Everyone knows that money doesn’t grow on trees. But it can be tricky to manage your budget and save money. Luckily, you can use plenty of useful money hacks to make your dollar go further.

The key is finding simple ways to cut costs while enjoying the things you love. Sure, it might not be as glamorous as snapping up expensive designer jeans or eating at an upscale restaurant weekly. Still, these money hacks will ensure that you won’t go broke anytime soon.

20 SAVE MONEY HACKS TO SAVE MORE MONEY

1. BELIEVE YOU CAN SAVE MONEY

This may seem an obvious suggestion, but you must have the right mindset before getting started. Many people see money-saving techniques as a chore — something they must do to survive. But, if you want to be successful with your money-saving efforts, you need to see saving money as a positive thing.

Don’t think of it as restriction or deprivation — it’s a way of securing your future and creating a safety net for the times when unexpected expenses arise.

2. IDENTIFY NEEDS VS WANTS

The first step to saving money is to distinguish between your needs and your wants. To put it simply, your needs are the things that you must pay for, and your wants are the things you would like to have but don’t necessarily need. That might sound confusing, but it’s actually very straightforward.

Let’s use groceries as an example. You need groceries to survive, so they fall into the need category. Now, you might want to buy organic produce, but unless you have a health condition that requires a specific diet, it’s not essential to buy organic. So in this scenario, organic produce would be a want.

When you’re shopping, it can be all too easy to fall back into the “wants” category without even realizing it. It’s important to remain aware of your spending strategy at all times to avoid overspending.

READ MORE: 30 Helpful way to Save Money In Groceries

3. BUDGET YOUR MONEY

A budget is a key to successful saving. If you don’t know where your money is going, you won’t be able to save any of it. A budget is a plan for how you’ll spend your money each month. To get started:

  1. Find a notebook and write down every income source, including your regular savings contributions.
  2. List all your recurring monthly expenses, such as rent, utilities, car payments, health insurance premiums, and any other monthly bills you must pay.
  3. Add any one-off or irregular expenses you know you’ll need to account for, such as car repairs or medical bills.
  4. When you have everything listed, look at your total costs and see if there are any you could cut back on.

If there are, try to reduce them as much as possible without compromising your quality of life.

4. SET SMART MONEY GOALS

Suppose you have a specific money goal, such as saving for a holiday or investing in a new car. In that case, you’re more likely to succeed in saving the money needed to achieve it. Setting specific, achievable goals is a great way to save money while investing in your future.

If you have a plan, break it down into monthly amounts. That way, you can see how much you have to save each month to meet that goal. If you don’t have a specific plan, there are other benefits to setting money goals. It’s a great way to get into the habit of saving money so that you have a financial safety net in place in a financial emergency.

If you have no savings and lose your job, you won’t have any money saved to fall back on while you search for a new position. Setting money goals will help you build a nice financial safety net to relax, knowing you have money saved in an emergency.

5. EAT AT HOME

Eating out can seem easy and affordable, but it’s also costly. According to BLS data, the average person spends around $3,000 per year on eating out, which is much more than someone who cooks at home. Or, you could spend around $500 per year on food if you cook everything from scratch.

Suppose you’re worried about not enjoying eating at home as much as going out. In that case, plenty of ways to make it as enjoyable as possible. First, try setting a specific day where you only eat at home. This will make it easier to transition from eating out to cooking at home and less likely that you’ll fall back into an old habit of eating out frequently.

You can also try to make cooking more enjoyable by finding recipes that are simple and fun to make. If you’re feeling adventurous, you could try cooking your favorite restaurant dishes at home.

6. USE COUPONS WHEN YOU CAN

Everyone loves a bargain, and if you look for coupons and special offers, you can often find significant savings on the things you buy regularly. Coupons can be found in many places, including newspapers, magazines, social media, and even product packaging.

Be sure to check out as many places as possible. You might find a great deal at your favorite grocery store one week, and then you could find an even better deal at another store the following week. Coupons work best when you plan your shopping around them, so make sure you know when and where each coupon expires.

You don’t want to buy something to realize you can’t use the coupon. If you’re worried about using too many coupons, you can talk to your friends or family members and see if they would like to go shopping with you. You can also bring your children with you; they will love to have a particular time with you.

7. SHOP WITH A LIST

It may seem like a simple and obvious suggestion, but so many people neglect to make a shopping list when they go to the store. They wander around aimlessly, picking up whatever catches their eye, only to throw the items in their cart without thinking about whether they need them.

Making a shopping list before going to the store is a great way to avoid this impulsive behavior and ensure you only buy what you need. When you make a shopping list, you should ensure it includes everything you need and would like to purchase but don’t necessarily need.

If you make a list that includes everything you need and nothing else, you’re more likely to go to the store, get what you need, and leave.

8. TRY THE CASH ENVELOPE SYSTEM

The cash envelope system is a great way to stay on top of your money and avoid overspending. To get started, you’ll need to find a few old envelopes, preferably in a color that reminds you that the money in the envelope is for a specific purpose.

Place different portions of your income into the envelopes, such as a percentage for each category of expenses or a set amount of money for each bill or payment. You can add a few extra envelopes to your system for savings or spending accounts.

Whenever you receive money, put it into an envelope immediately. Please don’t touch it again until you’ve used the money in that envelope. This will prevent you from overspending and ensure you don’t lose money.

Save Money Hacks

9. KEEP LIGHTS OFF DURING THE DAY

Most of us leave our lights on during the day, whether at work, school, or simply out and about. However, this can be a severe waste of money, and it can end up costing you hundreds of dollars over a year.

Fortunately, there are plenty of ways to reduce this energy cost and decrease your electricity bills. If you work in an office, speak to your manager about turning off the lights at the end of the day. If you’re a student, talk to your teacher or professors about turning off the lights at the end of the day.

