How To Save Money Even When You’re Poor: 64 Best Ways To Save Money in 2023

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Today, I’m going to talk about the best ways to save money fast, whether you’re broke with a low income or earning well but still living paycheck to paycheck.

The ability to save, whether you aim to save $10,000 a month or $100,000 a year, isn’t just about your earnings. While your income is important, what truly matters is how much you manage to keep.

For those who find themselves living paycheck to paycheck, examining your money habits could be beneficial.

I understand that saving money can be challenging, especially when it’s easy to spend without keeping track of where your money goes. Believe me, I’ve been there. I used to spend thoughtlessly on things I believed would make me happy, only to realize later that they didn’t.

Seriously, where did all that money go??

 

In the end, I realized that my money was wasted because those things didn’t add any value to my life — other than the few minutes of instant gratification of owning them. Within a few weeks, I forgot that I even purchased that thing-a-ma-jig!

In the past, I made many mistakes with my money. To help others, I want to share these creative ways to save money each month. Contrary to popular belief, saving money isn’t just for the frugal or boring. You can thoroughly enjoy life while saving substantially — it’s all about being smart and resourceful, like devising strategies to get free stuff online!

Without further ado, here is a roundup of 60+ saving tips that will help you keep more of your money without sacrificing your quality of life!

You may also want to check out my other posts on ways to save money:

• How To Save $10,000 in a Year
• Ways To Save $1,000 Fast in a Month
• 26-Week and 52-Week $1,000 Saving Challenge

 

PIN THIS: I’ll be updating this post so make sure to pin this image here and save it to your Pinterest board. That way you’ll be able to come back to this page and learn the best ways to save money even when you’re broke and living paycheck to paycheck!

 

 

How To Save Money

Here are 50 smart ways to save money. Along with these, I’ve provided frugal living tips, money-saving hacks, and strategies to increase your earnings today.

These tips are suitable for anyone, regardless of their financial situation, as they are simple and accessible for all.

 

1. Understand what drives impulse buying.

If you’re spending too much and/or getting yourself into credit card debt, the first thing you need to ask yourself is why are you buying things on impulse.

According to this article by Psychology Today, What Motivates Impulse Buying, knowing and understanding what drives your impulse buying will help you spend less and save more. I highly recommend reading this article because it will help you understand the psychology behind your spending habits.

I was able to relate and wrote about how I stopped spending money on unnecessary things which helped me save over $10,000!

To fight the urge, I wait at least a week to see if I’m still thinking about the item. If I don’t, then that means I don’t love it enough to buy it.

Walking away gives you the time to assess whether you really need that $40 outfit or $200 Bose speaker that was on sale. If you don’t love it enough, it will be “out of sight, out of mind!”

I promise that this trick will help you save WAY more money than you think.

You can also check out this article on how to trick yourself to save more money.

 

2. Create a budget.

Think of your budgeting plan as your money map!

Start by jotting down what’s coming in and what’s flowing out each month. Curious about those sneaky expenses eating into your fun money? Tracking will reveal them.

To help you build the lifestyle you want without going over budget, I created these free budget printables that will help you master your finances.

Dedicate a piece of the pie to the essentials, tuck away a slice for those dreamy savings goals, and then play with what’s left. Remember, it’s your map—check it regularly to make sure you’re on the path to your dream destination, whether that’s a tropical vacation or a cute new pair of shoes!

 

Other related posts about budgeting:

• How to make a budget for beginners
• What is the 50/30/20 budget?
• Which payment type can help you stick to a budget?

 

3. Eliminate or cut down on unnecessary subscriptions.

Subscription clutter? Time for a digital detox! Dive into your accounts, spot those sneaky sappers you barely use – like that third streaming service or the forgotten fitness app. Slash the unused, pocket the savings, and treat yourself with the extra cash. It’s like spring cleaning, but for your wallet!

 

4. Find ways to earn free money.

Finding ways to earn free money can be a strategic complement to saving money.

By exploring loyalty programs, cashback offers, and online surveys, one can accumulate extra funds without added work. This passive income, when combined with conscious spending, maximizes one’s financial efficiency and bolsters savings.

 

5. Cook at home instead of eating out.

Cooking at home isn’t just wallet-friendly, it’s a health win too! Swapping restaurant meals for homemade dishes lets you choose every ingredient, ensuring fresher, healthier options. Plus, you dodge those hidden salts, sugars, and fats. Embrace your inner chef, save some cash, and savor the wholesome goodness you’ve whipped up!

