Table of Contents
Money Saving Tips – Money Saving Challenge When Broke
Saving money is like any other lifestyle choice! If it’s important to you, there’s no limit to what you can achieve. These easy ways to save money daily are the methods that we swear by!
Because we’ve seen them work time and time again. To save amounts that are nothing short of miraculous.
Prioritize saving, implement these strategies and you’d be on your way to saving lots more money than you can probably comprehend.
This post may contain affiliate links. This means that we may make a commission if you make a purchase via a qualifying link (at no extra cost to you!). You can read our full disclosure for more info.
We’ve all seen the memes about the couples on TV shows, with oddball jobs, looking for expensive houses to purchase. You know… the part time grasshopper breeder, married to the homemaker, with the weirdly huge budget?! That was us (my wife and I)!
With slightly different jobs, but you catch my drift. Laugh all you want but it’s crazy how much money you can save, once you have the right approach. And attitude is everything!
By the way… selling drugs or distributing morally subjective content on the internet shouldn’t be the automatic assumption, when you see people doing well for themselves.
Sorry but if you still laugh at those memes, you probably know a lot less than you give yourself credit for. Don’t worry… I’m here to show you the secret!
Motivation + Education = First Step to Financial Freedom
Let’s discuss the techniques that can get you out of living paycheck to paycheck, and set you on the path of financial freedom.
They are the same strategies that made it possible for my wife and I to purchase land at 23, with one salary and no external support.
The same approach that allowed us to own our half a million dollar dream house (completely paid-off for) in our early thirties. Again… No financial windfall, no inheritance, no exorbitant gifts! Just a couple, with a dream and backed by our commitment.
Not an easy feat for self-made millennials, with mediocre salaries. All while raising 2 kids, paying rent and covering all our other monthly expenses. Completely on our own!
All I’m trying to say is that regardless of your financial situation, it can be done! You can save money. And lots more than you think!
11 Super Easy Ways to Save Money Daily
1. Save on Food
Did you know that food is your largest expense that you are fully in control of? Food comes third on the list of the highest expenses incurred by the average American household, after housing and transportation expenditures.
Considering that your rent or mortgage is fixed, and your car payment or fares to and from work are also fairly constant… food is your biggest variable expense, each month.
Obviously, you can go to the bank and do some refinancing, or rent a cheaper place… but those are extreme decisions. And you definitely won’t be able to repeat that every month. Even if you do, food would still come in third place. Or at least it should!
Your food budget gives you the biggest flexibility when it comes to saving money every month. It’s also the easiest way to completely blow your budget.
You could honestly spend anywhere between $100 and $1000+ on food in a given month. The variability is astounding!
Just pick up breakfast on the go, buy takeout a few times per week, scattered in with some dine-in experiences ever so often. And topped off with some unnecessarily costly recipes on the rare chance that you do cook at home.
And watch your money being flushed down the toilet! Literally and figuratively!
Goals Over Gut!
Your life goals need to be bigger than your desire to eat expensive food all the time! Be disciplined! Educate yourself! Be frugal!
Did you know that you could eat well and enjoy delicious, flavorful, meals for a couple hundred dollars monthly? For your entire family. Easy! There are tons of $1 (and under), mouth watering, meals out there. You just need to be creative and follow some simple rules.
All your meals would be enjoyable and you’d never feel like you’re on a budget. That’s the trick… you have to find the sweet spot where you are saving a considerable amount of money on your food each month, but mentally, you still feel relaxed. With the right set of frugal recipes, this is actually very simple!
Or you could go ultra tight for under $100 a month. This one may take some discipline and commitment. I personally won’t recommend it for a family with kids, if you have a choice. But, it’s easy if your will to save is strong enough.
May the force to save be with you!
2. Save on Utility Bills
Every dollar adds up! And they add up quickly. Up and out your pockets! It’s mind-boggling how a merger of poor habits and a casual approach to managing household utilities can easily mean that you are throwing away hundreds of dollars monthly.
And you don’t realize it! That’s the scary part.
Make Energy Efficient Choices!
You never really equate a running appliance or a light that’s left on, to actual dollars being burnt. But that’s the reality. Instead, you get the bill at the end period, whine to yourself a bit, pay it and repeat the process.
For example: It costs you $5 to leave the light on (old school, 60W, incandescent type) in your laundry room, all month long. When you actually use it for a combined 4 hours. Nobody benefits from it outside of that time. Out of sight, out of mind right?!