Then if you’re out and about, keep your lights off whenever possible. But if you have a porch light or other outdoor lights, ensure they’re turned off when you go inside for the night.

10. KICK BAD HABITS

Bad habits such as smoking, drinking, and eating unhealthy food can not only cause damage to your body but will also cost you a lot of money. Therefore, if you’re smoking or drinking, you’re damaging your body and raising a hefty bill as you pay for these bad habits.

And don’t forget bad eating habits! While eating unhealthy food won’t cost you a large amount of money (unless you’re eating at expensive restaurants every day), it could cause damage to your body. This could lead to you needing to visit the doctor or get treatment at the dentist, which will cost you money.

11. PRIORITIZE PAYING OFF DEBT

Debt is one of the biggest problems that millennials face. We’ve been raised in a culture where credit is seen as a good thing, and our society isn’t helping matters. Credit companies actively try to get as many people into debt as possible as they earn large profits from interest rates. For example, the average interest rate of credit cards is around 17%. This means that if you have a $1,000 credit card balance, you’ll be paying $17 every single month just in interest.

For this reason, you need to focus on paying off debt. Credit card debt will cost you a lot of money, and it can take a long time to pay it off if you don’t focus on it. Remember, it’s better to have a smaller debt that you can pay off quicker than a large debt that will take years!

12. USE THE 24-HOUR RULE

The 24-hour rule is a way of tricking yourself into prioritizing saving. Essentially, you’ll be setting an arbitrary deadline for when you need to deposit any money you’ve received into a savings account. The most common amount is $50, but you can use any amount that works for you. This method works because you’ve set up a rule you must follow. If you’ve set a direction and know that you’re going to have to follow it, it’s much easier to avoid spending money on things you don’t need. It’s also a good idea to set up an automatic transfer to a savings account to ensure you don’t forget to deposit your money!

13. MAKE SAVING AUTOMATIC

If you’re struggling to save money, one of the best ways to do it is to make it automatic. With automatic savings, you can set up a rule where a certain amount of money is automatically transferred from your bank account to a separate savings account. If you make it automatic, it’s much harder for you to spend this money on unnecessary things.

As it’s not even in your bank account, to begin with, you won’t feel tempted to spend it on anything. This is one of the best ways to save money as a millennial. If you don’t make saving money automatically, you’ll likely forget to do it. That’s why you should make it automatic; it’s much harder to forget to save money that’s already taken out of your bank account!

14. CANCEL UNNECESSARY SUBSCRIPTIONS

We all have subscriptions to things that we don’t need. It might be a Netflix, Spotify, or gym subscription. There’s nothing wrong with having these subscriptions, but you should be very careful when canceling them. For example, if you’re paying for a subscription to Netflix, you’re likely paying around $10 per month.

This might not seem like a lot of money, but it adds up over time. Multiply this by 12 months, and you’ll see you’ve wasted $120! This might not seem like a lot of money, but if you have multiple subscriptions that you don’t need, it can add up over time.

15. SHOP FOR FOOD ONLINE

Food is one of the most significant expenses you’ll face as a millennial. It’s estimated that millennials spend around $943 per year on food. On top of this, millennials are more likely to live in a city where food tends to be more expensive.

What can you do to save money on food? One of the best things you can do is shop for food online. Not only are food items cheaper online, but you’re also likely to save money on gas as you don’t have to drive to the store. If you’re living in the city, it’s worth considering this option. You can also save money by growing your food and shopping at farmers’ markets.

16. PRACTICE THE 30-DAY RULE

The 30-day rule is a way to use your emotions to help you reach your financial goals. Essentially, you’ll be waiting 30 days before purchasing anything you want. For example, let’s say you want a new pair of sneakers.

You’ll wait 30 days before purchasing them and use this time to decide whether they’re worth buying. It would help if you used this time to actively think about whether this purchase is worth it. Are these sneakers worth spending $100 on? By waiting 30 days, you’ll have the time you need to make an informed decision without being influenced by your emotions.

17. FIND FREE WAYS TO HAVE FUN

Do you find yourself spending a lot of money on entertainment? If so, you need to start finding cheaper ways to have fun. There are plenty of cheap and free ways to have fun in your area. For example, you could attend a public park or take part in a pub quiz.

You can even start a book club if you want to read more; it’s easy to meet up with fellow bookworms online too! Another great way to have fun for free is to join groups on social media. From fitness groups to gaming groups, there are plenty of groups that you can enter to make friends and have fun without spending a lot of money.

18. SHOP BY SEASON

The best way to save money on clothing is to shop by season. It’s estimated that we waste $15 billion on clothes yearly because we buy items out of season. Clothing companies know that everyone loves a bargain, so they create new clothing lines twice a year.

You’ll likely find that clothing is much cheaper when the seasons change. You can also save money by buying items on sale or using coupons to purchase items you want.

19. EXERCISE AT HOME

Exercise at home to save money on gym subscriptions. Although exercise equipment might be costly, you may already have everything you need at home. You may execute tricep dips off your staircase using cans instead of weights.

Several inventive methods exist to remain fit without paying for expensive gym subscriptions. Yoga requires nothing more than your body – even a yoga mat isn’t required.

Even if you want to buy equipment, you may frequently save money by shopping locally second-hand. If you find the kit you bought isn’t usable enough, you can resell it yourself.

20. READ FINANCIAL BLOGS

One of the best ways to learn how to save money is to read financial blogs. Many financial blogs written by millennials can share their knowledge and experiences with you. Not only are these blogs educational, but they can also be entertaining to read.

You can also interact with other readers by leaving comments and sharing your thoughts on the articles. With these ten sneaky ways, you can save money as a millennial. By following these steps, you’ll find it much easier to save money and reach your financial goals!