Consumers are feeling the sting of higher prices coming at them from all sides. In fact, 83% of adults cited inflation as a significant source of stress in the Stress in America 2022 poll, conducted by the American Psychological Association (APA).1
If you're looking for how to save money in 2023, you're not alone. Read on for a host of creative savings ideas on how to save money fast. (As a bonus, many of them will help contribute to a more sustainable lifestyle.)
Easy Ways to Save Money Around the House
Sure, there may be some coins lurking in the laundry room or cash cushions, but here are some even better places to find them.
1. Find cash in your closet
You've likely heard the expression “one person's trash is another person's treasure." So is the case with clothing and other household items you can sell to make some extra money and streamline your clutter at the same time. For higher-end items look into Poshmark or The RealReal, or list it on a local site like Facebook Marketplace.
2. Give your existing belongings a new life
Instead of buying new apparel, try refreshing certain items by styling them differently or pairing them with other pieces. Often you can revive something that's been languishing in your closet with a quick repair, like affixing a button or sewing a tear.
3. Repurpose existing containers for organizational needs
Cleaning out drawers and closets can give you the itch to reorganize, which for many people entails a spendy shopping expedition for matching accessories. Instead, use what you have on hand, such as baskets and jars.
4. Stop using disposable items
Try cotton towels rather than wipes to clean up messes and invest in reusable food containers to save money on zip-top bags.
5. Don't put off home repairs
You want what you have to last, which will save money in the long run. One commonly accepted rule is to budget 1% of your home's purchase price for home maintenance. So if your house's purchase price was $350,000, expect to spend about $3,500 on maintenance each year—or averaged out over the long haul. Set the funds aside in a money market account—a combo checking/savings account that offers a competitive interest rate on deposits but still allows you to freely access your funds.
6. Avoid pricey household cleaners and harsh chemicals
Make your own with ingredients you likely already have on hand, like baking soda, vinegar and lemon juice. (Search recipes here.3)
7. Buy in bulk when it makes sense
Prices on larger sizes of paper products, laundry detergent and some food items can be much cheaper. Remember to only buy what you can reasonably use before it spoils or you're wasting money.
8. Cut your utility costs
Find a host of other ways to save on energy in the kitchen, laundry room and beyond here.
Easy Ways to Save Money on Food
Food costs can take a huge bite out of budgets. Here are some ways to economize without sacrificing nutrition or taste.
9. Shop the specials
Before you head out to the store, check your local stores' apps to see what's on sale that week and plan your grocery list accordingly.
10. Make a meal plan
You'll save money by not buying things you don't need, while avoiding food waste. Create ways to double up on ingredients with short shelf lives. For example, if a new recipe calls for arugula, plan to make a side salad the next day to use up the remainder of the container.
11. Compare unit prices
Manufacturers are increasingly slimming down the size of their packages, but not the price. A survey found just under half of consumers were unaware of this phenomenon, known as “shrinkflation."4
12. Shop generic store brands
You're likely to discover stores have upped the quality of their private label items, typically making them comparable to brand names without the premium.
13. Cook once, eat twice
If you're constantly tempted to order takeout because you're too tired to cook, make your efforts do double duty. For example, bake enough chicken so you can have tikka masala tonight and fajitas tomorrow. Research recipes that freeze well and save a portion for a future evening when you might otherwise resort to ordering pizza.
14. Avoid convenience items like pre-cut vegetables and fruit
These can cost much more than whole produce. Set aside time when you get home from the store to chop it yourself while you catch up on your fave podcasts.
15. Replace bottled drinks with alternatives
Cutting out soda and juices can save a bundle, and water is healthier anyway. Invest in a water filter so you're not wasting money on bottled water.
16. Maximize your rewards
See if you can triple dip by using the store's own loyalty program; a cash-back app like Ibotta or Upside; and a cash-back credit card like the Synchrony Premier World Mastercard®.
Easy Ways to Save Money on Transportation
Just getting around town can take a toll on your budget. Here are some ways to save.
17. Keep your car in good working condition
Consult your car manual to determine how often you should get oil changes and rotate your tires. These steps can prevent larger problems down the road.
18. Minimize the pain at the pump
Use an app like GasBuddy that tracks nearby costs so you can fill up at the most affordable spot without driving around. Many stores offer discounts on fuel as part of their loyalty programs, and of course, always use a cash-back credit card when you can.
19. Don't let your gas tank get too low
It can be tempting to put off that fill-up, but it could put you in a dangerous situation if dicey road conditions make your commute longer than expected. In addition, the moisture in an empty tank can freeze and crystalize—which can lead to ice in the fuel line. 5
20. Maximize your fuel efficiency with smart driving practices
Keep your speed at a steady pace and ease into starts and stops rather than driving more aggressively.
21. Plan your route efficiently
Ensure you aren't making separate trips to nearby places or backtracking. And think ahead: if you know you need to make returns or hit the library, put the items in your car so they're handy when you're out and about.
22. Form a carpool
Commuting downtown with a colleague, ferrying your neighbor's kids to sports practice or running errands with a buddy can be more fun—and save on gas of course.
