How To Save Money: 17 Proven Ways

We’ve compiled a number of ways to save money, from adjusting daily habits and reducing monthly bills to making long-term changes.

17 ways to save money

1. Use an automated tool

Find an app or bank account that makes saving easy. Digit and Qapital automatically transfer small amounts from your checking account to a separate savings account. Find out more applications that automate savings for you.

2. Count your coins and bills

Empty your pockets every day and start collecting that extra currency. Then take your collection to the bank and put it directly into your savings account instead of your checking account. When you want monitor your spending, use dollar bills instead of credit cards. It is more difficult to part with hard cash.

3. Get ready for the grocery store

A little work before going to the grocery store can go a long way save money on groceries. Check your pantry and make a grocery list, then use coupons and loyalty programs to maximize your savings while you shop.

4. Order smaller portions at restaurants

5. Get discounts on entertainment

6. Plan major purchases

Time your purchase of appliances, furniture, electronics and more based on annual sales periods. Don’t buy anything in a hurry either. Always wait a day or two before buying to limit buyer’s remorse.

7. Restrict online shopping

Make online shopping more difficult. Instead of saving your billing information, force yourself to enter your shipping address and credit card number with every order. You will likely be making less impulse buying.

Easily track your expenses

Throw away your paper budget and sign up for NerdWallet to make it easier to manage your money.

8. Make your own gifts

9. Reduce your car payment

10. Bundle cable and Internet

You could reduce your cable bill up to $ 40 per month when changing your cable plan. And you could save more than $ 1,000 over two years by bundling your cable and Internet service, depending on your carrier.

11. Change your mobile plan

Changing your plan is one way to save money on your cell phone bill, but that’s not the only way. Removing insurance from your plan could save you almost $ 100 per year, per line.

12. Watch your electricity bill

13. Lower your student loan payments

14. Cancel unnecessary subscriptions

15. Track expenses

16. Refinance your mortgage

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

17. Set savings goals

How to save money on a budget

A smart way to manage your money – and hopefully keep more of it – is to follow a budget.

At NerdWallet, we think of a budget as a spending plan because saving money doesn’t mean you have to stop spending completely. It just means that you have to prioritize some financial goals over others.

We recommend the Budget 50/30/20 for smart money management. Devote 50% of your income to necessities, 30% to wants and 20% to savings. If you find that any of your allowances exceed these percentages, make some adjustments to fit the formula.

As you work towards your ultimate financial goal, be sure to put your new funds in a good, high yield savings account to maximize your money. Some best online accounts pay much higher interest rates than traditional big banks.

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