <\/p>\n

Saving is still possible though, even without overhauling your budget. Let’s get started. <\/p>\n

Budget money to become a saver<\/p>\n

1. Create a budget<\/p>\n

One smart way to manage your money is to follow a budget. Your budget will account for your income and your expenses, allowing you to set priorities for your spending and savings. Our free budget template<\/a> is a great place to start, but a piece of paper works fine, too. <\/p>\n

One method is the 50\/30\/20 budget<\/a>: 50% of your after-tax income goes to necessities, 30% to wants and 20% to savings and any debt payments over the minimums. If one of your allocations exceeds these percentages, you can make some adjustments. <\/p>\n

If this 50\/30\/20 breakdown doesn\u2019t work for your financial situation, that\u2019s OK. Another type of budget<\/a> may work better, such as the 60\/30\/10 budget, or the envelope system, which has you set limits for various expenses. <\/p>\n

2. Set savings goals<\/p>\n

Set a specific and realistic goal \u2014 no goal is too small. Your goals could include adding money to your retirement savings, tackling debt with extra payments or saving up for holiday gifts. <\/p>\n

3. Track spending<\/p>\n

Saving money is tough if you don’t know how much of it you’ve been spending in the first place. Keep track of your monthly cash flow \u2014 your income minus your expenditures. Many budget apps<\/a> can help you track spending.<\/p>\n

4. Keep savings in a high-yield savings account<\/p>\n

Put your money in a high-yield savings account<\/a>. This type of account earns an above-average interest rate on deposits, which can help your bank balance grow faster than with traditional options.<\/p>\n

5. Automate transfers<\/p>\n

Set up automatic transfers from your checking to your savings account \u2014 either through your bank or direct deposit from your paycheck. This makes savings consistent and easy, especially when you\u2019re working toward specific goals like paying off debt, building an emergency fund, or saving for a down payment. <\/p>\n

Tackle debt to save on interest<\/p>\n

6. Pay off high-interest debt<\/p>\n

Debt payments can be a big burden on your overall budget. If you can pay off debt<\/a> more quickly \u2014 by making extra payments or paying more toward the principal balance when you can \u2014 you\u2019ll save on total interest paid and free yourself from that burden sooner.<\/p>\n

If you can’t make extra payments right now, consider exploring ways to make money<\/a> on the side that you can put toward your debt.<\/p>\n

7. Lower your student loan payments<\/p>\n

If you have student loans, enrolling in a different repayment plan tied to your income<\/a> or family size could lower your monthly payments to a manageable level.<\/p>\n

Other options include refinancing student loans, enrolling in autopay to trigger an interest rate discount and making extra payments so you can unload the debt faster, which cuts the overall interest you\u2019ll pay.<\/p>\n

8. Refinance your mortgage<\/p>\n

If you own a home and are able to get a lower interest rate, refinancing your mortgage could save you several hundred dollars each month. But it\u2019s important to consider other factors, such as the current interest rates, if you\u2019re trying to decide when to refinance a mortgage.<\/p>\n

Use our mortgage refinance calculator<\/a> to find out how much you could save. While refinancing comes with some initial costs upfront, such as application and appraisal fees, they may be able to be recouped over time, once you start paying less each month.<\/p>\n

Cut the cost of monthly bills<\/p>\n

9. Prep for grocery shopping<\/p>\n

A little work before you go to the grocery store can go a long way toward helping you save money on groceries<\/a>. Check your pantry and make a shopping list to avoid impulse buying something you don’t need. Learn how to get coupons and join loyalty programs to maximize your savings as you shop. <\/p>\n

10. Lower your TV and internet bills<\/p>\n

Review what you\u2019re spending on TV and internet and assess if you\u2019re actually using the features you\u2019re paying for. You could lower your cable bill by as much as $40 per month by downsizing your cable package. Other options to consider are getting rid of cable, cutting some streaming services or premium subscriptions, or downgrading your internet plan<\/p>\n

Many cable and internet companies are willing to adjust pricing to keep you as a customer. Here’s a script<\/a> that can help guide your phone call to your provider.<\/p>\n

11. Switch to a cheaper cell phone plan<\/p>\n

When you\u2019re ready to save, there\u2019s probably a cheap cell phone plan<\/a> out there that can meet your needs. As you set out to find the best cell phone plan for your situation, you\u2019ll want to consider network quality and whether a prepaid or postpaid plan is best for you.<\/p>\n

12. Reduce your electric bill<\/p>\n

Changes in your energy use can help you lower your electric bill<\/a>. Consider plugging any insulation leaks in your home, using smart power strips, swapping in more energy-efficient appliances and switching to a smart thermostat.<\/p>\n

