27 Proven Ways to Save Money

Around two-thirds of Americans say saving money is a financial goal in 2025, according to a new NerdWallet survey. Making more money (38%) and paying down/off debt (35%) were also high on people’s lists of 2025 financial goals.

Americans want to save for a variety of things, whether it’s a vacation (33%), emergencies (31%), a car (22%) or a home (14%), according to the survey. But there are barriers standing in the way for many. These challenges include increased expenses (41%), unexpected expenses (28%) and a decrease in household income (19%).

Saving is still possible though, even without overhauling your budget. Let's get started.

Budget money to become a saver

1. Create a budget

One smart way to manage your money is to follow a budget. Your budget will account for your income and your expenses, allowing you to set priorities for your spending and savings. Our free budget template is a great place to start, but a piece of paper works fine, too.

» MORE: How to Budget Money in 5 Steps

One method is the 50/30/20 budget: 50% of your after-tax income goes to necessities, 30% to wants and 20% to savings and any debt payments over the minimums. If one of your allocations exceeds these percentages, you can make some adjustments.

If this 50/30/20 breakdown doesn’t work for your financial situation, that’s OK. Another type of budget may work better, such as the 60/30/10 budget, or the envelope system, which has you set limits for various expenses.

2. Set savings goals

Set a specific and realistic goal — no goal is too small. Your goals could include adding money to your retirement savings, tackling debt with extra payments or saving up for holiday gifts.

Use a savings goal calculator to see how much you’d have to save each month or year to reach your goal.

3. Track spending

Saving money is tough if you don't know how much of it you've been spending in the first place. Keep track of your monthly cash flow — your income minus your expenditures. Many budget apps can help you track spending.

4. Keep savings in a high-yield savings account

Put your money in a high-yield savings account. This type of account earns an above-average interest rate on deposits, which can help your bank balance grow faster than with traditional options.

5. Automate transfers

Set up automatic transfers from your checking to your savings account — either through your bank or direct deposit from your paycheck. This makes savings consistent and easy, especially when you’re working toward specific goals like paying off debt, building an emergency fund, or saving for a down payment.

Tackle debt to save on interest

6. Pay off high-interest debt

Debt payments can be a big burden on your overall budget. If you can pay off debt more quickly — by making extra payments or paying more toward the principal balance when you can — you’ll save on total interest paid and free yourself from that burden sooner.

If you can't make extra payments right now, consider exploring ways to make money on the side that you can put toward your debt.

7. Lower your student loan payments

If you have student loans, enrolling in a different repayment plan tied to your income or family size could lower your monthly payments to a manageable level.

Other options include refinancing student loans, enrolling in autopay to trigger an interest rate discount and making extra payments so you can unload the debt faster, which cuts the overall interest you’ll pay.

8. Refinance your mortgage

If you own a home and are able to get a lower interest rate, refinancing your mortgage could save you several hundred dollars each month. But it’s important to consider other factors, such as the current interest rates, if you’re trying to decide when to refinance a mortgage.

Use our mortgage refinance calculator to find out how much you could save. While refinancing comes with some initial costs upfront, such as application and appraisal fees, they may be able to be recouped over time, once you start paying less each month.

Cut the cost of monthly bills

9. Prep for grocery shopping

A little work before you go to the grocery store can go a long way toward helping you save money on groceries. Check your pantry and make a shopping list to avoid impulse buying something you don't need. Learn how to get coupons and join loyalty programs to maximize your savings as you shop.

» Stay on budget with a grocery list app

10. Lower your TV and internet bills

Review what you’re spending on TV and internet and assess if you’re actually using the features you’re paying for. You could lower your cable bill by as much as $40 per month by downsizing your cable package. Other options to consider are getting rid of cable, cutting some streaming services or premium subscriptions, or downgrading your internet plan

Many cable and internet companies are willing to adjust pricing to keep you as a customer. Here's a script that can help guide your phone call to your provider.

11. Switch to a cheaper cell phone plan

When you’re ready to save, there’s probably a cheap cell phone plan out there that can meet your needs. As you set out to find the best cell phone plan for your situation, you’ll want to consider network quality and whether a prepaid or postpaid plan is best for you.

12. Reduce your electric bill

Changes in your energy use can help you lower your electric bill. Consider plugging any insulation leaks in your home, using smart power strips, swapping in more energy-efficient appliances and switching to a smart thermostat.

13. Cancel unnecessary subscriptions

You might 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.

When signing up for free trials, make a note or set a calendar reminder to cancel before the free period ends.

Save money when you shop

14. Map out major purchases

You can save by timing your purchases of appliances, furniture, cars, electronics and more according to annual sale periods. And if you're an Amazon Prime member, you can check out Prime-exclusive sales in July and October.

It’s also worth confirming whether a deal is actually a deal by tracking prices over time. You can use a shopping browser extension to automate the deal-tracking and couponing process.

