71 Proven And Practical Ways To Save Money

71 Proven And Practical Ways To Save Money

By Kyshi  •  October 02, 2022  •  mins

71 Proven And Practical Ways To Save Money

Statistics show that many people have little or no savings. This could be because there are only a handful of known ways to save money-- basically in the bank or some money-saving institutions. However, in reality, money saving is beyond keeping money in some hidden place. It is a lifestyle.

A Jamaican proverb says, "save money, and it will save you." In this article we share 71 different ways to save money. So, If you have difficulties saving money, you need to read this article. But do not feel pressured to read it all at once, take your time on this one and digest in snack bites. Let’s dive in, shall we?

1. Use The 50-30-20 Rule

Reserve 50% of your earnings for your needs, 30% for the things you want, and 20% for debt and/or savings. 

2. Participate In Referral Programs

Reward schemes like Sleep 'n' Earn with Kyshi are customer reward programs you want to be part of e.g., you can earn up to £140 with Kyshi's referral program. 

3. Avoid Debts

Debts eat up your money, from all your savings to your emergency fund.

4. Participate In Surveys Online

You can make up to $25 monthly. They might not cut your expenses, but you save more when you have more money.

5. Muster The 10-Second Rule

Ask yourself why you are purchasing a product or service then count to 10, before you purchase it.

6. Run A Blog/Vlog

Blogs generate a lot of income and cover your necessary expenditures. You can earn thousands of dollars monthly as a blog owner.

7. Work With Budgets

Budgets are effective money-saving strategies that help you save a great deal and control your spending habits. 

8. Set Financial Goals For Yourself

When you work with a financial goal, you tend to be more disciplined with your spending and achieve your savings goals faster.

9. Ask For Discounts On Your Insurance Bills

You can cut some of these bills by asking your insurance agent for a discount to save yourself over $100 every year. 

10. Start Investing As Early As Possible

They help you bring returns without working. This way, you can save more money in your bank account.

11. Have Reminder Cards

They help you remember to always save your money almost every time. A card can say "Are you still working towards your savings goals?"

12. Buy A Cheaper Cell-Phone Plan

Save up to $50 monthly when you cut costs on your cell phone plan so that you can have some extra money to yourself. 

13. Have Fun Without Paying A Dime

Save as much as $150 when you attend free concerts, sporting events, and enjoy free entertainment without spending money. 

14. Use Less-Expensive International Money Transfer Services

Send money internationally with companies that charge very little on foreign transfers. E.g Kyshi charges only a 1% transaction fee on every international transfer.

15. Stop The Smokes

Cut off smoking and save an average of $34 monthly. 

16. Plan Your Meals To Reduce Expenses

An average individual wastes up to 38% of the foods they purchase. Eat home-made food and save over 100 dollars monthly.

17. Cut Gym Costs

You can save money (up to $250 per month) over time as you get your workout kits and workout in your space rather than paying for a gym membership every month.

18. Save Money With Student Loans

You can save money by taking a student loan. Student loans have low interest-rates and can cut down student loan repayments if paying becomes burdensome.

19. Reduce Your Water Expenses

You can reduce your living expenses by purchasing a water filter in your home instead of bottled water.

20. You Must Have An Emergency Fund

Emergency funds are extremely important. You don't need to earn $900 monthly to have an emergency fund. No matter how much you earn now, start saving money for emergencies.

21. Buy A Low-Cost Car

Low-cost cars save you from back-breaking car costs like maintenance, fuel, registration, and insurance.

22. Employ The 24-Hour Rule

The 24-hour rule involves that you reflect on a purchase decision for 24 hours before taking action. It prevents you from making unnecessary subscriptions for example.

23. Consciously Save For Your Retirement

It is never too early to save money for your retirement. You can start saving now.

24. Practice Automatic Savings

You can set a system that automatically saves your money in a savings account. This practice helps your long-term savings and keeps extra cash out of mind.

25. Calculate Your Purchases By Work Hours

This strategy involves dividing the cost of an item into hours and weighing if it is worth the buy or not. It helps you to be savings-conscious.

26. Get Free Books From The Library

You can get free books and other necessary items from the library. Money-saving tips like this help your savings journey and keep your money preserved.

27. Pay Your Credit Card Bills Completely Every Month

Paying your credit card monthly bills in full is one of the effective ways to save money. It saves you so much stress and debt. So, yeah, ensure to clear your payments monthly.

28. Place A Spending Limit On Your Bank Card

Spending limits serve as deterrents to help you save money.

29. Create A Savings Account That Allows You To Save Money Fast

You can own a dedicated savings account that makes it easy for you to save funds.

30. Set Savings Goals

Savings goals help you stay disciplined and cut costs to the minimum. 

31. Set A Limit For Expenses On Gifts

While gifts are essential for bonding among family members, they should not cause financial burdens.

32. Scout For Cheaper Vehicle Insurance Policies

You can check for other insurance companies that give cheaper rates on auto insurance. Do this before you renew your current policy. It saves you good money.

33. Always Perform Preventive Healthcare

Curative care is often more expensive than preventive care. Try as much as possible to visit the clinic regularly for checkups.

34. Partake In Loyalty Programs

Loyalty programs are one of the best ways to save money. You can make significant savings from here.

35. Rent Out Your Unused Home Spaces

It is a bright idea to rent out the spaces in your home that are not in use. Examples are your garage, lawn spaces, bedroom spaces, etc. 