 

Related post: How To Save Money on Groceries (Save Up To $500 Per Month)

 

6. Reduce your spending on coffee.

Reducing spending on coffee is one of the best ways to save money. Instead of buying daily brews, consider making coffee at home.

If you’re a Starbucks enthusiast, check out my strategies on how to get free Starbucks coffee through rewards or promotions. You may also want to take advantage of Starbucks’ Happy Hours.

Over time, these savings add up, leaving more funds for other priorities.

 

7. Find a fun and free frugal activity to do when you’re bored.

Living a frugal lifestyle doesn’t mean sacrificing enjoyment.

There are numerous fun and free frugal activities to do when you’re bored – these ideas can really fill your hours with both fun and fulfillment.

When you feel the tug of boredom, think about diving into DIY projects using materials you already have at home. Upcycling old furniture or creating homemade gifts like these unique money gift ideas can be both rewarding and entertaining.

Venture outside and discover what your local community offers: there might be complimentary events, museum days, or activities in public parks. The natural world also beckons with options like strolls in a park, picnics, or watching the stars on a clear evening.

Often, the most cherished memories come from these simple, costless moments.

 

8. Print out some inspirational quotes about saving money and take action.

Since the beginning of my financial journey to paying off my student loans and saving my first $100K (all the way to my first $1,000,000 in net worth), I printed out some inspirational quotes to serve as a reminder.

One of my favorite quotes is “Do not save what is left after spending, but spend what is left after saving” by Warren Buffett.

Another one that I adore from him is “If you buy things you do not need, soon you will have to sell things you need.”

It’s these powerful quotes about saving and investing money by Warren Buffett that helped me go from poor to saving more and building wealth in my 20s and 30s.

 

9. Buy generic or store-brand products.

During my recent grocery trips, I began experimenting with store-brand cereals instead of the big-name brands I grew up with.

Out of curiosity, I compared the ingredients list and nutrition values side by side. To my astonishment, they were nearly identical! I realized that I had been paying a premium mostly for branding, not the actual product quality.

By opting for the store-brand, not only did I save money, but I also got nearly the same nutritional benefits. It’s a gentle reminder that sometimes, it’s worth taking a moment in the aisle to check the back of the box.

 

10. Buy used cars instead of new.

There’s an undeniable charm in driving a brand-new car straight out of the dealership. However, my personal journey has steered me towards the value of buying used.

A while back, I found a lightly-used car that caught my eye. Choosing this over the latest model saved me thousands of dollars immediately. Now, here’s the real surprise: this car has been my reliable companion for over 12 years!

Despite initial apprehensions, the maintenance costs have been way more reasonable than I had imagined. So, when contemplating between new and used, my experience underscores the long-term value and durability that a pre-owned vehicle can provide.

 

11. Carpool to work.

Looking for a tip on how to save money and make your commute snazzier? Jump into the carpool lane! Sharing rides isn’t just kind to your wallet; it turns morning drives into impromptu karaoke sessions or gossip rounds. Plus, you’ll reduce carbon footprints—one shared ride at a time!

 

12. Furnish your home on a budget.

Saving money and living frugally doesn’t mean compromising on your living conditions. We all appreciate a beautiful and comfortable environment, whether in a spacious setting or a cozy nook.

What I love about home decor is you don’t need to spend a fortune to live comfortably. Consider these cheap ways to furnish and decorate your home.

You’ll be amazed at how much you can save each month while enjoying a lifestyle that feels upscale!

 

13. Invest in an adult piggy bank.

Go back to the basics and don’t be afraid to use an adult piggy bank to kickstart your savings journey.

When I was in my late teens to early 20s, I continued to use my childhood Winnie the Pooh tin-can piggy bank that my mom had gifted me. It’s how I saved my first $1,000 in physical cash by the time I turned 18. Admittedly, I was terrible with money, often spending what I earned from my part-time jobs. However, that piggy bank on my bedside table served as a constant reminder to save something, regardless of my poor spending habits.

By the time I reached my mid-20s, that reminder had helped me save my first $100,000 without even realizing it. Those savings habits compounded which grew with me throughout the years and enabled me to save and accumulate my first million in net worth in my 30s.

As you can see, it all begins with small steps. These foundational actions pave the way for your financial future!

 

14. Don’t have an expensive wedding

One significant area to save money is by reconsidering how you approach wedding expenses. The societal pressure to have a lavish celebration can lead to exorbitant costs that strain your finances for years.

Instead, prioritize the significance of the union over the extravagance of the day.

Researching ways of how to plan a wedding on a budget can offer a range of creative and heartfelt ideas that won’t break the bank. 

