5 Best Tips on How to Save Money on a Regular Basis - Find What Works for You

Save a wad of money!
Save a wad of money! | Source

Figure Out What Savings Plan Works For You

There are thousands of articles out there on how to save money. Tips include everything from cutting down on eating out to making your own laundry detergent. And many more tips beyond that.

Cutting back in order to have more cash flow is certainly important. But what do you do with that cash flow? You can cut back all you want, but how does that penny earned turn into a tangible penny saved? In other words, how does that money saved get to a safe place where it can grow--like a savings account.

Many people have a hard time saving money for many reasons. Money is tight, bills are huge, and, let's face it, there are some cool ways to spend money out there. So what works for the person who has trouble saving?

To really save, you have to connect with some type of savings plan that works for your own style of living. A lot of people have a hard time saving, regardless of how much or how little they make. Basically, you have to find something that you can stick to on a consistent basis. Here are some suggestions.


Have savings automatically deducted from your paycheck.
Have savings automatically deducted from your paycheck. | Source

1. Have Money Taken Out of Your Check

For those who don't have the discipline to deposit part of their checks in the bank the old-fashioned way, then maybe they should take themselves out of the equation. Money can be taken out of paychecks automatically before it ever touches employees' hands.

If money is tight, try putting away just a little. Can you do without five or ten bucks per month? Start with that, and maybe you will find other ways to save in order to grow your savings. Just starting with a few bucks gets you on the way to having a cushion, aka an emergency fund, to use if something unexpected happens.

For several years, I encouraged a close of friend of mine to put away just 20 bucks a month. Part of her argument against it was that it wasn't very much to save. My counterargument was that it would be the difference in her having money the next time she needed her car fixed rather than asking to borrow it from me. Yeah, I did that a few times. Should people loan money to their friends? Well, that's a whole other topic. If this particular friend had put away just a little a month, then she never would have had to borrow.


2. Get a Part-Time Job

Perhaps every penny in your paycheck is designated for something already. If that is the case, do you have time for a part time job? Delivering pizza? Doing a paper route? Writing online? Making and selling crafts? Finding extra junk around the house to sell on eBay?

Think about how many hours you have to devote to a part-time job. Then, whatever you make at that job, put the entire proceeds into a savings account. Imagine what that would come to in just one year! Calculate the amount of money you could make each month, and do the math!


3. Put Your Change in a Jar

The least one might do is to drop spare change in a jar. I mention this one--something I've seen several people do--because it really is a way to build a substantial sum of money. If you want to go larger than coins and really see the pot grow, then do the same thing with $1 bills in their own jar. These will really add up quickly.

If putting your coins in a jar or piggy bank is the only way you can save, then it's the way to go. When the money jar is full, take it to a bank that has one of those automatic coin counters and see how much you have. Then put it straight into your savings account. Convert your loose change into real money that will be there for you.


More Tips from a Certified Financial Planner

4. Save That Extra Paycheck!

Many people get paid every two weeks, which comes out roughly to twice per month. Most months do work out that way. So what do you do when you get paid three times in one month? There are actually 26, not 24, two-week pay periods in a year. A couple of times a year, that extra paycheck will happen.

I always got so excited about the third paycheck. It was a chance to get caught up if I needed to, but I usually just dropped it into my savings account as my two paychecks that month had already taken care of the bills. What do you do with that third paycheck?

I also do the same thing with unexpected income, such as bonuses. If I'm used to living on a set amount, why spend that bonus on living expenses or just blowing it and having nothing to show for it?



5. Cut Out an Expense--And Save That Money!

Look carefully at everything you purchase for a whole month. Even better, write everything down. Are there purchases on this list that you could do without?

If your dry cleaning bill per month is $50, and you've decided to cut out dry cleaning (I gave that up decades ago), then take 50 bucks every month and put it in the bank for tangible savings. It will add up!

A penny saved really is a penny earned. Sometimes the hardest part is finding a way to save that you can stick with consistently. I have implemented every one of these suggested money saving methods at one time or another (or am still doing them). Whatever the method that works for you, those coins are sure to add up and give you a cushion for a rainy day. It has sure worked for me.


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Comments 40 comments

rebeccamealey profile image

rebeccamealey 3 years ago from Northeastern Georgia, USA

These are great money saving tips. I think the old change in a jar thing has been over-looked. I know I do. Thanks for reviving it!


billybuc profile image

billybuc 3 years ago from Olympia, WA

Savings, huh??? LOL I'm going to have to work at that, as soon as I make enough money to even consider saving something. :) Great tips as always my friend.


Victoria Lynn profile image

Victoria Lynn 3 years ago from Arkansas, USA Author

Rebecca--I agree about the jar thing. It's simple, so many people probably dismiss it. I've been putting all my change in a little bag that I use for my garage sale money! :-) Maybe I should add that to the hub. Thanks for the comments. :-)


epbooks profile image

epbooks 3 years ago from Las Vegas, NV

Great tips. Every little bit helps as it does add up. Well-written and informative!


