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If you’ve ever found yourself counting your last pennies before payday, you’re not alone. Research shows that more than one in three American workers are living paycheck to paycheck. And have little to no money left for savings after covering their monthly expenses. They’re known as the “working poor”. Yet experts suggest we should be saving around 20% of our salary every month.
With the rising cost of living, that’s easier said than done. But while it’s challenging, it is possible to put some cash away every month. If you think creatively. Someone recently asked “What’s a tip that has saved you the most time or money?” And people didn’t disappoint.
They spilled their secrets, and some are pure genius. Bored Panda has collected the best answers, to help you through these trying times. Don’t forget to upvote yours and please do share your own creative money saving hacks in the comments.
This post may include affiliate links.
#1
Get a library card. I've read or listened to over 600 books in 6 years. I've taken courses, got help with tax prep, researched my ancestry, checked out movies, magazines, and CDs, helped a friend attain citizenship, and had my resume reviewed and tweaked - all absolutely free. Most people don't know everything that libraries offer and are sadly underutilized.
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#2
Store brands are sometimes just as good as name brands.
#3
Looking at price per Kg/500ml instead of just buying the cheapest. Also adding the items up in your head before you purchase them.
An obvious way to save money is to budget. Instead of just hoping for the best. There are a few strategies you can use when it comes to budgeting. One of them is known as the 50-30-20 rule. Basically, you allocate 50% of your salary toward things you need. 30% goes to things you want. And the remaining 20% is for your savings or investments.
Then take it a step further by using your some of the tips and tricks on this list when buying the things you need. For example, ordering your groceries online and picking them up. Or not going to the grocery store hungry.
#4
Never start smoking.
I look at how much cigarettes cost and I am so glad I didn't keep up the habit after trying smoking in high school to fit in with my friends. I didn't like how it made my breath and fingers stink so I only went through two packs, decided it was not for me then never smoked again.
Angrykitten 2 months ago
You can't get addicted to something you never try. Addiction destroyed both sides of my family. I decided really young to just stay away from d***s. And i limited alcohol for years and now just don't drink at all. Just isn't worth the risk.
#5
Buy good tools. C**ppy tools don't last. You wind up paying more over the long term than if you just bought good tools in the first place.
Also good tools make jobs go faster.
#6
Replacing shopping as a hobby with actual hobbies.
The Doom Song 2 months ago
I can't think of anything worse than spending hours shopping. Such a waste of time and money
If the 50-30-20 is too rigid, you could try the 80-20 trick. This is when you put 20% of your salary into savings, and spend the rest on whatever you need or want. Either way, financial experts advise that you always try to set aside 20% for a rainy day.
It might seem impossible to save a fifth of your salary every month. But you'll be surprised what you can achieve when you get creative. There are some clever ways to free up your spending money, and use it towards savings. As many of the netizens featured here have revealed.
#7
Knowing how to sew.
Susan Reid Smith 2 months ago
Sewing whole garments is expensive. Knowing how to mend saves money and by lengthen the life of clothes and helps the environment a bit.
#8
My father telling me to never go to the grocery store hungry. When I first moved out i used to get high and go grocery shopping and spend tons of money on random snacks.
Once I realized the old man was on to something I'd always go grocery shopping shortly after having a meal and spent dramatically less.
Are there subscriptions you could do without? Are you wasting money on takeaways? Do you have bad habits (like smoking) that are depleting your bank account? Have you considered making gifts instead of buying them? Scroll through this list and find the tips that work for you. Then implement and stick to them.
#11
Public transportation. This was particularly good for me, as my company pays for my orca pass. It was costing me about $600 a month to drive to work and pay for parking (between gas and parking fees) and the commute was about 2 hours long because of traffic. Since then, parking fees have gone up about 40% and gas prices have risen, so it's probably more. Now I ride the train to work every day and I'm at work in an hour. Doesn't cost me a dime.
The Doom Song 2 months ago
They are fixing the train line where I live so I've had free public transport with my pass for almost a year. It's saved us quite a bit of money
#12
When you want to buy something (and you earn your wage hourly), consider how much the product would cost in hours worked instead of just the cost in amount.
[>.<]/ 2 months ago (edited)
Now first deduct what you need just to live from your hourly wage. Then you know what part of your wage is free to spend. Then divide the price of the thing you want to buy by the part of your hourly wage that is free to spend. Then you know how long you really work for something.
