Top 20 Easy Money-Saving Life Hacks in 2024

Money saving life hacks for 2024 to help you cut costs, build savings, and achieve financial security with practical, easy-to-follow tips.

The journey to financial security can start with one little money-saving life hack, like saving $5 on your weekly grocery bill. Add new habits and new ways to save, until frugality is just your lifestyle and saving money is second nature.

Increasing your savings means you’ll have extra money in your bank account for paying off debt, saving for major goals, or investing in retirement. It also means you’ll rely less on debt, or avoid it altogether, in the future. 

I understand you’re looking for easy money-saving hacks, but I can’t promise that every tip I’ll share in this post will be simple.

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What is the trick to saving money?

The number one money-saving life hack is… spending intentionally. 

Whenever you spend money, do so with intention. Even routine grocery shopping requires thought and planning to help stay on budget. There are different ways to be intentional with your money, but it all starts with making a decision to change. 

It’s often uncomfortable at first, but getting well acquainted with your finances will let you make better decisions. There are so many little ways to save money every day, but you need to have the intention to see the opportunities. 

Living frugally is more than one of the soundest money-saving tips; it is a way of life. When you become proficient, you don’t need lists of ideas. You’ll just know how to save money because you’ve been spending with intention. 

What’s the 30-day rule with money?

The 30-day rule, when it comes to money, is simple in theory but difficult in practice. Whenever you want to buy something that isn’t a necessity, just wait 30 days to buy it. 

It’s a very simple concept, but the implementation can be HARD. If that purchase is something you really want or have been thinking about for a long time, waiting 30 days to buy it is going to be excruciating. 

This is when you need to tap into your motivation; focus on your why. I know how hard it is to resist buying something you just really want, so I rely on a combination of willpower and terrible memory. 

I’ve found that 98% of the time, when I add something to my online shopping cart and commit to waiting 30 days before purchasing, I end up forgetting about it. With everything else going on in my life, a $15 phone case or a $20 top quickly slips off my radar.

Adding something to your cart gives you a little endorphin boost, but your wallet doesn’t take a hit. Instead, let the potential purchase simmer for 30 days before deciding if you really need it.  

Sometimes, websites will notice if you’ve abandoned your cart and email you with a discount code to encourage you to complete the purchase. The rule is still to wait at least 30 days, but if you decide to buy eventually, you might as well save a buck in the process.

What is the $5 challenge?

The $5 challenge is an easy way to save money: every time you get a $5 bill, set it aside. Take it out of your wallet and put it in a money jar, piggy bank, or another designated spot. At the end of the month, year, or whenever you decide—or when your jar is full—count up your savings and put it toward a goal.

Start the $5 challenge by deciding what you’re going to use the money for. 

The $5 challenge might have been tougher during the COVID era since I wasn’t using cash as much. Now that the pandemic is behind us, if you’re mostly shopping online, try this simple trick: transfer $5 to savings whenever you would have received a $5 bill in change.

For example, if you order something online for $14.99, transfer $5 to savings. If you had made that purchase in a store with cash, you probably would have used a $20 bill.

How can I save $1000 fast?

To save $1,000 quickly, you need to focus on strategies that don’t just cut costs but also make the process feel more manageable.

First, check out these creative ways to make saving money more fun. While there’s no guarantee you’ll hit $1,000, a “no-spend month” challenge is a great way to start.

For an entire month, you commit to only buying essentials like groceries and gas, avoiding unnecessary spending on things like takeout, new clothes, or entertainment. This challenge helps you see where your money usually goes and how much you can save by simply tightening up your spending habits.

Another approach is to sell unused items around your home. Clothes, gadgets, and even furniture that you no longer need can bring in extra cash. Not only will this help you save, but it also clears space and cuts down on maintenance costs. You could also try setting a daily savings goal. For example, aim to set aside $33 a day for a month, and you’ll have nearly $1,000 by the end.

Consistency is key—whether it’s cutting back or finding new sources of income, every little bit adds up!

Cut big expenses

If you can afford to move, think about downsizing your living expenses. Moving to a cheaper area or a smaller home could save you more than $1,000 a month. It’s not just about cutting down on rent or your mortgage; you’ll also likely pay less for utilities, energy bills, property maintenance, and even commuting. 

Downsizing can be a practical way to ease financial stress and free up money for savings or other important things. Owning a big house is often seen as a sign of success, choosing to downsize can also help you focus on what really matters to you.

