Advertiser Disclosure

50 Everyday Ways to Save Money

Life is expensive. We’re sure we don’t have to tell you that. From the rising cost of gas and the growing expense of grocery shopping to the skyrocketing housing prices and record setting mortgage rates, far too many everyday Americans are struggling to make ends meet.

It seems that everywhere you turn, somebody is asking for just a little bit more money to do the same basic things they’ve been doing for years—from your cable provider to your electric company, from your prescription medicine to your favorite clothing store, everything is getting more expensive all the time. And even though the official numbers say that we are returning to normal levels of inflation after two years of devastatingly high rates, the reality for everyday consumers remains a mix of high prices, growing high interest debt, dwindling savings accounts, and increasingly elusive savings goals.

Sorry to get all dark with you, but it’s tough out there. There is some good news, though. Sure, there are expenses everywhere you turn, but there are also opportunities to save a little extra cash everywhere you turn. You just have to know where to look for these opportunities.

Lucky for you, we’re here to help. Read on for a comprehensive guide to saving money on everyday expenses of all kinds. Some of these tips can save you a little money, and some can save you a lot. But if you incorporate enough of these money saving tips into your life, you may ultimately save a fortune. You might notice that a lot of these tips involve savvy and responsible credit card usage.

For a deeper look, check out our list of ten ways that families can save so much money just by using credit cards wisely. Otherwise, read on to see how you can save money every single day even in this increasingly expensive world.

50 Tips To Start Saving Money Today

There are plenty of ways to save money fast, improve your household’s budgetary outlook, obtain greater financial freedom, and ultimately secure a better financial future for you and your family. We’ve broken these strategies into categories, offering tips for how you can save in areas like grocery shopping, banking, taxes, and much more.

Ways to Save Money on Grocery Shopping

1. Join your supermarket loyalty club. It only takes a minute to sign up and it’s typically free to join. (If it’s not free, you could probably be shopping at a more customer friendly grocery store). Assuming it is free, scanning your loyalty club card or punching in your phone number at check out time can help you accumulate points toward personalized discounts, may allow you to purchase certain everyday items at reduced prices, and will usually help your supermarket deliver coupons based on your individual shopping history.

2. Clip coupons and look for sales. It may sound old fashioned, but grocery stores still distribute coupons through those weekly print ads that cram up your mailbox. Instead of pitching them right into the recycling can–c’mon, we’ve all done it–take the time to go through those shopper circulars and look for coupons on items you regularly purchase. You’ll save a few cents here and there, but over time, all that coin adds up to big savings.

3. Join a wholesale club. It usually costs somewhere between $40 and $60 annually to join one of those wholesale clubs that sells groceries and other household essentials in bulk. But chains like Costco, Sam’s Club, and BJ’s are also always offering discounted membership deals where you may be able to join for a year for as little as $20. Once you’re in the club, you’ll enjoy considerable savings by purchasing name brand non-perishable items and frozen goods at bulk rates. Stock up and save both money and the hassle of frequent trips to the grocery store.

4. Use a grocery store rewards card. Many credit card companies offer cards that are specifically designed to reward you when you spend at the checkout line. Look for a good offer–one that includes a low APR, a high spending limit, minimal annual fees and, most importantly, all kinds of cool benefits for grocery spending like points, frequent flier miles, and cash back every time you spend at the supermarket.

5. Create a meal plan and stick with it. An article from BankRate advises, “Planning your meals for the week helps keep you from buying food items that you don’t necessarily need. You can avoid waste and overspending by going to the grocery store with a list based on what you intend to cook for the week. This requires that you decide in advance what meals and snacks you’ll eat during the week, but having a list and sticking to it can help you avoid impulse purchases.” Not only that, but meal planning also makes it a whole lot easier to keep a healthy diet, to avoid unplanned snacking, and to reduce the number of days where the convenience of fast food outweighs the importance of eating well.

Ways to Save Money on Your Utility Bills

6. Ask your electricity provider about a free home audit. You may be wasting energy and spending unnecessary money without even knowing it. Find out if your utility provider offers help in diagnosing these areas of wastefulness. According to an article from CNET, “Many electric companies offer a free audit, where they do a room-by-room examination of your home and look at your electricity bills to help determine where you’re wasting energy. You can follow their recommendations to help reduce your electric bill.” Recommendations will typically include the identification of aging and inefficient appliances in need of replacement, notation of fixtures that could benefit from energy efficient light bulbs, and the strategic placement of insulation, all in the interest of making your home more energy efficient andreducing your home energy costs.