If you're already living on a tight budget, another option is to increase your income. Either through a side hustle, by working extra hours at your current job, asking for an increase, or applying for a higher paying position elsewhere. Earning extra money doesn't have to be a painful experience. For inspiration, check out how these people earned quick and easy cash.
#13
To save money, drink water. Don’t order a soda with your meal. It adds up fast.
The Doom Song 2 months ago
Stop drinking soft drink all together. Great for the wallet and your health.
#14
In all honestly, looking at my spending nearly on a daily basis. It’s easy to forget about the small purchases, and those add up quick.
The more you have your eyes on it, the more you will be on yourself about spending. Then it almost becomes like game or challenge to see how much you can save once you get some good rhythm going.
Probably not the answer you were looking for, but I hope this helps.
#15
Meal prepping has been an absolute game changer for me.
The Doom Song 2 months ago
We do at least one big cook a week and freeze half of it. Then on thise weeks we are a bit strapped for cash we play what I like to call "container roulette"
In the event that you cannot put away 20% of your salary, remember that something is better than nothing. Even if it's $10 or $20 a month, you'll eventually get into the habit of not touching a portion of your paycheck. And the money will inevitably grow. By the time you're able to put away more, it'll hopefully already be second nature.
#16
Cancel Amazon Prime.
If you find yourself needing/wanting to order something on Amazon, as you check out it will say something like "do you want a free/$X trial of Amazon for free overnight shipping." Accept the offer (if it's less than shipping of course), finish checking out, and immediately go cancel the sub. Cancelling doesn't interfere with your free shipping.
As far as I can tell, you can do this any number of times. The first few times the trial is free. Eventually you do have to pay, but it's still cheaper than keeping an active subscription unless you're buying stuff on Amazon every week.
If you're buying stuff from Amazon every week my money saving tip for you is to stop buying stuff from Amazon every week...
#17
Don’t get too attracted on cheap/discounted items. It’s fine to purchase but the question is, do you really need it?
#18
Always make a shopping list before going to the store. It keeps you focused, prevents impulse buys, and saves you from extra trips back.
Maisey Myles 2 months ago
I make a list in ‘Notes’ on my phone. As I put each product in my cart I delete it from the list. I stay focused on what I need
#19
Using the internet to learn how to do something rather than paying a "professional" to do it for me.
#20
Buy the cheapest thing if it’s an experiment; the most expensive if you know you’ll use it forever
quentariel 2 months ago
This tip is really good if you had money to buy anything but the cheapest in the first place. It costs a lot to be poor, but you can't just pop out money out of the thin air when you need something.
#21
Asking myself, “Do I really need this?” before purchases. .
#22
Depending on where you live, getting a window fan. At night, the inside of my house is insanely hot and the outside is very cool. Opening the windows isn't enough, but a window fan pulls all that cold air in and cools the room within minutes. It has saved me probably thousands in air conditioning costs over the years.
Traveling Lady Railfan 2 months ago
Agreed!! Except if you live in a place with high humidity.....in which case, only a/c dries the air
#23
Go through your last 3 months of bank statements and see if anything can be dropped you don't need like subscriptions you forgot about. It'll also make you realize what you're spending on.
Geoffrey Scott 2 months ago
My wife complained to the car insurance folks about the latest increase. Found out our local credit union membership qualifies for a discount. Also we had a $100 deductible, raised it to $250. Ain't much, but it helps.
#24
Using reusable shopping bags and containers can save both time and money. Also reducing the need for single-use plastic bags and containers.
#25
Grocery pick up. I don’t go in the stores to shop. I order online and pick up when ready. This way I do not grab things not on my list. Plus I save time cause I’m not walking the aisles…..
#26
When something breaks. Don’t throw it out. Try to call/email warranty first. A portion of the retail price goes to fund the warranty account.
Robert T 2 months ago
Also look out for product recalls. My MIL stopped using her tumble dryer as there was a lot in the press about them catching fire. It was miles out of warranty. I checked and it was one that had been recalled. Contacted the manufacturer and got a brand new replacement, including installation and removal of the old one for free!
#27
Making gifts. People seem to enjoy them more too.
#28
Don't consider the maximum mortgage that you qualify for as your upper range on price. Not that *I* necessarily would have but I would have been completely house poor if I had and I do know a lot of people do fall into this trap.
With our current house we would have qualified for something about twice the price because of all the equity we built in our first house.
