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How to save money

By HeftySavings editors · Updated · About HeftySavings

How to save money
Photo: Noah Wulf, CC BY-SA 4.0, via Wikimedia Commons

Saving money is mostly about the big, boring bills, not giving up coffee. Start with the costs you pay every month without thinking, then build habits that stick.

Start with the big bills

  1. Insurance: compare car insurance and home or renters quotes before every renewal.
  2. Phone and internet: check whether your phone plan matches your real data use, and call about internet promo prices.
  3. Energy: see how to lower your electric bill and heating costs.
  4. Debt interest: ask for a lower rate on credit cards or look at a balance transfer.
  5. Bank fees: switch to an account without monthly fees; see bank fees.

Food

  1. Plan meals for the week before you shop.
  2. Shop with a list and eat before you go.
  3. Compare unit prices, not pack prices.
  4. Try store brands for staples.
  5. Cook once, eat twice: double recipes and freeze portions.
  6. Keep a "use it up" shelf in the fridge.
  7. Pack lunch most workdays. More in save on groceries.

Subscriptions and memberships

  1. List every subscription from your bank statements. Our subscription audit does this in minutes.
  2. Cancel what you have not used in a month; rotate streaming services instead of keeping them all.
  3. Ask about cheaper tiers, annual billing or student and senior discounts.

Getting around

  1. Keep tires at the right pressure and remove roof racks you are not using; both affect fuel use.
  2. Combine errands into one trip.
  3. Compare fuel prices with an app and use loyalty programs.
  4. Consider whether a second car is really needed.

Shopping habits

  1. Use a 30-day rule for non-essentials: wait, then decide.
  2. Unsubscribe from shop emails and delete saved cards from shopping sites.
  3. Buy used for furniture, tools, baby gear and sports equipment.
  4. Return what you do not need, within the deadline.
  5. Shop out of season for clothes and holiday decorations.

Home

  1. Seal draughts and adjust the thermostat by a degree or two.
  2. Wash clothes cold and air-dry when you can.
  3. Switch to LED bulbs.
  4. Fix dripping taps and running toilets.

Money systems

  1. Pay yourself first: move savings on payday automatically.
  2. Keep an emergency fund separate from spending money.
  3. Use sinking funds for known costs like car repairs and gifts.
  4. Track spending for one month to find leaks.
  5. Review every bill once a year with the yearly bill check-up.

Free fun

  1. Use the library for books, films and events.
  2. Host potlucks instead of eating out.
  3. Look for free museum days and local events.

Big decisions

  1. Avoid new car loans you do not need; see car loans.
  2. Check property tax assessments for errors.
  3. Ask about payment plans and financial assistance for medical bills.
  4. Before any big purchase, get three quotes.

Keep what you save

Saving money only helps if it ends up somewhere. Each time you cut a bill, move the difference to savings automatically.

Frequently asked questions

What is the fastest way to save money?

Cut recurring bills first: insurance, phone, internet and subscriptions. One call can save money every month without changing how you live.

How much of my income should I save?

A common guideline is to save 20% of take-home pay, but any amount you can automate is a good start. Build an emergency fund first.

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