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9. Support charities with your time
If you regularly donate money to charities, you could consider volunteering your time instead.
There are lots of ways to do this, depending on your interests, skillset and time available, which include:
- Becoming a phone friend to an elderly person
- Being a mentor to young people
- Getting involved in conservation
Do-it.org is a database with more than a million volunteering opportunities that you could pick from. Search by interest, activity or location and then apply online.
19. Try a staycation.
When your goal is to save money now, a vacation is the worst thing you could spend your money on. Instead of whisking your family off to the Greek Isles, try being a tourist in your own city. Not only will this save you hundreds (or potentially thousands) of dollars, but you can also explore your neighborhood with fresh eyes and have some fun while doing it.
When it comes to saving money, small changes can add up quickly. Adjusting a few daily habits, cutting monthly bills and leveraging tools that automate savings can collectively make a big impact.
We highlighted some of the best ways to save money right away. These money tips can help you save for a house or a car or simply save more money out of your salary.
19. Money-making strategy: Become a home organizer
You could easily do home organizing for people, an industry that has gained a lot of popularity since the debut of Netflix's hit series Tidying Up with Marie Kondo. If you're a tidy and organized person yourself, and you're good at organizing spaces, why not offer your services to people around you? You'd be surprised at how many people, even on your own social media feed, might take you up on doing something like this.
Again, a site like Care.com also helps to connect home organizers with people looking for this type of service. It all depends on whether you want to go through a professional company or pitch it yourself to people that are already in your personal or business network.
Related: 8 Ways Any Millennial Can Be a Millionaire in 5 Years
19. Quit the bad habits
Smoking is the most obvious bad habit to quit. Not only is it terrible for your health but awful for your wallet too. A ten-day-a-smoking-habit can easily cost you £1,825 a year. Over 30 years that’s almost £55,000.
You can find support to quit smoking at NHS Smoke Free and get healthier and richer in the process.
Cutting down on booze can really save the pennies too. On average we spend £1000 per year on alcohol, which is £63,000 over our legal-drinking lifespan. Cutting out two glasses of wine or pints of beer at the pub a week, costing £4.50, could save you £469.
Where as cutting out just two shop-bought coffees, costing £2.75 each, every week for a year, you would save £286.
29. Money-making strategy: Conduct a webinar
Okay, it sounds intimidating but webinars are one of the best ways to earn cash quickly. You're speaking to a highly-engaged audience. If you position yourself and the offer correctly, you can make loads of money in a very short period.
GoToWebinar is by far the biggest platform. Webinar Jam is one of the most feature-rich platforms out there. Whichever you go with comes down to how well you can sell. It takes practice, but this is fast cash at its essence.
Related: 12 Realistic Ways to Make Your First $1 Million
8 Weather the storm
If the current crisis has taught us anything, it's the importance of a rainy day fund. If yours has taken a battering recently (or you never really had one), start saving – anything is better than nothing. The rule of thumb is to have three months’ income saved for emergencies, ideally six if you have a mortgage.
19. Track spending
24 Make the most of resale platforms
Did you know that the average British woman accumulates an estimated £22,000 of unworn clothes over a lifetime? It's time to make money while you spend it by exchanging your old clobber for cash via resale platforms such as Depop, Vinted and eBay.
You can also use these sites to hunt for top-quality gifts. Pre-owned doesn’t have to mean lower-quality – many items sold on these sites are brand new and often cost less than the original retail price.
5. Organise a free overdraft
New rules were introduced in April 2020 aimed at making overdraft charges clearer and easier to compare. However now you could be facing charges of up to 39.9% for being overdrawn.
Some bank accounts do offer free overdrafts up to a certain amount. We list the best bank accounts for overdrafts.
Watch out! If you go over the arranged overdraft limit, costs really start to mount. Find out more about whether it is better to use an overdraft or credit card in this article.
3. Pay Yourself First
Set up an auto debit from your checking account to your savings account each payday. Whether it's $50 every two weeks or $500, don't cheat yourself out of a healthy long-term savings plan.
4. Minimize restaurant spending
One of the easiest expenses to cut when you want to save more 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 of credit cards that reward restaurant spending. You can also opt for appetizers or split an entree with your dining companion to save money when you eat out. Skipping drinks and dessert can help stretch your budget as well.
