Navigating through challenging economic times can be stressful, but there are practical and straightforward ways to manage your finances and save money. In this article on How to Save Money Easily, we’ve listed ten tips and tricks that can make a significant difference to the average household and may just help you navigate through some difficult times.
1. Create a Budget and Stick to It
Begin by tracking all your income and expenses. List every source of income and categorise your spending (e.g., food, telephone, utilities, transport). Use tools like spreadsheets or budgeting apps to help you see where your money is coming from and where it is going. Once you have a clear picture, set realistic spending limits for each category and monitor your progress regularly.
There are many budgeting tools online that can help with this,
Here are some free UK and USA online budgeting tools that can help you manage your household finances:
- UK Government MoneyHelper Budget Planner: This tool helps you track your spending, categorize your finances, and offers personalised tips to improve your financial situation. It’s user-friendly and takes about 5 to 10 minutes to complete.
- Citizens Advice Budget Planner: This tool helps you understand your income and expenses, identify areas where you can cut costs, and create a budget plan. It’s a great resource for getting a clear picture of your financial health.
- Rocket Money: A free app with premium services designed to help you create and stay within your budget.
These tools can be a great starting point for managing your household budget and making informed financial decisions, making it easier for you to save money.
2. Cut Unnecessary Expenses
Look at ALL your monthly spending, especially subscriptions and memberships. Are you really using all those streaming services or could you save money by having a family account instead of every member of the household having their own? Consider cancelling or downgrading to a cheaper plan where you can, even temporarily. Additionally, look for areas where you can reduce costs, such as eating out less often, making your morning coffee at home rather than buying one, or finding free entertainment options in your local community. There are always areas where you can cut down on things, even for short periods of time to help with your budgeting.
3. Shop Smart
- Grocery Shopping: Make a shopping list before heading out shopping and stick to it! You will save lots of money if you do this and are strict about not putting impulse buys into your shopping basket. The supermarkets are experts at getting us to buy additional things that we don’t really need, and more often than not, will not use!
- Discounts and coupons: Look out for sales, discounts and use coupons and loyalty cards to save money where available. Buy in bulk if you can, but only when it makes financial sense. Most of us don’t need 20 large sacks of rice, even if they are at a bargain price!
- Price Comparison: Before making a purchase, compare prices online and in-store, especially for larger items. Websites and apps like PriceRunner or CamelCamelCamel can help you find the best deals and track price changes. Most countries have their own price comparison sites so do an online search for relevant apps in your own country.
- Swap to Own Brand Products: Opt for store brands instead of famous name brands, as they often offer similar quality often at a much lower price.
4. Save on Your Energy Usage
- Energy-Efficient Appliances: When changing electrical appliances like fridges, washing machines or ovens, invest in energy-efficient ones, which may have a slightly higher upfront cost but will save you money in the long run because they are more efficient or use less resources to do the same job. Look for the Energy Star label when shopping for new appliances and check the reviews online to make sure they live up to their marketing hype.
- Adopt Simple Money Saving Habits: These are things that we can all do, but many of us don’t, however, they can save you considerable amounts of money in the long run. Turn off lights when not in use, unplug electronics, and use programmable thermostats to regulate heating and cooling or turn the heating down by one degree. Consider putting on a jumper or hoodie to keep warm instead of turning the heating up. Small changes in daily habits can add up to significant savings.
5. DIY and Repair
Instead of immediately replacing broken items, consider repairing them yourself. There are countless online tutorials and guides to help you fix everything from clothes to electronics. Use draft excluders to cut down on cold drafts and make sure you have fixed and gaps or holes in doors or window frames that can let in a cold blast. Not only will you save money, but you’ll also gain new skills and often have a lot of fun in the bargain too.
6. Build an Emergency Fund
You may not be able to do this immediately, but having a financial cushion can help you navigate unexpected expenses without going into debt so this is a good thing to aim for in the future if not right not. Aim to save at least three to six months’ worth of living expenses in an easily accessible account. Start small if necessary, and gradually increase your savings over time. Not only will this be a relief if the unexpected happens, but it will also give you peace of mind and reduce your anxiety over money.
7. Reduce Debt
Look at your debts honestly and realistically and seek help with institutions such as StepChange or the Citizen’s Advice if needed. There will be other similar organisations in other countries, and often the government will have debt advice services that you can tap into. Prioritise paying off high-interest debt, such as credit cards, as quickly as possible. Consider consolidating debts to lower interest rates or negotiating with creditors for better terms. Reducing debt will free up more money for savings and other necessities and also help you feel more in control of your finances, leading to less stress.
