101 Money-Saving Tips [Updated for 2024] - Inspired Budget (2024)

Table of Contents
General Money Saving Tips 1. Budget 2. Create A Mini-Budget 3. Use the Budget Life Planner 4. Cash Envelopes 5. Track Your Spending 6. YNAB 7. Quicken 8. Create Money Goals 9. No Spend Challenge 10. Start An Emergency Fund. 11. Automatically Transfer To Savings 12. Avoid Late Fees 13. Setup Sinking Funds 14. Save Your Coins Money-Saving Tips for Restaurants 15. Budget For Restaurant 16. Drink Water 17. Use Coupons 18. Join The Mailing List 19. Skip The Appetizer 20. Skip Dessert 21. Stop Eating Takeout For Lunch Money-Saving Tips for Groceries 22. Stock Up On Items 23. Meal Plan 24. Shop With A List 25. Use Coupons 26. Buy In Season Produce 27. Be Strategic With Meal Planning 28. Buy Frozen Foods 29. Grocery Pickup 30. Total Up While You Shop 31. Stick To The List 32. Use A Cash Envelope 33. Shop At A Discount Store 34. Buy Generic Brands 35. Bring Your Own Bag 36. Don’t Shop While Hungry 37. Go Meatless Once A Week 38. Shop Alone 39. Honey 40. Dosh 41. Skip The Cart 42. Leave The Impulse Spenders At home 43. Delete Your Card Info 44. Shop With Cash 45. Allow Spending Money 46. Delete Shopping Apps 47. Cancel Amazon Prime. 48. Cancel Unused Subscriptions Money-Saving Tips for Clothing 49. Have A Capsule Wardrobe 50. Shop Thrift Stores 51. Host A Clothing Swap Party 52. Shop At Consignment Stores 53. Shop Clearance Rack 54. Find A Dupe 55. Get Store Coupons 56. Shop The Sales Money-Saving Tips for Utilities 57. Use Energy Efficient Appliances 58. Switch To LED Light Bulbs 59. Program Your Thermostat 60. Use Rechargeable Batteries 61. Try Dryer Balls 62. Replace Your Air Filter 63. Run Appliances When They Are Full 64. Lower Your Water Heater Temperature 65. Turn Off The Water When You’re Brushing Your Teeth 66. Install A Low-Flow Showerhead Money-Saving Tips for Transportation 67. Carpool, Ride A Bike, Or Walk 68. Use The Right Gas 69. Keep Up Routine Maintenance Money-Saving Tips for Travel/ Vacation 70. Use Groupon To Save On Travel 71. Vacation During Off Season 72. Use Airbnb 73. Go Camping 74. Split The Cost Of Lodging 75. Save With A Sinking Fund Money-Saving Tips for Kids’ Stuff 76. Shop Consignment 77. Shop At Stores That Offer Coupons 78. Host A Clothing Swap 79. Create A Capsule Wardrobe For Children 80. Buy Larger Clothes During Off Season 81. Separate Children’s Clothes 83. Buy Second Hand Money-Saving Tips for Impulse Spending 84. Unfollow Accounts That Tempt You To Spend 85. Pay With Cash 86. Take Stop the Swipe 87. Know Your Triggers 88. Wait Before Buying Money-Saving Apps 89. Shopkick 90. Store Apps 91. Ibotta Cash Back Sites & Apps 92. Rakuten 93. Fetch Rewards 94. Swagbucks Money-Saving Tips for Entertainment 95. Search Groupon 96. Check For $1 Movies 97. Buy A Membership 98. Library 99. Take Turns Hosting Potlucks 100. Cut Cable 101: Find Free Entertainment What’s next? FAQs

If you’ve just started budgeting, you’re likely spending more money in certain categories than you’d like. In fact, you might be seeking out money saving tips so you can keep more of your hard-earned money in your pocket.

No one is perfect with their spending, including people who have been budgeting for years. Thankfully, you can learn how to save over time by lowering the amount you spend in different budget categories over time. Start by saving just 10% off your highest categories each month and you’ll be a seasoned money saving pro in no time.

Below is a list of 101 money saving tips that have been updated for the year 2024! Pick and choose a few tips that fit your family, your lifestyle, and your needs.

General Money Saving Tips

1. Budget

Sitting down and creating a budget will help you save so much money. You’ll be able to tell your money where to go every single month. You’ll also be able to figure out which categories you want to work on decreasing your spending. I have a free budgeting course HERE. After completing this course, you’ll have a realistic budget that will actually work for your family.