7. Get a Smart Thermostat. You can actually save a ton by regularly adjusting your thermostat upward or downward for different periods of the day. For instance, energy experts advise lowering your thermostat by a few degrees at night in the winter, and raising your thermostat a few degrees overnight in the summertime. Taking a more efficient approach to setting the temperature in your home can go a long way. And with a smart thermostat, you can actually automate this balance. According to the article from CNET, “Smart thermostat models do a lot to cut heating and cooling costs, simplify life and provide a few extra creature comforts along the way with various smart features. Unlike traditional thermostats, these app-enabled devices let you control your home’s temperature from anywhere.”

8. Keep Your Vents Clean and Open. Poorly maintained vents and filters can significantly reduce the efficiency of your cooling and heating units. And when they work harder to maintain the temperature in your home, you’ll see the difference in your electricity and gas bilsl. That’s why an article from Allstate advises, “When vents are closed or blocked, your furnace or air conditioner has to work that much harder to distribute air around your home, according to the Department of Energy. They also recommend that you make sure all of your vents are opened and avoid putting large furniture or other items in front of working vents.”

9. Use fans during the summertime. Room fans and ceiling fans consume a fraction of the electricity your air conditioning unit uses. Not only that, but they can make life a whole lot easier on those units. CNET notes that “If you live in an area of the world where the summers are hot, turn on your ceiling fans instead of touching the thermostat. Using a ceiling fan can make a room feel 10 degrees Fahrenheit cooler, and a fan uses 10% of the energy that a central air conditioner does, according to the US Natural Resource Defense Council.” When the weather conditions allow it, keep your fans running on high and your air conditioner running on low.

10. Maintain and use your appliances wisely. The article from Allstate points out that there are plenty of little things you can do to make sure that you’re getting the best bang for your buck when running those heavy electronic appliances. For instance, when it comes to doing laundry, the article suggests that you Wash clothes in cold or warm water instead of hot. Almost 90 percent of washing machines’ energy consumption is spent heating the water, says Be sure to clean the lint trap in your clothes dryer after each use. This helps ensure proper air flow, which can improve the dryer’s efficiency…Take the energy savings one step further by purchasing a drying rack and letting clothes air dry whenever possible.”

Ways to Save Money on Home Costs

11. Take a Home Repair Course. Invest just a little bit in yourself by becoming a handier homeowner. When things break, it’s tempting to call a professional and get it taken care of. But every time you call a professional to fix your toilet, patch up a crack in the drywall, or unclog a drain, you’re spending money on parts and labor. And it’s always the labor that costs you more. You can save a ton over the course of a lifetime by learning the basics of home maintenance and repair. You may be able to take some home repair courses at your local community college or even your local hardware store. Or you can simply take advantage of the countless free resources available to you online. An article from Ramsey Solutions advises homeowners to “watch step-by-step guides to basic home repairs. That last one can come in quite handy when you need to fix a simple toilet leak but don’t want to pay an hourly rate for what might be a five-minute job. But keep in mind: Certain jobs—such as electrical or structural repairs—should be left up to the professionals. Don’t risk your life or home to save money.” As long as you use proper discretion when deciding which home projects to take on yourself–as opposed to those that you should obviously outsource to a qualified professional–a DIY approach could be a long term financial game changer.

12. Revisit your homeowners or renter’s insurance rates. How can you be sure you’re getting the best deal on your homeowners or renter’s insurance? It’s best to check in on market rates every few years. See what you’re paying in premiums and reach out to a few reputable providers for competitive quotes. You may even be able to enlist a little bit of help in this process. According to the article from Ramsey Solutions, there are agents who can do much of this comparison shopping on your behalf. The article advises, “Talk to an independent insurance agent. Their loyalty is to you, not to a specific company, so they’ll shop around until they find the best fit and rate for where you are in life. You can save hundreds a year with minimum effort.”

13. Trade your lawn for something more natural. Those of us who live in suburban settings know exactly how much time and money it costs to maintain a prim and proper lawn. Whether you put the hours into grooming it yourself, or you hire a service to make weekly landscaping visits; whether you have an in-ground sprinkler system or you stand out there with a hose every summer morning, that lawn is quite a commitment. But environmental experts argue that a grass lawn is not the ideal way to cultivate your own green space, either ecologically or economically. According to an article from Homes & Gardens, “‘It’s becoming more popular to forego traditional grass areas for something more wild looking and thoughtful in terms of water use’ says California-based landscape designer Sarita Jaccard. ‘You can still create a lush feeling garden without grass and tons of tropical water sucking plants. Kids can still fully enjoy and play between plants, decomposed granite, or gravel.'” If you do so, you will not only save money on costs like watering, fertilizer and maintenance, but you’ll also create a more attractive natural habitat for the birds, bunny rabbits and chipmunks foraging for food and shelter from the elements. 

