Creative Ways to Save Money

Updated March 17, 2020

Finding creative ways to save money can help you reach your financial goals quickly.

And as you already know    saving      is easier said than done!

That is why we created this epic money-saving list! To give you over 40 different ways to start saving money today.

But before we start talking about creative ways to save money, let’s cover the basics of saving money. Namely, goal-setting, planning, budgeting, and expense tracking.

Determine why you need to save money

Before you can effectively start saving money, you first have to establish your priorities and determine what you’re saving for.

If you don’t have a clear goal for the money you save, you may be tempted to spend it on something that doesn’t help you in the long-term.

It’s happened to me more times than I can count; I come into some money and a few months later, it’s all gone without me knowing where it went…

To keep this from happening to you, figure out exactly what you’re saving for. Whether it’s an emergency fund, to pay off debts, retirement or whatever.

And then create a step-by-step plan to make it happen.

Create your savings plan

The basis of any successful savings goal is a solid plan.

But instead of tackling one large goal all at once, it’s best to break it into smaller pieces. That way, you’ll have small, actionable steps, and a reasonable time-frame to accomplish your goal.

So, for example, if you decided that you need to build a $1,000 emergency fund ASAP, a good idea might be to break the larger goal into $100 increments.

Once you determine your goal and break it into smaller steps all you have to do is figure out practical ways to accomplish each step.

Create a budget

Once you figure out what you need to save for, and break your goal into smaller steps, the next thing to do is come up with a budget.

Sticking to a budget is essential when it comes to reaching our financial goals, but this is where a lot of us fail.

But before you can stick to a budget, you have to create one! If you already have a budget. Great! You only need to review it and make sure it’s aligned with your goals.

But if not, then it’s time to create a budget by listing out your monthly income and expenses and figuring out where you can cut back. Learn how to create a budget here.

If you are not sure still why you need a budget, you can read our article “Everyone needs a budget“.

Pro Tip: One tool that can help you make budgeting easier is Empower. With this FREE financial budgeting tool, you can manage your finances like a pro and start saving money faster. You can sign up with Empower here.

Know where your money is going

If you want to know where your money is going, make sure you keep track of all your expenses.

Keeping track of your expenses helps you detect if you’re going way off-budget or if your budget was unrealistic for you.

Expense tracking can be a pain, but there are tools to make it easier. One that we personally use and love is Personal Capital.

Personal Capital is a wealth management software that will allow you to keep track of your expenses, all in one place.

They create charts and graphs for you, so you can visualize and easily understand where your money is going and coming from. You can sign up for Personal Capital here.

Best creative ways to save money

1) Stop eating out and make your lunch box your best friend.

Eating out can cost you a pretty penny! Once you start keeping track of your expenses, you’ll be surprised by just how much money you can spend eating out.

Instead of getting your lunch at a deli or fast food restaurant during the week, buy some inexpensive foods at your local supermarket. Then, prepare something at home and bring your lunch bag to work with you.

2) Prepare your coffee at home

Who doesn’t love their morning coffee or tea?  I certainly do!

The only problem is that the cost of those lattes really adds up! Many of us spend more money every year buying coffee than contributing  to our retirement plans!

Preparing yourself a great cup of coffee can be done in 5 minutes at home. And it doesn’t require an investment in any sophisticated espresso makers either.

While a Breville makes a phenomenal cup of coffee, you can make great coffee with a simple, stovetop maker as well.

Just make sure you have the right size coffee cup  so that you will have enough, and you won’t be tempted to buy expensive coffees for your afternoon fix. 😊

You may also like: How to Get a FREE Starbucks Drink.

3) Walk or ride a bicycle to work

If you are serious about savin money and you live pretty close to your job, you can walk or take a bike to work.

This tip has two benefits; you will get some good exercise, and you will save some money too.

Fuel expenses can drain your pocket, and sometimes even a normally short drive can end up costing you more fuel than it should if you get stuck on traffic or if you drive during hours when kids go to school.

4) Cut back or eliminate expensive habits

Many of us have habits that cost a lot of money to maintain.

Whether it’s drinking, clothes shopping, or collecting 80’s action figures, we often don’t consider our habits as optional and instead see them as essential expenses.

Take a look at your habits and consider cutting back on anything you can do without to save money.

5) Monetize your free time and increase your savings

If you have some free time while you’re in the house or sitting in the park, make sure you use this time wisely.

Namely, use this time to produce some extra cash and build your savings.

Taking surveys is one the easiest way to earn some extra cash.

Here some of the best survey sites we’ve used and had some success with. Try them out!