2. Create A Mini-Budget

When you blow your budget, don’t give up. You can salvage your budget and get back on track with a mini-budget. A mini-budget is a budget that will last from today until your next payday. You can learn how to create your mini-budget HERE.

3. Use the Budget Life Planner

The Budget Life Planner is a printable budget planner to help get your budget on paper. You can create your budgeting binder and finally get on track with your money.I also have a newer Ultimate Budget Planner as well!

4. Cash Envelopes

Study after study has proven that you spend less when you pay with cash overpaying with a card. When you pay with cash you feel the burn of handing over the money. The studies show that when you hand over your card, you don’t feel the same way. It’s almost emotionless. You don’t even feel it. Learn more about cash envelopes and get my free printable cash envelopes HERE.(Quick tip: if you don’t want to carry a ton of cash, I suggest using cash envelopes for the top 3 categories that you tend to overspend!)

5. Track Your Spending

Tracking your spending helps you figure out where you are bleeding money. When you create a budget, it helps you create a plan for your money. Tracking your expenses tells you how you are doing with your money plan. This is perfect to help you determine where you’re going over budget and create a plan to stop overspending. You can track your expenses on paper or your favorite app.


You Need a Budget (also known as YNAB), is a popular budgeting app to help you create a budget and track your expenses. They have a ton of great features like goal tracking, reports of your spending, and personal support. It is a paid app, but you can grab your free 34-day trial HERE.

7. Quicken

Quicken is another budgeting app for you to use. You can download it onto your computer and use the app on your phone. This is the software I’ve personally used for years. You can grab your copy of Quicken HERE.

8. Create Money Goals

Creating money goals helps you reach your financial dreams. You can set and track your money goals on this cute free printable HERE. Having a visual for your goals will increase your motivation to keep going.

9. No Spend Challenge

A no-spend challenge will help you reach your money goals faster. You can do a no-spend challenge for a time frame of your choice- a weekend, week, or month. Or another time frame if you want. During the no spend challenge, you cannot spend money on impulse purchases or items that aren’t necessities.

10. Start An Emergency Fund.

Emergency funds are extremely important. You can set it up for whatever amount you want. I recommend 3 months of expenses in your emergency fund. You can find all of your emergency fund answers HERE. Having an emergency fund helps you save money because you don’t have to go into debt for every single emergency.

11. Automatically Transfer To Savings

When you automatically transfer money from checking to savings every payday, you don’t even miss the money. Plus you are making saving money a priority!

12. Avoid Late Fees

Stop paying late fees. They are like a high-interest loan. In the Budget Life Planner, there is a page for keeping track of your monthly bills and whether or not they’re paid. You don’t have to pay all of these late fees anymore. You can also set up your bills on auto-debit to stop the late fees.

13. Setup Sinking Funds

Sinking funds help you save up for large purchases. Instead of taking money from your emergency fund or cash flowing it out of your budget every single month, you can just pull the money from your sinking fund.

14. Save Your Coins

As you are paying cash for purchases and getting change back, don’t spend it. Instead, save up all of your change and cash it out at one time. You will be surprised how fast it adds up.

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Money-Saving Tips for Restaurants

15. Budget For Restaurant

You can still go out to eat on a budget and while you’re paying off debt. If you want to go out once a week, put it in the budget. Where restaurants get out of hand is when you skip your meal plan and just go out to eat unplanned.

16. Drink Water

Skipping drinks when you go out to eat can save you $3 or more per person every single time. Just switch to water (most of the time it’s free) and you can save a ton of money!

17. Use Coupons

Use coupons when you go out to eat or order takeout.

How to get restaurant coupons:

  • On the meal delivery apps (like a free delivery)
  • Store emails
  • Store loyalty programs
  • Groupon (deal website that sells $50 gift cards for $25 to a restaurant as an example)
  • Newspaper
  • Restaurant’s website
  • Restaurant’s app

18. Join The Mailing List

If you sign up for email offers on the restaurant’s website, they will often email you coupons and promos (like on your birthday).

19. Skip The Appetizer

Skipping the appetizer can save you an average of $12 just by not eating it (unless you’re eating it for your meal). Most of the time, they’re cheaper than meals so they can save you money in that scenario.

20. Skip Dessert

A dessert can cost you $5 or more. It’s even more expensive if multiple people order a dessert!