14. Create your own household cleaning supplies. In most households, a look beneath any sink will reveal a whole assortment of chemicals for everything from washing dishes and disinfecting surfaces to scrubbing toilets and bleaching showers. Not only are many of these harsh chemicals somewhat less than healthy to breathe in or to bring into contact with your skin, but they may also be placing unnecessary pressure on your household budget. You could be making many of these household cleaners using safer substances and for pennies on the dollar. The article from The Family Handyman notes that “You can help the environment and save a few bucks by making your own household cleaners. For instance, instead of using store-bought glass cleaner, mix two cups of water with a 1/2 cup of vinegar to create your own. Another easy formula for all-purpose cleaning is mixing 4 tablespoons of baking soda with one quart of warm water.”

15. Use fewer disposable items. As long as you’re working both to protect the environment and improve your household budget, consider how many disposable items you purchase every time you visit a Target or Walmart. All those napkins, paper towels, straws, paper plates, and disposable coffee pods end up in landfills. And of course, you’ll have to constantly replace these always dwindling items in your own cabinets. Save money by switching from paper towels to reusable shammies, from paper napkins to washable cloth napkins, from disposable straws to reusable metal straws. Stop buying things that you’re just going to throw away in favor of things that can be used again and again.

Ways to Save Money With Credit Cards

16. Find an offer with strong cash back rewards. This is the most obvious and immediate way to save money using a credit card. If you have a good credit score, a consistent payment history, and a modest credit utilization ratio, you should be eligible for a strong credit card offer with a generous rewards package, low fees, and a fair APR. As an article from the Motley Fool advises, “One of the best ways credit cards save you money is by reducing the cost of your purchases. If you buy items you’d otherwise need but use a cash back or rewards card to do it, those rewards end up paying you back part of the money you spent. For example, if you have a cash back card offering 2% back on all purchases, you essentially get a 2% discount on everything you buy.” As long as you pay your credit card debt in full every month, you will avoid additional charges, regardless of your interest rates. This means that you’ll inherently pay less for all of your everyday purchases and monthly expenses when you use a credit card responsibly.

17. Look for a credit card with purchase protection and pricing protection. Believe it or not, certain credit card offers are designed to ensure that you pay the very best price for an available consumer item. And on top of that, the right credit card offer will also ensure that this purchase lives a long and healthy life. As the article from Motley Fool explains, with features like purchase protection and pricing protection, your credit card acts as a powerful tool for consumer advocacy. The article explains that “Some credit cards offer other kinds of protections as well. For example, your card might provide price protection and ensure you’re reimbursed if you buy an item and the price goes down in the days or weeks after you made your purchase. Cards also routinely offer extended warranties that make the manufacturer warranty longer. If your item breaks during this extended warranty period, this can save you from having to pay out of pocket for repairs or replacement.” All of this adds up to the potential for better pricing when you shop, greater longevity in the items you purchase, and less money spent over the course of your shopping life.

18. Get your streaming subscriptions using a rewards credit card. The right credit card rewards package will offer special rebates for use on certain media services. For instance, the Blue Cash Preferred Card from American Express offers users as much as 6% back when they use the card to sign up for streaming subscriptions. As long as you are saving on streaming services, the Blue Cash offer also includes 6% back on supermarket purchases, 3% back on gas, 2% back on parking and tolls and a $250 bonus for account holders who clear $3000 in spending during their first 6 months of card use.

19. Check out credit card offers for rideshare and other travel expenses. If you rely on the availability of rideshare services like Uber and Lyft to get around, that cost can really add up over time, especially if you’re traveling during costly peak hours as most work commuters do. If this describes your situation, you could benefit a great deal from a credit card offer that includes cash back for every ride you take. For instance, with the SavorOne Rewards card from Capital One, you can “Earn 10% cash back on purchases made through Uber & Uber Eats, plus complimentary Uber One membership statement credits…, 8% cash back on Capital One Entertainment purchases” and you can “earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel.”

