100 Ways To Save Money - Finance Friendly

The good news about how to save money is, when it comes to growing the amount of money we have, there are 3 things to focus on:

Make extra money NOW and enjoy your life. That’s what Legacy Fuel is all about!
Have the money you already have GROW. That’s when you get money working FOR you.
SAVE money you currently have so you don’t have to spend it. A good financial DEFENSE is good, especially when you are trying to make ends meet in the beginning.

All of these concepts are simple to understand. We just need to activate the process for each one, right? The first thing we can do is consider ways to reduce our costs, or eliminate them altogether.

Here are 100 ways to save money that you can consider. See if they get you thinking about even
more ways you can save money:

Planning Well and Budgeting:

1. Create a monthly budget. My mother taught me from a young age that having a budget helps you track your income and expenses. This helps makes sure we live within our means and allocate funds towards savings and investments… and some fun stuff too of course. When we have a budget to follow, it takes the guess work OUT of purchases we should or shouldn’t be making. This type of “money control budget” helps you to start on your NEW financial path TODAY.

2. Track your expenses regularly. Make sure you monitor your spending on a regular basis. This help you keep within your budget mentioned above. It also helps you identify areas where you can cut back and adjust your budget accordingly. There are a lot of ways we spend money on things that don’t really mean that much to us. Simply find those expenses to cut so you can be in even more control of your money.

3. Set financial goals. Goals make life fun when they are achievable. Set SMALL financial goals to begin. Each small win can add up to a much bigger financial goal realized. These small goals to accomplish give you a roadmap for saving and investing that you can TRACK. This is a simple and fun way to help keep you focused and motivated as you see yourself making good money progress.

4. Prioritize spending based on needs versus wants. We’ve all been somewhere and saw something for sale that got us excited. We didn’t even know that “thing” may have existed until that moment. If that purchase is outside of our budget, we will most likely feel GUILY after the sale. So the JOY we were feeling quickly turns negative. When we have several purchases like this, we see our credit card balance growing – while we have forgotten when we purchased in the first place to grow that debt. Distinguishing between essential and non-essential expenses ensures that your money is spent on what truly matters, allowing more room for savings. Plus, you will feel GOOD when you’ve taken control of that familiar URGE TO BUY and kept your credit card in your wallet.

5. Plan meals to avoid impulse dining out. Shop for groceries on sale days. If your grocery store has a gas station, see if there is a day of the week you can shop in the store that gives you extra gas points. We have that here in Phoenix and it’s a great way to save money on gas when you are buying grocery. You might also buy gift cards inside the grocery store to places you shop. These gift card purchases may also give you gas points credits. When shopping for gifts, purchasing gift cards at grocery stores with gas stations may potentially help you save on gas prices too. Planning meals in advance reduces the temptation to eat out, which can significantly save money over time.

Debt Management:

6. Create a debt repayment plan and stick to it. A structured repayment plan helps you systematically pay off debts, reducing financial stress and interest costs. Just knowing you have one in place can help with your debt stress. Many people will list their debts and pay off the lowest first. This helps them build momentum and see themselves paying off credit cards faster. As long as you’re reducing your spending so you can apply the appropriate amount of extra money towards debt reduction, you have a plan that you can adjust as you go forward.

7. Prioritize high-interest debts for quicker repayment. Focusing on high-interest debts first saves you money on interest payments and accelerates your path to being debt-free. If you are more concerned with accelerated debt reduction vs. paying off smaller debt balances first, you may want to attack the debt with the highest interest rate because that is costing you the most. As long as you’re proactive, do which ever makes you feel best. Remember, one reason we got into debt in the first place is because of our EMOTIONS. We BUY things based on emotion and how it will make us feel in the process. We can get out of debt using emotion to our advantage.

8. Consider consolidating debts into a lower-interest loan. Debt consolidation can lower your overall interest rate, making it easier to manage and pay off your debts. This may be an option if your debts are out of control to the point when you may have to file bankruptcy. If you want another option, debt consolidation may be something to consider. Again, create a budget and PLAN to repay the debt consolidation and set a deadline to get it accomplished. Use your emotions to your advantage so the feeling you have at this point is painful enough to help you follow through so you never have to go through it again.