13. Get the right money-saving app
If you need extra encouragement with saving, then a money-saving app could be for you – and there are plenty to choose from. For example:
- Chip calculates what you can afford to save every few days and then transfers that amount from your current account to your Chip account
- Plumdoes the same and automatically notifies users when they’re overpaying on bills and let them switch to a cheaper provider within the app
- Cleo*is a chatbot on Facebook Messenger that analyses your spending, offering insights into your habits and what you can do to save more
Many of these apps, like Moneybox, make saving feel like a game where you challenge yourself to put more away.
Challenges can be a great way to save, check out some ideas we’ve come up with here.
25. Money-making strategy: Do micro gigs on Mechanical Turk
Mechanical Turk is a platform by Amazon that allows you to do small jobs and get paid for it. But don't expect too much money out of this. These gigs truly are "micro" and range from a few cents to a few dollars at the most. But if you string several of these together, it might be in your benefit.
You don't need any serious qualification to do this. Usually, this involves clicking on links, taking surveys, giving an opinion, doing some light categorizing or other human-intelligence tasks (HITs as they like to call it).
12. Ask about discounts (and pay in cash).
You never know until you ask—and you should always ask. Next time you’re getting tickets at a movie theater, museum or sporting event, check to see if they have any special discounts for seniors, students, teachers, military or AAA members. If not, never underestimate the negotiating power of cash!
9. Get creative with gifts
You can save money with affordable gift ideas, like herb gardens and books, or go the do-it-yourself route. Baking cookies, creating art or preparing someone dinner can demonstrate that you care just as much as making an expensive purchase, and perhaps even more so. You can also shower someone with the gift of your time by offering to take them to a local (free) museum or other event.
7. Money-making strategy: Flip real estate contracts
Ir you're thinking this is cost prohibitive, it's not. You can flip real estate contracts without ever taking possession of the property. This isn't a fixer-upper endeavor, just securing a contract and selling it to an interested party. That's it.
You can do this with just a few hundred dollars in most cases to open up escrow. There are companies dedicated to teaching how to do this like REWW. It's good for making a little bit of money, but is also potentially something more long term as well.
Related: 8 Ways Real Estate Is Your Smartest Investment
12. Bundle cable and internet
You could lower your cable bill by as much as $40 per month by changing your cable package. And you could save more than $1,000 over two years by bundling your cable and internet service, depending on your carrier. Another option to consider is cutting cable or at least cutting some of your additional streaming services or premium subscriptions.
17 Have a no-spend day
Exercise some self discipline and try to have at least one no-spend day each week, it'll make you more careful with your cash in the long term. This can be as simple as having last nights leftovers rather than buying lunch out, snacking only from your weekly shop and carrying coffee/tea in a keep cup. Require more than one brew a day? Many chains (including Pret) cut the price of your beverage if you bring a portable mug.
You can cheat on travel expenses if it's absolutely necessary. Or, get paid to walk with smartphone apps, such as Sweatcoin and BetterPoints, which exchange your steps for store discounts and freebies.
21. Refinance your mortgage.
With rates so low these days, run the numbers to see if refinancing could help save you money and cut years of interest off your mortgage. Reach out to one of our trusted Endorsed Local Providers (ELPs) to see if a refinance is worth it for you.
#2. Track your spending
According to MoneySmart, we can fall into the trap of thinking spending on big things is what gets us into trouble, when often it’s the little things that end up costing us more.
That’s why it’s important to keep track of your day-to-day spending, so you don’t live beyond your means. Your bank statement will tell you how much money is going into your bank account and how much is going out. You can then compare it with your budget to see whether you’re sticking to it or not. You can then identify areas where you can save.
Just the thought of having to track our spending can ward off impulse purchases.
Use the MoneySmart app to track your personal expenses
12. Reduce your tax bill
Keep more of your earnings by claiming all the tax reliefs you are entitled to. If your employer has asked you to work from home, make sure you claim this tax rebate effectively giving you up to £140 of free money every year.
There is also rent-a-room relief, which lets you earn £7,500 a year tax-free from letting out furnished accommodation in your home.
For more tax tips, here are ten easy ways to cut your tax bill.