20. Use balance transfer to get rid of credit card debt with high interest rates. If you’re carrying old credit card debt, you’re paying interest along with your monthly payments on the principal amount. As a result, you’re wasting a ton of your hard earned money and getting nothing in return. Fortunately, there are plenty of credit card offers out there that begin with a 0% APR for a promotional period of time. This could present an excellent opportunity for you to make fast headway on paying off outstanding debts without incurring additional interest charges. According to an article from Credit One Bank, a balance transfer to a card with more favorable terms could be a savvy move. The article explains thatA balance transfer offer is similar to a promotional interest rate for purchases, but instead of using your card to make a purchase, you use it to pay off existing credit card debt. With a balance transfer card, you move balances from other credit cards to the new card—up to the transfer limit. If it’s a 0% offer and you can pay off the balance transferred before the introductory period expires, you may be able to avoid paying any interest on the amount you transfer. But, if you don’t, the amount that remains will begin accruing interest at the card’s regular interest rate at the end of the promotional period. In other words, as long as you’re prepared to meet your initial repayment terms on time, a balance transfer should save you a bunch and make it a lot easier to eliminate that debt.

Ways to Save Money Through Smart Banking Moves

21. Set up autopay to ensure regularly scheduled payment on your monthly bills. This is an advisable step for a few reasons. Most importantly, this ensures that you never accumulate late fees for failing to pay on time. As the article from CNET points out, “Setting up autopay on your electricity and water bills will help avoid those unnecessary fees, and they’ll also remove the need for postage on paper bills.” Not only that, but many companies will offer a small financial incentive for customers who select paperless billing and autopay options. You may be able to bypass certain modest transaction and service fees each month while remaining on a schedule with your payments.

22. Create an emergency fund using a high yield savings account. Every household should keep an emergency fund on hand. Every week or month, you’ll want to put a few dollars aside in a fund that can be used for unexpected expenses like broken appliances, car repairs, sudden medical bills, or any of the other costly curve balls that life throws your way. And while you’re at it, put that money into a high yield savings account where you can accrue interest on every dollar you keep in your emergency fund. Not only will this separate savings account allow you to earn a modest return on that money while it sits idle, but your household budget won’t take a sudden and painful hit when you are faced with unforeseen expenses. This is the kind of preparation that can prevent you from using credit cards and plunging into debt when the unexpected does occur.

23. Open a high interest rewards checking account. If you’re interested in earning rewards when you spend but you don’t wish to sign up for another credit card, you may be able to take a more risk free approach by opening a checking account with a generous rewards program. In many cases, you may be able to open a checking account that offers high yield interest rates for any money that remains in your account while also providing all kinds of benefits in exchange for your spending. According to an article from BankRate,Some banks offer rewards checking accounts, which may earn cash back on things you buy with your debit card. Those who make frequent purchases using a debit card would benefit the most from this type of checking account. Other rewards checking accounts pay higher interest rates, although the balance that earns the elevated rate is often limited. You may also need to jump through some hoops to earn the bonus rate.” Either way, if you do the majority of your day to day spending using a checking account, make sure you’re getting all the rewards and interest gains to which you are entitled.

24. Consider banking with a credit union. Credit unions are basically banks that are actually owned by their account holders. In a sense, it’s like a public banking option and, as such, offers a number of terms that are designed to be more favorable to account holders and borrowers. If you’re looking for a competitive bank account offer, you may want to look into the availability of this option. According to the article from BankRate, “Unlike banks, credit unions are not-for-profit financial institutions owned by the people who hold accounts there. This means credit unions work for the benefit of account holders instead of shareholders. In some cases, that can translate into lower fees, better account perks and higher interest rates. If you have a credit union near you, check the rates it offers, as you might be able to get a good deal.”

25. Explore the Bank On movement to find a safe, affordable and local banking option. For many Americans, the costs and conditions associated with opening a checking or savings account may actually be prohibitive. The minimum balance required to open some banks as well as fees and penalties for falling short of a minimum balance may all be deterrents for those who might otherwise establish accounts with existing financial institutions. But a growing movement (which includes the Credit Union options noted directly above) is geared toward creating greater access and opportunity for those who are deterred by the costs and risks of traditional banking. The so-called Bank On movement is a platform that “supports local coalition and financial institution efforts to connect consumers to safe, affordable bank accounts.” You can visit the Bank On portal for a look at participating financial institutions and to locate one in your community. Opening an account through a Bank On certified institution will secure you lower fees and protect you from penalties and other hidden costs.