21. Stop Eating Takeout For Lunch

When you go out and get food for lunch, you’re spending upwards of $10 or so per meal. If you do it 3-4 times a week, you could be spending $120 a month just for lunch.

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Money-Saving Tips for Groceries

22. Stock Up On Items

If an item is on sale, then stock up for it. The rule of thumb I follow before buying extra is if I was out of this item, would I run to the store right away to get more or would I wait? If I would wait- I don’t get it. If I would run out and get the item- I buy it at the stock-up price.

23. Meal Plan

Creating a meal plan can save you so much time and money. You don’t have to figure out what to eat right before dinner. Plan ahead of time and already have all of the ingredients on hand before starting to cook. Learn more about meal planning HERE or sign-up for your free meal planning printable below.

24. Shop With A List

Never go to the store without a list. You spend way less when you shop with a list and are less likely to toss several impulse buys into your cart.

25. Use Coupons

Using coupons for food can save you a ton of money. Most coupons are digital these days. Simply download them from your grocery store’s app. You don’t even have to clip them, just use them at the cash register.

26. Buy In Season Produce

Buying produce in season will help save you a ton of money. You can pay almost double when you buy out-of-season produce.

27. Be Strategic With Meal Planning

Planning your meal plans around what’s on sale is an amazing way to save. Sometimes, meat can go for 30% off or more which is a huge saving for your food budget.

28. Buy Frozen Foods

If you want to buy a fruit or veggie out of season, your cheapest bet is to buy it from the frozen food section.

29. Grocery Pickup

Grocery pickup can save you a ton of time and money. Simply add the food into your cart in the grocery app and set a pickup time and you’re good to go. This also helps reduce impulse spending while you’re in the store.

30. Total Up While You Shop

When you’re in the store, calculate how much you’re spending. If you go over, you will know immediately and you can decide if you want to put certain things back on the shelf and wait on purchasing them.

31. Stick To The List

Don’t get anything other than what’s on your grocery list.

32. Use A Cash Envelope

Using a cash envelope for groceries helps you spend a lot less. Studies have shown that when you swipe a card, you don’t consciously feel it, but when you hand over cash, the reality sinks in more.

33. Shop At A Discount Store

Shopping at a discount grocery store like Aldi will help you save without all of the other tricks. Everything is affordable. They pretty much only sell store brands which means everything is at a low cost.

34. Buy Generic Brands

Buying generic brands can save you about 30% over buying name brands. Some stores will actually give you your money back if you don’t think the store brand tastes good or works.

35. Bring Your Own Bag

Bringing your own bag can save you some money at some stores. Aldi requires you to bring your own bags. If you use their bags, you have to pay for them. Target and some other stores give you $0.05 off your total for each regular bag you use over the plastic bags. Just ask your store if they offer reusable bag credits on your order.

36. Don’t Shop While Hungry

If you show while hungry, you’re more likely to buy overspend and put more items in your cart. When you’re hungry, everything looks good and you can’t help but add it to your cart.

37. Go Meatless Once A Week

Going meatless for 1 meal a week can save you $5 – $10 a week. That’s $20 – $40 per month. That’s a great savings and there are plenty of meatless recipes on Pinterest that are delicious and your family will love.

38. Shop Alone

Leave your other family members at home, especially if they are impulse shoppers. They can add things to the cart and make you go over budget.

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39. Honey

Honey is a free Google Chrome extension that helps you check for deals on websites. You just install it (for free) and let it go to work. When you go to hit the checkout button, Honey will scan coupon codes to see if any can be applied to your order. It’s free to use and it’s a no brainer when shopping online. You literally don’t have to do anything but install it and checkout. That’s it. The average Honey user saves you $126 a year just for installing the extension.

40. Dosh

Dosh is a cashback app. Not only is it free, but you’ll earn money back on purchases you make. All you have to do is to upload your credit and debit card numbers to the app and that’s it. It’s a totally safe and encrypted app- don’t worry. It’s free to join and doesn’t require any maintenance.

41. Skip The Cart

When you shop without a cart, you’re likely to spend less because you don’t want to hold all of that stuff going through the store. You have less room in your hands than you do in the cart. It’s what I do every single time I shop at Target.

42. Leave The Impulse Spenders At home

If you are prone to making impulse purchases, don’t shop with other impulse spenders. Leave them at home. They will talk you into spending more than you intended. This includes shopping with friends too.