Don’t forget that it’s the lifelong commitment and shared memories with loved ones that matter most, not the price tag of the celebration. A budget-friendly wedding can be just as memorable, if not more so, than an expensive one.

 

15. Start saving $5 to $10 a day.

As mentioned, you can always start small and save as little as $5 to $10 a day to build a daily habit.

There is no amount of money that is too small to be saved. Whether you saved a total of $25 or $100, starting with a small number can help boost your confidence and build good habits with saving over time.

Having that said, slow and steady is better than making no progress at all. And the earlier you start saving, the more money you’ll have later – this is especially true when you take advantage of the compounding effect of interest on money.

 

16. Save money by earning free gift cards.

There are many ways to earn free gift cards online today – this is an interesting way to save money on your everyday purchases.

My fiance and I have been using Swagbucks since 2009 to earn various free gift cards. We are able to save money and reduce our spending at one of our favorite coffee shops (ahem… Starbucks) because collecting Swagbucks points will reward you by watching videos, surfing the web, shopping for things you normally buy, playing games, and completing surveys!

In addition to getting free Starbucks and Amazon gift cards, they offer many other retailers and store selections!

This is one of the most well-known and popular surveys and cash rewards programs in North America. Swagbucks is 100% legitimate and has paid out its members $281,868,410 to date.

👉 You can get your $5 bonus here by creating a free account today.

⭐️ Important: To claim your FREE $5 bonus, don’t forget to verify the email from Swagbucks in your inbox!

 

 

17. Budget for home buying and maintenance.

Managing your money wisely is key, especially when it comes to big investments like buying a home and keeping it in good shape.

As a homeowner and landlord, I cannot stress enough the importance of setting a realistic budget for purchasing a home and its subsequent upkeep. Make sure you have money set aside for the down payment, mortgage, property taxes, insurance, and any immediate repairs or renovations.

Also, have some money saved up for unexpected maintenance or repair costs. Beyond these expenses, it’s essential to design your home for wellness to ensure family safety, which ultimately helps reduce overall costs in the long run. Continually review and update your budget to ensure you’re always prepared for any financial surprises.

 

18. Get paid to save energy.

Yes, you read that right!

My family and I get paid by OhmConnect to save energy at home. Because you’re getting paid to reduce energy, you’ll have more incentive to lower your electricity bills — saving even more money! After you sign up, they will send notifications about your home usage.

OhmConnect works by rewarding you with points; 1,000 points is equivalent to $10. You can cash out your points through PayPal or use them to buy gift cards from the OhmConnect store. As a bonus, you also get $20 for every friend you refer!

On top of that, you will also get an additional $10 bonus just for connecting to one of your smart devices from home. That’s a total of $20 FREE cash just for signing up! After that, you can get paid $100-$300 per year just by saving energy.

 

19. Install a smart thermostat.

We use this thermostat to save money on energy. I really like this product because it saves energy by learning the temperature you like at home. So when I’m away from home, it will know how to turn down itself and that’s how we save money on energy without putting in much effort. Another neat feature I like about this thermostat is I can wirelessly control my temperature at home. Again, it’s super convenient when I’m away from home. When I saw this installed in one of the Airbnb units at the cottage, I was interested to learn more about the product. After reading more about it, I was sold on installing one at home. Not to mention, it looks nice too! 🙂

 

20. Use LED lights.

My fiance and I immediately switched all of our lightings to LED when we first moved into our new home!

Not only are these LED lights energy-efficient and easy on the eyes, but they are also safer compared to traditional lighting. They are also low in maintenance because of their longer life cycles! The upfront cost may be more but you’re saving a ton of money in the long run! So, there’s no reason to wait any longer to reap those saving benefits.

 

21. How to save money with birthday freebies!

Did you know you can get awesome FREE STUFF on your birthday? YES, that includes FREE food, meals, desserts, gifts, vouchers, and more!

 

22. Save money by making more money.

One way to speed up your savings is to make some quick extra cash on the side. One of my favorite ways to increase income is to start a profitable blog. You can learn how I went from earning an extra $3,000 on top of my full-time job to over six figures in annual income as a hobby blogger by diving through my blog income reports here.

Don’t forget to visit my most popular money-making posts to help boost your income today. Again, by earning more, you can save more money!

• How To Make An Extra $500 A Month Online
• The Best List of Profitable Hobbies That Make Money
• Creative Ways To Make Money Fast: Make $100 Every Day
• How I Made $5,532.13 Blogging in One Month
• Ways To Make Money Online as A Beginner

 

23. Sell your unwanted electronics.

Do you have old Apple and Android devices lying around? Not using that old MacBook anymore?