Ways to Save Money on Media and Entertainment

26. Cancel your unused subscription streaming services. We all do it. We’ll sign up for those free trials on a premium streaming movie service only to realize we’ve forgotten entirely and have been paying full price for the last three months. The article from Homes & Gardens suggests that “‘One of the best ways to save money is to get rid of subscriptions you don’t use frequently enough. If you subscribe to a variety of streaming platforms, for example, figure out which ones you use the most and unsubscribe from the others,’ says Carter Seuthe, CEO, Credit Summit. ‘If you have a gym membership but rarely go, switch to a cheaper plan or cancel it altogether. You should aim to only pay for services that you actually use.'” If you go through your own account statements with a fine toothed comb, you will almost certainly find a few more membership fees that you’ve been paying monthly for basically nothing. There are even some pretty reliable apps out there from companies like Rocket Mortgage that will identify and cancel unused subscriptions on your behalf.

27. Exercise at home. In the section above, we suggest cutting out the cost of your gym membership. But to be clear, we’re not advising that you stop exercising! This is a matter for a separate discussion, but there is a pretty well established connection between physical fitness and earning potential. The real point of this item is to suggest that you can save a fortune in the long run by creating a space in your home for exercise, and by committing yourself to a routine within the oversight of your gym buddies or instructors. Not sure where to start? You can easily find a virtually endless supply of workout routines and instructional videos on YouTube, and all videos are entirely free of charge. With the right upfront investment in some useful exercise equipment, you could save untold dollars on your own health and wellness.

28. Enlist a bill negotiation service for help with cable and phone bills. If you’re unhappy with your cable bill, internet bill, or the cost of your wireless phone service, you could always call your provider and ask about ways your bill could be lower. You may be eligible for certain promotional rates or you may be able to identify and remove services or features that you pay for but don’t actually need. On the other hand, you may spend an hour on hold, and another hour fruitlessly negotiating with a customer service representative working for an outsourced third-party call center, only to receive no discounts or price breaks whatsoever…which can obviously be extremely frustrating. That’s where bill negotiation services come in. You may be able to enlist a company like Billshark, Billcutterz, or Rocket Money to negotiate on your behalf for lower prices on your bills. This is usually done in exchange for a cut of the resultant savings, which means you have nothing to lose.

29. Join your local library. Yes, obviously the library is the best place to find books. But you’ll get more than an endless supply of physical reading materials. Many libraries offer additional media to members–and much of it may be available to access or stream online. An article from CNET notes that “If you have a library card, your public library likely offers a lot of free online services, such as ebooks or even streaming services. Give them a shot.” It’s free to get a library card in your town, of course, which means it could be free to gain access to a ton of educational and entertainment resources. 

30. Get a restaurant credit card. For many Americans, dining out is a major expense. From quick lunches out during your workday to weekend date nights, from take out dinners on nights when you’re too busy to shop for food to Sunday brunches on mornings when you’re too relaxed to cook, the cost of buying food outside of the grocery store can really add up. While most financial advisors will strongly recommend reigning in your spending habits when it comes to meals out of the house, we also understand that going out for dinner can be enjoyable, enriching, and sometimes absolutely necessary. So for those who simply must dine out as a matter of convenience, lifestyle or a combination of the two, be sure that you’re using a rewards card that offers the best possible benefits at restaurants. For instance, the American Express Gold Card, which does come with a comparatively high $250 annual fee, is nonetheless among the most generous when it comes to rewards on dining out. The American Express Gold Card offer includes “4X Membership Rewards® points at Restaurants (plus takeout and delivery in the U.S.) and at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X), 3X points on flights booked directly with airlines or on, 1X points on all other purchases.” If you simply must dine out on a semi-regular basis, this card could result in some pretty dramatic savings over time, even with the high annual account fee.

Ways to Save Money on Travel

31. Make your coffee at home. We know how tempting it is to hit the drive-thru at your favorite coffee spot for a quick shot of caffeine and sugar. But all those little stops add up to a pretty big item on your monthly budget. If you’re looking for ways to save money on your daily commute, start with a satisfying home coffee method. An article from CNET notes that “those daily cafe Americanos can easily take a chunk out of your bank account” and suggests that you “Use a coffee maker or French press to get that caffeine fix instead.” I may be old fashioned, but I personally prefer the efficiency, richness and flavor that comes with a stove-top percolator. However you prefer it, brew your cup of joe at home, get yourself a nice to-go mug, and save money every day.