43. Delete Your Card Info

Most sites save your debit card information for you to be able to shop online easier and faster. Don’t save them. They will make it more tempting to make impulse purchases. If they are on any sites, delete them. When your debit card number isn’t saved, that means you have to get up, go across the room and grab your card, which gives you time to think about the decision to purchase. This might even stop you from the purchase.

44. Shop With Cash

Shopping with cash creates a boundary for how much you can actually spend. When you hand over that cash something psychological happens and you feel it. You feel the money leaving your hands. You can swipe your card and purchase something without any feelings or even feeling the weight of the purchase.

45. Allow Spending Money

Give yourself (and your spouse) personal spending money. This can be a category you add to your budget. When you actually plan to spend money on whatever you want (within the budget), you don’t feel like you’re missing out on something. You don’t go crazy and blow the budget because you never feel like you have any money to spend.

46. Delete Shopping Apps

Delete your favorite shopping apps from your phone…especially if you tend to mindlessly scroll and hit “add to cart.” Remember, you can always go to their website to purchase. You don’t have to have the app to buy something from your favorite store.

47. Cancel Amazon Prime.

If you’re addicted to Amazon, delete the Amazon app from your phone and cancel your Amazon Prime membership. This will save you money in fees and you’ll be less likely to overspend.

48. Cancel Unused Subscriptions

Print out your bank statement or check your budgeting app to see all of the subscriptions and memberships you’re a part of. Delete all of the ones you aren’t using anymore.

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Money-Saving Tips for Clothing

49. Have A Capsule Wardrobe

Building a capsule wardrobe will save you time and money. You will only have clothes in your closet that you’ll actually wear and you won’t be blowing all of your money on clothes you might not even need. A capsule wardrobe is a wardrobe that has several matching pieces and different ways to wear the same piece of clothing. Have you seen Pinterest posts about 10 ways to wear a scarf or black leggings? These are the kind of things you find in capsule wardrobes. They’re versatile pieces that go with everything.

50. Shop Thrift Stores

Shopping for clothing at thrift stores could save you a ton of money on clothes. Just be sure to know your prices before purchasing to make sure the item is actually a deal.

51. Host A Clothing Swap Party

Invite your friends together and encourage each person to bring clothes they no longer wear that are still in good condition. Put all the clothes together and exchange with someone else! Everyone could walk away with a new outfit or two.

52. Shop At Consignment Stores

Shopping at consignment stores is amazing to save money too. If you have a seasonal consignment shop in your area that isn’t open year-round you can at least go on half-off day and save a ton of money buying clothes. Some of the items still have the tag on them.

53. Shop Clearance Rack

When you walk into the retail store, immediately walk to the clearance rack before looking at anything else. The thing you’re looking for might just be on the clearance rack and save you a ton of money.

54. Find A Dupe

If you want to buy something more than your budget, just Google “Look-Alike (Item Name)”. Chances are there is a cheaper version out there, you just need to find it. For example, if you want AirPods, but don’t want to spend that kind of money just Google “Look-Alike AirPods” or “Wireless earbuds closest to AirPods”. These should pop up some items for you. Always check Amazon reviews for the item to see if it’s worth purchasing.

55. Get Store Coupons

Go to your favorite store’s website and sign up for their loyalty program and email list. They will send you free coupons. For example, DSW sends you a birthday coupon for $5 off a purchase during your birthday month.

56. Shop The Sales

Know your favorite store’s sale cycle. You can even ask the employees when they do markdowns for a particular department. They will let you know and you can just always shop for clothes at Kohl’s on Tuesdays or whenever their markdown day is.

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Money-Saving Tips for Utilities

57. Use Energy Efficient Appliances

Energy-efficient appliances can use about 10 – 50% less energy. I don’t recommend going out and buying appliances just to get energy ones unless your appliances stop working.

58. Switch To LED Light Bulbs

LED light bulbs use 75% less energy and last 25 times longer than regular light bulbs. You can buy a multipack for cheaper if you’re looking to replace all of the bulbs in your house.

59. Program Your Thermostat

Some studies have shown programmable thermostats can save up to 12% on your energy bill. Just check with your local HVAC person and they can install one for you or guide you in purchasing one.

60. Use Rechargeable Batteries

Using rechargeable batteries can help save you money and the environment. They pay for themselves after 6 uses and can last for 2-3 years.