Jane Jayne Jain Jeign Jein 2 months ago
Definitely this - don't let the banks encourage you to stretch yourself thin on mortgage payments, because you never know what's down the road. When you're looking for a mortgage, download an amortization spreadsheet from the internet and it'll show you how much interest you will save by making overpayments when you can - especially at the beginning of your mortgage any overpayment can be worth three times it's value in saved interest charges. But you can't do this if you've already stretched yourself to the max. And if you build up an overpayment balance it could save you if times get hard later on and you need a payment holiday (depending on terms of your lender).
#29
Keeping my freezer stocked with pre-cut veggies to add to easy meals. Mix peppers, onions, etc. Stir-fry mixes as well to add to pastas or eggs or whatever. That and an air fryer, before that my adhd left me almost setting things on fire because I'd forget they were in the oven.
#30
Buy once cry once…meaning, buy the quality item the first time instead of the similar but cheaper quality item over and over and over. Kitchen knives, winter coat, appliances, mattress, work boots are quick examples I can think of.
Riley Quinn 2 months ago
Again, I have to toot the Thrift Shop horn on this. Buying high quality brands that are a bit out of style is so much better than leaning into fast fashion that won't last, exploits employees, and adds to our burgeoning landfills.
#31
Everyone’s saying meal prepping etc. missing the wealth enemy: **cars**.
The difference between a new and a 5-10 year old car could be $50,000.
As long as you don’t make that mistake (most people think they deserve a fancy car), you don’t have to worry about the smaller things as much.
Libstak 2 months ago
To me a new car is exciting and exotic for the first few drives, but you need it to get somewhere all your life...the best living is at the destination, ultimately you will go to more places, do more things and get more out of actual living with a cheaper car and more disposable cash in your wallet.
#32
Learn to maintain and repair your own vehicles. A little intellectual curiosity here goes a long way.
Rose the Cook 2 months ago
Surely this only applies to older models not the latest compuerised vehicles.
#33
Set a strict online spending curfew. For me, it's midnight. Absolutely no purchases once the clock hits 00. Obvious exceptions are things like bills or textbooks I forgot to get sooner. But anything I don't need? Nope. Not happening after midnight.
#34
If you can’t afford two, you can’t afford one.
Chonky Panda 2 months ago
I think I understand what this means and I agree. Basically it means that you should never be completely out of money. I'll try to give an example, but English is not my first language. Say you want to buy smth that costs e.g. $10, and you have exactly $10 in your bank account. You can buy it, but that does however mean that you have zero money left if an emergency or something else would happen. If you instead wait until you have $20 on your account, you have enough to buy said item AND have extra money in case you need it later.
#35
Using a credit card with a good bonus points program. I use it for autopay on monthly bills and all other expenses. I can use that for gift cards or cash back, it's free money. If my card is compromised it doesn't hit my bank account because i never use my debit card for anything.
Bec 2 months ago
Almost all the companies I have bills to pay for have started charging 3-5% for using a credit card. I had to switch all the utilities and insurance to auto draft from my checking account. I set reminders on my calendar just to make sure everything goes through and there are enough funds
What do you think ?
Bald Panda 2 months ago
Best advice I ever got was that having enough money for something and being able to afford it are not the same thing.
Damned_Cat 2 months ago
Need a rental car for a day or two? Check out the local U-haul rental outlet and find the price of a pick-up truck. It's usually a lot cheaper than a car rental place.
Theresa 2 months ago
Where I live, rental cars come with unlimited mileage, and U-Haul rentals charge extra for every kilometre so that wouldn't work here.
Load More Replies...
Carole G. 2 months ago
Live your paycheck & always put something in the savings account even if it's only 5$.
Brian Droste 2 months ago
Yes. I wish I did this when I started out in my working life. I am retired now and doing OK finically.
Load More Replies... Bald Panda 2 months ago
Best advice I ever got was that having enough money for something and being able to afford it are not the same thing.
Damned_Cat 2 months ago
Need a rental car for a day or two? Check out the local U-haul rental outlet and find the price of a pick-up truck. It's usually a lot cheaper than a car rental place.
Theresa 2 months ago
Where I live, rental cars come with unlimited mileage, and U-Haul rentals charge extra for every kilometre so that wouldn't work here.
Load More Replies... Carole G. 2 months ago
Live your paycheck & always put something in the savings account even if it's only 5$.
Brian Droste 2 months ago
Yes. I wish I did this when I started out in my working life. I am retired now and doing OK finically.
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