32. Get a gas card. The right credit card offers can lead to valuable rewards for travelers including discounts and money back on purchases at the pump. This may go beyond cash back for fuel to include rewards on food, beverages and other items when you use your rewards card to make purchases at participating gas stations. For instance, the highly recommended Wells Fargo Autograph Card features “bonus categories [that] cover many common spending areas—including gas purchases—making it a solid pick as an everyday rewards card.” Moreover, users “earn 3 points per dollar at restaurants, travel, gas stations, transit, popular streaming services and phone plans [as well as] 1 point per dollar on other purchases.”

33. Drive the speed limit. We’re not just saying that because speeding tickets can cost a ton of money in both fines and higher insurance premiums. We would also point out that staying closer to the speed limit is actually a more fuel efficient way to drive. According to an article from The Family Handyman, “Speed kills your gas mileage and your wallet. Aerodynamic drag is a minor concern in city driving, but it really kills your gas mileage at speeds over 55 mph. In fact, increasing your speed to 65 increases drag by 36 percent! If you do a lot of highway driving, getting to your destination a few minutes early could cost you an extra $510 a year.” And not for nothing, but if you took the advice above and cut out your coffee stop on the way to work, you probably won’t be in quite as much a rush just to get to your desk, station, or boardroom on time.

34. Change your cabin air filter. You don’t have to be an auto mechanic to perform this simple and routine maintenance task. But you can be pretty sure that an auto mechanic would happily charge you for the service. Bypass the cost of labor and learn how to do this for yourself. According to the article from The Family Handyman, “A clogged cabin air filter can damage your car’s blower motor and cause your AC to run longer and harder in the summer. Cabin air filters are easy to access and replace and you’ll save about $30 by doing it yourself. Buy a replacement cabin air filter at any auto parts store and ask the clerk to print out the installation instructions. Cabin air filters are usually located in the air ducts behind the glove box in late model vehicles.” In other words, you won’t have to disassemble the engine block to get this task done. Learn how to do it for yourself, and plan to do it every 15,000 to 30,000 miles. The result will be a more fuel efficient air heating and cooling system, which means a car that gets more mileage to the gallon.

35. Use a credit card with travel insurance. Instead of paying for the protections of travel insurance every time you plan to travel for work or vacation, keep a credit card in your wallet that includes this type of protection. For instance, your credit card rewards may include insurance and reimbursements for lost luggage. Or, as the article from Motley Fool suggests, “you might get car rental coverage or trip protection insurance with your cards. Since you might otherwise have to buy these types of insurance, you save the money you would have spent on them. And your card might offer insurance you wouldn’t necessarily have paid for that can save you a fortune if something goes wrong.”

Ways to Save Money on Your Taxes

36. Start a college savings plan for your kid(s). If you are a parent, make sure you use a college savings strategy that offsets your tax burden. There are a few different ways to put aside money from your paycheck in order to both help secure a higher education for your children and reduce what you owe on tax day. The 529 Plan is a popular option, a savings account that is usually sponsored by your state or by a specific university. This means that you can usually deduct the amount you place into this account every year from what you owe on state income taxes.

37. Check to see if you qualify for the Earned Income Tax Credit (EITC). The Earned Income Tax Credit is a great way to save money at both the federal and state levels if your household is eligible. Not all taxpayers will qualify for this credit, but if you do, it could be a big boost when it comes to filing time. Your eligibility for this credit will depend on a number of factors including the size of your household, your personal income, and your marital status. During the 2023 tax year, this credit could amount to as much as $7,430 for those with the most disproportionate ratio between household income and size of household. 

38. Start saving for retirement. I mean, that’s probably something you should be doing anyway. But it’s about more than just your savings goal for the long run. It’s also a great way to save money right away. Start a 401(k) today and you can immediately begin shielding your earnings from the IRS…legally of course. An article from Nerdwallet explains that “Contributions to a traditional 401(k) plan are taken out of your paycheck before the IRS takes its cut, and your money grows tax-free. Let’s say Uncle Sam normally takes 20 cents of every dollar you earn to cover taxes. Saving $800 a month outside of a 401(k) requires earning $1,000 a month — $800, plus $200 to cover the IRS’ cut.” Higher earners may likewise benefit from alternative savings accounts such as IRAs and Roth IRAs, which also allow you to deduct a certain portion of your contributions from your taxable income.