8. Reduce energy costs.
Did you know that you can save money on your electric bill just by making a few tweaks to your home? Start with some simple things like taking shorter showers (nope, we didn’t say fewer), fixing leaky pipes, washing your clothes in cold tap water, and installing dimmer switches and LED lightbulbs.
While new, energy-efficient appliances are a great way to save money on your electric bill, they’re expensive! But if you work it into your monthly budget, you can save up and pay cash for those improvements over time.
15. Lower your student loan payments
Enrolling in income-driven repayment could lower your monthly payments to a manageable level since the amount you pay is tied to your earnings. Other options include refinancing, enrolling in autopay to trigger a discount, and making extra payments so you can unload the debt faster, which cuts the overall interest you’ll pay.
20. Write a list and stick to it
It sounds incredibly simple, but by making clear what you need – rather than what you want – you can avoid impulse purchases. It can save you a lot of money.
If it isn’t on your list then don’t add it eto your trolley.
If we have inspired you to get saving then why not go a step further and check out our guide to budgeting so that you can fix these good habits for life.
*All products, brands or properties mentioned in this article are selected by our writers and editors based on first-hand experience or customer feedback, and are of a standard that we believe our readers expect. This article contains links from which we can earn revenue. This revenue helps us to support the content of this website and to continue to invest in our award-winning journalism. For more, see How we make our money and Editorial promise
10. No presents
Implement a no-presents rule for a full year with your family members and friends. If that doesn’t sit well with you, why not suggest:
- A spend limit
- Secret Santa for Christmas
- Only hand-made or gifts bought from charity shops
If others still want to give on birthdays and you have children, stick solely to savings accounts and check out our independently rated junior ISAs here. Find out more about how you can teach your kids about money here.
11 Remortgage!
If your fixed term mortgage deal has come to an end you may be paying a ‘loyalty’ penalty of high interest which could add up to as much as £1000 a year. So, talk to your mortgage broker about remortgaging to the best deal for now, or find an independent mortgage adviser at unbiased.co.uk or vouchedfor.
5. Money-making strategy: Do tasks with TaskRabbit
TaskRabbit lets you tap into an existing marketplace of people looking for help locally with chores. The tasks aren't always small. This platform (along with others) offers bigger tasks, such as home renovations, as well.
Amazon is getting into the task business with Amazon Home Services. The services listed range from very small repairs to larger and more involved tasks that would take considerably more effort.
3. Money-making strategy: Sell old books and games on Amazon
Amazon makes it fairly easy to list and sell old books, games and devices on its marketplace. You can make more than just a few bucks If you have pricey textbooks from college. Be sure the books are in good condition. You'll get negative reviews if you attempt to sell books that are falling apart or games that are scratched up. Remember, be upfront about any defects, no matter how small they might be and no matter how few people might readily notice it.
How to Start Saving Money
You’ll only start saving money when you learn healthy money habits and let your future needs be more important than your current wants—aka when you make saving money a priority. So do it! You can stop the cycle of living paycheck to paycheck with a simple secret: Make a zero-based budget before the month begins.
A budget is all about being intentional. It helps you create a plan so you can see where your money is going and find out how much you can actually save each month. When you make a zero-based budget, you’re giving every single dollar a name—or assigning it a job to do—before you save or spend it. Remember: It really doesn’t matter how much money you make—what matters is how you spend and save the money you make.
Ready to start saving and reaching your money goals? Get our free budgeting app, EveryDollar, so you can keep track of all your budgeting and saving in one place. And if you really want to take a deeper dive into your budget, get a free trial membership to Ramsey+. The membership gives you access to all kinds of things, including a premium version of EveryDollar that links to your bank account and offers detailed spending reports. It’s every budgeter’s dream!
13. Take advantage of your retirement savings plan.
If your employer offers a 401(k) match and you aren’t taking full advantage of it, you’re missing out big time! Talk to your HR department to set up an account. But remember, you should wait until you’re completely debt-free (except your mortgage) and have a fully funded emergency fund of three to six months before you start saving and investing for retirement.
3. Cancel unnecessary commitments
Almost two years of intermittent coronavirus restrictions have given us plenty of time to evaluate our spending habits — and in some areas to increase them.
Go through your bank balance and see exactly where your money is going. You may discover you are paying for services that you have forgotten about and no longer use.