You can sell your old electronics through Gazelle and get cashback. Based on consumer reviews, they are easy, hassle-free, and quick! To date, Gazelle has paid out over $200,000,000 to their customers and they have a 9.5/10 score on ResellerRatings.

 

24. Balance eating at home and going out.

I seriously LOVE going out to eat, but doing that too often puts a huge dent in my wallet.

It’s fine to dine out. I’ve done it often in the past because I couldn’t commit to eating at home all the time. I would just get sick of eating home food. But at the same time, I also got sick from eating out every other day. Like I always say, balance is key.

To save some serious money, start cooking your own meals on weekdays and save your special night out on the weekends. You’ll be SO surprised at how much you’ll save in a year! When my fiance and I started prepping meals at home and eating at my parent’s, we saved at least $15,000 a year! That’s seriously the cost of eating out often (for others, it’s even more). And I’m actually embarrassed to say how much we spent!

 

25. Use the $5 Meal Plan

If you don’t like thinking about what to cook (let’s face it, you’re super busy), but still want to stay within budget, I highly recommend signing up for this $5 meal plan. It’s a weekly meal plan service that aims to make your life easy by saving you time and money. For only $5 a month, you will receive a delicious meal plan that costs less than $2 per meal. They also offer a free 14-day trial absolutely risk-free. If you decide that this isn’t for you, simply cancel it with no questions asked.

Learn more about this $5 meal plan and try your first 14-days for free!

In addition to that, I use a few money saving apps to further my savings when I go grocery shopping. I currently use Checkout 51 and Caddle to save money on groceries and home supplies. I also use Flipp to save time by price matching my purchases at one store.

 

26. Use Flipp to save time and price match.

If you like flipping through flyers to look for deals but feel overwhelmed by the amount that comes into your mailbox, then Flipp is the perfect app for you!

Not only does Flipp have all your flyers located in one place — your mobile — it also offers coupons that you can print off and use. In some cases, you can also upload your receipts for certain items and get cashback to save money.

 

27. Have a potluck with your friends.

Again, it’s okay to dine out occasionally with friends. But when we feel that we’ve gone out too often for the month, we would arrange a potluck together.

Surprisingly, it saves a helluva lot of money and it’s actually really fun too! To be honest, I think it’s more fun than going out to dine and pay for drinks. Also, the food is relatively healthier and tastes better than the stuff we order from the restaurant!

Here’s an example of what my friends and I buy bulk at Costco for our potlucks (especially when we don’t want to spend too much time cooking):

• Ribs that you can quickly pop into the oven
• Costco’s rotisserie chicken for salads and sandwiches
• The Costco lasagna
• Perogies that you can boil and pan fry
• Frozen dumplings (these are seriously so good!)
• A big box of chicken strips
• A big box of Häagen-Dazs ice cream or apple pie with ice cream
• Make your own smoothies with Costco’s big frozen fruit packages

 

28. Refurbish and/or paint old furniture.

If you follow me, you will know by now that I’m in love with home decor and furniture items. In my spare time, I enjoy refurbishing and painting furniture.

The cost of furnishing your place into something beautiful doesn’t have to be costly if you use the brilliant saving tips I wrote here. I honestly wish someone told me about this hack before I made multiple trips to Ikea. Believe me, you can save SO much money by picking up old furniture (or buying it at a very low price) and painting it yourself.

 

29. Exercise at home or outdoors to save money.

First of all, I want to make it clear that I’m not telling you to cancel your gym membership. Some people are actually getting value out of their memberships. But, for those who rarely use it, is it worth keeping?

I used to sign up for the gym but never ended up going. Not because I didn’t like to workout. But because:

1) I was lazy and didn’t want to get changed and pack my stuff (notice that I was lazy to get out of the house and not lazy to exercise).

2) It wasted a lot of precious time driving back and forth (I’m all about efficiency because I value my time a lot).

3) I’m really introverted so I never liked working out in front of a lot of people.

To save time and money over the long term, I purchased equipment such as this Treadmill so that I could use in the comfort of my own home. I really love this treadmill because it’s sturdy and not wobbly like others.

I know that the upfront cost may be a lot (especially when you invest in a treadmill) but it saves me so much time and money in the long run.

After a long day of work, you just don’t feel like making your way to the gym (especially when it’s late and you haven’t had dinner yet). I couldn’t stress how much time and money I saved by exercising at home!