39. Open a Flexible Savings Account (FSA). A Flexible Savings Account (FSA) is a fund where you can divert a small portion of each paycheck in order to lower your tax burden. Money placed in this account may be spent during the course of the tax year in question for specified items, which may include both medical expenses and certain household essentials. According to an article from NerdWallet,”You’ll have to use the money during the calendar year for medical and dental expenses, but you might also be able to use it for related everyday items such as bandages, pregnancy test kits, breast pumps and acupuncture for yourself and your qualified dependents. Some employers might let you carry money over to the next year.” As of the year 2023, you can divert as much as $3,500 to your FSA. While the amount is modest, it can both lower your tax bill at the end of the year and create a spending fund for certain necessary expenditures during the course of the year.

40. Start a side hustle and start writing off more business expenses. If you’ve been thinking of launching that craft business from your garage, or selling vegetables from your garden at the local farmer’s market, or driving an Uber for a few extra dollars on the side, it could be a great strategy for saving money on your taxes every year. That’s because you have access to a whole new range of deductions for business expenses when you work as an independent contractor. As an article from U.S. News & World Report notes, “your freelance projects or time spent as a ride-share driver could land you considerable tax savings. A few of the business deductions available include business-related vehicle mileage, shipping, advertising, website fees, percentage of home internet charges used for business, professional publications, dues, memberships, business-related travel, office supplies and any expenses incurred to run your business. If you pay for your own health, dental or long-term care insurance, those premiums may be deductible too.” In other words, when you start working that side hustle, you can suddenly qualify for a whole new set of tax benefits. Make sure you understand all of these benefits and that you take advantage of them both fully and legally.

Ways to Save Money on Healthcare Expenses

41. Open a Health Savings Account. This tip could have just as easily slotted into the section on tax savings. But opening a Health Savings Account (HSA) is a great way to both reduce your tax burden and offset your medical expenses. With an HSA, you’ll divert funds from your taxable income into an account earmarked for medical costs, but you will be able to access these funds without the same restrictions that typically surround retirement accounts like 401(k)s and Roth IRAs. In essence, the HSA is a tax exempt account that you can use to pay medical bills, and it is a particularly advisable option for those with high-deductible health plans.   According to an article from Nerdwallet, “Contributions to HSAs are tax-deductible, and the withdrawals are tax-free, too, so long as you use them for qualified medical expenses.”  Essentially, you’re putting this money aside for medical expenses for which you would ultimately have to pay anyway. This way, you’re both saving in advance for these expenses and reducing your tax burden as a reward for this saving.

42. Make sure you deduct your medical expenses from your taxes. It’s actually possible to save on your taxes by itemizing your medical expenses, though there are some limits to this benefit. Keep close track of your medical expenses throughout the course of the year. Track and record what you spend on premiums, copays, deductibles, medications, medical devices, and more. You will be able to deduct some of these expenses from your tax burden, though the amount will depend on your income. According to an article from Nerdwallet, “you can deduct qualified medical expenses that are more than 7.5% of your adjusted gross income for that tax year. So, for example, if your adjusted gross income is $40,000, anything beyond the first $3,000 of your medical bills — 7.5% of your AGI — could be deductible.”

43. Visit Urgent Care instead of the hospital when appropriate. Regardless of your deductibles and copays, visiting an Urgent Care clinic near you will almost always cost less than visiting an emergency room. According to an article from Kiplingers, the average cost of an emergency room visit is $1,757. The average cost of a visit to Urgent Care is $153. Of course, there are limitations to the treatment you can receive at an Urgent Care clinic. For a real emergency, you are strongly advised to visit the nearest emergency room. However, for basic attention, diagnostic testing, prescription orders and treatment for minor injuries, superficial infections, and low-grade illnesses, visiting Urgent Care may be a good way to keep your care more affordable.

44. Find ways to save on your medications. This may include asking your pharmacist about generic alternatives to costly name brand prescriptions, inquiring about more affordable treatment alternatives, or joining pharmaceutical discount clubs where you’ll pay a monthly fee to access promotional rates on prescriptions. Of course, you’ll want to be sure that the discount club actually provides rate cuts on your prescribed medications that exceed your monthly club fee. And finally, don’t forget to look for discounts from the actual manufacturer. Many pharmaceutical companies will provide discount codes or reusable coupons to help offset the cost of their more costly medications. In some cases, these discounts can actually be quite significant, and may reduce the out of pocket cost of your medication by a meaningful amount. 