36. Automate Your Debt Payment

This way, you pay your debt on schedule and with fewer payment errors. This in turn will increase accountability and enable you to apportion other funds adequately, especially your savings.

37. Use Reusable Materials

You can save more money than you think when you use materials that you can use again and again. E.g., the use of napkins over paper towels.

38. Always Have A Shopping List

Shopping lists prevent you from spending unnecessarily. 

39. Reduce Your Water Heater Temperature

Lowering your water heater to about 120 degrees helps you stay energy efficient and save a lot of dough. You can save 5% of your water cost by reducing your water heater by 10 degrees.

40. Reduce Your Beverage And Alcohol Intake

Many times, alcohol and beverages costs three times more than water. 

41. Take Advantage Of Coupons

You can get a coupon for items like fruits, bin bags, e.t.c. and stock lots of money.

42. Maintain Your Car Regularly

Car maintenance prevents you from bank-breaking expenditures. If you want to reduce your car costs and stay safe, you must ensure that your car is well maintained.

43. Always Save Your Bonuses

You can save every bonus and tax refund you receive in a separate savings account. Even if you can't always throw everything in there, save a significant amount.

44. Use Your Banks' ATMs

It is widely advised that you withdraw from only ATMs owned by your financial institution. In the long run, you can lose as much as $200 a year when using other financial institutions' ATMs.

45. Host Or Partake In A Neighbourhood Swap Meet

You can bring school supplies or other valuable items that are less useful to you and leave with super vital things.

46. Change Your Mortgage Terms To Lower Monthly Payments

You can refinance your mortgage to reduce your monthly payments and interest rates. This way, you will be able to handle other costs.

47. Audit Your Energy Costs At Home

Auditing shows you better spending options for your home appliances and equipment. It helps you spend less on home costs like electric bills and water payments.

48. Cut Unnecessary Premium Subscriptions

If you calculate how many premium subscriptions you have and divide it by half, you might be shocked at how much extra costs you incur over 1 year. Subscribe only for the important services.

49. Use Less Laundry Detergents

Some studies show that many detergents today are very concentrated. You can use detergents in small quantities for laundry.

50. Get Debt Counselling For Free

You can attend free counselling sessions on how to offset your debt payments. This strategy offers you an opportunity to stay financially free forever. 

51. Prepare Your Cleaning Solutions At Home

You can choose to prepare cleaning products like detergents at home. It helps you stay natural, save money, and lasts longer than cleaning items from the store.

52. Avoid Stress Spending

Instead of buying things you don't need to make yourself feel better, it might be wise to find other ways to ease yourself off stress.

53. Reduce Your Vacation Spending

You don't need to make too big or extravagant trips. Instead, you can spend less and still have fun and quality relaxation. Remember, there is life after vacationing.

54. Have Specific Stations For Filling Your Fuel

Gas stations often have different prices on fuel and sometimes you notice that some fill up your tank better than others. Patronise those ones that offer more value for your money.

55. Have A No-Spend Day Every Week

Choose a day where you cut off all or most expenses. You can prepare meals and do other activities to cut costs for you that day. Try it for 3 months and see how much you have saved.

56. Reduce Your Credit Card Debt Significantly

To start with, try to reduce your credit card debt by $700. Then you increase it as time goes on. You can save yourself $120 yearly on interest.

57. Give Yourself A Treat And Save The Equivalent

This strategy is simple. Send an equivalent amount of money to your savings account as you treat yourself. It helps you cut down unnecessary costs and save as well.

58. Stay Off Tempting Marketing Emails

You can save some money by unsubscribing from emails and messages that always tempt you to spend money.

59. Pay Your Debts With Auto-Pay

Auto-pay is a feature that helps you make payments automatically without accruing debts. It helps you to prevent extra charges on your loans.

60. Go For Quality And Inexpensive Wears

Quality and affordable wears are better than extremely cheap wears that don't last. Even if you outgrow them, they can still be durable for your family members for an extended period.

61. Pay For Low Airfares

You can check different websites for airfares and pick the least expensive. There are even smart ways to book flights on certain days that offer cheaper options.

62. Own A Garden

You can own a garden and save yourself from buying fresh vegetables and fruits every time. While natural and healthy, it is easy to start and maintain.

63. Have An Accountability Partner

An accountability partner keeps you in check. Such a person can help you to meet up with your savings goals.

64. Spend Less On Transportation

You can save yourself from transportation costs by walking, riding your bike, or taking public transportation.

65. Take Advantage Of Your Student ID

As a student, you have several privileges. Some places offer special discounts to students. This is why you should always go around with your student ID.

66. Cut Cable Costs To Save Good Money

You can preferably use an antenna instead of paying for cable. You can save as much as $100 monthly.

67. Cut Costs On Rent

If you live alone, you can halve your rent by living with a roommate.

68. Use Free Banking

If you want to meet your savings goal, opt for free banking. Kyshi allows you to make free local transactions– GBP to GBP and NGN to NGN.

69. Plan Your Meals To Reduce Expenses

You can draw out a meal plan so you can eat healthily and at low cost. You save over $100 dollars monthly.

70. Have Your Fun Time Before Friday

You can save yourself some cash by having your fun time any day before Friday. Fridays are often expensive.

71. Buy Fairly Used But Quality Products

Quality doesn’t always equal new. You can get fairly used products with high quality at cheap rates.


Saving is a lifestyle. It goes beyond keeping huge amounts of money away from immediate reach. The little cents you save often accumulate in the long run. This is why these money-saving tips are essential to follow.

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