 

 

 

 

30. Go biking or rollerblading instead of the malls.

In addition to your workout, you can save money by exercising outdoor with your bike or roller-blades. During the wintertime, you can go ice skating with your friends.

On top of saving money, you’ll shed off a lot of calories while having loads of fun! The reason why I go inline skating during the weekends is that it prevents me from going to the malls. These days, I find myself enjoying outdoor activities more than spending money at shopping malls.

These are the inline skates I use during the summertime. I’ve had them for over 5 years and they still work extremely well for me!

 

31. Reduce your soda and juice intake.

Speaking of exercising, you need to keep yourself hydrated at all times. Drinking too much pop or juice that’s packed with sugar isn’t going to help you with your health nor your wealth (i.e. savings)!

In the past, my fiance used to ask for unlimited refills of pop whenever we dined out. Being the good girlfriend I was, I got him into the habit of replacing pop and juice with water. Not only has this saved us a lot of money, it also improved his health. He can attest that he feels more refreshed and less sluggish over the years. And nope, he doesn’t miss the Coke or juice at all!

 

32. Drink more water.

Drinking water has many benefits. For one, it saves money (that’s why you’re reading this post). Another benefit is that it can help shed off pounds according to this CNN article.

This is the water bottle I use and I bring this to work all the time. I also use it for my workouts at home. My fiance copied me and bought the same one because he likes how sleek it looks. He finally ditched the bottled water and uses a stainless steel water bottle to keep himself hydrated at the gym. You can save a lot of money and reduce the costs of buying bottled water by using a reusable water bottle. You’re going to use your bottle for a really long time so you may as well invest in one that you love!

On top of that, you can look into a water filter pitcher like this one to save money in the long run.

 

33. Grow your own vegetables

Growing your own vegetables transcends the simple act of gardening.

While the monetary savings from growing your own vegetables are substantial, the health benefits are even more compelling. Freshly harvested vegetables retain more nutrients, providing a richer and more flavorful experience than many store-bought counterparts.

Additionally, by managing one’s own garden, there’s control over what goes into the soil, eliminating concerns about harmful pesticides or chemicals. Hence, starting a vegetable garden is not just an economical decision; it’s an investment in health, ensuring that every meal is as nutrient-rich as it is cost-effective.

 

34. Don’t speed.

Seriously, speeding isn’t going to make a huge difference to the time you save. But, it will make a huge difference to your bank account. For one, you’re charged with a speeding ticket. Secondly, is it really worth the higher insurance premium? Always think twice before speeding!

 

35. Do your own nails.

In the past, I would spend about $40 to $50 on my nails. And about $16 to $20 to remove them. Yeah, no kidding, I paid to get them removed!

It’s perfectly fine to treat yourself to a manicure and/or pedicure once in a while. But, going to the nail salon too often will seriously hurt your wallet if you can’t afford it every three to four weeks! So, if you want to get them done at the salon without setting back your savings, you’ll need to find ways to increase your income or earn extra money with some of the best profitable hobbies.

You can also look for deals here on Groupon to see what specials they have from time to time.

Or alternatively, you can save hundreds and thousands of dollars by doing your own nails. And YES, you can still make them look fabulous with this professional electric nail drill. I have the same one at home and I totally love the color of the kit!

I personally have no problem doing my own because I actually enjoy pampering myself.

 

36. Automate everything: your bills, savings, and investments.

Did you know that automating your bills will save time and money?

Save time: You are a busy bee and have no time for boring tasks such as manually paying your bills and contributing to your investment accounts. Your time is precious and it’s better spent on activities that give you higher returns. That includes investing in yourself and acquiring financial literacy that will help you save even more money! Also, don’t forget that you’ll never be able to buy back time!

Save money: From my experience, it’s easier to save money when you automate to pay yourself first. That’s because you’ll be spending only what’s left after your savings!

 

“Do not save what is left after spending. Spend what is left after saving.” — Warren Buffett

 

With that said, you need to automate your savings, bills, and investments!

Ramit’s book, I Will Teach You To Be Rich, does a fantastic job explaining this. This book will give you the baby steps to set up your finances without depriving yourself. This is another one of my favorite books and I know you will love it because he holds your hand throughout the entire book!

Let your finances run on autopilot so that you can focus on saving and building wealth. 😉

Click on the book to learn how to save and manage your finances!

 

37. Quick ways to make money.

One of the best ways to save money is to make money!

I always believe in earning more money so that it gives you more breathing room to save and spend. I don’t believe in pinching pennies and never spending on the stuff you enjoy.