9. Negotiate with creditors for lower interest rates or better repayment terms. Communicating with creditors can lead to more favorable terms, reducing your financial burden. Considering the fact that many debts NEVER get paid back due to bankruptcy, lenders and creditors are smart to listen to people who are at least TRYING to make payments. If the person you are talking to is uncooperative, ask to talk with their manager. Getting bad debts off the books so they are “performing” can help them with their job at the company. By doing the right thing, you are actually helping them. Look at it like a TEAM EFFORT – not “YOU” against “THEM”.

10. Avoid taking on new debt while repaying existing ones. Is it time to cut up the credit cards? It doesn’t have to come to that of course. However, you can seal them in an envelope that you don’t touch for a while. If you have recurring monthly payments automatically set up on your credit cards, determine which expenses are necessities and which can be eliminated. Reconsider old buying habits as they appear in your NEW daily life. Recognize the emotion of excitement when considering a purchase and replace it with a different activity that brings you JOY. It may be a moment of discomfort that brings you happiness for a long time. That is especially true when you FEEL yourself making these changes for the better and what they are helping you accomplish financially. First we FIX our financial situation for the better. Then we GROW the amount of money we are able to KEEP. Minimizing new debt allows you to focus on eliminating current debts, improving your overall financial health.

Rent and Housing Costs:

11. Refinance your mortgage if rates drop. Consider how much longer you plan on living in your house. If it’s more than just a few years, the amount you are able to save over time may add up to a LOT. Refinancing your current home loan at a lower interest rate can significantly reduce your monthly mortgage payments, freeing up money for other expenses or savings. Make sure you are paying a lot in hidden fees and POINTS (pre-paid interest). With the fees in mind, make sure you are looking at the Annual Percentage Rate (APR). This amount should take all the fees into consideration and add them to the overall COST of the loan. That is why it is so important to compare APR’s so you get a true understanding of the costs and potential savings. Don’t fall for a “teaser” rate in the marketing you see from lenders. The APR cuts through a lot of that so you are comparing apples to apples with the potential home loans you are considering for your refinance.

12. Rent out a spare room or property if feasible. Generating rental income can help offset your housing costs, making your home more affordable. There are actually websites out there that offer rooms for rent. Many real estate investors buy houses with the intent of renting out rooms because those rents can add up to MORE than if they simply rented the house to one party. With this in mind, you can charge a pretty good amount for a room. This can be quite appealing to those that don’t have the money to come up with a deposit and rent for apartment. Screen well so you have the best experience possible. You can always consider renting more than one room to different people. This may be a temporary solution to consider so you can make extra money and save money.

13. Negotiate rent increases with your landlord. Depending on the landlord and their experience, you may be able to Discuss potential rent increases with them so you can potentially lead to more manageable rent hikes or extended lease terms. They would probably love for you to pay on time, stay in the property for years, take care of minor maintenance, and never contact them. That makes their life as a property manager much easier. If this is how you handle your side of the rental relationship, YOU are VALUABLE to them. Vacancies, clean ups, repairs, and marketing to find a new tenant that may not be nearly as good as you is EXPENSIVE! Life is often about MARKETING ourselves. If you’re able to keep the rent each month a little lower, or not have a rent increase until a little later, that can add up to a lot of money. Ask for a little to get a lot. Or, ask for MORE if you think the circumstance warrants it. If you ask in a nice way, all they can say is no. But, if they give you a lower rent amount, or keep it at your current level of rent longer, you can feel good that you’re doing your part to save more money.

14. Lower your utility bills by improving insulation. Enhancing your home’s insulation can reduce heating and cooling costs, saving you money on utility bills.

15. Consider downsizing if your current space is too large. Moving to a smaller, more affordable space can significantly lower your rent or mortgage payments, as well as utility costs. You could consider selling a lot of your “Stuff” to help pay off debts or grow your savings account. By moving in to a smaller space, you might be able to afford living closer to work, or in a more desirable area or better school district.

Utilities Strategies and Negotiating Bills:

16. Turn off lights and appliances when not in use. Reducing unnecessary energy consumption helps lower your utility bills, saving you money each month.

17. Adjust thermostat settings to save on heating and cooling. I’m always looking at the thermostat and giving it a little “tweak” in the direction of a lower cost come bill paying time. It can become a game to beat the usage and price for the same month the year prior. I’ve found that simply setting your thermostat a few degrees higher in summer and lower in winter can reduce your energy costs without really sacrificing too much comfort.

18. Use energy-efficient appliances and light bulbs. Investing in energy-efficient products can reduce your electricity usage and lead to long-term savings.