Also, think about swapping out your pricey car for a cheaper one. Some brands need fancy tools and premium gas, but a Honda will get you where you need to go just as well. If you’re up for some research and a bit of patience, you can find a good, reliable used car without too much trouble.

Cut daily expenses

If you’ve been spending way above your means, you probably have room to cut expenses in your budget. Slash food shopping costs by meal planning and actually following that plan. This is a good way to avoid impulse purchases.

Another effective way to save is to stop ordering drinks, appetizers, and desserts when you do go out. Also, consider making your own coffee at home. Invest in a good coffee maker and watch how much you can save over time. 

Sure, the $5 you save by skipping Starbucks might not make you rich, but think about this: just as small expenses can pile up into serious debt, small savings can significantly benefit your financial health over time.

Spend less on gas, too. How? Ride a bike. Skate to work. Use public transportation if it’s available. 

Sell debt-related things

Take a look at any debt-bearing assets you could sell. While this option might not be available to everyone, getting rid of debt can make a huge difference in your financial situation. 

For example, let’s say you have a car with a $500 monthly payment. If you sell the car and use the money to pay off the remaining loan, you’re saving $1,000 in just two months. And that’s not even the best part—moving forward, you’ll have an extra $500 each month to put back into your budget! 

Making this change can greatly impact your finances. It gives you the opportunity to redirect that money toward other goals, like building an emergency fund, paying off other debts, or simply easing everyday financial stress. While giving up a car or another expensive item might seem like a tough choice at first, the long-term savings and financial freedom make it well worth the sacrifice.

Sell other things

Saving $1,000 quickly can be tough, but earning $1,000 fast might be more realistic. If you have an extra car that’s paid off, you could easily sell it and make $1,000 or more, depending on the vehicle’s condition and market value. But don’t stop there—look around for other big-ticket items that you can sell. Things like RVs, ATVs, TVs, gaming systems, and other expensive “toys” can bring in quick cash.

If you’re serious about making money fast, it’s worth thinking about items you rarely use or could live without. Many of us have valuable things collecting dust, and turning those into cash could help you meet a short-term financial goal or cushion your budget. 

You can sell online through platforms like Craigslist, Facebook Marketplace, or eBay, or even at a local pawn shop or consignment store for faster cash.

Think of these items as financial assets losing value by just sitting there. Selling them not only brings in immediate cash, but also frees up space and cuts future costs, like maintenance and insurance. 

This strategy might be the smart move you need to improve your finances or at least boost them a bit, without taking on more debt. I can almost guarantee you have random junk lying around that

1. you don’t use or need, or

2. can be sold for real money

Even if you’re selling $10 and $20 items, it adds up. During hard times, every little bit helps. Yes, it takes time, but a lot can be done online when you would have been sitting on the couch anyway. 

How can I save money with a low income?

When you don’t have a lot of money to waste, you have to get intentional. Pay attention to what you’re spending your hard-earned money on and make a plan for future spending (AKA make a budget).

You need to prioritize your needs and wants, too. It’s not always possible to cover the necessities and have much of a budget for fun and entertainment. I realize that’s not fair and it makes life harder mentally, but you have to do what you need to do.

It’s also not always possible to pay off the debt you’ve accumulated on a limited income. There’s no shame in filing for bankruptcy when that’s the only way to start fresh. 

Mindset is a money-saving life hack

Find ways to change your mindset & make the journey fun. Challenge your partner (in life or just accountability) to see who can make the most from side hustles each month. Spend your lunch hour doing mystery shops or answering paid surveys online. Make money in your downtime to help you reach your goals sooner. 

Focus on your motivation, the real reason you want to save money in the first place. Whether it’s improving your daily life or being able to retire one day, cling to your why. Make a vision board or put up a sticky note on your bathroom mirror; monitor your progress with a visual tracker or free website/app.

Plan for Unexpected Expenses (And Regular Ones Too)

Unexpected costs, like car repairs or surprise medical bills, can easily throw off your budget. To prepare for these, set up a separate savings account specifically for emergencies. It’s a good idea to save a set amount each month, no matter how small, so you’re ready when these expenses come up.

Regularly reviewing your budget is another effective way to stay ahead. 

