Making and saving money doesn’t have to be complicated. In fact, there are a variety of simple, effective strategies that can add up to a significant financial improvement over time. I’ve compiled 21 ideas that have worked for me, and many others, that can help you boost your finances, whether you’re looking for quick wins or sustainable long-term changes. These methods require little effort and can fit easily into everyday life. Whether you’re a student, a parent, or someone just trying to build up some savings, these tips are practical and actionable.
Table of Contents
1. Automate Your Savings
The first and easiest step in saving money is to automate it. Set up an automatic transfer from your checking account to your savings account every payday. Even a small amount can make a big difference over time. I started with $50 per paycheck, and after a few months, I didn’t even miss it.
Example: If I save $50 every two weeks, here’s what I’ll have in a year:
| Savings Per Paycheck | Number of Paychecks | Total Saved |
|---|---|---|
| $50 | 26 | $1,300 |
This method works because you’re paying yourself first. You’re not tempted to spend the money because it’s already gone before you can access it.
2. Cut Unnecessary Subscriptions
We often sign up for subscriptions and forget about them. I realized I had a few services I wasn’t using, like a music streaming app and a gym membership. Canceling these made a huge difference. The best part is, this requires almost no effort at all.
Example: If you cancel a $15/month subscription:
| Subscription | Monthly Cost | Annual Savings |
|---|---|---|
| Music App | $15 | $180 |
| Gym Membership | $40 | $480 |
These savings add up quickly and don’t require a single change in lifestyle.
3. Use Cashback and Reward Apps
Cashback apps like Rakuten or Honey offer an easy way to earn money back on purchases you’re already planning to make. I’ve earned over $100 in cashback simply by using these apps for my regular shopping.
Example: If you use a cashback app for purchases worth $500 per month with a 5% cashback rate:
| Monthly Spending | Cashback Rate | Monthly Cashback | Annual Cashback |
|---|---|---|---|
| $500 | 5% | $25 | $300 |
This strategy turns your regular spending into a source of income.
4. Sell Unused Items
We all accumulate stuff we don’t need. I found that selling unused items on platforms like eBay or Facebook Marketplace not only cleared up space in my home but also brought in extra cash. This method doesn’t require any upfront investment, just your time to list items.
Example: If I sell a few items worth $20 each:
| Item Sold | Price | Number of Items | Total Earnings |
|---|---|---|---|
| Used Books | $20 | 10 | $200 |
| Old Electronics | $50 | 5 | $250 |
In total, that could easily add up to an extra $450.
5. Cook at Home
Eating out can be expensive. I’ve saved a lot of money by cooking simple meals at home. If you enjoy cooking or are willing to learn, it’s a great way to save. I discovered that a home-cooked meal costs a fraction of what dining out does.
Example: If I spend $10 to make a meal at home compared to $30 at a restaurant, here’s the difference:
| Meal Type | Cost Per Meal | Monthly Cost (Assuming 20 Meals) | Annual Cost |
|---|---|---|---|
| Home-Cooked | $10 | $200 | $2,400 |
| Restaurant | $30 | $600 | $7,200 |
That’s a savings of $4,800 annually just by cooking at home.
6. Switch to Generic Brands
I used to buy name-brand items, but switching to generic brands saved me a lot of money. Most of the time, the quality is just as good, and the price difference is significant.
Example: If I switch from a $5 name-brand item to a $2 generic item, and I buy 10 items a month:
| Item Type | Name-Brand Price | Generic Price | Monthly Savings | Annual Savings |
|---|---|---|---|---|
| Pain Reliever | $5 | $2 | $30 | $360 |
| Cereal | $4 | $2 | $20 | $240 |
In total, that’s $600 saved annually with no change in quality.
7. Use Public Transportation
If I can avoid driving, I save on gas, parking, and maintenance. I started taking the bus and subway more often, and the savings really added up.
Example: If I spend $200 a month on driving expenses (gas, maintenance, parking) but switch to public transportation for $100 a month:
| Transportation Type | Monthly Cost | Annual Cost | Savings |
|---|---|---|---|
| Driving | $200 | $2,400 | |
| Public Transportation | $100 | $1,200 | $1,200 |
That’s a $1,200 savings a year with minimal lifestyle changes.
8. Set a Budget
I found that creating a monthly budget helped me stay on track with my spending. I track my income and expenses, and it keeps me focused on where my money is going. It’s simple but effective.
Example: If I allocate $1,500 for housing, $300 for groceries, and $100 for entertainment, I can see exactly where I stand:
| Category | Budgeted Amount | Actual Spending | Difference |
|---|---|---|---|
| Housing | $1,500 | $1,450 | +$50 |
| Groceries | $300 | $280 | +$20 |
| Entertainment | $100 | $120 | -$20 |
By adjusting areas where I overspend, I can save money while still enjoying life.
9. Take Advantage of Free Trials
Before committing to a subscription or service, I make sure to take advantage of free trials. For example, I’ve used free trial periods for streaming services, software, and even meal delivery services without spending a cent.
Example: If I try 5 services with a 30-day free trial each:
| Service Type | Monthly Cost | Free Trial Period | Savings |
|---|---|---|---|
| Streaming Service | $10 | 30 Days | $10 |
| Software Subscription | $15 | 30 Days | $15 |
| Meal Delivery | $40 | 30 Days | $40 |
That’s $65 in savings for just a bit of planning.
10. Buy in Bulk
I buy non-perishable items like pasta, rice, and canned goods in bulk. The upfront cost is higher, but I save money in the long run. Bulk buying often results in a lower cost per unit.