19. Negotiate with service providers for better rates. Contacting your service providers to discuss your current rates can often result in discounts or better plans. See if you can choose energy plans that allow you to use appliances, washing machine, dishwasher, etc. at certain times of the day that are considered “Off Peak Hours”. Then simply start using more of your electrical items during these times, and avoid using them if you can during “On Peak Hours” that will cost you more money. Make sure you find out how to get on these plans. Where I live there is no cost to choose a plan that will save money for you.

20. Cancel unused subscriptions and memberships. Eliminating unnecessary subscriptions and memberships helps reduce your monthly expenses, freeing up money for other priorities.

Food Shopping and Supplies:

21. Use grocery lists and stick to them. Shopping with a list prevents impulse buys, helping you stay within budget and reduce food waste.

22. Shop with cash to limit spending. Using cash for grocery shopping helps you stick to a budget and avoid overspending.

23. Use coupons and look for discounts. Taking advantage of coupons and sales can significantly lower your grocery bills, stretching your food budget further.

24. Buy generic brands instead of name brands. Opting for generic brands can provide similar quality at a lower cost, saving you money on everyday items.

25. Buy in bulk for items you frequently use. Purchasing non-perishable items in bulk can reduce the cost per unit, saving you money over time.

Transportation Needs:

26. Walk or bike instead of driving short distances. Walking or biking for short trips reduces fuel and maintenance costs, while also promoting a healthier lifestyle.

27. Use public transportation or carpool to work. Sharing rides or using public transit can significantly cut your transportation expenses, saving on fuel, parking, and wear and tear on your vehicle.

28. Maintain regular vehicle maintenance to improve fuel efficiency. Keeping your car in good condition ensures it runs efficiently, saving you money on fuel and preventing costly repairs.

29. Consider refinancing your auto loan for better rates. Refinancing can lower your monthly car payments and reduce the total interest paid over the life of the loan.

30. Plan car trips to combine errands and save on gas. Consolidating errands into fewer trips saves time, fuel, and reduces wear on your vehicle.

Health Costs and Wellness Choices:

Exercise outdoors or at home instead of a gym membership. Finding free or low-cost ways to stay active can eliminate the expense of a gym membership while still keeping you healthy. I like walking the dogs, hiking the hills, and lifting weights at my house. I also have a rowing machine. You can set up your headphones and play your favorite up beat music to make the experience not only more enjoyable, but have it last longer too because you’re enjoying the experience.
Cook meals at home to eat healthier and save on dining costs. Preparing meals at home is often cheaper and healthier than dining out, providing better nutrition and savings.
Quit smoking and reduce alcohol consumption for health and financial benefits. Reducing or eliminating smoking and alcohol can improve your health and save you a significant amount of money. I want you to create a Legacy that you don’t want to miss out on. The longer you’re enjoying yourself the better!
Take advantage of preventative health services to avoid costly treatments. Regular check-ups and preventative care can help detect issues early, preventing more expensive treatments later. When you move your body more in fun responsible ways, you will feel better. When you feel better you are happier in all areas of your life. You DESERVE to feel good and be happy!
Research and compare healthcare plans for better coverage and costs. Comparing health insurance plans ensures you get the best coverage for your needs at the most affordable price. Simply do an online search for “Affordable Health Care Options”. Begin comparing coverages and rates. Consider getting a part time job at companies that offer health insurance for part time employees. If it’s a job you enjoy, you may create friendships and good relationships as you’re achieving affordable health care.

Personal Finance Expenses:

Avoid impulse buying; practice mindful spending. Being intentional with your purchases helps you avoid unnecessary expenses and saves money. When I see things I would like to buy that I really don’t need, I like to spend time researching the item. That’s part of the enjoyment we get when we want to buy something. If 2 weeks goes buy and you no longer want the item, you had the enjoyment of thinking about it and researching it for FREE. If you find you really do want it, start shopping for the best price and see if it is worth the expense… and loss of cash it took to get it.
Use cash-back rewards and credit card points wisely. Maximizing rewards and points can provide additional savings or benefits, reducing your overall spending.
Set up automatic transfers to savings accounts. Automating your savings ensures you consistently set money aside, helping you build a financial cushion.
Review your insurance policies for potential savings. Regularly reviewing and adjusting your insurance coverage can uncover opportunities for savings and better rates.
Invest in financial literacy to make informed decisions. Educating yourself about personal finance helps you make smarter choices, ultimately saving and growing your money.

