What Strategies Are Most Effective for Saving Money?

When you are in a constant cycle of struggling with simply paying bills it can be tough to know how to best save money for the future.

Let’s dive into some of the most effective strategies that you can use to accomplish your big and small financial goals.

What Strategy Is Most Effective for Saving Money?

There’s no doubt that curbing your spending habits to reach your savings goals will look different for everyone.

We’ve compiled a list of workable steps adaptable to anyone’s income to help you start saving.

Limit Debt

Eliminating high-interest debt, like credit cards can be a significant step toward saving more money.

Not only do you get to shed a debt payment, but high interest debt eats up a good portion of any minimum payments you are making on those debts. Which makes paying down your principal a very slow process.

Track Your Spending

It’s important to know exactly where your money is going each month and that starts with tracking your spending.

You could be losing $1 here or $5 there and if it happens enough, you’ve got a significant money leak.

Staying in top of your spending is key to making sure you are sticking to your budget and savings plan.

Pay Yourself First

There is never a shortage of places your money will get spent.

One of the best strategies you can partake of is planning out your budget and then making sure paying into savings is the first “bill” paid.

That’s right, treat your savings as a bill. If you don’t prioritize your savings, that money will find another way to be spent.

And because that savings was already a part of your budget plan you are just working your plan!

Focus on your Financial priorities

Everyone has different things they prioritize in their life.

What are your financial priorities? What are you working for and towards?

Once you know that– take a look at your budget and see if your budget reflects your financial priorities. If not, what changes can you make?

What Are 10 Ways to Save Money? Extra Tips

Saving money isn’t a universal step-by-step process for every budget-conscious person.

With that said, we highly recommend considering these 10 additional tips to get more savings in your accounts.

1. Save regularly.

The more often you put money away, the more money you will have in your nest egg.

2. Check your insurance policies.

Are you paying more for insurance than you need to? Call around and get quotes or consider changing your deductibles where it makes sense.

3. Downgrade your services.

It’s time to cancel the streaming subscriptions you barely use.

4. Find a different bank.

Is it costing you money to store your money with a bank? Find alternate lenders with lower transaction fees or monthly fees.

5. Stay in instead of going out.

If you’re craving some one-on-one time with friends, invite them over for a night in instead of going out.

6. Repair instead of buy.

This rule applies to everything in your home. Instead of buying something new, consider if you can repair it for a fraction of the cost.

7. Negotiate rates.

When it comes to credit cards and other debts, negotiating for lower interest rates can help save you hundreds of dollars.

8. Spend less on entertainment.

As tempting as it is to treat yourself to dinner and a movie every weekend, try spending more time in between entertainment purchases.

9. Clean out your closets.

You’d be surprised at the things you will find hiding in the corners of your wardrobe. Take any extras and sell them at a garage sale or at consignment shops.

10. Don’t forget your emergency fund and sinking funds!

These are often forgotten, but can save your budget from unexpected and irregular expenses which has the potential to cost you more money if you are forced to take on debt to meet the new expense.

What Is the 30 Day Rule for Saving Money?

What is one strategy you can use to save more easily? Checkout the 30-day rule. I

This rule is one of the simplest saving tips, as all you have to do is take the time to think over a purchase for 30 days before committing to buying it.

As a shopper, it’s easy to make impulse buys, whether it’s a new pillow or a shirt you came across at the mall. Instead of taking the plunge and buying the item then and there, think about it for 30 days.

If you still find want that item at the end of the month, you can follow through with the purchase (assuming it’s in the budget!). You would be surprised at how quickly some of these purchases are forgotten when you get yourself away from that purchasing moment.

Saving money doesn’t have to be a complicated process. Check out some of these simple, effective strategies and jump in today!

Photo of author


Kristen is the founder and content creator at Mom Managing Chaos where she teaches busy moms how to simplify and organize their life and finances. She writes about frugal living, budgeting, productivity and organization.