You can save more money (and spend more) by increasing your income. Here are some ways to earn extra money so that you can save and still enjoy life:

 

38. Earn cash or FREE gift cards by doing surveys online.

Surveys won’t make you rich overnight, but it’s an easy way to earn some extra cash on the side. I recommend doing them when you’re bored, waiting for the bus, or watching your favorite TV shows. You have nothing to lose because they are all free to join!

Here are some survey sites I personally use and recommend.

• Survey Junkie – This is a free resource to earn extra cash by answering simple survey questions. It may help you save money or pay for some of your monthly bills because you can redeem cash or FREE gift cards (your choice). They are rated 8.7/10 which is one of the highest on TrustPilot reviews. You can sign up for Survey Junkie for free here.
• American Consumer Opinion – This online survey site has over 6,000,000 members worldwide and it pays you to do simple surveys. The average survey takes about 10 minutes to complete and it’s free to join.

 

39. Get paid to shop and save money with Rakuten.

Rakuten works with over 2,000 of your favorite stores including Apple, Walmart, Target, eBay, Nike, Foot Locker, Michael Kors, Groupon, and so many more!

You can earn up to 40% cash back with Rakuten rewards when you shop online. No, this is not too good to be true! I use Rakuten to easily save over a few hundred dollars per year with NO effort, so I can personally tell you that there are no gimmicks here!

If you’re new and don’t have an account yet, you can sign up here. You’ll also get a free $10 credit in your account after you make your first $25 purchase online through Rakuten.

Here is my full review and tutorial on how to use Rakuten to help you save money on your online purchases. I promise that it’s really easy! It literally takes less than 5 seconds to sign up since it only requires your e-mail and a password. You won’t be disappointed!

 

40. Sell your clothes.

Do you have a wardrobe filled with clothes that still have tags attached to them? Maybe you also have a pile that’s gently or never worn!

In the past, I bought so many clothes that I never wore. I honestly regret my purchases because it was such a waste of money.

But luckily, you can still recoup some money back by selling your old clothes online through apps.

In addition to that, you can also find places to sell your shoes for money.

 

41. Sell your clutter.

While you’re selling your clothes, you can sell your unwanted stuff from home as well. In addition to the platforms I mentioned above, you can also use Decluttr to sell your stuff and earn some extra money.

 

42. Flip and sell furniture.

I mentioned earlier that you can save a ton of money by painting your old furniture.

On the flip side, you can also earn money by selling them (no pun intended)! Buy low (or pick them up for free), add value, and sell high!

In the past, I used the extra money to purchase investments and stocks. I also used it to spend on things that I enjoy. For example, I’ve used the extra money to dine out at nice restaurants or to buy myself a new iPhone!

Either way, you have a lot of flexibility when you increase your earnings. Read more about how you can earn extra money by adding value to your old furniture.

You can always find the best places to sell your used furniture.

 

43. Refinance your student loans and save money.

Ah, the student loans! Nobody likes those hefty student loans!

You can save thousands of dollars if you pay them off quicker AND refinance at a lower rate. You can also check out how to pay off your debt fast and ways to save money in college as a student.

This helpful article will also answer the question is it better to pay off debt or save money first?

 

44. Buy timeless items.

I have clothes that are in-season and a bit funky because it’s fun to have a few of those. But for the most part, I usually go for the timeless look. They’re easy to match and it reduces the need to make decisions on what to wear every single day.

I still have quality clothes and handbags from eight years ago in excellent condition! I’m actually surprised that I still get compliments wearing them! This is where you know you got the most bang for your buck!

 

45. Buy quality over quantity.

This is advice that I ALWAYS follow and I couldn’t stress it any further!

In general, I always prefer quality over quantity regardles ofs what product or service I buy. I’d rather pay a bit more (or just more) as long as I’m receiving value. I don’t appreciate “cheap” things that will eventually break because that’s just a waste of money.

The amazing real estate investor, Scott Mcgillivray, once said: Only rich people can afford to buy cheap things because they have the money to keep buying it over and over again.

To get the best value or best bang for my buck, I would wait for the item to go on sale. Sometimes they never go on sale and I’m fine with paying the full price. Again, as long as I am getting value!

“Price is what you pay. Value is what you get.” — Warren Buffett

 

46. Shop from online consignment stores.

Speaking of buying quality, are you a fan of luxury goods?

I know I am!

Yes, it’s expensive. But, if you enjoy luxury items such as Chanel, Louis Vuitton, or Prada, you have the option to buy pre-loved for a fraction of the retail price. Still pricey, but you’ll save quite a bit of money while being able to enjoy your love for luxuries!

