Interested in ways to save money that’ll still let you live the good life, while fattening your bank account at the same time! Here’s 16k of potential savings that you can implement right now, including real life examples and frugal living tips!
1. Buy used instead of brand new
When you’re trying to figure out how to spend less money, a great trick for many things—such as furniture, small appliances, children’s clothing, and more—is to snatch up great quality gently used items. If you do it right, no-one will know you didn’t buy it brand new! Sure, there’s a lot of junk out there… but if you’re a discerning shopper, I guarantee you can find some fabulous deals. Here are a few sites you can browse for used goods:
If an item looks like brand new, try to get at least 50% off to make up for the fact that it won’t come with a warranty like store-bought items do.
And if an item looks used, the discount compared to buying new should get even larger.
Estimated yearly savings for an established household: $500
If you’re furnishing a home or apartment for the very first time, one of my favorite ways to save money in 2024 is to buy used—you could save thousands!
I’m obsessed with chaise lounge chairs because they are one of my favorite places to work with my laptop. I also love bold colors, so when I found a pair of name brand chaise lounges in like-new condition, I pounced on them. These would have retailed for over $1300 including taxes, and I got the pair of them for $450! Sweet!
We bought an entire wall of bookcases in mint condition for my husband’s office, and several other used pieces of furniture that I love. One of my go-to sources to find these things is Facebook Marketplace—you can see how long a seller has been active on the platform, plus, read reviews on the seller to get a feel for their reputation.
But a word of caution is in order. With bed bugs making a comeback all over the map, listen to your gut and do some research before you buy used furniture. For example, don’t buy from people who live in apartment buildings with a known bed bug problem. Because if you end up bringing bed bugs home via that gently used arm chair that you just bought, you’ll end up potentially spending thousands of dollars to get rid of the bugs, cancelling out any “savings” from buying used. So buyer beware!
2. Stop dining out (that includes restaurant take-out and delivery)
You’re paying a hefty premium to have other people do the cooking for you. If you need ways to save money in 2024, consider how much you’ll save in a year by cutting this out of your routine for a while.
Where you live impacts how much you spend on restaurant meals. From a “low” average of only $1782 per year in Nevada, to a high average of $3505 in Massachusetts, dining out costs a lot of money.
Estimated yearly savings: $2644
(Estimated savings was calculated by taking the average of $1782 and $3505.)
On the right, you can see my lasagna that’s about to be put in the oven—in my humble opinion, it’s tastier than anything you can buy pre-made at the store—it’s full of homemade meat sauce, 3 cheeses, spinach, and more… and my family will be stuffed when we’re finished eating it. Compared to spending a minimum of $15 each (plus taxes and tip) to get lasagna at a restaurant, this is a steal!
And let’s not forget the cost of cocktails.
I love a tasty cocktail once or twice a week, but I don’t love paying restaurant prices. Well, want to know how to spend less money on that, too? You guessed it, you can easily make your own cocktails at home—restaurant quality—for a fraction of the price you’re paying in restaurants. And as an added bonus, you can control the amount of sugar hidden in that drink, too!
Here’s one example:
I buy limes in bulk in Costco, and I grow my own Mojito Mint (trust me, it’s WAY better than regular peppermint in a cocktail!). I can make myself a Mojito for less than 2 bucks and it tastes every bit as delicious as the $15 versions I’ve had in a high-end restaurant.
Let’s say you order whatever cocktail is on special, so you only pay $10 per cocktail, and you indulge in only 1 per week at a restaurant. That adds up to $520 per year. But if you make your own once a week, you’d only pay $104 per year.
Estimated yearly savings: $416
3. Avoid done-for-you meals at the grocery store
It’s almost always less costly to cook from scratch compared to buying pre-made meals. So, if you’re considering how to cut down on your grocery bill, this one is a no-brainer, right?!
And if you aren’t confident in the kitchen yet, here’s a tip—anything you need to learn about how to cook can be learned from the Food Network TV channel, or one of the many YouTube channels on this topic.