13. Cancel unnecessary subscriptions<\/p>\n

You might be paying for subscriptions you no longer use or need. Reviewing your credit card or bank statement carefully can help you flag any recurring expenses you can eliminate.<\/p>\n

When signing up for free trials, make a note or set a calendar reminder to cancel before the free period ends.<\/p>\n

Save money when you shop<\/p>\n

14. Map out major purchases<\/p>\n

You can save by timing your purchases of appliances, furniture, cars, electronics and more according to annual sale periods. And if you’re an Amazon Prime<\/a> member, you can check out Prime-exclusive sales in July and October. <\/p>\n

It\u2019s also worth confirming whether a deal is actually a deal by tracking prices over time. You can use a shopping browser extension<\/a> to automate the deal-tracking and couponing process.<\/p>\n

For example, the Camelizer extension from Camelcamelcamel makes it easy to view prices over time on Amazon, and the PayPal Honey extension will automatically find and apply coupons while you shop online.<\/p>\n

15. Delay purchases with the 30-day rule<\/p>\n

One way to avoid overspending is to give yourself a cooling-off period between the time an item catches your eye and when you actually make the purchase. The 30-day rule gives you more time to decide whether you really want or need the item.<\/p>\n

If you\u2019re shopping online, consider putting the item in your shopping cart and then walking away until you\u2019ve had more time to think it over. (In some cases, you might even get a coupon code when the retailer notices you abandoned the cart.) <\/p>\n

If 30 days seems like too long to wait, you can try shorter periods like a 24- or 48-hour delay.<\/p>\n

16. Restrict online shopping<\/p>\n

Making it more difficult to shop online may help you stop spending money on things you may not need. Instead of saving your billing information, opt to input your shipping address and credit card number each time you order.<\/p>\n

You\u2019ll probably make fewer impulse purchases because of the extra work involved. You may even consider deleting any shopping apps from your phone.<\/p>\n

17. Stock up on household supplies when they\u2019re cheap<\/p>\n

It can feel like you\u2019re constantly buying items like dishwashing soap, paper towels or toiletries. Track your inventory of household supplies and consider buying these items in bulk or stocking up when they\u2019re on sale. It may be cheaper than rushing to buy them last-minute when they\u2019re selling at full price. <\/p>\n

18. Shop consignment and thrift stores<\/p>\n

Thrift and consignment stores sell previously owned items for less than they would be at a traditional store. At consignment shops, you could also bring in your own stuff to sell. <\/p>\n

Whether buying at a consignment or thrift store, compare prices to ensure you\u2019re getting a reasonable discount.<\/p>\n

19. Get creative with gifts<\/p>\n

You can save money with affordable gift ideas, like baking cookies, creating art or preparing someone dinner. You can also give someone the gift of your time by offering to take them to a free museum or event.<\/p>\n

To plan for costs, make a calendar for all the important gift-giving events for the year. Then create a savings bucket specifically for gifts, and buy the items during major sale periods such as Black Friday.<\/p>\n

20. Find ways to get free items<\/p>\n

Programs such as The Freecycle Network and Buy Nothing groups make it easier to get items you need for free. You can exchange items locally for free with the goal of reducing waste and helping the environment. <\/p>\n

Check for these opportunities on Nextdoor, Facebook Marketplace and Craigslist, too.<\/p>\n

21. Cash in on your birthday<\/p>\n

Birthday freebies<\/a> and discounts could score you free food or rewards to redeem on purchases from your favorite stores and restaurants. If you’ve been keeping a wishlist of things you want to buy, this might be the time to use those discounts to save. <\/p>\n

Spend less money on transportation<\/p>\n

22. Lower your car costs<\/p>\n

Refinancing your auto loan<\/a> could save you considerably over the life of your loan. Shopping around for car insurance can also help you cut costs compared with simply letting your current policy auto-renew.<\/p>\n

23. Reduce gas costs<\/p>\n

You can’t control gas prices, but you can do several things to save on fuel, such as adhering to your car\u2019s maintenance schedule and stacking errands to avoid unnecessary trips.<\/p>\n

Try using a gas app<\/a> or buying groceries from a store that offers fuel points to save money. Warehouse stores like Costco and Sam’s Club typically offer lower prices on fuel, so fill up before you stock up. <\/p>\n

24. Use car sharing services<\/p>\n

If you need to rent a car, consider a rental car alternative, such as car-sharing services Turo or Getaround. Research to see if car-sharing services work out to be cheaper than larger rental companies.<\/p>\n