61. Try Dryer Balls

Dryer balls are a one-time purchase and can last for 1,000 loads of laundry. These will save you from buying dryer sheets and fabric softener.

62. Replace Your Air Filter

A good rule of thumb is to replace your air filter every 30 days. A lot of people forget to change these out (myself included). Put a reminder on your phone if you need to. They help your unit run more efficiently and last longer.

63. Run Appliances When They Are Full

Running an appliance (dishwasher and/or washing machine) when they’re full will save you money on energy costs and on cleaning products.

64. Lower Your Water Heater Temperature

Lowering the temperature on your water heater by 20 degrees will save up to 10%.

65. Turn Off The Water When You’re Brushing Your Teeth

There isn’t any need to have the water on while you’re brushing your teeth. Leaving the water on while you brush your teeth wastes about 4 gallons each time.

66. Install A Low-Flow Showerhead

Using a low-flow showerhead can save up to 60% water when you’re taking a shower.

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Money-Saving Tips for Transportation

67. Carpool, Ride A Bike, Or Walk

To save money on gas, you can carpool with coworkers, ride a bike, or walk to work.

68. Use The Right Gas

Using the recommended octane level of gas in your owner’s manual will help your car run more efficiently.

69. Keep Up Routine Maintenance

Keeping up the routine maintenance on your vehicle extends the life of your car. Make sure you’ve always got proper tire pressure, keep your tires maintained, oil changed, air filter changed, and any other routine maintenance recommended by your mechanic. You can also check your car’s owner’s manual for recommended maintenance as well.

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Money-Saving Tips for Travel/ Vacation

70. Use Groupon To Save On Travel

You can save a ton of money on travel using Groupon. Some coupons save you up to 50%.

71. Vacation During Off Season

When you vacation during the off season, it reduces your largest expense (lodging).

72. Use Airbnb

Airbnb is a great way to save on lodging while on vacation. Simply search for the dates and city in their app and compare prices. They are significantly cheaper than hotels in the area and often nicer & larger too!

73. Go Camping

Camping is a super cheap travel idea for a family. We love going camping as a family a several times a year. It’s so nice to get out in nature and leave our busy life behind for a few days.

74. Split The Cost Of Lodging

When you travel with friends, you can easily split the cost of lodging to make it cheaper for everyone. Just get a 2 bedroom condo instead of one and split the room cost down the middle.

75. Save With A Sinking Fund

Create an amount you want to spend on vacation and start a sinking fund for it. Just divide up the costs with the number of times before you leave and that’s how much you need to put away each month.

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Money-Saving Tips for Kids’ Stuff

76. Shop Consignment

Shopping at consignment sales can save you a ton of money on kid’s clothes. I don’t know about you, but it seems like every time I turn around, one of them needs bigger clothes.

77. Shop At Stores That Offer Coupons

Sign up for emails from your favorite stores. They will send you coupons and sales offers.

78. Host A Clothing Swap

You can have a clothing swap for kids too. Just get together with your friends, bring the clothes your kids can’t wear anymore to give away and get clothes to fit your children.

79. Create A Capsule Wardrobe For Children

You can have a capsule wardrobe for kids too. Kids grow so much that it makes it much easier to buy for them. And the clothes all match so you don’t have to worry about fighting over mismatched clothes.

80. Buy Larger Clothes During Off Season

Go to sales at the end of the season and buy the next size up for your kids for next year. Just do this with caution because they may surprise you and grow two sizes from now until then.

81. Separate Children’s Clothes

You can use two different color hangers for your kids’ clothes. One for play clothes and one for nice clothes. That way there isn’t any more confusion about your son wearing his nice shirts to play in the mud.

If you and your friend both need a babysitter from time to time, just swap services. You watch her kids today and she can watch your kids next week. You can save a ton of money on a babysitter this way.

83. Buy Second Hand

Buy larger items second hand. If there is an expensive toy your child wants or anything that costs a lot, just buy it used (in good condition). Check Facebook Marketplace for amazing deals!

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Money-Saving Tips for Impulse Spending

84. Unfollow Accounts That Tempt You To Spend

Unfollow any accounts that tempt you into impulse spending and blowing your budget. Ultimately, your budget is more important. You can unfollow without unfriending on Facebook too. Your bank account will thank you.

85. Pay With Cash

Paying with cash for anything will help you spend less than paying with a card. Take the top 2 categories you spend the most on and start using cash envelopes to pay for those purchases. You can learn more about cash envelopes and grab your free ones HERE.