Cell Phone and Cable Costs:

41. Compare cell phone plans and switch to a cheaper provider. Regularly reviewing and comparing plans can help you find a more affordable option that meets your needs.

42. Use Wi-Fi instead of mobile data whenever possible. Connecting to Wi-Fi reduces your mobile data usage, potentially lowering your cell phone bill.

43. Bundle internet, cable, and phone services for discounts. Bundling services often results in discounted rates, saving you money on monthly bills.

44. Sell or trade in old electronics for cash or credit. Selling unused electronics can provide extra cash or trade-in value towards new purchases.

45. Use free communication apps and tools for calls and messaging. Utilizing free apps for calls and messaging reduces your reliance on costly phone plans.

Skills Development and Education Cost Management:

46. Take advantage of employer-sponsored training programs. Utilizing employer-sponsored programs can improve your skills without incurring additional costs.

47. Look for scholarships and grants for further education. Seeking out scholarships and grants can help fund your education, reducing the need for loans.

48. Use online resources and libraries for learning instead of paid courses. Free or low-cost online resources provide valuable knowledge and skills without the expense of formal courses.

49. Borrow or rent textbooks instead of buying new ones. Renting or borrowing textbooks can significantly lower the cost of educational materials.

50. Explore free workshops and seminars in your area. Participating in free workshops and seminars enhances your skills and knowledge without added expenses.

Miscellaneous Ways To Save Money:

51. Sell unused items online or in a garage sale. Decluttering your home and selling unused items can generate extra cash.

52. DIY home repairs and improvements when possible. Handling simple repairs and improvements yourself saves money on professional services.

53. Consider a staycation instead of an expensive vacation. Enjoying local attractions and activities can provide a refreshing break without the high costs of travel.

54. Buy quality items that last longer, reducing replacement costs. Investing in durable, high-quality items can save money in the long run by reducing the need for frequent replacements.

55. Negotiate medical bills and services when possible. Discussing bills and payment options with healthcare providers can lead to more manageable expenses.

Food Costs and Dining Out:

Plan meals around seasonal produce for cost savings. Using in-season produce can lower your grocery bill while providing fresh and nutritious meals.
Cook larger batches and freeze leftovers for future meals. Batch cooking saves time and money by making the most of ingredients and reducing waste.
Pack lunches and snacks instead of buying them daily. Preparing meals and snacks at home cuts down on daily spending and ensures healthier options.
Limit dining out to special occasions rather than regular outings. Reserving dining out for special events helps control your food budget and makes dining out more enjoyable. Eating out at restaurants can really add up. Start writing down the cost each time you go out to eat. At the end of each week add up the cost. See if you can reduce those costs as you progress through the month. At the end of the month calculate the total cost. Determine if you really want to be spending that money. If you’re paying by credit card that you’re not paying off each month, add in the interest to the cost of eating out. Try reduce eating out by at least 50% to start. See if you can reduce it even more after that until you have gotten this expense under control and within your budget.
Grow your own herbs and vegetables if space allows. Growing your own produce can lower grocery costs and provide fresh ingredients for your meals.

Vacations and Travel:

Use credit card rewards for travel discounts or free flights. Maximizing travel rewards and points can significantly reduce the cost of vacations.
Travel during off-peak seasons for lower costs. Planning trips during less popular times can save money on flights, accommodations, and attractions.
Stay in budget accommodations or consider alternatives like Airbnb. Choosing budget-friendly lodging options helps keep travel expenses in check.
Use public transportation or walk instead of renting a car. Opting for public transit or walking reduces transportation costs and allows you to experience your destination more intimately.
Research and book flights well in advance for better rates. Booking flights early often results in lower fares and more options for travel times.

Family:

Plan family outings that are budget-friendly, such as picnics or hikes. Enjoying free or low-cost activities as a family helps create lasting memories without breaking the bank.
Buy second-hand clothes and toys for children. Purchasing gently used items for kids can save money while still providing quality and fun.
Research and utilize childcare tax credits and deductions. Taking advantage of available tax benefits can reduce the financial burden of childcare expenses.
Limit extracurricular activities to one or two per child. Focusing on a few key activities helps manage costs and allows children to fully enjoy and benefit from their chosen interests.
Explore free or discounted activities for kids in your community. Seeking out local free or low-cost events provides entertainment and enrichment for your children without added expenses.