45. Make sure your insurance plan is actually giving you the best bang for your buck. Just because you’re currently enrolled in an insurance plan doesn’t mean you’re stuck with it as a long term commitment. You may find, after a year or two, that your insurance plan doesn’t really offer the right benefits for your needs. You reserve the right to shop around for better options. Don’t waste money by sticking with a healthcare plan that doesn’t make sense for your health outlook. You could be eligible for a wide variety of policy options, each with its own array of premiums, deductibles, co-pays, prescription coverage, benefits, and more. Whether you’re paying for your own care or you receive coverage through an employer, visit the health insurance marketplace created by the Affordable Care Act during the annual open enrollment period and make sure that you are enrolled in the best plan for you and your family. To do so, you might consider comparison shopping based on what is available in your state and based on which plan meets your healthcare needs and budget. You may even be able to qualify for government assistance or access to an income-friendly plan. Start with a visit to the site, where you can begin the enrollment process, learn more about your options, and find an appealing provider that falls within your insurance coverage network.

Ways to Save Money on Everyday Living Expenses

46. Download a smart budgeting app. The first step to taking control over your everyday expenses is creating and maintaining a household budget. If this is a challenge for you, consider using a budgeting app. There are all kinds of excellent apps for your mobile device that can track what you spend, propose ways of improving your budget, and help you with tasks like identifying and canceling unused subscriptions, and negotiating lower bills with some of your service providers. For more, check out our list of the 12 best spending and budgeting apps for 2023.

47. Try the “30 Days Rule”. We are all susceptible to those impulse purchases–that awesome article of clothing, that popular new kitchen gadget, that piece of decor that we like a whole lot but don’t necessarily need. We’re not telling you not to buy these items. We’re just saying, maybe give it a cooling off period before you actually pull the trigger. The Article from Homes & Gardens calls this the 30 days rule, and explains that “The 30 day rule is the impulse buyer’s equivalent of counting to 10 in your head to stop you losing your temper. Essentially, you give yourself 30 days before you buy anything non-essential (on impulse or not). After the 30 days are up, you should have good perspective about whether you really need or still want what you were going to buy, assuming you remember you ever wanted it in the first place.” Simply stated, if you still feel like you must have this item after a month of contemplation, it’s probably a worthy purchase. Otherwise, you can move on and save that money as you do.

48. Plan big expenses around big sale events. Whether you’re planning to buy a new mattress during one of those big President’s Day sales or you’re getting ready to buy a top-notch air-fryer online but you’d like to wait until Amazon Prime Day, it’s a good idea to schedule the purchase of big ticket items around the periods during which they are likely to be most affordable. Fortunately, there are some fairly predictable annual sale events. Just place them on your calendar and plan your big purchases accordingly.

49. Using pricing tracker apps to wait for the best prices on online items. Instead of pulling the trigger as soon as you spot the item you’re looking for online, take the time that is required to find the actual best deal. Of course, it’s impossible for the average consumer to spend their every waking hour searching for the best deals online. But there are some pretty cool apps that can do it for you. For instance, says an article from NerdWallet, it’s “worth confirming a deal is actually a deal by tracking prices over time. You can let tools do this step for you; the Camelizer browser extension tracks prices on Amazon and can alert you of price drops. The Honey browser extension pulls in coupon codes and checks for lower prices elsewhere.” Keep track of the pricing on items you plan to purchase, both large and small. That way, when you finally decide to make the purchase in question, you’ll know for sure that you’re getting the very best price possible.

50. Adapt a 50/30/20 budget strategy. This is a fairly simple breakdown of how you can budget yourself even as your work to integrate a few of the several dozen tips outlined here above into your lifestyle. With the 50/30/20 strategy, your goal is to direct every single dollar of every single paycheck toward one of  three distinct purposes. According to the article from NerdWallet, “This approach means devoting 50% of your after-tax income to necessities, 30% to wants and 20% to savings and any debt payments. If one of your allocations exceeds these percentages, you can make some adjustments elsewhere.” But in the simplest terms, when you distribute your earnings this way, you ensure that you have enough money for everything you need, and hopefully, at least a little money for the things you want, while still ensuring that your spending is kept entirely under control


Of course, saving money on everyday expenses is one thing. But what about those special occasions, the kinds of occasions where the spending seems almost endless? Winter holidays, we’re looking in your direction. We all know this is the most wonderful time of the year, but it’s also the most expensive time of the year. Still, there are always clever ways to save money, even in the midst of all that holiday cheer. Check out these 10 credit card tips for saving money on your holiday shopping.