• American consumer opinion
• Inbox dollars
• Survey junkie
• My points
• Swagbucks
• Inbox dollars

6) Don’t carry your credit card with you

If you constantly find yourself getting caught in the downward spiral of credit card usage, then you should consider leaving it at home.

Since you have to pay interest on credit cards requires, it’s basically the opposite of saving. Any extra money that you might have had is going into someone else’s pocket. Don’t let this happen!

Keep your credit card in the drawer or freeze to prevent yourself from using it on impulse.

7) Stop using “I deserve it” to cut expenses and save money

“I work hard, and I deserve this!”

Have you ever caught yourself saying something like this? This is an excuse many of us use to spend money on the things we want.

But the problem is that just because you deserve it, doesn’t mean you can afford it or that it will help you reach your long-term goals.

Don’t use this excuse to justify spending more.

Instead, try to cut back on the things you deserve and put this money into savings.

You can always create a priority list and start paying yourself back, once your financial situation is under control.

8) Change your phone company to save money

Believe me, changing phone companies was a game-changer for us.

Before, we were paying an average of $260-$300 a month on our phone bill. And now, we only pay $25! Read here how we saved $2,700 in our phone bill!

Mint Mobile is our new phone carrier, and we couldn’t be happier with it. We’ve decreased our phone bill substantially and are enjoying the excellent service that Mint Mobile provides.

If you are serious about saving money, your phone bill is an excellent place to cut back.

Make sure you access to Mint Mobile through our link to start saving tons of money on your phone bill.

You may also like: How to Get a FREE Starbucks Drink.

9) Save money by using discounted gift cards

Using discounted gift cards can save you up to 10% on your shopping. You can even get gift card discounts from your favorite stores.

Also, if you’re sitting on old gift cards that you’re not likely to use, make sure you sell it and get cashback. Sign up with EJ Gift cards here to buy and sell gift cards.

10) Save money by using everything you’ve stocked in your pantry

Many of us have quite a bit of food stored in our pantries. But often we’re just not in the mood to eat what’s there so we continually buy new food.

Because we do this, a lot of food gets old, goes bad and gets thrown away. So, it’s basically money in the trash can that means more food spending!

If you’re the type of person that fills their pantry from floor to ceiling, then you can save a ton of money on groceries  with this tip. You literally won’t have to spend any money on groceries for months by eating only what you have.

Make the best out of the ingredients available by searching for online recipes and save your money.

11) Use cash back apps to save money on your purchases

Cashback apps are great to save money on your purchases. You only have to install them on your smartphone and search for offers they have on certain products.

There you can find great deals and discounts on products that you love. Here are some that we use.

• Ibotta
• Rakuten
• Top cashback

12) Plan your meals to avoid overspending and save

Figuring out what you’re going to have for dinner every day can be a pain. Not just mentally, but financially.

Because if you’re cooking brand new meals with brand new ingredients multiple times a week you’re definitely overspending on food.

In that case, $5 meal plan is the way to go.

$5 meal plan is a fantastic service that sends you a weekly meal plan to make your life easier. Their recipes are delicious and simple! You can sign up for their meal plan here.

13) Eat leftovers to save money

I don’t like throwing food away at all. But sometimes, we just get tired of eating the same leftovers day after day. Or food gets forgotten in the back of the fridge until it goes bad.

To prevent this from happening I recreate my old meals by adding new ingredients and preparing them in a different way. (Sometimes creative ways to save money = creative ways to prepare meals)

By doing this, you will ensure that you can enjoy a new fresh meal while using all of your leftovers an old one. 😊

If you don’t like to eat the same food for many days, then another option to save money is to cook smaller portions.

14) Buy organic food at a discount

If you are like us, then you love to buy organic foods. And you know the prices can be murder on your bank account.

The best way to buy the organic and healthy foods you love while saving money is to use online services like Thrive Market and Vitacost.  There, you can buy organic food for less money than at the regular organic stores.

Protect your health, while protecting your wealth.

15) Save money on television

If saving money is your number one priority, then paying over $100 a month for cable isn’t going to help you.

There are quite a streaming services out there that can give you access to all the shows and movies you love for a much better price, so you will never pay for cable again. Whether you want to watch your favorite drama, documentary or comedy, Hulu Live can give it to you.

Another option for movie lovers is Vudu. With it, you’ll have an excellent alternative to the theaters for a much better price.

16) Go to restaurants with a discount

We love going to restaurants. But we don’t do it very often, unless it’s a special occasion, because cutting down helped us to save a good amount of money.

