There isn’t one person on this Earth who hasn’t thought, “I wish I could learn how to drastically cut expenses.”
Well, I am here to teach you how to save more.
A lot of my readers ask me how they can escape debt and find easy ways to save money. There’s no magic pill, it is simple planning and focusing a few minutes each day on changing your finances.
I speak with and come in contact with quite a few millennials who have no savings in their savings account whatsoever. That seems to be the biggest problem for most people, and I almost always provide them with this incredible plan on ways to save and changing up their finances and they all tell me how it really does work.
I’m here today to tell you the same advice I give them, and how you can change your finances and get out of the paycheck to paycheck way of living and find easy ways to save money even on a tight budget.
How Will This Work?
When you don’t have a good understanding of money it’s difficult to properly manage it. Education and savings are key to changing your money problems.
So, today I am going to help you with finding easy ways to save money. In order for this to be successful, you must track your savings in a new account or you won’t be able to see your progress. If you track savings in the same checking account that you use for everything else, it doesn’t usually work.
This is one big thing that most people forget to do, so now that you get its importance, what should you do?
If you’re serious about getting things off on the right foot, I suggest you open a new savings account (see best ones here) or use an account that is different than your daily bank checking account.
Once you have one dedicated to tracking your savings, start depositing money—$1, $5, $10, $0.01—any amount is good. It’s just about getting over the hump, trust me!
18 Ways to Cut Monthly Expenses
There’s a whole world out there filled with ways you can save money. Where do you even start? Start with these easy steps that are proven to help save money today, tomorrow, and this year! And here they are.
How to Save Money on Transportation
Insurance companies can really take advantage of millennials and charge them a lot of money for their car insurance. Additionally, the cost of the car and fuel can render driving not realistic. Proper car maintenance is key to keeping your ride performing at its best. Our 6 car maintenance tips for maintaining your vehicle also help you save money.
1. Cut gas waste by driving sensibly
Repeatedly accelerating and braking are the fastest ways to burn a lot of gas. According to some experts, aggressive driving can increase your fuel consumption by 33% at highway speeds and by 5% at normal town speeds.
We thought this was the easiest way you can save money and shared ways you can save money on gas.
2. Set the cruise speed at 50 mph
Gas mileage usually decreases as you pass the 50 mph point, so make sure you set your cruise control to this value. Some experts estimate that every 5 mph on top of the value of 50 mph is the equivalent of paying 20 cents more per gallon of gas.
3. Avoid idling
Whenever you’re parked and waiting, turn your engine off. Idling can eat up to half a gallon per hour. According to another study, restarting the engine consumes only as much as the equivalent of 10 seconds of idling.
In addition, don’t wait until your vehicle warms up in winter. Specialists recommend that you drive slowly for the first 30 seconds after starting the engine. As the engine warms up faster while driving, it will reach the optimal temperature faster.
4. Learn to love the heat
Try to give up your air conditioning or set it at a higher temperature. Running the air conditioning can increase your fuel consumption by 25%, as calculated by researchers.
The specialists recommend driving with the windows open to let the hot air get out as you start moving, and using the A/C only at high speeds when driving with your windows open generates too much noise and discomfort.
5. Choose the right motor oil
You should always use the grade of motor oil recommended by the manufacturer or the vehicle. When using the wrong oil, you can lower your gas mileage by 1%-2% because of the additional friction in the engine.
The right oil will attenuate these frictions, so make sure you don’t make mistakes when you purchase your motor oil. Using oil containing friction-reducing additives is also a good idea, as recommended by the Oak Ridge National Laboratory.
6. Look for better insurance
Yes, it may seem obvious, but when was the last time you actually compared your car insurance rate? Many people stick with the same provider for years without checking if they’re overpaying. Insurance companies count on this, often raising premiums over time because they assume you won’t leave.
If you have a clean driving record, your rates should be staying the same or even decreasing—but are they? Shopping around online can help you find a better deal. Personally, I compared rates last month using Gabi and switched from Geico to Allstate, saving 65%. Insurify is another free tool that compares rates from major insurers, making it easy to find the best price.
Ways to Save on Debt
The most important thing anyone should be doing financially is working towards being debt-free. Once you are officially debt-free (besides a mortgage or real estate), you can work towards financial independence or earning more money. Here are a few ways to help you lessen your financial stress and cut down on debt and save more.
7. Negotiate your bills & lower your monthly payments
One of the easiest ways to free up cash for debt repayment is to reduce your recurring expenses. Many service providers, like cable, internet, phone, and even insurance companies, are willing to offer discounts or match competitor rates if you ask.