86. Take Stop the Swipe

Stop the Swipe is a course I designed to help you with overspending. After taking the course, you’ll be able to identify your bad money habits causing you to spend and how to resist the urge to blow your budget. You can find more information about stopping impulse spending HERE.

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87. Know Your Triggers

Learn what triggers cause you to overspend and how to resist them. I teach you exactly how to do this in Stop the Swipe.

88. Wait Before Buying

When you want to make an unplanned purchase, wait at least 24 hours before deciding to go all in and purchase the item. This will help you figure out if you really “need” the item or you just really “want” it.

Money-Saving Apps

89. Shopkick

Shopkick is a free app where you scan things while you’re in the store shopping. After you scan so many points, you can redeem them for gift cards. You can sign-up for free HERE and use code ALLISON to earn 25 free kicks. You can also earn 25 additional quicks by doing a few quick things under the discover tab.

90. Store Apps

Most stores have apps now. They also have coupons in their app to help you save money when making purchases in their store. Ex: Target, Publix, Kroger, Walmart, etc. You can also get easy access to the sales flyers through the app too.

91. Ibotta

Ibotta is a free digital coupon app. You just click redeem on the coupon and buy in the store. Scan the receipt after purchase and you can redeem your coupons. They can be deposited into your account after you reach the minimum payout.

Cash Back Sites & Apps

92. Rakuten

Rakuten is a free cashback website. You sign into your account and then click on the store and make your purchase. You can get a rebate on your purchase no matter how much money you spend. Just spend and Rakuten will calculate your rebate for you.

93. Fetch Rewards

Fetch Rewards is a free app that pays you to scan your receipts. Plus you can redeem for free gift cards.

94. Swagbucks

Swagbucks is a free website that gives you points called Swagbucks for doing certain actions. You can redeem them for gift cards. Swagbucks can be earned shopping online, watching videos, searching the web, and answering surveys.


Money-Saving Tips for Entertainment

95. Search Groupon

You can find a ton of great deals for entertainment on Groupon. You buy something (like a gift card or movie tickets) for less than face value. Ex: Buy a birthday party package at XYZ Trampoline Park for $250 instead of $499 or Buy 4 movie tickets for the new Transformers Movie for $25.

96. Check For $1 Movies

Some local theaters still have $1 movies. It’s usually older movies at a slower time of day. Call around to your local theaters and see if they have any deals like this.

97. Buy A Membership

You can buy a membership to a place your family loves to go and save a ton throughout the year. You could buy annual passes to your local zoo, drive-thru animal safari, theme park, children’s museum, art museum, etc.

98. Library

Your library can save you a ton of money on movie rentals and books when you borrow from the library.

99. Take Turns Hosting Potlucks

Take turns hosting friends instead of hosting them all at your house. You can also take turns supplying the food and drinks.

100. Cut Cable

Cable can reach close to $100 a month depending on your package. Online streaming from Hulu or Netflix can cost as little as $8 a month.

101: Find Free Entertainment

The final money saving tip is to browse your area for free entertainment. You can usually find these in local Facebook groups, your local newspaper website, or your local news channel website.

You can save a ton of money by implementing just a few of these money saving tips. You don’t have to implement them all, just pick out a few for your family and start saving.

What’s next?

The best money-saving thing you can do is create a budget. If you’ve never created a budget before or it’s been a while, don’t worry. I have a free Budgeting & Debt Payoff Cheat Sheet for you. I will walk you through the exact steps it takes to create a realistic budget that will actually work for your family.

After implementing this cheat sheet, you’ll know:

  • How to not feel trapped by your money anymore.
  • Create a realistic budget that will actually work for your family.
  • How to save money (even if it’s not your cup of tea!)
  • How to pay off that debt you’ve been ignoring for months (or years!)

Seriously, it’s free. Go ahead and sign up. You won’t be sorry.

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What is the 50 30 20 rule of money? ›

Key Takeaways. The 50/30/20 budget rule states that you should spend up to 50% of your after-tax income on needs and obligations that you must have or must do. The remaining half should be split between savings and debt repayment (20%) and everything else that you might want (30%).

How to budget money 2024? ›

A great way to make a household budget for 2024, financial planners say, is to look at how you spent money in 2023. You might call it data-driven budgeting: Before you create a spending plan for this year, analyze how you allocated funds last year, to see where your money actually went.

