9 Helpful Tips to Save Money

April 3, 2020
by Kaity

Are you looking for creative tips to save money (that’s not cutting out coffee) that you can implement today? We are writing this in the midst of the COVID-19 scare, and with the thought of going into a recession and so many facing economic hardships, it’s extremely top of mind for how we can reduce spending to save as much as possible. Our hearts go out to everyone who’s health or job security is at risk during this time, and a sincere thank you for all the essential workers and health care workers who are doing so much for our society.

In our lives, we recently prioritized identifying more areas to save money so we can increase our safety net for these challenging times. If anything, I hope you find these tips to save money slightly helpful.

9 Tips to Save Money

1 – Never Buy the Brand, Always Buy the Generic

There are so many purchases that this applies to, such as, clothing, select medications, packaged food items, pet toys, cleaning products, glassware, vodka (here is a great Planet Money podcast on generic vodka), shampoo & conditioner, soap, and house decor.

When you buy the brand, you pay extra money because you were convinced by their fancy marketing and packaging, want to show off to other people that you can afford the brand, or because you’re unaware of the generic offering.

This saving tip is summarized as doing your research, don’t fall for flashy marketing, and don’t worry about what other people think.

2 – Your House Doesn’t Need to be Redecorated to Match a CB2 Magazine

Redecorating your house is really expensive. Pillows are shockingly expensive. Paintings cost an arm and a leg. Don’t get me started on rugs. And all those little perfectly coordinated knick knacks cost serious coin.

Almost 40% of people in the U.S. rent, including us. Because this is not our forever home, we opt to buy very discounted furniture pieces and decorations by scouring Facebook Marketplace/Craigslist/thrift stores or make purchases at stores like Ross or Overstock.com.

Even if this was our forever home, living in a fancy home does not make the top of our priority list. If you do need to make a purchase, default to rule 1 and avoid that name brand.

3 – Avoid Trendy Clothes, Especially Trendy Workout Clothes

The adrenaline rush kicks in immediately after major purchases, but rapidly wears off, and you’re still stuck with the bill. Two months later, the trend passes and now those clothes will sit in closet purgatory. Yikes.

We’re all guilty of this, and I was especially bad right after college, and now those clothes that I will never wear again take up space in my wardrobe and that money was completely wasted.

Let’s be honest…we do not need to spend $100 on leggings either (remember rule 1?). You’re (likely) going to sweat and get gross in your workout – you do not need to break the bank to feel extra cute. Opt for a cheap tee and leggings – there are so many options that are closer to the $20 or under range (that are still cute).

4 – Pack Snacks Instead of Buying When You’re Hungry

I was diagnosed with Celiac over 15 years ago, far before gluten free was mainstream, and during that time, I never left the house without snacks in my bag because there were almost no easy gluten free options.

I still keep snacks in my bag, and it saves SO much money. If you get hungry while you’re away from the house, it will be much more expensive than if you just packed a snack. Some of my favorite snacks to throw in my bag are apples, ziploc baggy of popcorn, cereal, Nature Valley bar (I’m that girl), or chips.

This rule applies double if you’re heading to an airport. While you can’t bring in liquids, you can bring in snacks. Airports know that you have limited options (referred to as a closed economy), and we all know there is a fat upcharge. Pack your snacks and your food and save a ton of money.

5 – Don’t Buy Multiple Drinks at Happy Hour

I’m super guilty of this one – I always tell myself I’ll get just one drink, and then three drinks later I’m contemplating a fourth. In San Francisco, with each cocktail coming in around $15, that adds up way too quickly.

Bars significantly mark up drinks because they are the main profit streams for the business. We’ve been to bars that charge more for a single glass of wine vs. the exact same bottle at Safeway.

If happy hour is a weekly (or more) activity, it’s too easy to blow hundreds of dollars on drinks (speaking from experience). Save that money and just get a drink at work happy hours, and if you’re meeting up with friends, meet at each other’s place for a few drinks before heading out for the night.

6 – Affordable Leisure Activities

Are your leisure activities going to concerts every week or going on a hike? Brunch or tennis? Your leisure activities make a huge impact on your spending habits. I love going to concerts and even music festivals, but all of this has to be done within moderation, and within the “fun” budget that I can comfortably afford after I’ve put money into my savings (#Retire50) and covered my expenses.

Life is short, and I’m all in favor of living it up, but sometimes living it up might be doing a really cool hike or hanging out in one of the SF parks instead of going to concerts or a trip to Vegas.

7 – Double Check Your Subscriptions

There are SO many apps that will monitor all of your credit card subscriptions, and make it super easy to cancel any subscriptions that you didn’t realize were still going on or are duplicative. Just do a quick Google search and easily 10 or more apps will pop up. This could easily get some money back in your pocket this month if there are some unneeded subscriptions.

8 – Plan Your Grocery List Before Going to the Store

How terrible is it when you go to the grocery store hungry? Everything looks so dang good and you want to buy everything. We can’t cut groceries out because this is one of the expenses we of course absolutely need (much like rent and utilities). That said, some planning before going to the store will help you avoid throwing in extra items you are only buying because you’re hungry or spaced out.

We love to load up on pasta, canned beans, potatoes, frozen chicken and frozen fruit because we know this stuff will last us a long time and we will definitely use it. As you’re planning your list, think about what perishable foods you know you will use before they spoil, because that’s just money thrown out every time you have to throw rotten food out.

9 – Spending Detox

Every once in awhile, we like to do a complete “no spend” month where we literally only spend money on the essentials, and nothing else. We classify the essentials as rent, utilities, groceries, and work expenditures (like commuting). Anything else, like eating out, drinks, concerts, clothes, etc. are not allowed, and you’ll be shocked at how much money you can save.

Personally, I found this was extremely challenging the first time I did it for the first 2 weeks, but once I got over that hump of having to re-teach myself to break my habits, it was extremely rewarding.

I hope these tips are helpful! Let us know if you’ve found other great, creative tips to save money!

Check out additional topics to make personal finance SLIGHTLY EDUCATIONAL on our Personal Finance page.