Start by calling your providers and politely negotiating for a lower rate. If you mention a competitor’s better offer or say you’re considering canceling, they may offer you a discount or promotional rate to keep your business.
Another option is to use a bill negotiation service like Rocket Money, which automatically finds and cancels unused subscriptions and negotiates better rates on your behalf. This simple step can save you hundreds per year—money that can go directly toward paying off your debt faster.
8. Consolidate your debts using a balance transfer card or personal loan
If you’re serious about saving money, consider using a balance transfer credit card to reduce or eliminate interest on your debt. If you’re only making the minimum payment on a high-interest credit card, most of your money goes toward interest rather than paying down the principal balance.
For example, if you have a $2,000 balance on a Visa card with an 18% APR, you’d pay $400 per year in interest alone if you only make minimum payments. That’s money wasted when you could be paying off your debt faster.
A Discover It® card offers an intro 0% APR period, allowing you to move your balance from a high-interest card and pay it off without accumulating extra interest. This can help you get out of debt much quicker and keep more money in your pocket.
9. Refinance your student loans
If you’re paying a high-interest rate on your student loans, refinancing could help you save money each month by securing a lower rate. By refinancing, you can reduce your interest payments, simplify multiple loans into one, and potentially pay off your debt faster.
If you have a steady income, good credit (or a cosigner), and multiple student loans, refinancing is often a smart move. Plus, checking your new rate typically takes just two minutes with no impact on your credit score. Here are the best student loan refinance lenders to help you find the lowest rates available.
10. Explore debt relief options
If you’re struggling with high-interest debt and finding it difficult to keep up with payments, debt relief programs can help you regain control of your finances. These programs work by negotiating with creditors to lower your total debt amount or create a more manageable repayment plan.
One reputable option is National Debt Relief, which helps people consolidate and reduce unsecured debt, such as credit cards, medical bills, and personal loans. If you’re overwhelmed by debt and need a structured solution, exploring debt relief services could be a smart move toward financial stability.
- They negotiate with creditors to reduce what you owe
- Then get one simple monthly payment that you can manage
- Get out of debt in as little as 24-48 months
- You don’t pay until they settle your debt
- A+ BBB rating and thousands of positive reviews
11. Earn extra income by driving
If you have a car, driving for Uber or Lyft can be a flexible way to earn extra cash and pay down debt faster. Many people drive full-time, but even doing it part-time can add a meaningful boost to your income.
Once you’re a driver, you can turn the app on or off whenever it’s convenient, allowing you to work around your schedule. A great feature is the ability to set your destination, meaning you can pick up passengers heading in the same direction as your commute—turning your drive home into a money-making opportunity.
Driving just a few hours a week can bring in up to $300 a month, which can go directly toward eliminating debt. And if you’re willing to commit more time, the earning potential is even higher. According to Uber, the national average earnings were $601 per week, making this a solid option for those serious about increasing their income.
Ways to Save Money on Everything Else
If you still need more ideas on how to drastically cut expenses, it’s time to consider some other things you may be wasting money on. These ideas can help you dig deeper and save even more.
12. Save money with your child’s college savings plan
You want the best for your children, and part of that means ensuring they have financial support for their education. Setting aside money for college isn’t easy, but you don’t have to do it alone. Thanks to Upromise, you can create a 529 College Savings Plan and take advantage of rewards programs that help grow your child’s education fund.
Upromise helps parents save by offering cashback rewards on everyday purchases, which can be automatically deposited into a 529 College Savings Plan. By using it, you can make steady progress toward your child’s education without putting too much strain on your budget.
- Earn cash back for college on everyday spending
- Shop, dine, and pay—get rewarded automatically
- Get a $30 bonus when you sign up and link an account
13. Have a budgeting spreadsheet handy
Keeping your finances organized is essential for managing spending and paying off debt efficiently. A budgeting spreadsheet allows you to track expenses, set financial goals, and ensure you’re saving enough each month.
If you’re looking for a more hands-on approach, YNAB (You Need a Budget) is an excellent budgeting tool that helps you allocate every dollar intentionally, making sure your money is working for you. Whether you prefer a classic spreadsheet or an automated budgeting app like YNAB, having a system in place makes it much easier to stay on top of your finances and make smarter money decisions.
- Award-winning budgeting app
- Helps you align spending with your priorities and break the paycheck-to-paycheck cycle
- Syncs with your bank, tracks expenses, and provides detailed reports
Take The Following Actions Today
If you are looking for easy ways to save money then you should know that you do not have to stay living paycheck to paycheck, but it’s up to you to change it. If there is no change, then your situation won’t and can’t be different. Set a goal to take action today, and make a plan to break free. Start small if you need to and educate yourself. Knowledge is definitely powerful!