8. Earn Extra Income
Look for opportunities to increase your income, such as freelance work, part-time jobs, doing an additional shift or selling unused items. Even small amounts of extra income can make a big difference in your budget. There are so many sites now that help people sell unwanted items such as eBay, Vinted and Facebook Marketplace.
Looking online for additional earning opportunities can also reap benefits but remember that most of these constitute an online business, and like any business will take time and sometimes a small financial investment before they begin bringing you in extra cash. Some people can become financially free with online businesses but they are rarely a quick fix so if short term cash is what you need, then think about the suggestions in the first paragraph first, and build your business over time.
If you want to find out how I built this website as an online business, and would like to do this too, see Wealthy Affiliate.
9. Plan for the Future
- Invest Wisely: Even in tough economic times, investing in retirement accounts or other long-term investments is important. Consult a financial advisor to develop a strategy that aligns with your goals, your income and risk tolerance.
- Insurance: Ensure you have adequate insurance coverage for health, home, and car. Having the right insurance can prevent financial devastation in case of emergencies or unforeseen circumstances.
10. Stay Informed and Seek Help When Needed
Keep yourself informed about financial assistance programs, tax benefits, and other resources available to you. If you find yourself struggling, don’t hesitate to seek help from financial advisors, community organizations, or government programs. We are living in financially challenging times and there are many people who may need an extra helping hand this year to make ends meet. Try to keep a positive perspective on everything and you may want to look into some mindset tools such as the Law of Attraction to shift your perspective about your current situation.
I hope that you have learned something about how to save money easily by reading this article. Even implementing only a few of these practical tips and strategies, you will be better able to manage your finances and weather difficult economic times with greater confidence. Remember, every small step you take towards saving money or cutting costs now counts and contributes to your more secure financial future. Happy saving!
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I’ve been trying to get better at budgeting lately, and many of these tips were a real eye-opener. I especially appreciated the advice on meal planning.
I usually just grab whatever looked good at the grocery store, leading to massive food waste and unnecessary spending. Now, I can plan my meals for the week and only buy what’s on the list – it’s amazing how much money I’ve saved! I also tried the “no-spend day” challenge, and honestly, it makes me more conscious of my daily spending habits, even small ones like coffee or snacks. Thanks for the practical and easy-to-follow advice!
Thanks, Dan. I love the idea of a no spend challenge day too and agree that it’s easy to forget the little things that add up, like parking. My daughter was recently in hospital and the parking charges were horrendous but with a little willingness on my part to park outside the hospital and walk for 10 minutes, I calculated I saved hundreds of pounds. It’s things like this that add up so thinking consciously about what you spend, really does help. Food waste in our house was terrible until I started making proper lists, and I usually shop more often but buy only what we need. That’s helped too. All the best to you in your financial planning.
Thank you for such a detailed and practical guide, Gail! These tips are incredibly helpful, especially in today’s challenging economic climate. I love how you’ve included both big-picture strategies like building an emergency fund and actionable day-to-day changes like reducing energy usage and shopping smart. The resources like budgeting tools and price comparison sites are also a great touch! Looking forward to implementing some of these tips especially creating a realistic budget and cutting unnecessary expenses. Keep up the great work!
Hello Loshane. Thanks for your kind comments and I’m glad you found them useful and practical. Setting a budget really helps but I’d also look at trying to increase your income slightly too if that is practical for you. We have had some success with selling unwanted things online and when we went through out clothes, we all found that we could get rid of at least 50% of things that we never wore or no longer like. It really added some much needed funds too.
Navigating tough economic times can feel overwhelming, but this article offers practical, actionable advice that truly makes a difference. Personally, I’ve found that creating a budget and sticking to it has been a game-changer. Using tools like budgeting apps has helped me identify areas where I can cut back, such as limiting dining out and opting for meal prepping instead. Another tip I’ve benefited from is shopping smart—price comparison apps and sticking to a grocery list have saved me more than I expected over time.
One piece of advice that resonated with me is building an emergency fund. Although it’s challenging to start, I’ve experienced the peace of mind that comes from having a financial cushion for unexpected expenses. If you’re just starting out, don’t be discouraged—small, consistent steps lead to significant progress. Keep these tips in mind, and you’ll likely feel more in control of your finances.
Hi Herman and thanks for your comments, which I’m glad you found useful. I agree that creating a sticking to a budget is a game-changer, especially when I have a few different accounts for different things. Sometimes it’s easy to loose track of spending. I find my children add to this unpredictability somewhat too, so telling therm their is a budget and they can request things next month has helped! 🙂