What if you could save an extra $500 this month without making any major lifestyle sacrifices? What if that “impossible” financial goal you’ve been putting off suddenly became achievable with just a few simple changes?
Most people think getting ahead financially requires earning more money or living like a monk. The truth is, small strategic adjustments to how you budget, spend, and earn can create surprisingly powerful results.
We’re talking about changes so simple you can implement them this week – yet significant enough to potentially save you thousands of dollars over the next year.
30 Game-Changing Money Hacks
Whether you’re drowning in monthly expenses, frustrated that your paycheck disappears before you can save anything, or simply tired of feeling like you’re spinning your wheels financially, these 30 proven strategies will show you exactly how to take control.
From sneaky ways to slash your bills without giving up what you love, to surprisingly easy methods for generating extra income using things you already own, this isn’t about deprivation – it’s about getting smarter with your money.
Ready to discover which simple changes could completely transform your financial picture? Let’s dive into the strategies that actually work.
10 Budgeting Money Hacks
Creating a budget is important to help you reach your financial goals.
There are different types of budgets, from the 50/30/20 budget to a zero-based budget. With proper budgeting, you can direct where all of your money goes from your bills, discretionary spending, and savings.
Try these tips to help you stick to your budget.
1. Automate your monthly payments.
Set up automatic payments for all of your regular monthly payments like your utilities, phone bill, credit card, etc.
This will allow you to focus on other things when you know you’ve already taking care of your bills – and can avoid late payment fees and credit score issues.
2. Track your spending for at least one month.
This will serve to help you better understand your spending habits. It can provide the realistic data you need to create a more accurate budget you can actually stick to.
3. Pay yourself first.
Set aside a certain amount into savings right away and then use the rest for your bills.
This will help limit the temptation to spend that money on other things.
4. Create a financial goal.
Knowing what you’re working towards can help you plan your budget and motivate you to stick to it to reach this goal.
A financial goal can be anything from saving up for a vacation to paying off debt or loans, to starting a business or a new car.
5. Look for free or cheaper alternatives to expenses you currently have.
For example, if you love reading and spend a certain amount on books each month, consider using the public library.
6. Meal plan & meal prep.
These will help you stick to a more consistent grocery budget and can help you reduce food waste by making you more aware of what you have in the house. Planning ahead can also save you money by avoiding going out for meals.
Need ideas? Explore our thrifty recipes and meal plan articles to get you started, affordably.
7. Use cash-back apps.
Apps like Rakuten or Checkout 51 can save you a pile of money on your daily purchases.
You can get cash back on things you were already planning on buying, from your groceries to gas and other shopping.
8. Refinance your loans with a lower interest rate.
Getting a lower interest rate can help you save big money on interest payments.
Say you’re carrying a $5,000 personal loan debt with a 12.37% on a 3 year term.
If you make a $167 monthly payment for those 36 months, you can expect to pay over $1,000 in interest before you pay it off.
Switching to, say, a Credit Union loan rate at 10.75%, you will pay about $872 in interest over that same amount of time. The lower you can get (And make sure to calculate any penalties or fees for switching first!), the more you save over time.
9. Try different budgeting methods.
Aim to find one that best fits your lifestyle.
The 50/30/20 budget may be great for others, but you may find the ‘non-budgeters’ budget to be something you can sustain for a long time.
Remember – the best budget is the one you stick to. It doesn’t matter which one you choose.
10. Use apps to help you.
From tracking your spending to creating a budget, use technology to keep you on track and boost your chance of success.
Apps like Credit Karma automatically connect to your bank accounts and credit cards to help you see a better snapshot of your spending.
10 Money Hacks to Lower Your Expenses
Lowering your expenses can help you save more money.
When you successfully lower your expenses, you can use the extra money you are saving towards your financial goals. While only using one or two of these won’t help you save a lot of money, stacking a few of these methods at a time can add to big savings.
1. Shop around.
Yes, it takes more time to find the best deals on your daily purchase, like groceries and essentials. But it cuts back on overspending and the potential savings add up.
2. Negotiate.
From the price of your bills and even loan payments – sometimes even just asking for a better deal can lead to saving money.
3. Save on transportation costs.
Bike to work, use public transportation, or try carpooling.
This can help you lower your gas and maintenance costs over time. If it’s possible, try cutting down to one car to save on car payments and related costs.
4. Cut back on eating out.
Cook at home for your meals as much as you can to lower your dining out expenses. Even cutting back to once a week can make a big difference.
5. Lower your energy bill.
Switch to energy-efficient appliances and lightbulbs to lower your utility bills.
Use cold water over hot water for your showers and to wash your clothes. It may not seem like much, but again, this all adds up over time. Plus, changing habits like these can push you into a more savings-conscious mindset.
6. Shop at thrift stores.
Lightly used clothes, kitchenware, books, home decor – don’t knock it ’til you try it! There are good deals – and fun finds – at your local thrift or secondhand shop.
Plus, a lot of them support local charities and you’re helping reduce waste by giving items a second chance!
7. Shop around for insurance policies.
Car and home insurance payments can inflate quickly, and many of us dread the shopping around to find better deals. But it’s not hard to get the lowest monthly premiums. You may want to try apps such as Insurify to compare car insurance quotes and EHealthInsurance for health insurance comparisons.
8. Find free activities.
Instead of paying for your all of your entertainment, exhaust the free options, from outdoor concerts to monthly museum days or festivals.
9. Lower your subscription bills.
Just like a spring cleaning day or clearing out for a garage sale – regularly choose which subscriptions are worth keeping and which are worth getting rid of.
10. Use coupons.
Coming prepared when you go shopping can help you purchase your daily items at a lower cost.
Are You Using Your Coupons? 8 Easy Steps to Save Money on Your Shopping
10 Increasing Income Money Hacks
If you can combine lowering your expenses and increasing your income, you’ll be able to save for more than you imagined. Try these tips to help you increase your income.
1. Sell items that you’re not using.
You can use Facebook Marketplace, garage sales, or another online platform.
You can sell anything in decent condition from furniture to pet and outdoor gear to clothes and sports equipment.
2. Set up your house as an Airbnb if you have a spare room.
3. Ask for a salary increase or adjustment.
Have your job duties changed since you were hired? When was the last time you had a performance review? It could be time.
4. Start a side hustle.
Got a few extra hours a week? Shave off some screen time and use your skills to earn extra money from Uber Eats, tutoring, or selling artwork online.
5. Rent your car.
Don’t need to use your car for a few days? Rent it out on Turo for others to use when you are not.
6. Find online surveys or mystery shopping opportunities.
You can make extra money on easy projects.
7. Sell crafts, art, or handmade items online on Etsy or other online platforms.
You can have additional income from this skill if you have an artistic talent or vintage savvy.
8. Start a blog or podcast.
It can take some time to build your following, but you can monetize through ads, affiliate marketing, or sponsored content.
This can be a creative side hustle if you enjoy writing or talking.
9. Invest in real estate.
Use the property as a rental unit or units for additional income or flip the home to sell the house at a profit.
10. Invest in dividend stocks.
Depending on how much you invest, you get paid a monthly or quarterly dividend that can be used as another stream of income.
Have You Tried Any of These Money Hacks?
Whether you try them all, or just a few, taking a chance and trying something different from what you’ve been doing could actually change your whole perspective!
Pick one or two things to start and then see how you feel – you might just get motivated for more.
Updated from Feb 1, 2023
Photo by Kenny Eliason on Unsplash
