Creative Saving Strategies to Save Money
Over 62% of Americans between the ages of 18 and 29 have retirement savings. Less than 28% of people feel on track, though. If you're struggling to build your emergency funds, it's time to get creative!
Here are 16 creative saving strategies that can help you put a little more into the piggy bank in 2022. With these tips, you can start saving money without stress. Building your rainy day fund can help you feel prepared for anything life throws your way.
You'll have peace of mind knowing you have a nest egg ready for any unavoidable, unexpected expenses.
Read on to discover how to start saving money today!
1. Establish a Spending Limit
About four in 10 Americans aren't able to pay an unexpected $400 bill out of their savings. The typical middle-class lifestyle is 30% more expensive than it was 30 years ago, too. If you want to start using these creative saving strategies, you first need to stop spending.
Take a moment to review your expenses over the last three months. Break your spending into distinct categories. For example, you might consider:
Determine how much money you want to save each month. Then, set a monthly spending limit for each of the categories you create. Whatever extra money you have for that category can go into your emergency funds.
As you start saving money, it's important to remain vigilant. Think about why you want to start saving. Perhaps you want to save for a car, vacation, house, or retirement.
Make sure to keep the end game in sight as you begin using these tips. You don't want to lose your motivation halfway there. Instead, consider keeping a picture of your end-game in your wallet or on your phone.
Keeping a visual reminder within sight at all times could help curb any unnecessary spending.
Otherwise, learn how to budget with a variable income this year.
2. Avoid Impulse Shopping
Impulse shopping could impact your ability to build a rainy day fund. You could run through your weekly budget without realizing it. Instead, make an effort to cut back on shopping this year.
Add items you want to a Christmas or birthday wish list to give a loved one later.
If there's something you want to save up for, determine how much of your more you'll need to save each week. Then, start building a nest egg for that purchase after you've built your rainy day fund.
You can also avoid impulse shopping by permitting yourself a cash allowance each week. Watching your money disappear from your wallet can help curb your spending.
Otherwise, try a no-spend day or week challenge. Pick a day of the week and only buy necessities (like paying bills or getting gas). Each week, add another day to your challenge.
You'll start saving up more and more as you go.
You can also avoid impulse shopping by unsubscribing from all email subscription lists.
3. Cut Cable
You don't have to rely on cable TV to keep yourself entertained. Instead, consider cutting your cable completely. Look for alternative forms of entertainment as you start building your emergency funds.
Don't forget to double-check your monthly expenses. Look for other expenses that have cheaper alternatives.
4. Avoid ATMs
If you're not giving yourself a small, weekly allowance, consider avoiding ATMs altogether. You don't want cash to start burning a hole in your wallet.
Otherwise, add any cash or loose change you have to a piggy bank at the end of the week. Keep adding money to it over time to reach your savings goal.
5. Explore a Thrift Store
If your closet is brimming with clothes you rarely wear, consider donating or selling them. Then, visit a local thrift store the next time you need a new outfit.
Take the time to explore. Turn thrift shopping into a fun adventure with friends, too. You could find a few hidden gems as you start saving.
6. Find a Beauty School
If you're looking for creative saving strategies, consider cutting back on self-care expenses. For example, you can visit a beauty school for your next haircut. Allowing a student to cut your hair will allow you to pay a discount rate.
Don't worry; a trained professional will watch over any amateurs who are working on your lovely locks.
7. Take Shorter Showers
Take a look at your utility expenses. If you're spending too much money on water, consider taking shorter showers. Avoid filling a huge tub for a hot bath too often as well.
Give yourself a time limit for showers and set a timer before you lather up. Once the timer goes off, step out, dry off, and start watching your savings grow!
8. Cancel Subscriptions
A few subscriptions can eat away at your savings over time. Take a look at your monthly spending habits. Review any automated subscriptions you could shut off for a month or two.
Try to determine which subscriptions you can live without for a while. For example, you might want to reconsider:
- Hello Fresh
Instead, try watching those DVDs that are collecting dust in your home! Play a game or read a book as an alternative to binge-watching, too.
9. Buy Generic
Americans now spend about $110 billion annually on fast food. Meanwhile, people spend 50% more on average paying with a credit card than they do when paying with cash. When it comes to grocery shopping, have a plan for saving money.
First, make a menu of the meals you want to cook throughout the week. Make a list of the ingredients you'll need before you start shopping.
If you can, look for recipes with overlapping ingredients. For example, you can use bell peppers, onions, and ground beef for a pasta and taco recipe. Using overlapping ingredients within the same week can help minimize your grocery spending.
It'll ensure the ingredients you're using don't linger in the fridge too long, either.
Once you have your shopping list, stick with it! Remember, no impulse shopping.
In other words, stay away from the candy aisle and avoid grabbing candy when you're checking out.
Try purchasing generic brands more often, too. Usually, generic brands are the same products without fancy packaging. You can choose the store brand to start saving.
Here are a few extra tips to help you save big on groceries.
10. Make Your Own Coffee
How much are you spending on a fancy latte every morning? Instead of wasting money at Starbucks, make your own coffee at home.
You can pay a fraction of the cost for a steaming cup of coffee without waiting in long lines. You can even learn how to make latte art at home while you're at it.
Looking for other creative saving strategies that can flex your skills in the kitchen? You can also start saving money by throwing a family and friends potluck once a month. Spend more time with the people you love while you're at it!
You don't have to keep wasting money on gas. One way to save for unexpected expenses is by carpooling. You can ride with a friend to school, work, or your favorite hangouts.
You could extend the lifespan of your vehicle while you're at it by minimizing repairs, too.
If you're not a fan of carpooling, start saving by taking the bus instead.
12. Meal Prep
If you tend to splurge during lunch, try meal prepping instead. Prepare your meals for the week ahead. Pack left over dinner for lunch the next day.
You can control your portions, lose weight, and start saving money in the process.
13. Stay Sober
You might have an easier time building your rainy day fund if you try staying sober this year. Otherwise, buying alcohol can eat away at your emergency funds, too.
Instead of buying a six-pack, consider drinking more water. Save drinking for special occasions.
You can also stop smoking. If you smoke a pack a day, you could save as much as $18,870.50 within 10 years.
14. Look for Free Events
Searching for new ways to enjoy life without overspending? Check your city's community calendar. Chances are there are a few free events you can attend this month.
For example, you can find movies in the park, art fairs, or live music events you can attend for free.
It's not enough to turn off your electronics. Make sure you're unplugging everything, too. Otherwise, your electronic devices will continue using energy, even when they're not turned on.
You can also minimize energy costs by switching to LED lightbulbs. Though they cost more, they'll save on your electricity bill in the long run.
16. Create Your Gifts
Consider creating handmade gifts for birthdays and holidays this year. Try to use what you already have on hand. For example, perhaps you have the ingredients to make someone a birthday cake!
Making gifts can help you add a little more to your savings.
Cha-Ching: 16 Creative Saving Strategies for Financial Success
Don't break the bank this year! Use these 16 creative saving strategies to experience financial success. With these tips, you can start preparing for unexpected expenses down the road.
You can remain financially healthy and have peace of mind for an emergency, too.
Need help taking control of your money? We're here for you.
Start your 30-day free trial of Triggator today to learn more!