If you turn it off when not in use, it would cost you a couple cents for the entire month. Now if you swap that 60W incandescent light bulb for a 10W LED, it’ll cost you less than a dollar to run it all month. For a comparable light output!
If you turn off that LED bulb when not in use, that’s less than 1 cent for the month! Now multiply that for each light bulb around your home. From $5 to $0.01 each!
That’s just a bulb example. Take a walk around and soak in exactly how many appliances that you mismanage. What about the air conditioning or heat? Don’t even get me started on the dryer.
Running the dryer for 1 and 2 articles of clothing, on a regular basis is just foolish. It adds up. You probably need to get yourself a second or third favorite sweater instead of running the dryer to manage just the one.
Or start air drying instead. Simple habits go a long way. Use energy efficient appliances and accessories. Turn them off when not in use and practice regular cleaning and maintenance to preserve energy efficiency.
The same principle applies for water or any other service that you pay on a “cost per” basis. We need to make energy efficient choices!
Get the Best Rates!
Compare prices and challenge your service providers for better rates. They’d be more willing to offer you a discounted rate than you may think. As opposed to losing you as a customer.
If there are multiple companies providing the same services in your area, be sure to use this to your advantage. I recently cut the bill for my cable / internet package in half! And I got a bunch of free add-ons on top of it. I didn’t even need to change my provider.
They just didn’t want to lose me as a customer when I questioned them about my rates. I wish I had thought about this earlier, but it’s never too late to stop being exploited.
If you remain silent, they’d just continue to take advantage of you. Put better respect on your hard earned dollars!
3. Stop Unnecessary Purchases
Stop buying unnecessary junk and stop finding creative ways to waste money. Please! You also need to stop letting influencers convince you that you need a pile of useless, trendy, items to feel successful!
That cake mixer that you just had to have… how many times have you used it since? Yes you… little Miss Martha Stewart. Done any baking lately? That’s $500 tucked away in your cabinet.
Imagine if that money was slapped on the principle on one of your current loans instead. Or your credit card bill! Plus the $1000 that you paid for the haul that some influencer convinced you that you had to have!
What about you Mr Captain Ahab? Caught your Moby Dick with that new batch of fishing tackle yet? The ones you bought with your credit card that’s now maxed out! How many projects have you completed with those new tools you bought?
Did you really save? Or did you spend a bunch and still needed to call the guy or gal? Think before you spend!
Success ≠ Stupid Spending
Did buying a $1000+ espresso machine make you happy? Does the luxury froth soothe the pain of the debt that you’re now drowning in? You can be just as miserable with regular coffee you know. At least you won’t be broke when the caffeine kicks in.
You don’t need 300 pairs of shoes, 85 pants, 25 belts and a million shirts! And a basket of beauty supplies! Tone it down a bit. Think practical and be smart with your money.
i. Stop buying things that you don’t need.
ii. No impulse purchases. For big purchases, sleep on it a few days before finalizing your decision.
iii. Would it add value to your life, and not result in added debt? Purchase the item only if the answer is yes to both parts of the question!
iv. Shop online for essential items as much as possible, to avoid in-person temptations.
4. Make a Budget & Stick to It
The concept of budgeting may sound daunting or a bit of a buzz kill. But I cannot stress how necessary it is. Do you remember every single thing that you bought last month?
I can’t even count the number of times that I couldn’t account for money missing in my bank account. I’m certain that I spent it. I just couldn’t remember what I bought.
That’s to tell you how insignificant the purchase was. But it was money spent nonetheless. That’s not cool! We can’t just have money pointlessly disappearing from our accounts. Not if we want to reach somewhere in life.
A cup of coffee here and there, a bagel, a casual swipe at the pharmacy… it all adds up. And before you know it hundreds just gone!
Having a budget is the mature thing to do. It’s you having a plan for your money. It’s you taking control of your finances. So chin up and get it done. Figure out how much money can be allocated to the various expenses in your life, devise a plan and stick to it!
To simplify things, you can check out our post on How to Make a Budget Plan! It has all the details that you need. We’ve also made it fun and easy for you with some free budget printables! Just click on the link below!
5. Track Your Spending
Once you have your budget in place, and the commitment to stick to it, it’s important to track your spending. That’s the only way to tell if you are sticking to your budget or not. And it’s better to track it before it’s too late.
You definitely do not want to run out of money and end up in a bind!
Be sure to pay your bills and separate the remaining money that’s assigned to your various other expenses. Take note of what you buy and subtract it from its spot in your budget.
