50 ways to spend less and save more money in 2024

The economy has been great. We’re all making money, but I’ve got some news for you, and you might not like it

The economy won’t always be this way, and those of us who will emerge with a solid foundation once the economy finally recovers will be those of us who know how to save our money.

We all know how to spend. Most of us are experts. But when it comes to saving, it’s not as fun. But, here’s the deal: Saving money is what makes us adults.

General tips and techniques

1. Eliminate debt ASAP.While making payments might seem more like spending than saving, interest on debt is money cost. Credit card and auto loan debts tend to be among the worst types of debt.

2. If your employer offers a 401k match, then take it! It’s literally free money.

3. Try fixing it yourself first. Labor isn’t cheap for a repairperson. Try it. Learn from it. Next time, you’ll probably be much better at fixing those small but costly problems.

4. If it doesn’t make you happy, sell it. Get rid of stuff that you no longer need. Not only will you get some cash out of the deal, but you’ll also declutter.

5. Create a budget. If you haven’t defined your spending limits, you’re sure to blow past them.

6. Consider renting equipment. Instead of buying that tree trimmer or hedge clipper, consider renting that equipment instead if it’s a one-time use. Thankfully, in today’s sharing economy, even if your neighbor doesn’t have the tool you need, there’s tool collectives as well as rentals from big box stores like Home Depot.

7. Turn your darn lights off. Energy bills wreak havoc for a lot of us. Lights are a primary culprit. Only use lights when you need them, and when you leave a room, turn ‘em off.

8. Check the library. Before you buy your next book, see if the library has what you’re looking for. If it does, then score! You just saved some cash. Books aren’t cheap.

9. Think debit instead of credit. While you won’t get any credit card points if you’re using a debit card, you also won’t be tempted to spend money that you don’t have.

10. Volunteer for free admission. Festivals. Carnivals. Concerts. Sporting events. Many times, volunteers get free admission after their duties are complete.

11. Plan gifts in advance. That way, you can make or buy those gifts when they happen to be on sale rather than full-price before birthdays or holidays. Here are some minimalist gift ideas for even more savings.

12. Preventative healthcare saves us cash. Especially dental cleanings. And regular doctor’s visits. The better we maintain ourselves, the better our bodies will treat us.

13. Comparison shop for insurance. The first quote may not be your cheapest option.

14. Refinance your mortgage when it makes sense. A reduction in your interest rate will immediately start saving you cash, so refinance using a mortgage repayment calculator to see just how much you can save with a new loan.

15. Crank down on your water heater. The lower the temperature, the less gas or electric it’ll need to keep your water hot. Reduce it to around 115 degrees Fahrenheit if you can.

16. Close your curtains in the summer. This will help keep the summer’s heat out of your home, reducing the strain on your air conditioner.

17. Don’t drive everywhere. If you can help it. Assuming you’re relatively healthy and mobile, there’s no reason to drive to the supermarket less than a mile away.

18. Take care of your clothes. Wash and dry your clothing according to instructions on the tag.

In restaurants

19. Order water instead of soda (or alcohol) at restaurants. A couple bucks per meal may not seem like a lot, but it adds up over time.

20. Consider going for lunch instead of dinner. Lunch pricing is usually cheaper than prime time, which is typically at dinnertime.

21. Brown bag it. I know, it’s not as much fun to eat at your desk. But if you need to save money, your daily lunches out is a source of money drain.

In grocery stores

22. Eat the food in your fridge and freezer first. Before you go shopping for new food, look at what you already have and see if you can’t make something with it. A good cook is a creative cook.

23. Don’t shop when you’re hungry. Most of us tend to buy more when we’re itching for a meal or a snack.

24. Plan your meals instead of winging them. Meal plans help focus your buying efforts in the aisles.

25. Is organic really worth it? You might be surprised at how similar those more expensive “organic” options are to the regular stuff. Buying organic is only worth it some of the time.

Subscriptions

26. Cancel or disable auto-renewals. This will give yourself the option to consider or not.

27. Ditch cable or satellite. Consider switching to a streaming service to save some cash. Or better yet, rely on OTA (Over The Air) HD television service, which is 100% free.

28. Don’t commit to long-term contracts. Give yourself the option to ditch the service if it no longer works for you.

29. Re-evaluate every month. Your needs, habits, and desires will change over time, and you might find that you no longer need that monthly magazine subscription to Vibe or Audible account.

30. Take advantage of referral programs. If you like the product or service, referral programs very often offer cash back or free stuff in exchange for referring family or friends.

31. Threaten to cancel. Believe it or not, many subscription services will offer you a deal during the cancellation process. Audible, for instance, will give you 50% off three months if you tell them you’re canceling because the service is too expensive.

Tips for spending less as a new parent

32. Wait to buy nice baby clothes. Your baby will grow out of their clothes every few months at least.

33. Buy second hand. Clothing, cribs, strollers—as long as it still functions, why let it go to waste? Your baby doesn’t care about discolorations or chipped paint. They’re going to make a mess on it anyway.

34. Ask friends and family for hand-me-downs. Everyone who’s ever had a kid has something they no longer need.

35. Never leave the house unprepared. Bring formula, snacks, changes of clothes, and other essentials with you wherever you go.

Habits to cut from or add to your life to save money

36. Quit smoking. It’s expensive and terrible for your health.

37. Quit drinking. Alcohol costs the US economy billions of dollars every year. Beyond the money you’ll save by not buying booze, you’ll also avoid drunk purchases (including 2am falafel).

38. Eat healthier. Less meat. More plants. More fiber. Fewer ingredients per item. Research shows eating this way can actually save you money.

39. Stop going to Starbucks. Is your daily coffee habit worth another decade of working? Make it at home/the office or let go of caffeine completely.

40. Start flossing. Two minutes a day can save you from serious dental bills.

41. Start running. Aerobic exercise is one of the best preventative health measures out there.

42. Start cycling. Bike to work if you can. You’ll get a workout in while saving money on gas.

43. Go to bed earlier. A well-rested mind makes better financial decisions. A well-rested body avoids the doctor.

Avoid buying new stuff you don’t need

44. Don’t buy a new car. If your old car is still running, there’s no reason to abandon it.

45. Don’t buy a new phone. Apple wants you to drool over every new iPhone model that comes out. Don’t fall for it.

46. Don’t buy a new computer. Clean it up, get it repaired, or buy refurbished instead.

47. No new toys. Teach your kids to make their own toys and get in touch with their boundless inner stores of creativity.

48. No new gifts. See our list of 100+ ways to save money this holiday season.

49. Buy a reusable bottle. Ditch plastic bottles and buy something that will last—but make sure not to lose it.

50. Protect your credit score. Stop paying to check your score and begin protecting your identity for free with True Finance

What's next? What do I do with the money I save?

A great option would be to save that money but an even better option is to invest it. There are great platforms to do that on. For example, Robin Hood is a great and simple investment platform and by utilizing Seeking Alpha you can take your trading to the next level.