Here’s another tip—to avoid wasting your precious cooking time on recipes that turn out to be duds, start out by only trying recipes that have lots of reviews and an overall rating of 4.5 out of 5 stars, or better. AllRecipes.com is one of my go-to sites for new recipes.
Estimated yearly savings: $1040
(Estimated savings was based on an assumed weekly savings of $20.)
For those days when you’re desperately short on time and need to make an exception
I don’t resort to this option often because it’s very calorie-dense… but when you absolutely NEED to save time and buy a done-for-you meal, one option I love is the Costco food court pizzas. You get an 18″ pepperoni pizza for about 10 USD (or if you’re in Canada, it’s 12.99). Granted they aren’t going to be the same as your local pizzeria, but nonetheless they are VERY tasty imho, will leave you feeling full, and if you have kids they’ll probably fully enjoy it without complaint!
These are a delicious—and inexpensive— “emergency meal” for those nights when you just don’t have it in you to cook a meal from scratch.
4. Look through your shopping list and cut out anything that’s not healthy.
Oh, the irony of mentioning this right after the Costco pizza idea ?. Anyway, onwards!
The only foods you really need are the ones that fuel your body via good nutrition, right? So, if you need to cut expenses to an absolute minimum, it’s logical to stick to non-negotiable necessities and skip the junk food.
That means for the next while you’ll be cutting out things like Diet Coke and other sodas, ice cream, donuts, cakes, cookies, potato chips, fancy breakfast pastries, etc.
Your wallet and your body will thank you for it!
Estimated yearly savings: $156
(Estimated savings was calculated based on assuming junk food spending equivalent to 1 x $1 chocolate bar and 3 single-serving $2 bottles of pop each week for 1 person. Your choice of junk food may be different, so feel free to adjust based on your own preferences.)
And if you adore your treats, as I do, a compromise is to make your own instead of buying the premade versions. Whether it’s cookies, cake, or banana bread that you crave, I guarantee you it’s less costly to bake your own, and probably easier than you think!
Try a few recipes that you find online, or, ask your friends to share their favorites with you, and before you know it you’ll be completely self-sufficient when it comes to your treat supply!
5. Cancel your gym membership
No, I’m not crazy. 🙂 I know staying in shape is very important. But hear me out. Add up how much you spend in a year on a gym membership. If there is more than one person in your household who has a membership, add their cost to the total.
The cost of a membership will vary depending on where you live. Some people pay $25 a month, others pay $100 a month.
So, for the purpose of this discussion on ways to save money in 2024, let’s be conservative and aim for the low end: two people in a household each paying $50 per month for their membership. In one year, they’d pay $1200. In two years, they’d pay $2400. In five years they’d pay a whopping $6000.
What would it cost you to create your own home gym?
If you buy used equipment, it won’t cost much.
It’ll not only save you a ridiculous amount of money over the long term, but it’ll make your workouts way more convenient since you can do them from the comfort of your own home, and enjoy whatever you want on the TV while you work out. 😉
Estimated yearly savings for one person: $600
6. Ways to save money in 2024 on books
I earn income from book royalties and of course I am very grateful when my readers support my work by buying my books. But I’m also here to help you improve your finances. So…
If you need to cut costs, you shouldn’t overlook your local library as a great source of reading material.
Other options include Audible.com (via their membership) for audiobooks. It’s less costly to buy audiobooks as a member and you can cancel anytime. Due to my crazy eye problems, audiobooks are often the best way for me to “read” a book. Your mileage may vary depending on your personal circumstances though.
Bonus tip: Check to see if you qualify for a free trial from Audible.
I buy Kindle books for fiction books that aren’t available in audiobook format. Kindle books are generally less expensive than paperbacks.
And do you want to know what’s awesome?
If you don’t have a Kindle, you can read Kindle books via Amazon’s free reading app that can be used on your smart phone, tablet, laptop, or desktop computer. Get the free reading app HERE.
