Finding creative ways to save money can make all the difference in reaching your financial goals. With recent historic inflation, shrinkflation and continually rising consumer prices, saving effectively requires more than just cutting back on luxuries — it calls for creativity, planning and smart decision-making.
1. Reevaluate your subscriptions
Subscription services have become the modern-day silent budget busters. From streaming platforms and fitness apps to monthly meal kits and online publications, these recurring charges pile up quickly. Often, we subscribe to services with great intentions, only to leave them untouched after a few months.
Start by listing all your current subscriptions, then evaluate whether you’re truly using each service to its full potential. Cancel or pause any subscriptions you don’t use regularly or use an app like Rocket Money to view and manage your subscriptions all in one place.
Pro tip: Many subscription services will offer you deals or extended free trials when you attempt to cancel, so you might even end up saving more. If you feel hesitant about losing access to something, set a calendar reminder to check in with yourself after 30 days. You may realize you didn’t miss it as much as you thought.
2. Buy secondhand or get used items for free
In 2024, thriftiness and sustainability are trends that go hand in hand. Secondhand shopping has never been more accessible, with online platforms like Poshmark, Depop and ThredUp offering a wide array of lightly used clothing and household items. Not only does this approach allow you to find unique, high-quality products at a fraction of the retail cost, but it also promotes eco-friendly consumer habits by reducing waste and helping to lower global greenhouse gas emissions.
Did you know? According to the National Resources Defense Council, manufacturing new clothes and shoes produces between 4 and 8.6 percent of greenhouse gas emissions, which is more than the entire aviation industry.
Buying secondhand can also provide substantial financial relief. For example, buying secondhand clothes can save you about $900 per year. Large-ticket items like furniture, electronics and even home improvement tools can be found in excellent condition through local consignment stores and online marketplaces like Craigslist or Facebook Marketplace.
Buy Nothing groups
If you need a product, see if you can find one for free through a Buy Nothing group in your local community. You can join such a group on social media or by downloading the Buy Nothing smartphone app. Members of these groups offer each other items they don’t need for free — including home decor, cookware, tools, clothing, furniture and even store coupons.
“The whole concept of Buy Nothing is about gifting what you no longer need or use and allowing others to reuse or repurpose it,” says Jana Dykstra, an administrator of a Buy Nothing Facebook group in the Chicago area. “We’re not donating it to others, it’s a gift for them to have.”
Dykstra has seen members of the group give away everything from a hot tub and a swing set to purses and wallets. She has personally given away things such as metal shelving and Chicago Bulls items. “I think it really just depends on the community demographics and interests,” she says.
3. Automate your savings
One of the most effective, low-effort, creative ways to save money is by automating the saving process. Automation takes the pressure off making the conscious decision to save, ensuring that a portion of your income is put aside without fail each month. You can easily set up automatic transfers from your checking account to your savings or investment accounts.
Whether it’s $20 or $200, regularly transferring funds to your savings account adds up over time. Additionally, banks like Ally Bank and Bank of America offer special savings accounts designed to encourage automated saving, with features like round-up programs. With round-ups, your purchases are rounded up to the nearest dollar, and the extra cents are deposited into your savings.
These small, consistent contributions can help build an emergency fund or create a financial safety net for future goals, from vacations to homeownership.
4. Take advantage of cash back and rewards apps
In 2024, leveraging technology for savings has never been easier. Cash-back apps like Upside, Rakuten, Ibotta and Honey allow you to earn money on purchases you’re already making. With a quick tap, you can find deals, activate cashback offers or search for coupon codes before buying online. While the savings might seem small, over time they add up to significant amounts — money that can be put directly into your savings or reinvested elsewhere.
Don’t forget to check if your credit card offers cash back rewards, as well. Cards like the Chase Freedom Flex offer rotating categories for cash back, giving you incentives for groceries, travel or dining. Combining credit card rewards with cash back apps can significantly increase your overall savings, and some apps even allow you to stack savings from multiple offers.
5. Refinance loans for better rates
Refinancing is a savvy way to lower monthly payments on mortgages, student loans or auto loans by securing a lower interest rate. With interest rates constantly in flux, 2024 may present the perfect opportunity to reduce the cost of your debt. Refinancing at a lower interest rate means more of your payment goes toward the principal, allowing you to pay off the loan faster and with less money spent on interest over time.
When refinancing, always consider the associated fees or closing costs, which Freddie Mac says are usually around $5,000 for mortgage refinances, depending on the size of your loan and where you live. Shop around with various lenders to ensure you’re getting the best rate. Even a small reduction in interest rates can lead to substantial savings in the long run.
6. Meal prep and batch cooking
Food is a significant part of most people’s budgets, and reducing dining-out expenses is a simple way to save. A Statista survey found that 42 percent of diners spend $11-20 on average every time they dine out. Instead of relying on takeout or dining at restaurants, planning your meals and cooking at home can drastically cut costs.
Start by creating a weekly meal plan and shopping list based on sales or coupons from your local grocery store. Batch cooking — preparing large portions of meals that can be frozen or refrigerated — can save time on busy days while also helping you avoid the temptation of expensive last-minute dining decisions.
Additionally, reduce food waste by being mindful of what’s already in your pantry and refrigerator. Apps like Too Good To Go help users purchase discounted, surplus food from restaurants and grocery stores, offering savings and reducing the 30-40 percent of the food supply that typically goes to waste, according to the USDA.
7. Embrace DIY projects
The DIY movement is stronger than ever, with endless online resources to help you tackle projects at home for a fraction of the cost of hiring professionals. Whether it’s home repairs, car maintenance or creative hobbies, taking on tasks yourself can offer substantial savings (sometimes thousands of dollars!) while also teaching you new skills.
