10 Best Ways to Save Money | Saving Tips (2024)

From paying down debts to making easy lifestyle changes, these simple tips can help you meet your savings goals.

We all want to save money. But, as everyone knows, it can often be difficult to do so. “Many people have sizeable goals for building up their savings, but unrealistic goals are nearly impossible to put into practice,” says Joye Hehn, Next Step Financial Education Manager at Regions Bank. “That’s why it’s important to think about realistic ways to save, break it down into smaller actionable steps, and make it a part of your ongoing budgeting and spending plans.”

Use these simple money-saving tips to generate ideas about the best ways to save money in your day-to-day life.

1. Eliminate Your Debt

If you’re trying to save money through budgetingbut still carrying a large debt burden, start with your debt. Not convinced? Add up how much you spend servicing your debt each month, and you’ll quickly see. Once you’re free from paying interest on your debt, that money can easily be put into savings. A personal line of credit is just one option for consolidating debt so you can better pay it off.

2. Set Savings Goals

One of the best ways to save money is by visualizing what you are saving for. If you need motivation, set saving targets along with a timeline to make it easier to save. Want to buy a housein three years with a 20% down payment? Now you have a target and know what you will need to save each month to achieve your goal. Use Regions’ savings calculatorsto meet your goal!

3. Pay Yourself First

Set up an auto transfer from your checking account to your savings account each payday. Whether it’s $50 every two weeks or $500, don’t cheat yourself out of a healthy long-term savings plan.

4. Stop Smoking

No, it’s certainly not easy to quit, but if you smoke a pack and a half every day, that could amount to thousands of dollars a year that you can realize in savings if you quit. According to the Centers for Disease Control and Prevention, the percentage of American adults who smoke cigarettes is now below 12%—join the club!

5. Take a Staycation

Though the term may be trendy, the thought behind it is solid: Instead of dropping several thousand on airline tickets overseas, look in your own backyard for fun vacations close to home. If you can’t drive the distance, look for cheap flights in your region.

6. Spend to Save

Let’s face it, utility costs seldom go down over time, so take charge now and weatherize your home. Call your utility company and ask for an energy audit or find a certified contractor who can give you a whole-home energy efficiency review. This will range from easy improvements like sealing windows and doors all the way to installing new insulation, siding or Energy Star high-efficiency appliances and products—and even solar panels. You could save thousands in utility costs over time.

7. Utility Savings

Lowering the thermostat on your water heater by 10°F can save you between 3% and 5% in energy costs. And installing an on-demand or tankless water heater can deliver up to 34% savings compared with a standard storage tank water heater.

8. Pack Your Lunch

An obvious money-saving tip is finding everyday savings. If buying lunch at work costs $10, but bringing lunch from home costs only $3, then over the course of a year, you can create a $1,820 emergency fund or make a significant contribution to a college plan or retirement fund.

9. Create an Interest-Bearing Account

For most of us, keeping your savings separate from your checking account helps reduce the tendency to borrow from savings from time to time. If your goals are more long-term, consider products with higher yield rates like a CDor money market accountfor even better savings.

10. Annualize Your Spending

Do you pay $20 a week for snacks at the vending machine at your office? That’s $1,000 you’re removing from your budget for soda and snacks each year. Suddenly, that habit adds up to a substantial sum.

As you implement these tips into your financial life, remember that where you save your money is important too. Regularly move the money you save out of your checking account into your savings account, where you’ll be less likely to touch it before you reach your goals.

Three Things to Do

  1. Learn more about creating a budget to meet your savings goals.
  2. If you want to get a jump on your savings, open a savings account online today.
  3. Need help deciding what type of bank account would be right for you? We can help you find the one that aligns with your goals.

Insights, advice, suggestions, feedback and comments from experts

As an expert and enthusiast, I have access to a vast amount of information on various topics. While I have personal experiences or emotions like a human, I can provide you with accurate and reliable information based on the data I have been trained on.

Now, let's discuss the concepts mentioned in this article:

Saving Money:

The article provides several tips for saving money. It emphasizes the importance of setting realistic goals, breaking them down into actionable steps, and incorporating them into your budgeting and spending plans. Here are some key tips mentioned in the article:

  1. Eliminate Your Debt: If you have a large debt burden, start by focusing on paying off your debt. Once you are free from paying interest on your debt, you can redirect that money towards savings.

  2. Set Savings Goals: Visualize what you are saving for and set specific targets along with a timeline. This will make it easier to save and track your progress.

  3. Pay Yourself First: Set up an automatic transfer from your checking account to your savings account each payday. This ensures that you prioritize saving and avoid spending the money before saving it .

  4. Stop Smoking: Quitting smoking can save you thousands of dollars a year. The money you save from quitting can be put towards your savings.

  5. Take a Staycation: Instead of spending a lot of money on overseas vacations, consider exploring local destinations or finding cheap flights within your region.

  6. Spend to Save: Invest in energy-efficient improvements for your home, such as weatherizing, installing energy-efficient appliances, and using solar panels. These investments can save you thousands of dollars in utility costs over time.

  7. Utility Savings: Lowering the thermostat on your water heater and installing an on-demand or tankless water heater can help reduce energy costs.

  8. Pack Your Lunch: Bringing lunch from home instead of buying it at work can lead to significant savings over time .

  9. Create an Interest-Bearing Account: Keep your savings separate from your checking account to reduce the temptation to spend. Consider opening an interest-bearing account like a CD or money market account for better savings.