I buy paperbacks for non-fiction books that I intend to refer to again and again. This is mainly because I prefer paperbacks over Kindle format for reference material.
Estimated yearly savings: unknown
7. Make your coffee at home
Rather than buy coffee from your favorite coffee shop, make it at home. Even if this means you splurge on better quality coffee for home use, you’ll still save a bundle compared to the alternative.
Estimated yearly savings: $650
(Estimated savings was calculated based on buying one cup of coffee for $2.70, on five days per week for a total of $702… versus spending 20 cents a day on those five days to make your homemade coffee for a total of only $52.)
What if espresso drinks are your jam?
Let’s run the numbers for that scenario:
Going to a coffee shop for a $7 mocha latte every day for a year adds up $2625. Or, you can guy an entry level espresso machine that’s capable of making cafe quality drinks for under $500… even once you add on the expense of ingredients like an entry-level grinder, beans, flavored syrups, milk, etc. your total costs will be way less than $2625 per year. (I know this because it’s what I do.) So, even if you sometimes have expensive tastes, there are ways to indulge in what you like and still save a bundle! ?
8. Adjust your home thermostat
I know you’ve heard this before, but it bears repeating because the savings can be significant. Turn the thermostat down a few degrees extra in winter, and up a few degrees higher in summer. Believe it or not, your body will adjust to the change sooner than you may think.
Another related tip for winter is to turn the thermostat down even lower when you’re sleeping. You’ll be warm and cosy in your bed anyways, so there’s no need to heat your house as warm as you need it during the day when you’re not wrapped in blankets.
Energy.gov says you could save 10% per year on your heating/cooling bills via a relatively small adjustment to your thermostat settings for 8 hours a day.
Pro tip: Use a programmable thermostat to optimize your energy usage when heating and cooling your home. For example, if the entire family is out of the home at work/school during weekdays, consider having the winter indoor temperatures a bit lower than usual during that time to save on heating costs. Take a look at available options here – they may be less costly than you think!
Estimated yearly savings: $240
(Estimated savings was calculated based on the assumption of 10% savings on a $200 monthly heating/cooling bill.)
9. Cut the cable
The vast majority of people still subscribe to cable TV, and costs of over $100 per month are not uncommon.
So, if you already have high speed internet service in your home, you could save a lot by cancelling your cable and watching network TV shows online instead, many of which are free to watch.
And believe it or not, YouTube has gotten better over the years, so you may be pleasantly surprised at some of the quality content you can access there, including segments from popular talk shows.
If free options don’t offer enough selection, consider streaming services such as Amazon Prime.
They often offer a free trial, which is a great way to test out the service. Plus, even if you decide to stick with it and pay, it’s generally much less expensive to subscribe to a streaming service compared to cable TV.
Estimated yearly savings from cutting cable: $1164
(Estimated savings was calculated based on the assumption of paying $13/mo. for a streaming service instead of $110/mo for cable.)
10. Sell the right stuff and save tons of money
Obviously selling stuff will give you an influx of cash. But what people don’t think about is that it’s also one of the ways to SAVE money in 2024.
How so?
Well, you may own things that cost you money to maintain or insure. And you might not need those things as much as you did before.
For example, let’s say married couple Liz and Allan have two cars because that’s the way they’ve always done things. But then they have a baby, and one of them decides to be a stay-at-home parent. If money is tight, it might be worthwhile to sell that second vehicle, which will not only generate a little windfall of cash from the buyer, but also save them ongoing costs of vehicle ownership like maintenance, repairs, and car insurance.
Or let’s say you live in a city with public transportation available.
According to an AAA 2023 report, the average yearly cost to own a new car was $12,182. That includes things like fuel, maintenance and repairs, insurance, licensing and registration, taxes, plus, financing costs.
Now let’s say you’re not a stay-at-home parent and you need to go out to work every day. And let’s pretend that public transportation is a viable option for you, and a monthly pass costs $110 ($1320/year).