For example, if you painted your own home, you’d save $500-$5,000. Simple projects like painting, landscaping or even sewing can dramatically reduce costs while personalizing your space or wardrobe. For those who want to go a step further, learning basic skills in car care or home repair through platforms like YouTube can reduce long-term costs by allowing you to handle small repairs yourself.
8. Go green and save on energy bills
Making energy-efficient upgrades to your home — like installing a programmable thermostat, adding weather stripping to doors and windows or switching to energy-efficient appliances — can lower utility bills month after month. Many energy companies offer rebates and tax incentives for eco-friendly home improvements, further enhancing your savings.
Simple habits like turning off lights when not in use, using energy-saving lightbulbs, and washing clothes in cold water can also add up over time. According to the U.S. Department of Energy, turning the thermostat back 7–10 degrees Fahrenheit for eight hours per day saves 10 percent on your yearly energy bills. The key is making energy efficiency part of your everyday routine.
9. Use credit card points and miles wisely
Maximizing your credit card rewards takes some strategy, but it can be a game-changer when done right. Many credit cards, like the Capital One Venture Rewards credit card, provide points for travel, dining or even everyday purchases like groceries. Before you make any large purchases, check which card gives you the best return on spending, and don’t be afraid to shop around for credit cards with introductory offers that give you extra points or miles just for signing up.
Be mindful: Credit card rewards are only helpful if you can pay off your balance in full each month and if the rewards outweigh the annual fee. Interest charges can negate any points or cash back, so using rewards wisely is key to ensuring they work in your favor.
10. Declutter and sell unused items
One of the easiest ways to put extra money in your pocket is by decluttering your home and selling items you no longer need. Whether it’s clothes that no longer fit, gadgets you’ve outgrown or furniture you don’t use, selling on platforms like eBay, Facebook Marketplace, or even at a local garage sale can give you quick cash while creating a more organized living space.
The Marie Kondo method — asking yourself if each item in your home truly “sparks joy” — is a great way to assess what you might be ready to part with. Not only does this decluttering process earn you money, but it also helps create a more peaceful, functional environment.
11. Negotiate your bills
Many of your bills — such as phone, cable, internet and insurance — are negotiable. With fierce competition in these industries, companies often have discounts, bundles or unadvertised promotions available to keep you as a customer. All you have to do is ask.
Call your service providers and inquire about lower rates, better deals or even promotional discounts. Sometimes, simply mentioning that you’re considering switching to a competitor is enough to unlock significant savings. If negotiation isn’t your strong suit, there are even services like Trim and BillCutterz that will do the negotiating for you, in exchange for a small portion of the savings.
12. Shop around for the best bank
Whether you’re saving for emergencies, a new car or a much-anticipated trip, earning the best rate of return on your money can help you reach your goals faster. You’ll often find the highest yield on a savings account from an online bank, since these banks may offer better rates to help draw customers away from traditional banks. For instance, it’s not uncommon these days to find online savings accounts with yields near or above 5 percent, whereas brick-and-mortar banks’ savings accounts commonly pay an annual percentage yield (APY) of only 0.01 percent.
“Moving your savings from a bank paying 0.1 percent to an online bank paying 2 percent is a 20-fold increase in interest earnings and since you still have the protection of federal deposit insurance, you don’t take any risk to get it,” says Greg McBride, CFA, Bankrate chief financial analyst. “It is the only free lunch in finance.”
13. Improve your credit score
A low credit score can result in being assigned higher rates for everything from credit cards to homeowners insurance. In fact, bringing up your credit score can save you thousands in the long run. Check your credit reports regularly from Experian, Equifax and TransUnion for any mistakes or signs of fraud. Errors can be disputed with the respective credit reporting agency.
Additional measures that can boost your credit score include staying on top of payments and lowering your credit utilization rate. Not applying for new accounts too often can also help, since this results in a hard inquiry on your credit report and can lower your score temporarily.
14. Unsubscribe from retailer notifications
Emails, texts and app notifications from retailers often tell you about the latest sales and discounts, and it could result in a sense of urgency to buy now so you don’t let a good deal get away. You can avoid impulse purchases — and possible buyer’s remorse — by putting an end to receiving these types of promotional messages.
Ways to stop receiving these notifications include unsubscribing from emails and unfollowing retailer and brand social media accounts, says Bola Sokunbi, author and founder/CEO of Clever Girl Finance. “You can also take it a step further by blocking these email addresses in your email accounts and blocking these accounts from showing up in your social feeds,” she says.
Sokunbi says that making such a change could result in less spending, a better emotional balance and a higher likelihood of sticking to a budget.
15. Get creative with holiday gifts
If you’re stressed around the holidays about all of the gifts you need to buy, chances are your friends and family members feel the same. A grab bag or Secret Santa gift exchange helps reduce the number of presents everyone has to purchase. Both of these options can enable each person at a holiday party to purchase only one gift.
Another way to keep costs down yet give something of value is to go with a creative gift that doesn’t come from the store. “When people think about do-it-yourself (DIY) gifts, their minds often wander to something underwhelming: a homemade card and an ugly knitted sweater,” says Howard Dvorkin, CPA and chairman of Debt.com. “But DIY can also be more valuable than any store-bought present. These can include a home-cooked meal and a total house or car cleaning.”
The bottom line
Saving money doesn’t have to feel restrictive. With the right strategies, it’s possible to cut unnecessary expenses and increase your financial security — all while still enjoying life. From reducing food waste and shopping secondhand to leveraging technology through cashback apps and automated savings, small actions can yield significant results over time.
Take charge of your financial future by integrating these unique money-saving tips into your routine and watch your savings grow as you move closer to achieving your goals. Take a closer look at your household budget with this convenient calculator.
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