We’ve found that the Cash Envelope System works well for us and simplifies the overall tracking process.
6. Use Apps to Save Money
Apps that help you to save money, like Swagbucks, are beyond amazing! Use them to do your essential shopping and you’d be sure to save a ton of money.
Sign up, collect your bonus, and then continue to earn cashback bonuses when you shop at most of the retailers that you always use anyway. Might as well!
Shop at Walmart, Amazon, Lowe’s, Home Depot, Best Buy and hundreds of popular retailers. The same go-to sites that you always use! Only this time… do it through Swagbucks and get a percentage of your money back!
7. Make Saving Fun / Have Fun While Saving
Love to save money and get a kick out of it! It’s similar to getting a thrill out of shopping, with one small difference… Instead of the adrenaline rush when the money exits your account or wallet, train your mind to be satisfied when it stays inside.
I know this is easier said than done. But as I told you earlier… it’s all in your mindset. If it’s important to you, you’d get it done! Train yourself to enjoy saving money.
Get your immediate family involved and hype each other up. Motivate one another to stay on the saving wagon.
Look for free or frugal things to enjoy like: taking walks, hiking, biking, window shopping in the mall, taking drives, reading, movie nights at home, board games, camping out in your back yard, grilling / cooking outdoors, picnics, hobbies that don’t cost a lot or activities that can be done with the stuff that you already own.
For more ideas, check out these Free Things to Do When Trying to Save Money.
Get creative and enjoy saving! And be sure to make a big deal every time a new paycheck hits and you’re still holding on to cash from the last one.
8. Experiment with No-Spend Challenges
A no spend challenge is when you decide to spend on nothing but essentials, for a predetermined period of time. Necessary items alone! Basic food and bills or mandatory expenses… nothing else!
For a month, a few months or until you achieve a certain figure in your savings account. Or if you have a fun partner… until the other cracks. As crazy as this sounds, it’s loads of fun when you have the right attitude.
This is probably my favorite part of saving money. Apart from the actual “having money” part. The challenge… The competition! And boy oh boy does it get competitive!
The smack talk, the rush to check off a box in our No Spend Tracker! Wow! Those no-spend challenges over the years have really brought my wife and I together on a whole other level. Exhilarating and satisfying stuff!
Don’t forget to sign up for your Free Printable Tracker below!
Need a printable tracker? Grab my FREE Printable No Spend Month Tracker!
9. Find Other Creative Ways to Save
What else can you do to save money? This is extremely specific and only you know all the answers to this question. What bits of fat can you trim from your life? What can you genuinely do without to save a few bucks here and there?
Are there unnecessary subscriptions that you’re paying for? Do you need Netflix, Disney Plus, Paramount Plus, Hulu, Amazon Prime Video and Peacock? Let me help you answer that… No! You really don’t! Start trimming some off!
Do you go to the gym just to run on a treadmill for 10 minutes? Try some free jogging trails or a couple laps around the block instead. The fresh air is better for you anyway.
Sit, think hard, make a list and start re-evaluating your spending. You’d be surprised at how easily you could rake up a few extra hundred bucks here.
Examine Small Conventional Ways to Save
Use coupons, shop in bulk, participate in recycling programs, join supermarket or retail store loyalty programs that offer discounts… Be sure to exploit all these options as well!
Consider Making Some Big Financial Decisions! Carefully!
I did mention previously about making major changes such as refinancing loans, your mortgage, or moving to a more budget friendly rental property. This is also your call. Sometimes it’s worth it to make some major decisions for the greater good.
For example, paying cheaper for your home momentarily so you could knock off some credit card debt quickly. It’ll be worth getting rid of that high interest credit card debt hanging over your head.
You could then use the extra money afterwards to quickly pay off your mortgage. You’d have extra money because you’d have no credit card payments, and a lower monthly mortgage payment.
Save a lump sum quickly, apply it all to your mortgage principal and voila… your house is paid for! Bye bye mortgage!
Be sure to think through this one carefully though. If you are going to the bank, check out all the terms and conditions, associated fees, long term effects, penalties, interest, etc. Ask a lot of questions and read through all the fine print before you sign a deal to refinance.
10. Use Money Making Apps
Most of us can’t live without our cellphones these days. Our smart devices have become an essential part of who we are now. It’s like an extension of our hands. Whenever we are bored or unstimulated, even for a few seconds, we automatically find ourselves scrolling.