How does the 50 20 30 rule distribute your income? ›

One of the most common types of percentage-based budgets is the 50/30/20 rule. The idea is to divide your income into three categories, spending 50% on needs, 30% on wants, and 20% on savings.

What is the 30 day rule for money saving tips? ›

Here's how it works: When you have the urge to make an impulse purchase, wait for 30 days and give yourself time to think about it. While considering the purchase, deposit the money you need for it into a savings account. If you still want to buy that item after the 30-day period is up, go for it.

What is the 40 40 20 budget rule? ›

The 40/40/20 rule comes in during the saving phase of his wealth creation formula. Cardone says that from your gross income, 40% should be set aside for taxes, 40% should be saved, and you should live off of the remaining 20%.

What are the four walls? ›

Personal finance expert Dave Ramsey says if you're going through a tough financial period, you should budget for the “Four Walls” first above anything else. In a series of tweets, Ramsey suggested budgeting for food, utilities, shelter and transportation — in that specific order.

How to get out of debt in 2024? ›

Try the debt snowball or avalanche method

You can start to see progress while paying off the lowest balances first, then move on to the next. The debt avalanche method saves money on interest when you pay the minimum on all debts while putting extra funds toward the balance with the steepest interest rate.

How to save on groceries 2024? ›

Whether it's meal planning, meal prepping or shopping differently, these small changes will make a big impact when it comes to your grocery bill each week.
  1. Shop your fridge, freezer and pantry first. ...
  2. Meal plan based on flyers. ...
  3. Use overlapping ingredients. ...
  4. Cook with produce that's in season. ...
  5. Try meatless meals.
Jan 8, 2024

How can I save $100,000 in a year? ›

7 tips for getting your first $100,000
  1. Figure out how much money you can safely save each month. ...
  2. Automate your savings. ...
  3. Maximize your employer-sponsored savings and investment accounts. ...
  4. Save your tax refunds and work bonuses. ...
  5. Pay off existing debt. ...
  6. Seek a raise or some other way to increase your income.

What is the 70 20 10 rule money? ›

The 70-20-10 budget formula divides your after-tax income into three buckets: 70% for living expenses, 20% for savings and debt, and 10% for additional savings and donations. By allocating your available income into these three distinct categories, you can better manage your money on a daily basis.

Does a 401k count as savings? ›

A 401(k) can count as savings in a 50/30/20 budget plan. But if 401(k) contributions are automatically deducted from your paycheck, they're not included in your take-home pay calculation.

What is the rule of thumb for savings? ›

Those will become part of your budget. The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

What is the golden rule of saving money? ›

The rule of 25X is the thumb rule when it comes to retirement savings, where you need to save 25 times your annual expenses. This rule says that an individual can think about retirement when they have funds worth 25 times their annual expenses.

What is the 7 rule for savings? ›

The seven percent savings rule provides a simple yet powerful guideline—save seven percent of your gross income before any taxes or other deductions come out of your paycheck. Saving at this level can help you make continuous progress towards your financial goals through the inevitable ups and downs of life.

What is the 25X savings rule? ›

The 25x Retirement Rule is a guideline that suggests you should aim to save 25 times your annual expenses before retiring. This rule is based on the assumption that a well-invested retirement portfolio can sustainably provide 4% of its value each year to cover living expenses, also known as the "4% Rule."

Is the 50 30 20 rule a good idea? ›

For many people, the 50/30/20 rule works extremely well—it provides significant room in your budget for discretionary spending while setting aside income to pay down debt and save. But the exact breakdown between “needs,” “wants” and savings may not be ideal for everyone.

What is the disadvantage of the 50 30 20 rule? ›

It may not work for everyone. Depending on your income and expenses, the 50/30/20 rule may not be realistic for your individual financial situation. You may need to allocate a higher percentage to necessities or a lower percentage to wants in order to make ends meet. It doesn't account for irregular expenses.

What is the 20 10 rule money? ›

The 20/10 rule follows the logic that no more than 20% of your annual net income should be spent on consumer debt and no more than 10% of your monthly net income should be used to pay debt repayments.

What is the pay yourself first strategy? ›

What is a 'pay yourself first' budget? The "pay yourself first" method has you put a portion of your paycheck into your savings, retirement, emergency or other goal-based savings accounts before you do anything else with it. After a month or two, you likely won't even notice this sum is "gone" from your budget.

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