Think carefully about how much you use your subscriptions now. While Netflix may have been essential during lockdown, can you live without it now? If you’re shopping online less frequently you might want to cancel Amazon Prime.
Read how Christina, got a grip on her personal finances by getting rid all of her subscriptions (except for one, where the provider offered her a 50% discount to stay). She cleared her overdraft and starting to save.
In a bind? Need some fast cash? We're talking here about small bursts of capital, not millions of dollars -- enough to satisfy your monthly obligations or get that nagging creditor to stop calling you.
Shutterstock None of the 32 strategies listed here to get some money quickly will break the proverbial bank. Some are easier than others, but nearly all require very little to no capital. They are meant to get you through the difficult times.
Related: 2 Ways to Make Money Online This Month
Some of these strategies to make extra money will require you to be in certain locales, while others are location-independent, but it all boils down to being resourceful. We've all found ourselves in a tight spot at one point in our lives or another, but to the person who's committed, anything is possible.
Much of this has to do with mindset. When you lack money, scarcity thinking sets in. The scarcity mindset is negative and thinks that there's never enough of whatever it is to go around. When you find yourself thinking like that, do everything in your power to move into an abundant mindset.
Our thoughts are incredibly powerful. We have upwards of 60,000 thoughts per day, many deep within our subconscious mind, much of which are repeated. We have to be stewards of our thoughts. Once you find yourself thinking negatively, you need to jar yourself out of that.
When you're looking to make money fast, you're often in a tough spot financially, even desperate to make ends meet, but everything that we have and everything that we become is partly born from our thoughts. Think and you shall become. Curate and cultivate the right thoughts if you want to live an abundant life.
13. Money-making strategy: Sell your photos
Have an eye for photography? Of course, you need to be good at this to earn any money but it you are, you can sell photos on ShutterStock or iStockPhoto (along with many others) to generate a passive income from something you might be very passionate about.
For a quicker way to earn by taking photos, solicit people looking for photographers to cover their wedding, engagement, child's birthday or any other life event. You'll need a good camera and some experience, but you can definitely earn some must-needed income this way no matter where you live.
21 Try a little patience
When shopping online, fill your shopping basket but don’t check out immediately (unless it’s something that’s selling like hotcakes). If suppliers spot items sitting in your basket for a day, they’ll get in touch to ask you if you forgot to check out and sometimes they’ll send you a discount to persuade you to return.
This only works if you have an online account with them, as they’ll need your email address.
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Family and Friends Savings Tips
27. Create a family spending limit on gifts. Discuss placing spending limits on gifts within your family and/or a system where you only purchase one gift for one person over the holidays. Not only will it relieve financial stress for your family, but it allows you to focus on what really matters during special occasions and holidays.
28. Plan gift-giving well in advance. To go alongside spending limits, give yourself time! You’ll ensure that you’re giving the most thoughtful gifts, which usually end up being not as expensive. Besides, it will also give you the opportunity to look for sales.
29. It’s never too soon to start saving for college. The last thing kids need is more “stuff.” Consider asking for donations to the college fund if you have enough clothes, toys, and other needs for your little ones.
30. Don't buy cheap clothes for cheap's sake. There are times where it makes most sense to prioritize quality over price when purchasing clothes for the family. An inexpensive shirt or coat is a poor bargain for older family members if it wears out in less than a year, but could make sense for quickly growing children.
31. Organize a neighborhood swap meet. Here’s how it works: gather your friends and neighbors with kids around the same age and everyone brings gently used clothing, books, and school supplies, toys, etc., and receives a ticket for each item they bring. Each ticket entitles you to one item from the swap meet. If you contribute six books, you can leave with up to six new-to-you books. If you contribute seven items of clothing, you can leave with up to seven new-to-you items of clothing. All leftover items are donated.
32. Designate one day a week a "no spend day." Reserve one night a week for free family and friends fun. Cook at home, and plan out free activities such as game night, watching a movie, or going to the park.
2. Set Savings Goals
One of the best ways to save money is by visualizing what you are saving for. If you need motivation, set saving targets along with a timeline to make it easier to save. Want to buy a house in three years with a 20 percent down payment? Now you have a target and know what you will need to save each month to achieve your goal. Use Regions savings calculators to make your goal!
