How to save money fast: 20 ways

While long-term savings are important, sometimes quick results can motivate you to stick with a savings goal. Over time, small savings can add up and be used to contribute to an emergency fund or fund a dream for the future.

Of course, everyone’s spending habits are different. See which of these suggestions could make the biggest difference to your bottom line.

1. Cancel unnecessary subscription services and memberships

To be an effective saver, get rid of unnecessary subscriptions. Maybe you signed up for a new streaming service for the free promotional period but forgot to cancel. Or maybe you have a gym membership that you no longer use. Go through your monthly credit card or bank statements to look for recurring subscription fees.

You don’t need an account with any particular institution to get help. There are a number of fintech services – like Trim and Truebill – designed to help you find ways to save on subscriptions and other bills.

2. Automate your savings with an app

If you often forget to add money to your savings account or don’t know how much to save, consider using an app that will do the work for you.

There are many apps that automate your savings. Qapital and Digit are two options. These automated savings apps are designed to automatically transfer a predetermined amount from your paycheck to your savings.

You won’t get the highest annual percentage return (or sometimes none at all) on your deposits with these apps. So if you have a bundle saved, you should transfer the money to a high-yield savings account.

3. Set up automatic payments for bills when you’re on a fixed salary

were busy. It’s all too easy to forget to pay all our bills on time. An easy way to save money is to pay your bills when they are due, assuming you can afford it.

Companies charge you late fees for overdue balances. While this may be as little as $5 here or $10 there, these fees quickly add up. Late credit card fees can be much more expensive.

People with intermittent incomes may want to put off automating bill payments and instead try a service like Steady, which connects you to side gigs and other earning opportunities near your payday and bill due date.

Some banks allow you to set up a rule in your digital bank account. At Chase Bank, online banking customers can set up an automatic savings rule so that when they receive a $1,000 deposit, for example, the bank automatically transfers $100 of that money to a savings account.

4. Change banks

Banks make a lot of money from account fees. In fact, banks made over $8 billion in overdraft and underfunding fees alone in 2021, according to the Consumer Financial Protection Bureau.

Monthly fees are easy to avoid, especially with online banks. Almost half (46 percent) of checking accounts that don’t earn interest are free, according to Bankrate’s 2022 Checking and ATM Fees Study. Some banks even give you a generous bonus just for opening an account.

For your savings account, look for one that pays a competitive rate of return. Compare savings account interest rates and fees to find one that suits your needs.

5. Open a short-term Certificate of Deposit (CD)

A one-year CD could help you earn more interest than a savings account. Also, the yield of a CD is usually fixed; As long as you keep the money in the CD during the term, you are guaranteed to earn the opening APY.

One important caveat: Avoid CDs if you think you might need the money before the CD’s term expires so you don’t have to pay prepayment penalties.

6. Sign up for rewards and loyalty programs

Sign up for discount cards at grocery and drug stores near you.

Regular use of these programs can help you save money at checkout or potentially earn rewards on future purchases. Just make sure you don’t let attractive offers tempt you into buying unnecessary things.

7. Buy with cash or set a check on your card

You can trick your brain into saving money every time you go to the store by using cash instead of a credit card to make a purchase. Whatever cash you have is your spending limit. Check out the cash stuffing trend to further explore this idea.

With a credit card, it’s all too easy to lose sight of the limits.

8. Stop paying for convenience

Paying for convenience can save time, but it can cost you money.

Taking a little extra time to make your own coffee or to clean and fix things around the house can help your bank account grow.

Choose to reduce your spending on things that are less important to you. For example, you might appreciate the experience of going to a coffee shop, but you can reduce the number of orders for food delivery.

9. Earn cashback on your purchases

Even in the toughest of times, you still have cash to spend on essentials, so you might as well be rewarded with cashback. There are cash back credit cards that you can use to get cash back for your purchases. Some don’t even have an annual fee.

Your existing credit card may also have cash back offers at certain retailers, but you may need to opt-in to redeem this reward. These offers may have an expiration date or other terms and conditions, so double-check to make sure you’re not surprised.

Cash back apps could also be an option to consider before you start buying new credit cards.

10. Reevaluate your recurring bills

Look into your cable, satellite, or streaming options to potentially save money. You can start with a good offer from your cable or satellite provider that expires after an initial period. Finding a new deal after a few years can save you money.

There are also apps like Rocket Money that can help you negotiate bills. These apps are often free but take a percentage of the revenue if they help you save on bills.

11. Look for coupons and sales

Planning ahead with coupons and checking out deals can make a big difference. Browsing through store flyers and online can help you get a good deal and save money. A website extension, like Honey’s browser add-on, will look for coupon codes for you.

12. Sell unwanted items

Sell ​​items you don’t need quickly for a cash injection.

Search your closet, attic, garage, or storage room for that dress, ring, or pair of walking shoes that you no longer wear. Then list the item on a popular online marketplace like eBay or Poshmark.

A flea market could be an option to sell many items at once.

Whatever approach you take, do your homework to avoid regret. Make sure you know the value of an item before selling it below value.

13. Reevaluate your housing costs

Housing costs — like rent or mortgage payments — are among the largest expenses in most budgets. Moving to an apartment with a lower rent could help you start saving right away. Refinancing your mortgage can help you save money on monthly payments and in the long run. But make sure it makes sense for your situation.

14. Look for insurance

If you look for insurance, you can save a lot. Sometimes you can find a better deal as a new customer, or you can contact your existing insurer to ask them to lower your current rate if they’ve gone up. Bundling insurance products from the same insurance company can also help you save.

15. Limit energy consumption

By reducing your energy consumption, you not only protect the environment, you also lower your monthly bills. Some quick ways to save money on energy use are unplugging electronics when not in use, switching to LED light bulbs, and lowering your thermostat a few degrees at night during the colder months.

16. Downgrading a credit card with an annual fee

Sometimes an annual fee credit card can offer real benefits. However, there may be no point in paying that annual fee if the card stops providing these benefits or you don’t take full advantage of them. Downgrading to a no-annual-fee card might suit you better if that’s an option. Call your issuer to see if you can downgrade your current card to a toll-free card.

17. Cook your own meals

Food can be a big expense in your budget. Prepare for your upcoming meals and have a clear understanding of what you need in the grocery store. Make a list, look for coupons, and try not to buy anything that didn’t make the list.

Even without coupons, buying groceries at the grocery store is significantly cheaper than ordering takeout or eating out at a restaurant.

18. Try a spending-free day

If you don’t spend money in a day or in a week, you can save money quickly. This can force you to think about every dollar you spend. After a day (or days) of not spending, you may also find that your spending habits have improved.

19. Create a budget

Evaluating your spending is one way to find areas where you may be wasting money. This can be an eye-opening process.

The goal of creating a budget is to set a guideline for how much you spend and how much you save each month. It can give you insight into where you can cut back on spending and inspire you to work toward savings goals.

20. Eliminate a spending habit today

There’s probably a treat or amenity that you pay for on a daily or regular basis that you can do without (or treat yourself less often). Over time you may get used to skipping this point and it won’t be a habit anymore.

By following a plan and applying some discipline, you can have more money by the end of the week or month and throughout the year.