How to Save Money: 17 Proven Ways

Find long-term savings by shopping smart, bundling services, canceling subscriptions and more.
Courtney JespersenJul 27, 2021
17 Ways to Save Money

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We compiled several ways to save money, from adjusting daily habits, to cutting monthly bills, to making long-term changes.

Find an app or bank account that takes the work out of saving. Digit and Qapital both automatically transfer small amounts from your checking account to a separate savings account. Learn about for you.

Empty your pockets each day and start collecting that extra change. Then take your collection to the bank and put it directly into your savings account instead of your checking account. When you want to , use dollar bills instead of credit cards. It’s harder to part with cold, hard cash.

A little work before you go to the grocery store can go a long way to help you . Check your pantry and make a grocery list, then use coupons and loyalty programs to maximize your savings as you shop.

Opt for appetizers or split an entree with your dining companion to

Take advantage of free days at museums and national parks to . You can also ask about discounts for seniors, students, and more.

Time your purchase of appliances, furniture, electronics and more according to . Don’t buy anything hastily, either. Always wait a day or two before buying to limit buyer’s remorse.

Make it more difficult to shop online. Instead of saving your billing information, force yourself to input your shipping address and credit card number each time you order. You’ll probably make fewer impulse purchases.

Go the DIY route or , like herb gardens and gift baskets.

and taking advantage of lower interest rates could save you considerably over the life of your loan.

You could 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.

Changing your plan is one way to , but it’s not the only way. Removing insurance from your plan could save you nearly $100 per year, per line.

Big and small changes in your energy usage can help you .

Income-driven repayment plans can by several hundred dollars each month.

Uncheck the auto-renew option on any , such as subscription boxes or streaming services.

Keep track of your monthly cash flow — your income minus your expenditures. This will also make it easier to mark progress toward your saving goal. Try a that tracks your spending. (NerdWallet has that does just that.) Or you can follow these .

Refinancing your mortgage to snag a lower interest rate can save you several hundred dollars each month. Use our to find out how much you could save.

. It may be “save $5,000 in an this year” or “pay off my credit card debt faster.” Use a to see how much you’d have to save each month or year to reach your goal.

One smart way to manage your money — and hopefully hold on to more of it — is to follow a budget.

At NerdWallet, we think about a as a spending plan because saving money doesn’t mean you have to quit spending altogether. It just means you have to prioritize some financial goals over others.

We recommend the for smart money management. Devote 50% of your income to necessities, 30% to wants and 20% to savings. If you find one of your allocations exceeds these percentages, make some adjustments to fit the formula.

As you work toward your ultimate , make sure to put your newfound funds in a good high-yield savings account to maximize your money. Some of the pay interest rates that are much higher than large traditional banks.

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