If you don\u2019t drive much, you may also find using car-sharing services are less expensive\u00a0than owning a car or using taxis or ride-shares.<\/p>\n

Find cheaper ways to be entertained<\/p>\n

25. Minimize restaurant spending<\/p>\n

One of the easiest expenses to cut is restaurant meals, since eating out tends to be pricier than cooking at home. If you do still want to eat at restaurants, try to reduce the frequency and take advantage restaurant rewards your credit cards may offer.<\/p>\n

You can find restaurants with happy hour discounts or split an entree with your dining companion to eat out on a budget. Order water instead of soda or alcoholic beverages and skipping dessert can help stretch your budget as well.<\/p>\n

If you have kids, find restaurants where kids eat free to help cut costs \u2014 just be sure to call and find out the details first. <\/p>\n

26. Get discounts on entertainment<\/p>\n

Take advantage of free days at museums and national parks to save on entertainment costs. Your local community might offer free concerts and other events. Find free (or cheap) things to do<\/a> in your community by checking listings at libraries, churches and websites such as Eventbrite<\/p>\n

27. Bring your own snacks <\/p>\n

Getting out and having new experiences can be expensive. Try packing a picnic or bringing your own coffee to avoid event pricing on food and drinks. This is even more true with kids \u2014 packing their favorite snacks and water bottles can save money and prevent meltdowns.<\/p>\n

Where to get help when you can’t afford to save<\/p>\n

If you\u2019re budgeting and living frugally and still don\u2019t have enough left to save, consider getting help. <\/p>\n

Government. Government assistance programs may help you get discounts on utility bills, fund your food budget, offset child care expenses and more. Keep in mind that many of these government programs are available only to families considered to be low income.<\/p>\n

211. Visiting 211.org or calling 2-1-1 will connect you with local experts who can explain and potentially refer you to social service programs that may save you money. This confidential, 24\/7 resource may help with expenses related to housing, health care, emergencies, crises and food.<\/p>\n

Lenders and service providers. If you can\u2019t pay your bill to a lender or service provider, call the company\u2019s customer service line. Ask for help in the form of lowered or deferred payments, rebates, assistance programs or an alternative payment plan. Here\u2019s exactly what to say<\/a> when you call a utility company.<\/p>\n

Frequently asked questions<\/p>\n

How much should I save each month?<\/p>\n

How can I save money fast?<\/p>\n

Saving money quickly often comes down to consistency \u2014 and automating your savings can help take the mental effort out of it. Next, make your money work harder by putting it in a high-yield savings account. Learn more about how to get a high savings rate<\/a>.<\/p>\n

How can I build an emergency fund?<\/p>\n

Building an emergency fund<\/a> starts with setting a savings goal and working toward it. Financial experts agree that saving three to six months of expenses is ideal, but that can feel overwhelming. The most important step is to start. Try setting a goal to save $500 and build up from there. You can use your company\u2019s direct deposit feature to automatically move money into your savings each month.<\/p>\n

If your bank offers the options to create savings buckets, set aside your emergency fund so you know how much you have and aren\u2019t tempted to pull from it to pay for non-emergency expenses.<\/p>\n

How much should I save each month?<\/p>\n

How can I save money fast?<\/p>\n

Saving money quickly often comes down to consistency \u2014 and automating your savings can help take the mental effort out of it. Next, make your money work harder by putting it in a high-yield savings account. Learn more about <\/p>\n

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how to get a high savings rate<\/p>\n

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How can I build an emergency fund?<\/p>\n

Building an <\/p>\n

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starts with setting a savings goal and working toward it. Financial experts agree that saving three to six months of expenses is ideal, but that can feel overwhelming. The most important step is to start. Try setting a goal to save $500 and build up from there. You can use your company\u2019s direct deposit feature to automatically move money into your savings each month.<\/p>\n

If your bank offers the options to create savings buckets, set aside your emergency fund so you know how much you have and aren\u2019t tempted to pull from it to pay for non-emergency expenses.<\/p>\n","protected":false},"excerpt":{"rendered":"Around two-thirds of Americans say saving money is a financial goal in 2025, according to a new NerdWallet…\n","protected":false},"author":2,"featured_media":17418,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[64,63,99,186,184,185],"class_list":{"0":"post-17417","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-au","9":"tag-australia","10":"tag-business","11":"tag-finance","12":"tag-personal-finance","13":"tag-personalfinance"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/17417","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=17417"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/17417\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/17418"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=17417"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=17417"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=17417"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}