I used to buy luxury handbags brand spanking new from the actual stores, but I stopped because the price hikes are WAY higher than inflation! Holy, I couldn’t see myself spend that much on a brand new handbag with today’s prices (especially with my income). And that’s why I recommend online consignment stores such as The Real Real to save money on your luxury items!

If you live in Canada, you can definitely give this online consignment store a shot: Love That Bag. They are based in Montreal and I personally had a great experience with them!

 

47. Buy gift cards at discount.

As mentioned earlier, you can sell your unused gift cards for some extra cash. On the flip side, you can also purchase discounted gift cards for up to 20% off (or even more). Retail stores include Target, Victoria Secret, Applebee’s, Best Buy, Apple Store, Starbucks, Nordstrom, and SO many more!

According to Cardpool, their customers have saved over $32 million to date! There’s no reason to pay full price when you can save money. To top your savings, you can combine it with Rakuten or Ebates when you shop online!

 

48. Use credit cards to your advantage.

I know that this isn’t for everyone. But if you can control your spending, you’ll be able to reap the benefits with your credit cards. I personally use credit cards for all of my purchases because it gives me rewards. If you can pay back in full amount each month, you may as well earn cashback and/or travel rewards. But of course, only buy the things you need.

 

49. Track Your Net Worth

We started tracking our net worth to keep track of our financial journey here.

If you haven’t started tracking your net worth, I highly recommend you do it.

This may sound crazy, but you will become addicted once you start tracking it. That’s a good addiction (better than a shopping addiction) because the numbers will motivate you to take action. Whether it’s saving more money or finding other ways to earn more, you will do whatever it takes to increase your net worth.

Even if you’re in debt, I still encourage you to start because it is so rewarding seeing your negative balance move towards zero. From there, you can start saving and investing to increase your number.

At the moment, I’m using a basic spreadsheet to track our net worth. But when I have time, I would like to revamp it and share it with you. For now, you can calculate your net worth by following this guide at Schwab MoneyWise.

 

50. Buy generic or store-brand products.

Buying generic or store-brand products can lead to significant savings. These items typically offer the same quality and performance as name-brand counterparts at a fraction of the cost. By opting for generic, consumers can prioritize function over branding, stretching their budget further without compromising on the essentials. Over time, this choice can amount to substantial savings.

 

51. Repair clothing instead of buying new

Mending clothing not only prolongs its life but also fosters a sustainable and economical mindset. Instead of splurging on new items, simple repairs like stitching tears or replacing buttons rejuvenate garments. This approach saves money, reduces waste, and champions an eco-friendly alternative in today’s disposable fashion era. Embrace longevity and sustainability.

 

52. Grow your own vegetables.

Growing your own vegetables is a rewarding way to save money. Instead of purchasing produce, cultivate a garden to yield fresh, organic crops. Over time, the initial investment in seeds and tools pays off, reducing grocery bills. Plus, homegrown veggies often taste better and ensure a chemical-free, nutritious supply.

 

53. Buy in bulk.

Buying in bulk is a savvy strategy for saving money. By purchasing larger quantities, you often pay less per unit, leading to significant cost reductions over time. Besides the financial perks, bulk buying reduces frequent shopping trips and packaging waste. Stock up wisely, and watch the savings accumulate!

 

54. Use public transportation.

Grab your ticket to one of the coolest ways to save money: public transportation! By ditching the car, you’re not only skipping gas and parking fees but also hopping aboard daily adventures. From people-watching to unexpected sights, it’s a fun, eco-friendly wallet win. All aboard the savings express!

 

55. Cancel unused gym memberships.

Are you part of the “I’ll start on Monday” gym gang? We’ve all been there, holding onto unused gym memberships like souvenirs from a forgotten resolution. But here’s a wake-up call: unused memberships are weightlifting… your wallet!

Cancelling them frees up funds for fitness endeavors you truly enjoy. Remember, it’s not just about staying fit; it’s about financial fitness too!

 

56. Shop sales and use coupons.

Unleash your inner deal detective: scour sales and master the art of couponing! Beyond just pinching pennies, it transforms shopping into an exhilarating challenge. After all, why pay full price when you can snag a steal and strut with the swagger of a savings sleuth?

 

57. Reduce energy usage at home.

Transform your living space into a chic, eco-conscious haven by reining in energy usage. From star-gazing during Earth Hour to basking in the romance of candlelit dinners, make energy conservation a lifestyle. Not only will your bills lighten, but you’ll also cultivate a home that whispers ‘sustainability with style’. Who knew saving could be so enchanting?