2. Money-making strategy: Become a market research participant
In college I participated in loads of market research. It's fairly quick money for not a lot of work. Companies looking for consumers' opinions on a variety of products and services put you in a room to garner your opinion. That's it.
This often involves writing or stating your opinion, answering polls or surveys, or breaking off in a discussion group. The mechanics don't matter much. The point is that you can rely on it from time to time. Focusgroup.com is just one company that is looking for participants.
Related: 6 Things You Must Quit Doing Now If You Want to Be More Successful
9. Create an Interest-Bearing Account
For most of us, keeping your savings separate from your checking account helps reduce the tendency to borrow from savings from time to time. If your goals are more long-term, consider products with higher yield rates like a Regions CD or Regions Money Market account for even better savings.
2. Change banks and get free cash
You can also switch your bank account and get paid in cash to do so. Some banks are currently offering a £150 bonus for new customers who switch their current account. However, all of these deals come with Ts&Cs, so check you will be eligible.
Changing your bank account can feel a little scary but it’s easier than you think. It takes just seven days to move your money and all your regular payments over from your old account.
Your new provider will do it all for you but make sure that the account is right for you — money isn’t everything.
We have independently rated the best current accounts on the market for different needs and requirements. Check them out here.
4. Money-making strategy: Sell, or resell, used tech on Craigslist
The market for used electronics is vast. You can use Craigslist to part ways with your old iPhone or your MacBook. You can grab a premium for these types of electronics. Some people even flip items by buying them and reselling them.
You could also use a website like Gazelle to sell your used phones, no matter what kind you have. Companies like that have made an entire business model out of buying used phones and refurbishing them. Either way, you can expect to get a fair bit of money relatively quickly if you have these items laying around your house.
Related: 4 Things I Wish I Knew Before Starting a Small Business
#6. Control your impulses
Credit cards, ATMs and online shopping make it easier than ever to spend money. Especially on things we want rather than need; the extent to which we succumb to temptation typically boils down to our willpower. Studies have shown that self-control is a bit like a muscle that tires out with use.
Ironically, it’s the willpower of poorer shoppers that tends to get depleted the most. This is a result of the fact they face repeated, difficult financial decisions.
“It’s not that the poor have less willpower than the rich,” says the American Psychological Association.
“Rather, for people living in poverty, every decision – even whether to buy soap – requires self-control and dips into their limited willpower pool.”
If you see something you want, says Canstar, wait at least a day before you buy it – 30 days if it’s a non-necessary big purchase. You might find the urge passes. Another way of short-circuiting your impulse to buy is to work out how many hours of work the purchase price represents; chances are you’ll think the item’s not worth it.
#11. Use our savings goal planner
Use Budget Direct’s savings goal planner to work out how much you need to regularly set aside to reach your savings target; and what discretionary spending you could cut in the process.
The planner also allows you to upload an image of the thing you’re saving for. Research shows pictures can provide you with added motivation to achieve your goal.
This post was brought to you by Budget Direct Life Insurance
16. DIY . . . everything!
Before you shell out the cash to pay for a new backsplash, fancy light fixture or bench, think about doing it yourself! Usually, the cost of materials and a simple Google or YouTube search will save you a ton of money on your latest home project. Plus, you won’t have to pay someone to do something you can most likely do yourself. But if you’re the type that can’t seem to hit the nail on the head, you might want to ask a friend or neighbor for help so you don’t have to spend money on new drywall.
Oh, and when you need to do some DIY work (or any kind of work), borrow what you need from a friend or neighbor instead of going out and buying it.
6 Get savvy with your savings
If you haven't already, maximise your £20,000 tax free ISA allowance. You can either put money into a cash or investment ISA. Admittedly, rates for cash ISAs aren't great at the moment, but you'll get more the longer you are prepared to leave the money untouched. Check out www.gov.uk/individual-savings-accounts for more information. Check for the best cash ISA rates at Moneyfacts
You don’t need a lot of money to start investing, nor do you need to be an expert. Some investment apps, such as Moneybox, even let you begin with just a few pennies by rounding up your loose change every time you spend.
#8. Plan your meals
Meal planning is one of the easiest ways to save money, says Kalpana Fitzpatrick, the founder of MummyMoneyMatters.com
“If you know what you’re eating for the week and have shopped accordingly, there’ll be no need for random visits to the supermarket. Extra visits result in your spending more money and even wasting food.”