As you can see, the savings you get from substituting public transportation for private vehicle ownership is enormous!
Estimated yearly savings (public transportation versus car ownership): $9408
Can you think of any things you own that cost money in ongoing maintenance and/or insurance, but that you really don’t need all that much? If you can, consider selling it.
11. Fix your leaky faucets
Have you ever thought about how much a leaky faucet could be costing you?
On the bright side, a leak of 1 drop per second is only estimated to cost about $35 per year – so there’s no need to panic over money going down the drain from a slow leak. But if you have 3 faucets leaking at that rate (or one faucet leaking 3 drops per second), it’ll cost you $105 per year.
Often all that’s needed to fix this is an inexpensive cartridge for the faucet, and there are loads of YouTube tutorials that’ll show you how to replace it yourself. So if you need to leave no stone unturned when it comes to saving money, consider trying simple repairs yourself. Be sure to turn off the water supply to whatever faucet you’re working on before you begin, and take all necessary precautions to prevent new leaks after the repair is complete.
Estimated savings: $100
14 BONUS WAYS TO SAVE MONEY in 2024 on your water bill (ideas 12-25)
- Install low-flow fixtures on faucets and shower heads
- Use a low-flow toilet (alternatively, convert a regular toilet to a low-flow by adding sealed containers of water to the toilet tank, away from any moving parts – this way, every flush will use less water)
- Run the dishwasher only when it’s full (avoid running partial loads)
- Avoid washing dishes by hand – it tends to use more water compared to running a full load in the dishwasher.
- Use cold water when washing laundry (you can use the heat of the dryer to kill germs later).
- Only run the clothes washing machine when you have enough laundry to do a full load (avoid partial loads).
- Drink tap water instead of bottled water (assuming you live in an area with tap water that’s safe to drink).
- Don’t leave the water running when you brush your teeth – only turn it on when you need water to rinse your mouth or your toothbrush.
- If you need to water shrub beds or your lawn, do it in the early morning or evening to avoid the hottest part of the day. (If you water during the hottest part of the day, too much water will be wasted to evaporation before it can be absorbed by your grass/plants.)
- Maintain your grass at a bit of a taller height – longer grass doesn’t dry out as fast, therefore you’ll save on watering costs.
- Take shorter showers – less water down the drain means savings on your water bill!
- Install an aerator on your faucets – they tend to decrease water usage.
- Use a rain barrel to collect rain water (assuming this is allowed in your area). You can use the rain water for watering plants, flushing the toilet, and even for washing your hair!
- Keep a pitcher of cold water in the fridge. This way you won’t be tempted to waste water by letting it flow down the drain as you wait for it to get cold enough to drink.
26. Switch to a no-fee checking account
Open a new tab on your browser, then log into your online bank accounts and find out how much you’re paying in banking fees each month. Now add that up and see how much you’re spending in a year.
A Bankrate study showed that the average no-interest checking account costs $5.31 per month, while the average interest-bearing account costs almost triple that at $15.33 per month.
So, add “no-fee checking account” to your list of brilliant ways to save money in 2024!
Estimated yearly savings: $124
(Estimated savings was calculated based on saving the average of $15.33 and $5.31, which equals $10.33 per month.)
27. Reduce the temperature on your hot water tank
Your hot water tank uses up a lot of energy to keep all that water hot 24/7. Not only can turning the temperature down a bit save you some cash on energy bills, but it also reduces the chances of burning yourself accidentally.
28. My number one way to save money and live better in 2024
Learn to manage your money like a pro!
What do I mean by that?
You’re going to learn how to stop living paycheck to paycheck, get the motivation and know-how for building up a big stash of emergency cash, make a plan for getting out of debt, make sure you never run out of money, and see how to avoid the 11 worst budget traps (that’ll ruin your financial plans if you let them!). Find out more about that here!
Know anyone who’d benefit from these ideas? Please forward this article to them! ?
Your Roadmap to Financial Freedom
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