Many of us live paycheck to paycheck, so it can be tough to save money no matter how hard we try.
However, there are simple things you can do with your money now to start building up your funds in the future. Here are 12 money-saving tricks to stretch your income even further.
1. Create a Budget
Budget, budget, budget. You hear financial advisors and money experts singing the virtues of budgeting all the time, but it seems like a pain, so you haven’t yet put it into practice.
Start now. You don’t need an elaborate Excel sheet with all the bells and whistles tracking your finances. It could be as simple as a piece of paper with a maximum price to spend on essentials like food, utilities, and entertainment. Be realistic and factor in your expenses and household income.
2. Save Your $5 Bills
If you ever find yourself with a $5 bill in your wallet, don’t spend it on a vanilla latte at Starbucks. Set it aside to put in your savings account instead.
You’d be surprised how quickly five dollars here and there will add up over time. Plus, you’re likely not even going to realize that money is gone. Even if you save five $5 bills each month, you’re looking at an extra $300 in savings each year.
3. Look at Your Receipts
The fine print at the bottom of a receipt may be a gold mine. Check your receipts before throwing them away to see if there are any freebies, discounts, or rebates on your purchases.
Menards is famous for offering a pretty hefty rebate at their stores a few months per year. Buffalo Wild Wings gives you $5 off an order of $25 just for doing their survey. Carefully scan your receipts to see what kind of savings are available to you.
4. Avoid the Costco Membership
As of 2024, it costs $65 per year to have a Costco membership. Buying in bulk from this wholesaler is great since you end up saving money on groceries, toilet paper, and other essentials. Plus, Costco has an amazing selection of toys and clothes.
However, if you don’t want to shell out for the cost of a membership, there is a very simple budgeting hack. Ask your friends and family for gift cards to the wholesale store as gifts for holidays or birthdays. The gift card serves as your membership card, so you can plan your visits to the stores and use up those funds.
5. Get Cash Back on Gas
Gas is one of the biggest expenses for most American households. By downloading an app called Upside on your phone, you’ll not only find the best costs near you but also get money back every time you visit the pump.
Upside is free to download, and payments can be cashed out either directly into your bank account or through PayPal. The app also offers money back to select grocery stores and many popular restaurants, including Jimmy John’s and Wendy’s.
6. Share Your Birthday
Coffee shops, restaurants, movie theaters, and many other places love to celebrate your birthday. You may get a free appetizer or dessert at a restaurant or discounted tickets to a show just because you’re turning another year older!
Many retail stores also give you a birthday gift. DSW, for instance, sends anyone in their email club a redeemable $5 coupon they can use toward anything in the store. A coffee chain called Scooters gives you a complimentary drink on your birthday. You can even create a new email exclusively used for birthday freebies and promotions.
7. Consider a Credit Union
It may seem like a credit union is an exclusive club, but there are many that will let you join if you have good credit and are willing to show up in person to fill out an application.
Credit unions are a great way to save more money. Many offer a Certificate of Deposit, or CD, with a substantial interest rate accrued over time. The other benefit to using a credit union is they often have lower interest rates on loans, which could be helpful if you’re in the market for a new house or car.
8. Plan Your Meals
How many times have you gone to the grocery store and aimlessly walked around? We’ve all been there.
Coming to the store with a plan is a budgeting hack that will benefit more than just your wallet. You’ll also make better choices with your nutrition if you have a list that you stick to while shopping. Clip coupons ahead of time to save even more at the store.
9. Sell Your Stuff
Clutter is everywhere, but your old stuff could be making you some extra cash. Gather any item you no longer want to keep and brainstorm ways to sell it.
Facebook Marketplace and an app called OfferUp are great outlets for online selling. There are likely also stores near you that will buy your gently used clothes, electronics, and books. When all else fails, you can also have a garage sale right at home. Just keep your prices low and reasonable, and you’ll net a tidy little profit.
10. Install a Faucet Filter
Bottled water will cost you hundreds of dollars each month, and it’s also horrible for the environment. Do yourself and the planet a favor by opting for a faucet filter instead.
It only costs a few bucks now to get a good water filtration system, and you reap the benefits forever. These filters trap sediment and reduce any contaminants in your tap water, resulting in a fresher taste. Budgeting hacks aren’t always this easy, so jump on it so you can start cutting costs!
11. Plant Trees
This budgeting hack is a must for anyone looking to sell their home in the next few years. Planting a few trees or aesthetically pleasing bushes increases the value of your home and helps reduce your energy costs.
As a bonus, you also get to enjoy spending time in a beautiful yard. Continue to have a green thumb on any property you own moving forward. You’ll rely less on fossil fuels and also get much-needed shade in the summer months.
12. Try the Penny Saving Challenge
A penny saved is a penny earned. Put that age-old wisdom into use by taking part in the 1-cent saving challenge.
Here’s how it works. You start by saving one penny, and then you increase by another penny every day for a year. It will be two pennies on day two, three pennies on day three, and so on. By the end of the year, you’ll have saved an extra $667.95! If you’re feeling ambitious, you can even try this with nickels, dimes, or quarters.
Start Saving Now
Income may not grow on trees, but with these money-saving tricks, you’ll be well on your way to having more funds in your account. Start with just one or two hacks, and then try some of the others on this list. Who knows? Before long, you may just become a millionaire!
Read More:
Do you Have What it Takes to Become a Millionaire in a Year?
How To Become an Online Millionaire (Updated for 2024)
25+ Best Apps to Earn Gift Cards and Reward Yourself
Alyssa Serio has been a writer and editor since graduating from Aurora University in 2014. In her free time, she loves reading, playing volleyball, and watching any horror movie (even the bad ones) with her husband.