23. Remove excess weight
A fully loaded trunk or roof racks can weigh down the car, causing you to use more fuel. According to the U.S. Department of Energy, an extra 100 pounds in your trunk could reduce your fuel economy by about 1%.6
24. Take public transportation whenever possible
Some workplaces offer a subsidy to make it even cheaper.
Easy Ways to Save Money on Services
We often think about saving money on things we consume but your budget likely has lots of line items that aren't goods. Here are some places to consider.
25. Review your streaming plans
A J.D. Power survey found that 60% of people had at least four streaming services.7 Try limiting yourself to one at a time.
26. Double-check the charges
For any subscriptions, check that costs haven't crept up. You might notice subscriptions auto-renew at a slightly higher price, which can eat into your budget month after month.
27. Review your insurance and cellphone and data plans
This should be an annual exercise to ensure you're getting the best rates. It's easy to get complacent, but you can often realize significant savings by renegotiating or switching.
28. Save on self-care
You don't want to skimp on taking care of yourself, but try your hand or team up with a friend for at-home spa services, like facials, mani/pedis and hair coloring.
29. Work out for free
If you're not visiting the gym regularly, cancel your membership and try working out at home using online videos. Walking and running are free, once you have the proper shoes.
30. Seek out free courses
Apps like Coursera or Alison offer ways to bolster your career or personal development skills.
31. Explore free entertainment
There's more to life than streaming. Join Meetup to identify clubs for a variety of interests or search online for free community activities.
32. DIY when it makes sense
Check out videos that can help you complete small jobs yourself. However, some jobs (like those involving plumbing or electrical work) are likely best left to professionals.
Easy Ways to Save Money on Big-ticket Items
We will start this section with the caveat that these strategies aren't all easy. Some of them would be considered more “creative" savings ideas, but they are ones that have the potential for making a big difference in your budget, whether to pay off debt or bolster your long-term savings. Make sure you have a plan for where you will amass the savings, such as in a certificate of deposit (or CD) account, a short-term option offering high returns with relatively low risk.
33. Consider a roommate
The savings can be immense: from more affordable rent to reduced utilities and maintenance costs. If you own your home, see if you can rent out a room (after carefully checking references).
34. Ditch the car
With increased work-from-home opportunities, it might be more viable than ever to live car-free. Going without a vehicle allows you to save not just on your car payment, but also on insurance, maintenance, gas and other costs associated with a vehicle.
35. Upgrade your savings
Check that your emergency fund and other savings are earning competitive interest. Look at stashing your savings into a high-yield savings account, money market or CD account.
36. Improve your credit score
Believe it or not, just boosting your credit score can help you access better terms and interest rates on mortgages, car loans, credit cards and more.
37. Take on a side hustle
Boost your cash flow with a flexible gig, such as delivering food or running errands. If you have a skill like graphic design or computer programming, put it to work by searching for projects on sites like Upwork or Freelancer.
38. Rethink your vacation
Travel costs have been steadily rising so this might not be the time to shell out for airfare or a luxury hotel.8 Yet you might have had enough of “staycations" during the pandemic. Aim for a happy medium by exploring an affordable nearby spot or visiting friends or family and then returning the favor for them. “
39. Prepay bills that offer significant savings
If you've been stashing cash in a high-yield savings account, this might be the time to put it to use. Your auto insurance or property tax bill might be slashed substantially if paid in full.
40. Prioritize your health
Medical bills can decimate your savings, and although many situations aren't preventable, there are some ways you can potentially stave off conditions with healthy habits. Keep up on regular checkups and make nutritious eating and regular exercise part of your routine to save money and have a better quality of life over the long run. 9
The Bottom Line: Every Little Bit Adds Up
Saving money doesn't have to be painful. Identify ways that work for your lifestyle, then commit to them and watch the savings add up, especially when you take advantage of Synchrony Bank's High Yield Savings Account.
Cathie Ericson is an Oregon-based freelance writer who covers personal finance, real estate and education, among other topics. Her work has appeared in a wide range of publications and websites, including U.S. News & World Report, MSN, Business Insider, Yahoo Finance, Market Watch, Fast Company, Realtor.com and more.
LEARN MORE: How Much Should You Save Each Month for Retirement?
Sources
1. “Stress in America 2022: Concerned for the Future, Beset by Inflation." American Psychological Association.
2. “Rule of Thumb: How Much To Budget for Home Maintenance." The Balance. March 8, 2022.
3. “Homemade Cleaners You Can Make with Ingredients from Your Pantry." Better Homes & Gardens. May 25, 2022.
4. “Consumers' Sensitivity to 'Shrinkflation' Is Leading Them to Switch Food & Beverage Brands." Morning Consult. August 29, 2022.
5. “Why drivers should keep their fuel tank at least half full in the winter." Fox2Detroit. February 1, 2022.
6. “Techniques for Drivers to Conserve Fuel." U.S. Department of Energy. .
7. “As U.S. Households Now Subscribe to More Streaming Services than Ever, Customer Satisfaction Starts to Decline." Jdpower.com. November 2, 2022.
8. “Travel Price Index." U.S. Travel Association. November 2022. URL.
9. “13 Simple Ways Healthy Living Can Save You Money." Financebuzz.com. October 4, 2022.
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