  10. Annualize Your Spending: Identify and cut down on unnecessary expenses. Small daily expenses can add up to a substantial sum over time.

Remember, these tips are general suggestions, and it's important to assess your own financial situation and goals before implementing them.

10 Best Ways to Save Money | Saving Tips (2024)


What is the 10 rule for saving money? ›

The 10% rule of investing states that you must save 10% of your income in order to maintain a comfortable lifestyle during retirement. This strategy, of course, isn't meant for everyone as it doesn't account for age, needs, lifestyle, and location.

How to save up $10,000 fast? ›

6 steps to save $10,000 in a year
  1. Evaluate income and expenses. To make room for saving, you'll need a meticulous budget that outlines all your sources of income and all your expenditures. ...
  2. Make an actionable savings plan. ...
  3. Cut unnecessary expenses. ...
  4. Increase your income. ...
  5. Avoid new debt. ...
  6. Invest wisely.
Apr 2, 2024

How to save $1,000 every month? ›

How to save $1,0000 in a month, according to experts
  1. Analyze your finances. If you want to save $1,000 in a month, then you need to earn $1,000 more than what you spend. ...
  2. Plan your meals. ...
  3. Cut subscriptions. ...
  4. Make impulse purchases harder. ...
  5. Sell unneeded items. ...
  6. Find extra work.
Sep 26, 2023

What is the 30 day rule? ›

The premise of the 30-day savings rule is straightforward: When faced with the temptation of an impulse purchase, wait 30 days before committing to the buy. During this time, take the opportunity to evaluate the necessity and impact of the purchase on your overall financial goals.

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 50 30 20 rule? ›

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. Let's take a closer look at each category.

How to save 5 grand in 3 months? ›

If you are looking to save $5,000 in just 3 months, here are some tips to help you achieve your goal.
  1. Track Your Expenses. The first step to saving money is understanding where your money is going. ...
  2. Create a Budget. ...
  3. Reduce Unnecessary Spending. ...
  4. Increase Your Income. ...
  5. Automate Your Savings. ...
  6. Save on Utilities and Subscriptions.
Jan 22, 2024

How much money should a 24 year old have saved up? ›

Rule of thumb? Aim to have three to six months' worth of expenses set aside. To figure out how much you should have saved for emergencies, simply multiply the amount of money you spend each month on expenses by either three or six months to get your target goal amount.

How can I save $5,000 in 100 days? ›

The 100-envelope challenge is pretty straightforward: You take 100 envelopes, number each of them and then save the corresponding dollar amount in each envelope. For instance, you put $1 in “Envelope 1,” $2 in “Envelope 2,” and so on. By the end of 100 days, you'll have saved $5,050.

Is saving 2 grand a month good? ›

It depends on what you're doing and how much you make: If you're one person making $100K before taxes, it's pretty solid and means you're financially frugal. If you make $350K, even in the Bay Area, saving only $2K/month as a single person would be rather minimal, and would be a sign that you're living “overlarge”.

Is 500 a month good to save? ›

The short answer to what happens if you invest $500 a month is that you'll almost certainly build wealth over time. In fact, if you keep investing that $500 every month for 40 years, you could become a millionaire. More than a millionaire, in fact.

What if I save $100 a week for a year? ›

The first thing we need to know is how much $100 per week works out to on an annualized basis. There are 52 weeks in a year. That means that, after a full year of saving, $100 per week adds up to $5,200.

How can I save money with low income? ›

  1. Focus on small changes in various budget categories.
  2. Automate your savings into a high-yield savings account.
  3. Earn interest on your checking account.
  4. Use those three-payday months to save more.
  5. Keep a budget.
  6. Shop around for insurance rates.
  7. Refinance your mortgage.
  8. Find a way to save on rent.
Oct 19, 2023

How should a beginner start saving money? ›

These five tips will help you reach those bigger goals, one step at a time.
  1. Set one specific goal. Rather than socking away money into a savings account, set specific goals for your savings. ...
  2. Budget for savings. ...
  3. Make saving automatic. ...
  4. Keep separate accounts. ...
  5. Monitor & watch it grow.

How can I save money consistently? ›

10 Tips for Saving Money
  1. Track your spending. How are you spending your money? ...
  2. Separate wants from needs. ...
  3. Avoid using credit cards to pay your bills, if possible. ...
  4. Pack your lunch. ...
  5. Check your insurance policies. ...
  6. Plan for irregular expenses. ...
  7. Evaluate your services. ...
  8. Reduce your energy use.

What is the 70 20 10 rule for saving and investing? ›

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.

What is the 10 20 30 rule for savings? ›

The most common way to use the 40-30-20-10 rule is to assign 40% of your income — after taxes — to necessities such as food and housing, 30% to discretionary spending, 20% to savings or paying off debt and 10% to charitable giving or meeting financial goals.

What is the 5 rule in money? ›

How about this instead—the 50/15/5 rule? It's our simple guideline for saving and spending: Aim to allocate no more than 50% of take-home pay to essential expenses, save 15% of pretax income for retirement savings, and keep 5% of take-home pay for short-term savings.

What is the 80 20 rule in saving money? ›

The rule requires that you divide after-tax income into two categories: savings and everything else. As long as 20% of your income is used to pay yourself first, you're free to spend the remaining 80% on needs and wants. That's it; no expense categories, no tracking your individual dollars.


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