But hey, if you are not ready to forget eating out, you can always look for deals or discounts on restaurants.com.

17) Buy tickets for your favorite theme parks for less

Theme park prices can be outrageous, especially during the summer. But we still love them!

If you want to take little Johnny to a theme park without having to cash out your retirement account, then you need to check out 365 Tickets.

365 ticket is a legit website that offers discounted tickets and special offers. You can check them out here.

18) Find free activities to do with your friends and family

Having fun doesn’t always mean spending money. You can find creative ways to save money by organizing free activities with friends, family on a regular basis.

Activities like cookouts, game nights, or hiking are great options when you’re trying to save money while having a good time.

If you have a couple, you can organize some great date night ideas for cheap and have fun without having to break the bank.

19) Get books and movies for free at your local library

The local library is the perfect place to save money on entertainment.

Getting a library card will give you access to a mega load of books (obviously), movies, documentaries, magazines, and more at no cost.

You may also like: How to Get a FREE Starbucks Drink.

20) Generate income with your hobbies

Another creative way to save money is by monetizing your hobbies.

If there’s something you enjoy doing, like making crafts, baking,  or taking photos you probably spend a lot of money to maintain your hobby. But by finding ways to monetize your hobbies, you can get them to pay for themselves.

If you love writing a good idea might be   starting your own blog.

Writing is one of these hobbies you can monetize if you have any expertise or any thoughts you will love to share with others.

That would be pretty sweet, right?

Then all you need to do is save that money.

21) Minimize your electricity usage

Another creative way to save money can be in your energy usage. Electricity can be a significant expense, especially in the summer and winter.

Here are some tips to help you reduce this expense and keep more money in your pocket.

• Use low energy Bulbs.
• Turn out the lights you don’t use.
• Use candles more often.
• Use Energy efficiency appliances
• Turn off the water while washing dishes
• Wear more clothes inside the house in the wintertime.

For more ideas on lowering your electricity bill, check out our article on frugal living here.

22) Stay on top of your credit score

Your credit score is a measure of your financial health and can save you money on purchases if it’s high enough.

Make sure that you use apps like Credit Sesame to track how your credit score is doing because having good credit can save you thousands of dollars on financing costs.

Read our article about how to save money with your credit score here. Or check out how to improve your credit score here.

You can also sign up for Credit Sesame here to stay on top of your credit score.

Or if you prefer to get the official report from FICO, check out MyFico here.

23) Know your spending triggers

It’s well known that some people over-eat when they’re depressed.

Well, it’s also the case that our emotions can cause us to over-shop.

Know which moods put you in the mood to shop and avoid the stores like the plague when you are under the influence of these emotions.

If you want to learn more about   emotional spending  check out our article about it.

24) Rent out a spare bedroom 

If you have an extra room in your home that you don’t use. Then you can rent it on Airbnb.

With this strategy by itself, you can make a lot of money and save it.

Only be aware that you will be sharing your space with other people.

If you are in an area with a lot of travelers you might find some good candidates to start making some extra money every month!

25) Buy clothes in second hand stores or that are out of season

There are even creative ways to save money with your fasion. Clothes can cost you an arm and a leg at regular retail stores. But you don’t have to pay those steep prices.

A great alternative is to buy clothes in second-hand stores or buying clothes that are out of season.

26) Make your own gifts

Do you keep track of how much money you spend on gifts during the year?

I can tell you now, it’s a lot! There’s always something going on, right? Birthdays, anniversaries, holidays, and so on.

One of the best creative ways to save money is DIY. You don’t need to make everything for every occasion, but if you can make even half of the gift you need during the year, you can save a mint.

27) Round up and save with Acorns

Cashiers sometimes ask if I’d like to donate a few bucks to a charity they’re promoting. Sometimes I say “sure”, other times, “not today”.

But when they ask if I’d like to donate by rounding my cost up to the nearest dollar I pretty much always say “sure”.

It’s not just me…most people donate more often when it’s just a matter of rounding up because it reduces the pain of parting with your money.

The same logic applies to invest  with   Acorns.   It rounds up purchases to the nearest dollar and invests the change for you.

With Acorns, you not only have one of the best creative ways to save, but you have one of the best ways to start investing.

Sign up with Acorns and give it a shot today!

28) Sell things you don’t use to build your savings

Having a lot of things that you don’t use in the house makes everything messy. It can even make our lives more complicated because we spend more time looking for things that we can’t find.

A great way to make more money for your savings is by selling your old stuff.

With Decluttr, you can turn all those old books and clothes into cold, hard cash.