Example: If I buy a 10-pound bag of rice for $10 instead of buying 2-pound bags for $3 each, I save:
| Quantity | Price per Unit | Total Price | Price Per Pound | Savings |
|---|---|---|---|---|
| 2-pound Bags | $3 | $9 | $1.50 | |
| 10-pound Bag | $10 | $10 | $1 | $2 |
By buying in bulk, I save $2 per purchase.
11. Shop for Discounts and Coupons
I regularly check for discounts, coupons, and seasonal sales. There are a lot of apps that offer digital coupons, and many stores provide loyalty discounts. This can be a simple way to reduce everyday spending.
Example: If I buy $100 worth of items and use a 20% off coupon:
| Total Purchase | Discount | Total Savings | Final Price |
|---|---|---|---|
| $100 | 20% | $20 | $80 |
It’s a small change that saves me $20 with little effort.
12. Negotiate Bills
I’ve successfully negotiated my internet and phone bills. Sometimes, all it takes is a quick phone call to ask for a better rate, and the savings are immediate.
Example: If I reduce my internet bill by $15/month:
| Bill Type | Current Rate | Negotiated Rate | Savings per Month | Savings per Year |
|---|---|---|---|---|
| Internet | $75 | $60 | $15 | $180 |
I saved $180 without any changes to the service itself.
13. Utilize Energy Efficiency
Switching to energy-efficient appliances and being mindful of energy use at home can save money on utilities. I’ve installed LED bulbs and unplugged electronics when not in use, which has reduced my energy bill.
Example: If I switch to LED bulbs that consume 75% less energy and reduce my energy usage by $10/month:
| Utility Type | Current Monthly Bill | Reduced Monthly Bill | Monthly Savings | Annual Savings |
|---|---|---|---|---|
| Electricity | $100 | $90 | $10 | $120 |
This is a simple way to lower recurring costs.
14. Buy Refurbished Products
Instead of buying brand-new electronics, I’ve bought refurbished products that work just as well and cost less. Many refurbished items come with a warranty, so I feel secure in my purchase.
Example: If I buy a refurbished laptop for $400 instead of a new one for $700:
| Product Type | New Price | Refurbished Price | Savings |
|---|---|---|---|
| Laptop | $700 | $400 | $300 |
Refurbished doesn’t mean subpar quality, and this can lead to significant savings.
15. Opt for DIY Repairs
Rather than hiring professionals for minor repairs, I’ve learned to tackle basic fixes myself, like patching up walls or fixing a leaky faucet. There are plenty of online tutorials available.
Example: If a plumber charges $100 per hour and I spend 2 hours fixing a leaky pipe myself:
| Repair Type | Professional Cost | DIY Cost | Savings |
|---|---|---|---|
| Pipe Repair | $200 | $10 | $190 |
DIY repairs can save hundreds of dollars annually.
16. Refinance Loans
If you have student loans or a mortgage, refinancing can lower your interest rates, leading to long-term savings. I refinanced my student loan and reduced my monthly payment by $50.
Example: If refinancing reduces your interest rate by 1% on a $10,000 loan:
| Loan Amount | Old Interest Rate | New Interest Rate | Monthly Payment | Savings Per Month | Savings Per Year |
|---|---|---|---|---|---|
| $10,000 | 5% | 4% | $188.71 | $20.38 | $244.56 |
Refinancing can save a lot over time.
17. Stop Smoking or Drinking
I’ve saved a significant amount of money by cutting out smoking and excessive drinking. Not only is this better for my health, but it’s also better for my wallet.
Example: If I spend $10 a day on cigarettes or alcohol, here’s how much I save by quitting:
| Daily Expense | Monthly Cost | Annual Cost | Savings After Quitting |
|---|---|---|---|
| $10 | $300 | $3,650 | $3,650 |
It’s a healthy financial decision.
18. Rent Out Unused Space
I’ve made money by renting out an extra room in my house on Airbnb. If you have unused space, consider turning it into a source of income.
Example: If I rent out a room for $500/month:
| Room Rental | Monthly Rent | Annual Income |
|---|---|---|
| Spare Room | $500 | $6,000 |
That’s a steady stream of income with minimal effort.
19. Take Surveys and Participate in Focus Groups
While not a huge income, taking online surveys and participating in focus groups can help bring in extra cash. I usually do this during my free time.
Example: If I make $10 per survey and complete 5 per month:
| Survey Type | Amount Per Survey | Monthly Earnings | Annual Earnings |
|---|---|---|---|
| Online Survey | $10 | $50 | $600 |
It’s easy money for minimal time investment.
20. Use a Health Savings Account (HSA)
I’ve made sure to take advantage of my HSA at work. Contributions to the account are tax-free, and it can be used to cover medical expenses. Over time, it’s saved me money on taxes.
Example: If I contribute $3,000 to my HSA and save 20% in taxes:
| Contribution | Tax Savings | Total Savings |
|---|---|---|
| $3,000 | $600 | $600 |
An HSA is a smart way to save on healthcare expenses.
21. Save Your Change
Lastly, I save all the change I get from purchases. It’s small, but it adds up over time. I use a jar to collect all my loose change and deposit it in the bank when it’s full.
Example: If I collect $2 in change every day:
| Daily Savings | Monthly Savings | Annual Savings |
|---|---|---|
| $2 | $60 | $730 |
It’s easy to overlook small amounts of money, but when saved, they can accumulate into a substantial amount.
Conclusion
These 21 methods are simple but effective ways to save and make money. By automating savings, cutting unnecessary expenses, and finding easy ways to increase my income, I’ve been able to make meaningful changes to my financial situation. The best part is, these strategies require little time and effort, but they can have a lasting impact. With consistency, anyone can apply these ideas and start seeing positive financial results. The key is starting small and staying committed to the process.