Make sure to account for both predictable bills like energy bills and potential surprise costs. This will give you better control of your finances and help you avoid relying on credit cards or personal loans, which can quickly increase debt due to high interest charges. Keep an eye on your bank statements every month so you can see where your money’s going and make changes when needed.

Plan for the future

Living on a low income will always be a struggle… and no one wants to struggle forever. Whether you reduce your living expenses by moving or increase your income through education and promotions, you need to do something. 

There is a correlation between poverty and mental illness – including depression and anxiety. Anyone who has worried about paying the bills knows that. There’s no shaming in it, it’s just a fact of life. 

While you work to improve your financial situation, I would also encourage you to work on your mental health as well (read: I Can’t Afford Mental Health Care: How to Find Good Care That Fits in Your Budget)

When you have a low income, just do your best. You are entitled to happiness and respite, but try to find free or cheap ways to go about those activities. 

Set It and Forget It: How Automatic Transfers Can Simplify Your Saving in 2024

In 2024, one of the simplest ways to grow your savings is by setting up automatic transfers. This handy trick helps you save money effortlessly by moving a set amount from your checking account to your savings or investment account on a regular basis. Automating this process ensures the money you want to save isn’t spent by mistake and helps you build up your savings consistently.

Automatic transfers are perfect for building an emergency fund or saving for specific goals without having to remember to make manual transfers each month. Paying yourself first—putting money aside before spending—helps you develop better financial habits.

Thanks to today’s banking apps and online tools, setting up automatic transfers is easier than ever. Most banks offer simple options for scheduling transfers, allowing you to adjust amounts and frequencies as needed. Making automatic transfers part of your financial routine turns saving into a smooth and effortless process, helping you stay on track with your financial goals.

Make bulk purchases whenever it makes perfect sense

Buying in bulk can save you cash, especially on items you use often. Think about stocking up on essentials like paper towels, toilet paper, or cleaning supplies. You’ll usually get a better price per unit and avoid those frequent small trips to the store. Just make sure you have space to store the extras and that you’ll use them before they go bad.

Use power strips to save energy

Power strips with a master switch are great for saving energy. For example, if you have a power strip for your TV, turning off the TV will cut power to other devices plugged into the same strip, like your DVD player or game console. This can help lower your electricity bill by stopping energy vampires when you’re not using them.

Drink more water

Drinking more water is a simple way to save money and stay healthy. It’s much cheaper than soda or beer and good for you too. While those other drinks might taste better, they’re not great for your wallet or your health. Water is a budget-friendly choice that keeps you hydrated.

Stay home more often

In 2020, authorities advised us to stay home often, and we did—mainly because we were told to, not necessarily because we wanted to. How about applying the same idea to your 2024 plans, but for a reason that could actually benefit your personal finances? 

Find enjoyment at home to save money. Hobbies like reading, gardening, or baking are budget-friendly and can be a lot of fun. Learning to value these low-cost activities can help you cut down on pricey outings while still having a great time.

Plan your errands and trips to save on gas

Instead of making multiple short trips, combine your errands into one outing. For example, if you need to go to the grocery store, pick up a prescription, and drop off a package at the post office, map out a route that lets you handle all these tasks in one go. 

Use a navigation app to find the quickest route and avoid backtracking. This not only helps you cut down on fuel costs but also reduces wear and tear on your car, keeping it in better shape.

Stay away from expensive hobbies

Avoid hobbies that can seriously hurt your budget, especially if money is tight. For example, collecting rare coins or art can get very pricey. Some rare items cost hundreds or even thousands of dollars. High-end golf clubs are another costly hobby. Memberships can range from $1,000 to $5,000 per year, not including extra fees for equipment and greens.

Instead, try budget-friendly hobbies that can be just as fun. Hiking is a great option. All you need is a good pair of shoes and maybe a $20 day pass for certain parks. You get to enjoy nature and stay fit without spending a lot.

Another affordable hobby is crafting. Knitting or painting can be done with a basic kit that costs around $25. With a few supplies, you can create beautiful items without breaking the bank. Getting into pocket-friendly hobbies like these lets you have fun while keeping your expenses low.

Take a look at your subscriptions

Take a close look at your monthly subscriptions—they can really add up and strain your budget without you even noticing. 

For example, you might have a gym membership you barely use, a streaming service you don’t watch, or a magazine subscription that’s collecting dust. It’s easy to sign up for these services and forget about them, but they can quietly drain your finances. 