Sign up today and start making money!

29) Adopt a frugal lifestyle to save money

Another of the many creative ways to save more money is by adopting a more frugal lifestyle, which is basically being resourceful and less wasteful.

Implementing this lifestyle can help you manage what you have better, and help you live better with less.

Check out our article on frugal living here! 

30) Put yourself in survivor mode

Have you ever noticed that right after you get paid you feel like you can buy whatever you want? Want to go for a night out at TGI Fridays? No problem!

But after a few days, you’re living in survivor mode and you manage to go a solid week on $20 alone. (You’ll find far more creative ways to save money in survivor mode!)

If you put yourself in survivor mode right when you get your paycheck, you’ll spend a lot less and save more money from your salary.

31) Save money on car insurance

There are a few ways to lower your monthly car insurance premiums. You can start by becoming a safer driver and driving less.

You can also ask for a higher deductible. This is the amount of money you’ll have to pay for car repairs before your insurance covers the rest. By asking for a higher deductible you can save pretty big on your monthly premiums.

Just make sure you have enough money set aside to cover the amount you’ll have to pay in case something happens.

32) Buy what you can from the dollar store

There are some products that you regularly use, that can be purchased cheaply from the dollar store.

It could be cleaning products, napkins or even items for the kitchen. Consider buying these items from the dollar store.

33) Don’t buy two (or more) products to solve the same problem

There’s no shortage of options when we go shopping! Sometimes it can even be too much.

Too many options can create a situation where we end up buying two or more products that basically do the same thing.

So if you bought Lysol, maybe you can do it without Mr. Clean, Kaboom or 409.

One way to save more money is to make sure you don’t buy 2 or 3 products to solve one problem.

This doesn’t happen only with cleaning supplies but can happen with products in any category.

34) Get discounts on your online purchases

Another way to save money is by comparing prices. Doing this gives you the opportunity to get the best price. Use Honey to find deals and discounts on any purchase you make online.

It’s a free browser extension that works by automatically searching for promo codes and applying them to your online purchases. Check it out here.

35) Stop paying for unused subscriptions

In the internet age, most of us have at least one subscription service. And chances are there’s one or two that you’re paying for that you no longer use.

Check your bank statement to remind yourself what you’re paying for and cancel the things you don’t use.  

36) Develop your skills and sell products/services

There are an unlimited number of creative ways to save money if you start learning new skills and selling your services.

If you are interested in promoting yourself & developing your skills, then Skillshare is the way to go. With Skillshare you can learn almost anything, but you can also create courses and make money.

Make sure you sign up here and check it out.

37) Save with your money transfers

If you are like me, then you sometimes need to send money to your relatives who live out of the country.

Transferring money directly to their account works fine, but it can take days for the wire transfers to go through. On top of that, your bank charges you a fee for sending the money, and your relative’s bank may charge a fee for receiving the money!

To get past all this, I recommend using Money Gram.

With Money Gram, you can send money now, and your relative will have access to it within a few minutes (not days but minutes!).

If you use Money Gram you want to sign up for an account so you don’t have to keep reentering the same data every time you make a transfer. Use our link here to sign up today!

38) Save any extra money you receive

Besides all the creative ways to save money above. Another great tip to save more is by saving all the extra income you get.

This includes, salary increases, tax refunds, and bonuses.

Keep your expenses the same and save every extra penny that comes your way.

39) Hang around with frugal people

Did you know that the chances of you succeeding with your money increase depending on who you hang out with? It’s true!

You can put yourself in a money-saving mindset by hanging out with the right people.

If you have friends that like to party all the time and spend their money having fun, chances are you’re going to go along with them and do the same.

I’m not saying that you should abandon your friends, just make sure you spend a good amount of your time with the more frugal ones.

40) Money-saving challenges

Money-saving challenges are a great way to find creative ways to save money.  Check out our post here to get a list of money-saving challenges you can accomplish to increase your savings.

41) Become your own barber

I recently discovered that being serious about saving money can sometimes mean taking risks. 

The risk? Cutting my husband’s hair.

But it’s well worth it! With a good pair of hair clippers, a few YouTube tutorials, and some courage you can also cut your family’s hair and save some serious money.

By doing this we were able to save around $300 a year!

Final Thoughts

There are a number of creative ways of saving money out there. By using as many as you can, you can make dramatic progress towards accomplishing what you want with your financial life.  

But remember to come up with a plan first. Then save, keep track of your progress, and celebrate your wins!

Cheers!

You may also like: How to Get a FREE Starbucks Drink.