For example, the Camelizer extension from Camelcamelcamel makes it easy to view prices over time on Amazon, and the PayPal Honey extension will automatically find and apply coupons while you shop online.

15. Delay purchases with the 30-day rule

One way to avoid overspending is to give yourself a cooling-off period between the time an item catches your eye and when you actually make the purchase. The 30-day rule gives you more time to decide whether you really want or need the item.

If you’re shopping online, consider putting the item in your shopping cart and then walking away until you’ve had more time to think it over. (In some cases, you might even get a coupon code when the retailer notices you abandoned the cart.)

If 30 days seems like too long to wait, you can try shorter periods like a 24- or 48-hour delay.

16. Restrict online shopping

Making it more difficult to shop online may help you stop spending money on things you may not need. Instead of saving your billing information, opt to input your shipping address and credit card number each time you order.

You’ll probably make fewer impulse purchases because of the extra work involved. You may even consider deleting any shopping apps from your phone.

17. Stock up on household supplies when they’re cheap

It can feel like you’re constantly buying items like dishwashing soap, paper towels or toiletries. Track your inventory of household supplies and consider buying these items in bulk or stocking up when they’re on sale. It may be cheaper than rushing to buy them last-minute when they’re selling at full price.

18. Shop consignment and thrift stores

Thrift and consignment stores sell previously owned items for less than they would be at a traditional store. At consignment shops, you could also bring in your own stuff to sell.

Whether buying at a consignment or thrift store, compare prices to ensure you’re getting a reasonable discount.

19. Get creative with gifts

You can save money with affordable gift ideas, like baking cookies, creating art or preparing someone dinner. You can also give someone the gift of your time by offering to take them to a free museum or event.

To plan for costs, make a calendar for all the important gift-giving events for the year. Then create a savings bucket specifically for gifts, and buy the items during major sale periods such as Black Friday.

20. Find ways to get free items

Programs such as The Freecycle Network and Buy Nothing groups make it easier to get items you need for free. You can exchange items locally for free with the goal of reducing waste and helping the environment.

Check for these opportunities on Nextdoor, Facebook Marketplace and Craigslist, too.

21. Cash in on your birthday

Birthday freebies and discounts could score you free food or rewards to redeem on purchases from your favorite stores and restaurants. If you've been keeping a wishlist of things you want to buy, this might be the time to use those discounts to save.

Spend less money on transportation

22. Lower your car costs

Refinancing your auto loan could save you considerably over the life of your loan. Shopping around for car insurance can also help you cut costs compared with simply letting your current policy auto-renew.

23. Reduce gas costs

You can't control gas prices, but you can do several things to save on fuel, such as adhering to your car’s maintenance schedule and stacking errands to avoid unnecessary trips.

Try using a gas app or buying groceries from a store that offers fuel points to save money. Warehouse stores like Costco and Sam's Club typically offer lower prices on fuel, so fill up before you stock up.

24. Use car sharing services

If you need to rent a car, consider a rental car alternative, such as car-sharing services Turo or Getaround. Research to see if car-sharing services work out to be cheaper than larger rental companies.

If you don’t drive much, you may also find using car-sharing services are less expensive than owning a car or using taxis or ride-shares.

Find cheaper ways to be entertained

25. Minimize restaurant spending

One of the easiest expenses to cut 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 restaurant rewards your credit cards may offer.

You can find restaurants with happy hour discounts or split an entree with your dining companion to eat out on a budget. Order water instead of soda or alcoholic beverages and skipping dessert can help stretch your budget as well.

If you have kids, find restaurants where kids eat free to help cut costs — just be sure to call and find out the details first.

26. Get discounts on entertainment

Take advantage of free days at museums and national parks to save on entertainment costs. Your local community might offer free concerts and other events. Find free (or cheap) things to do in your community by checking listings at libraries, churches and websites such as Eventbrite

You can also ask about discounts for older adults, teachers, students, military members or veterans, first responders and more.

27. Bring your own snacks

Getting out and having new experiences can be expensive. Try packing a picnic or bringing your own coffee to avoid event pricing on food and drinks. This is even more true with kids — packing their favorite snacks and water bottles can save money and prevent meltdowns.

Where to get help when you can't afford to save

If you’re budgeting and living frugally and still don’t have enough left to save, consider getting help.

Government. Government assistance programs may help you get discounts on utility bills, fund your food budget, offset child care expenses and more. Keep in mind that many of these government programs are available only to families considered to be low income.

Learn about what counts as low income and how to potentially get money from the government.

211. Visiting 211.org or calling 2-1-1 will connect you with local experts who can explain and potentially refer you to social service programs that may save you money. This confidential, 24/7 resource may help with expenses related to housing, health care, emergencies, crises and food.

Lenders and service providers. If you can’t pay your bill to a lender or service provider, call the company’s customer service line. Ask for help in the form of lowered or deferred payments, rebates, assistance programs or an alternative payment plan. Here’s exactly what to say when you call a utility company.