Career and Self-Development:

Update your resume regularly to be ready for new opportunities. Keeping your resume current ensures you’re prepared for job openings and potential career advancements.
Network effectively to potentially find job opportunities through connections. Building and maintaining a professional network can open doors to new job opportunities and career growth.
Invest in work-appropriate clothing that’s versatile and durable. Purchasing quality, versatile work attire reduces the need for frequent replacements and keeps you looking professional.
Learn negotiation skills to advocate for better salaries and benefits. Developing strong negotiation skills can lead to higher pay and better job benefits, improving your overall financial situation.
Volunteer for assignments or projects that could lead to career advancement. Taking on additional responsibilities can showcase your skills and dedication, potentially leading to promotions or raises.

Investments and Financial Planning:

Diversify your investments to spread risk and potentially increase returns. A diversified investment portfolio reduces risk and increases the chances of achieving better returns.
Review and adjust your investment portfolio regularly. Regularly monitoring your investments ensures they align with your financial goals and risk tolerance.
Take advantage of tax-deferred retirement savings options. Contributing to tax-deferred accounts like 401(k)s or IRAs can lower your taxable income and help grow your retirement savings.
Consult a financial advisor to optimize your investment strategy. Professional financial advice can help you make informed decisions and maximize your investment potential.
Maximize employer-matching contributions to retirement accounts. Taking full advantage of employer-matching contributions boosts your retirement savings without extra cost to you.

Insurance and Risk Management:

Shop around for insurance policies to find the best rates and coverage. Comparing insurance options can help you find the most cost-effective and comprehensive coverage for your needs.
Increase deductibles on insurance policies to lower premiums. Raising your deductibles can reduce your monthly insurance premiums, saving you money over time.
Maintain a good credit score to qualify for lower insurance rates. A strong credit score often results in lower insurance premiums, providing additional savings.
Bundle insurance policies with the same provider for discounts. Combining multiple insurance policies with one provider can lead to significant discounts and simplified management.
Review insurance coverage annually to ensure it meets your current needs. Regularly assessing your insurance policies ensures you have appropriate coverage and can uncover potential savings.

Socializing and Entertainment:

86. Host potluck dinners or game nights instead of going out. Organizing home gatherings can be a fun and affordable way to socialize with friends and family.

87. Take advantage of happy hour specials or early bird discounts. Enjoying discounts on food and drinks during happy hour or early bird times helps you save money while dining out.

88. Explore free community events, festivals, and concerts. Participating in local free events provides entertainment and cultural experiences without the cost.

89. Use group discounts or coupons for entertainment outings. Seeking out group rates or using coupons can significantly reduce the cost of activities and events.

90. Share subscriptions for streaming services with friends or family. Sharing streaming service subscriptions lowers the cost per person, providing affordable entertainment options.

Fun, Leisure, and Entertainment Choices:

91. Look for free local events and activities. Free local events offer enjoyable experiences without added expenses.

92. Borrow books and movies from the library. Utilizing your local library for books and movies saves money on entertainment costs.

93. Opt for streaming services instead of cable TV. Switching to streaming services can provide more affordable and flexible viewing options.

94. Explore free hobbies like hiking or gardening. Engaging in free or low-cost hobbies promotes relaxation and enjoyment without the financial burden.

95. Host potluck dinners instead of dining out. Potluck dinners allow for socializing and sharing delicious meals without the high costs of dining out.

Home and Lifestyle:

DIY home improvement projects instead of hiring professionals. Taking on simple home improvement tasks yourself can save on labor costs and give you a sense of accomplishment.
Use eco-friendly practices to reduce utility bills. Implementing eco-friendly habits, like using energy-efficient appliances and reducing water usage, can lower your utility expenses.
Rent or borrow tools and equipment for occasional use. Renting or borrowing tools for infrequent projects saves money compared to purchasing them.
Negotiate lower interest rates on credit cards or loans. Negotiating better rates on your debts can reduce interest payments and free up funds for other uses.
Refinance your mortgage if rates drop significantly. Taking advantage of lower interest rates through refinancing can significantly reduce your mortgage payments, providing long-term savings.

Common sense disclaimer: Do your own due diligence on these considerations. We are not giving legal, accounting, or investing advice here. Always consult a professional for guidance 🙂