Instead of casually browsing, do exactly what you always do, but through an app that pays instead! Did you know that Swagbucks pays you to browse the internet? They pay you just to be able to monitor your internet practices. And it’s 100% confidential. They also pay you to shop online, watch videos and play games.
Apps like InboxDollars, MyPoints and Survey Junkie also pay you big money for doing fun activities online. Instead of brainlessly scrolling away, get paid instead. Pass time on your commute to work, in between commercial breaks of your favorite show, or on your lunch hour. And make money!
Or schedule time to do it. If you are into gaming, there’s something for every type of gamer out there. Make any time a money making time. Even your breaks!
You can easily scrape together a few hundred dollars across all the paid apps, each month. That’s additional money right into your savings account.
Check out our dedicated post on Apps that Pay Real Money for all the details that you need!
11. Side Hustle… Hard!
Now for my last question to you: Did you know that it is totally possible for you to save more than what your salary is, monthly?
As in… Your boss hands you a $3K check but you actually save $4K or $5K that same month. Or you earn $4K at your job, but save $6K. And so on…
All while living independently and covering all of your expenses, on your own. I’m not crazy! And you read that correctly!
In case you were trying to run the numbers at the start of my post, let me clarify it for you now. When my wife and I were saving to purchase our land, and to pay off for our house construction after that, we were earning more than our “nine-to-fives”, with our “five-to-nines”. Way more!
Understand? Our fun side hustles on evenings, and weekends, started earning considerably more than our main jobs. The jobs we went to school for! The jobs we passed interviews for! It’s crazy to even think about. But it’s true!
To be completely honest, my wife was actually unemployed for the initial part of the process. Unemployed in the conventional sense that is! ‘Cause she was making money.
We side hustled. And we side hustled hard. Our side jobs opened up opportunities for us like we never thought possible. It set us up for life. And it can work out that way for you as well.
Just figure out your skills, passions or simply an area that you are interested in pursuing. And go for it. There’s a lot of money to be made out there.
Even if you don’t have any special skills, take a moment to learn about something. And use it to make money. It really is that simple!
Check out these Small Business Ideas and see if anything lands with you. You got this!
Frequently Asked Questions for Saving Money Tips?
FAQ: How Can I Save Money Every Day?
Saving money every day is a matter of combining a few strategies and sticking with them, consistently:
i. Save on Food
ii. Save on Utilities
iii. Don’t Make Unnecessary Purchases
iv. Create a Budget Plan and Stick to it
v. Keep Track of Your Spending
vi. Use Apps to Save Money
vii. Make Saving Fun
viii. Take on No-Spend Challenges
iv. Consider Other Creative Ways to Save
v. Use Money Making Apps to Earn a Little Extra Cash
vi. Side Hustle to Earn a lot of Extra Money to Save
FAQ: What is the $27.40 Rule?
The $27.40 rule is a strategy to save $10,000 in a year’s time. Basically, by saving $27.40 each day for 365 days, you’d end up with $10K in savings. By taking this approach, you have a more simplified outlook at the savings challenge and it appears more manageable.
FAQ: What is the 70/20/10 Rule Money?
The 70/20/10 rule for budgeting is a basic household money management strategy. 70% of your income goes towards covering your mandatory expenses or needs, 20% is allocated to your wants or luxuries that you enjoy and 10% goes towards your savings.
The 70/20/10 rule is a revised version of the 50/30/20 money rule, due to the increased cost of living in recent times.
FAQ: How to Save $20 per Day
Saving $20 per day is as simple as being more frugal with your food budget, cutting back on unnecessary purchases and making some extra money with a side hustle. Or by using an online app like Swagbucks or Survey Junkie to save and earn some additional cash.
Related Posts to How to Save Money Fast
Finance Tips that Everyone should Know
25 Jobs that Pay Fast (Same Day)
Monthly Meal Planning on a Budget
Final Thoughts on Easy Ways to Save Money Daily
Saving money on a daily basis takes discipline. But it’s probably best that you take the “day by day” approach to your savings strategy anyway. It really does simplify the overall mission into bite size, manageable, amounts.
However, once you are committed to your cause each day, before you know it you would have amassed thousands in your savings account.
Just remember: Rome wasn’t built in a day, and neither was a fat savings account! So keep at it!
Do you have any other advice on how to save money daily? What strategies have you seen success with? We’d love to hear from you in the comments section! Please share with us!
Don’t forget to follow us on Pinterest, Instagram and Facebook for more money management advice and finance related discussions, to help you make the most out of life.
Liked this Post? Pin it!
Leave a Reply