As you make financial plans, especially if you’re setting new goals for the year, start by checking your bank statements to spot all your recurring payments. Evaluate whether each subscription is truly valuable or if there are more affordable options. 

If a service doesn’t get much use, consider canceling or downgrading it to better match your needs. Cutting back on these subscriptions can free up extra cash each month, allowing you to redirect it toward more important financial goals.

Make more money every month

Managing expenses is personal finance 101 for anyone looking to improve their financial life. However, there’s only so much you can cut. Unless you want to drop out of society and live in the jungle like a monk or hermit, earning more money each month is a better approach. Make more so you won’t skimp on things like tipping hardworking restaurant staff (when they deserve it)! 

Definitely keep an eye on where your money is going each month, but more importantly, make the most of your free time. As one famous person put it, expand your means, and you can do that by taking on side gigs. 

Get a second job serving patrons at your local bar, or write sales copy and product descriptions for a small online business. Learn a valuable skill and charge people to teach it to them, or even better, create a course and promote it vigorously.

Some people are making millions by selling various courses and information online. Increasing your monthly income is arguably the fastest way to save money and get out of debt. Just make sure not to spend every extra dollar that flows into your bank account!

20 best money-saving life hacks

1. Make a budget (included in Intentionally Debt Free)… and follow it by tracking your expenses

2. Pay off your debt using a debt payoff plan

3. Have budget meetings regularly. 

4. Automate savings. Whether it’s for retirement, an emergency fund, or other goals, getting that money out of your regular checking account helps you forget you could have spent it. 

5. Drink more water. It’s way cheaper than pretty much every other beverage, and it’s good for you. 

6. Buy in bulk (when you will use it all). Bulk purchases are almost always less per unit, but don’t waste the money if it’s not something you’ll use up. 

7. Plan errands and trips to save on gas. Batch errands and map out your route to reduce mileage and save gas. 

8. Use power strips to save energy. We have one for our TV that depends on a master device: when the TV is off, the other appliances don’t draw any energy. Once the TV is turned on, everything else has power too. 

9. Cook at home more (and meal plan) to eat more frugally and reduce food waste. 

10. Learn to be content at home. Reading, gardening, baking, home repairs… find a cheap hobby you can do at home. 

11. Eat out for less. On the rare occasion when you eat out, order from the lunch or appetizer menu. Eat a snack at home so you can order less. Share an entree. Don’t order alcoholic drinks. 

12. Make coffee at home (and other treats). Buying nice coffee beans & a grinder is much cheaper than a daily latte. My $10 grinder is still going strong 7 years later. There are even super affordable espresso machines out there, to make your own lattes at home.

13. Lose your brand loyalty. So many store brands are exactly the same as name brands; some are even manufactured in the same plants. Of course, sometimes differences are noticeable, but often the quality, taste, and appearance are nearly identical. 

14. Find free or cheap activities and hobbies. Limit the number of activities you & your children participate in. 

15. Delete your credit card information from the websites where you regularly shop. How likely are you to get up, walk to your wallet, and grab your credit card? That extra effort will save you from making mindless purchases. 

16. Reduce your subscriptions. Cancel cable, choose between Netflix and Hulu, delete either Spotify or Pandora (or both). Reducing monthly subscriptions means you spend less each month. 

17. Buy used. Look on Facebook Marketplace, in thrift stores, or in “buy nothing” groups for non-food purchases before heading out to a store. Used items are less expensive and better for the environment overall.

18. Embrace minimalism. Owning less means you’re spending less – fewer toys, fewer items of clothing, fewer knick-knacks lying around, and less upkeep.

19. Ask questions when you want to buy something, to help you stay mindful and on budget. Only buy what is necessary, useful, and needed. 

20. PLAN. Plan for big purchases, meal plan, buy kids’ clothing ahead of time when they’re on sale, buy in bulk during sales. Knowing your habits and needs will allow you to save money by shopping with a plan.

What’s your favorite money-saving life hack?

What’s your favorite money-saving hack, one that’s worked for you over the years? I’d love to hear the tips and tricks that really make a difference for you. Whether it’s a smart budgeting strategy, a way to cut expenses, or a savvy shopping trick, your ideas could help others save money, too. 

Drop your best tips in the comments below, and let’s share our knowledge to find new ways to save cash and manage our finances better!