 

58. Budget and save your money.

As y’all know, my fiance and I were inspired by Gail Vaz-Oxlade’s money makeover shows and that’s how we learned about her clever budget strategy. You learn about the different budgeting methods and how to budget your money for beginners here.

I’ll admit that our incomes grew over the years, but we still followed Gail’s money management tips when we first started off with nothing and living paycheck to paycheck.

You’ll also want to learn more about budgeting from these other blog posts:

• What is the 50/30/20 budgeting rule?
• Which payment type can help you stick to a budget?
• Download our free budget printables, templates, and worksheets
• The Best-Selling Power Up Budget Binder Printable Pack

 

59. Replace your toilets with dual flush.

When we bought our home, we immediately swapped all three toilets (including the one in our tenants’ unit) to dual flush. I highly recommend switching yours too!

With a dual flush toilet, you use less water for liquid wastes and more water for solid wastes. As a result, reducing the cost of your water bill!

According to the Canada Mortgage and Housing Corporation:

Flushing toilets typically represents 40% of household water use, and changing out an older 13L (3 gal) toilet with a dual-flush unit that averages 4.8L (1.3 gal) per flush, can save up to 10% of a household’s overall water consumption.

Here is an example of the possible savings a family of four could see by replacing their 13L toilets with dual flush units. The example family flushes 4 times each per day. Over the course of a year, the 13L flushes send 75,900 litres down the drain. The savings associated with the dual flush toilet is roughly 47,890L (12,650 US gal) per year or 63% less than the 13L per flush toilet.

 

60. Put yourself on this $1,000 monthly savings challenge.

One way to speed up your savings is to trick yourself into saving $1,000 this month. Believe me, it’s actually fun when you challenge yourself once in a while. Do it for a couple of months and you’ll see instant results!

Download my free $1,000 Monthly Savings Challenge here that will convert you from spender to saver in the next 31 days!

 

61. Repair clothing instead of buying new.

In our fast-paced world where fashion changes in a heartbeat, the art of repairing often gets overlooked.

Take my black, timeless dress from Aritzia, one of my favorite stores. It’s been with me for five years, holding countless memories.

Recently, it began to show wear. So the easy option was to just replace it. But, I chose differently. After comparing prices, I realized that repairing it would save me over $150 compared to buying a new one.

By choosing to mend, not only did I save money, but I also extended the life of a dress filled with stories. Sometimes, a stitch in time not only saves nine but also your wallet!

 

62. Use the library instead of buying books.

Books have always been my escape, but I didn’t realize the financial trap I was falling into.

Over the years, my Amazon shopping cart frequently filled with the latest bestsellers, and the costs silently piled up. When I finally took stock, I was stunned by how much I’d spent. The irony is that many of these books were related to personal finance or investing. Yet, many of them remained untouched on my shelves.

Eventually, I donated many, including the unread ones. Reflecting on this, I turned to my local library. Not only did it offer a vast collection at no cost, but it also eliminated clutter and wastage. Using the library became an eco-friendly, wallet-friendly revelation.

 

63. Unsubscribe from most of your e-mails.

During the time when I went through a decluttering phase, I cleared most of my stuff including the e-mails in my inbox. I woke up one morning and spent over one hour unsubscribing from e-mails that didn’t add any value to my life. In the past, I’d be lured into all the sales and promos that stores were having and this created an urgency for me to buy. As a result, I wasted a lot of money on things that I didn’t need. I was fooled into thinking that I was going to miss out on a really good deal.

After unsubscribing, it cleared out a lot of clutter and noise in my inbox. I also noticed that I wasn’t buying stuff as often and it made a huge difference to my savings account! And no, this didn’t affect the quality of my life because I was too focused on refurbishing furniture, making extra money, learning more about myself and what I want to do, and now building this blog — all of which I enjoy more than shopping!

So, you know what you need to do now…

Spend some time unsubscribing from e-mails so that you can start saving money and building wealth! By the way, it’s okay to stay subscribed to the stores that you absolutely love and shop at. Just be extra cautious when you see deals coming into your inbox!

 

64. Beef up your credit score.

Did you know that you can save thousands of dollars by having an excellent credit score? The higher your score, the less interest you pay.

To get a good understanding of how important your credit score is to your financial health, read this article,  How a Good Credit Score Can Save You $83,770.

As a start, you can check your credit score for free at Credit Sesame. This won’t impact your credit score at all and it’s crucial to know where you stand. The sooner you start, the sooner you can improve your score and save thousands of dollars!

 

Over to you

Is saving money difficult for you? What money-saving strategies do you use?

 

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