It will be even easier for you to stay within budget by buying all of your staple items at lower-priced stores like Aldi, says Choice.
simplesavings.com.au advocates using the food you already have in your cupboard, pantry, garden and freezer to save money.
If a family of four does this, it won’t have to spend more than $21 on its weekly groceries. Which is roughly $300 less than a household of that size typically spends. Do this one week a month, and in a year you’ll save about $3,600. The key to the ‘$21 Challenge’, says simplesavings.com.au member Mandy Danko, is to do a stocktake, a menu plan, and shopping list.
16 Cut your grocery bill
Buying only what you need may sound like an obvious way to save money, but it can be easier said than done. Once you’ve planned your meals for the week ahead, the Love Food Hate Waste Portion Calculator can help take the guesswork out of totting up what you need to buy.
Get to know the world food aisle in your supermarket (it hides savings of up to 75% on cupboard staples including rice, lentils, beans, spices and sauces), shop in the evening's for discounts, look at lower supermarket shelves for smaller prices, don't pay for plastic bags and make your fruit and veg last longer.
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Do you ever feel like no matter how hard you try it’s still impossible to find ways to save money? You mean well and try to spend less, but something always comes up. Life gets in the way—the car needs new tires, the teenager needs braces, the house needs a new roof—and just like that, saving money takes a back seat. Sound familiar?
The truth is, you don’t need everything to magically line up perfectly before you start saving money. Spoiler alert: If you wait for the “right time” to roll around, it’s never going to show up. The best time to start saving is right now.
The good news is there are plenty of straightforward ways to save money and breathe some fresh air (and fresh cash) into your budget. Here are 22 money-saving tips to help you tweak your spending and get on the fast track to saving money in no time.
#9. Become a ‘promiscuous consumer’
If you’re a brand loyalist – someone who repeatedly buys a product or service – beware.
Chances are the vendor in question knows you’re less price sensitive than most prospective customers. They could be taking advantage of your loyalty or, worse, taking you for granted by charging you noncompetitive prices.
Don’t allow your emotional connection to a vendor to get in the way, start looking for a better deal elsewhere.
Just the threat of leaving may prompt a better offer from your current supplier. They’ll understand retaining existing customers is usually far cheaper than winning new ones.
And if they don’t give you a discount or free upgrade, for example, don’t despair. More than likely, there are other companies lining up to give you a good introductory deal.
Don’t allow your emotional connection to a vendor to get in the way, start looking for a better deal elsewhere.
In short, you should become a ‘promiscuous consumer’, says Michael Ginsburg, the founder of Spending Hacker.
“Not only will being loyal not get you a better deal, it’s almost certain to end up costing you more.”
“Make sure you have no brand loyalty and are willing to switch whenever a competitor offers better value.”
18 Check your workplace pension
'Make sure you are checking in with, and making the most of, your workplace pension,' says Robert Gardner of St James's Place. When you start at a new company or when your employer sets up a new pension scheme, you will usually receive information to agree the percentage of your salary that will be paid into your workplace pension. Your employer will then deduct your pension contributions directly from your wages before paying you.
It’s important to check your pension to make sure you’re saving enough for retirement and you’re happy with how your pension is being invested. It's also worth checking whether your employer will match pound for pound any personal contributions you make, which is like a pay rise – or free money! – to your future self.
18. Set savings goals
5. Get discounts on entertainment
You can take advantage of free days at museums and national parks to save on entertainment costs. Your local community might offer free concerts and other in-person or virtual events; check your local calendar before splurging on pricey tickets to private events. You can also ask about discounts for older adults, students, military members and more.
16. Cancel unnecessary subscriptions
Uncheck the auto-renew option on any subscriptions you aren’t using regularly, such as subscription boxes. You might even 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. And avoid signing up for free trials that require payment information, or at least make a note or set a calendar reminder to cancel before the free period ends.
28. Money-making strategy: Get a small microloan
You can get a small business loan (very small) on Fundera, or Prosper if you're looking for a very small personal loan. Depending on your credit and your financial and employment situations, you can secure up to a few thousand dollars like this.
There are loads of platforms that offer these small microloans. You have to pay them back but it can help if you're in a bind.
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