Victoria Lynn profile image

Victoria Lynn 3 years ago from Arkansas, USA Author

Bill, maybe you can start with a dollar a month? 50 cents? :-) Keep on keeping on, friend o'mine! :-)


stanmurphy profile image

stanmurphy 3 years ago from Kansas

I recall having an old Lipton Tea jar when I was a kid that I put every piece of change I had into. Over time I would amass a nice amount of money and would buy myself some new music or a pair of shoes. It meant more to me because I could see the money grow in the jar and I felt good about saving for those things. Thanks for posting!


Victoria Lynn profile image

Victoria Lynn 3 years ago from Arkansas, USA Author

I agree, epbooks. Every little bit helps. It just builds!


JanMaklak profile image

JanMaklak 3 years ago from Canada

I threatened to cancel my satellite TV and internet and got better deals from the providers. In case you didn't know most of these companies have customer loyalty or "rescue" plans that give you more for less to keep your business.

I'm moving to magic jack to get my phone service cheaply. If you have noticed the telecommunications bunch that is taking a big bite from many peoples wages these days.

Instead of a part time job can I suggest a part time business. There are tax breaks for people in business that you just can't get as a worker. Even a lawn cutting business. half as much work for the same money and less income tax to pay and lots of deductions like transportation, equipment, internet (for advertising) etc. Investigate it!


MizBejabbers profile image

MizBejabbers 3 years ago

This is a wonderful article, and I have used some of these tips myself. Since I am a senior citizen I draw social security and work at the same time. I have the entire SS check deposited into a money market account, and I don't touch any money in that account unless it is a dire emergency.When I retire I plan to pay off my house and rehabilitate it with the money I have saved. Then we may sell it and downsize. Voted you up++


Victoria Lynn profile image

Victoria Lynn 3 years ago from Arkansas, USA Author

stanmurphy--I think the old jar trick is great for kids AND adults. You're right; it IS a great way to watch money grow. Thanks for sharing your experience!


FlourishAnyway profile image

FlourishAnyway 3 years ago from USA

I've used some of these myself. I also buy generic, occasionally have dinners where we "eat only what's on hand" in the frig or cupboards, cash in printer cartridges/old phones, sign up for "points" type credit cards that earn me cash back, and invest my rewards smartly in stocks to let the money compound. You can never have too many pockets of "rainy day" money.


twoseven profile image

twoseven 3 years ago from Madison, Wisconsin

Great ideas! I also think looking for big savings on big ticket items goes the farthest. I have had great luck finding things on Craigslist or at garage sales that has saved me many hundreds of dollars!


randomcreative profile image

randomcreative 3 years ago from Milwaukee, Wisconsin

Lots of great simple, easy to implement suggestions here! You're right that one of the most important aspects of saving money is figuring out what works for you. People are much more likely to stick with a system that makes sense for their lifestyles. Great article!


Victoria Lynn profile image

Victoria Lynn 3 years ago from Arkansas, USA Author

JanMaklak--Great idea about a part-time business. I have tons of deductions for my freelance writing, and I guess that's true for many part-time businesses.

I've thought about magic jack, but the reviews aren't good. Who knows? If it goes well, write a hub review about it! :-)


Victoria Lynn profile image

Victoria Lynn 3 years ago from Arkansas, USA Author

MizB--Way to go with the SS check! That's great! I'm hoping to pay my house off before I'm 50, as I used to put a whole paycheck towards the principal to get the mortgage down. I'm getting there. I think you have a great plan, too. It's great that you don't even have to use your SS check! Thanks for the vote, too!


Victoria Lynn profile image

Victoria Lynn 3 years ago from Arkansas, USA Author

FlourishAnyway--I do those things, too, except--how do you cash I printer cartridges and old phones? I knew that they could be recycled, but for cash? I'm very interested! Thanks for the input!


Victoria Lynn profile image

Victoria Lynn 3 years ago from Arkansas, USA Author

twoseven--I do that, too. I rarely buy anything new! Thanks for the input!


Victoria Lynn profile image

Victoria Lynn 3 years ago from Arkansas, USA Author

I agree, random. We have to find what works for us individually. Thanks for reading!


pstraubie48 profile image

pstraubie48 3 years ago from sunny Florida

Victoria

These are such important ways we can save money and most of them are painless. One of the ways I save is to buy at yard sales and flea markets things that I need.

Another way is to make things that I would pay three prices for such as gifts.

thank you for sharing, Victoria. happy saving...

Angels are on the way to you today ps


janetwrites profile image

janetwrites 3 years ago from Georgia country

Great tips! I save money in a jar and I also save money by using coupons.


Kathryn Stratford profile image

Kathryn Stratford 3 years ago from Manchester, Connecticut

I like reading tips on saving money. Pretty soon I will be living on my own, so these tips are extra handy for me right now! I will be increasing the amount of writing online I do, saving change, and getting another job (I hope). Thanks for sharing these tips with us, and have a wonderful day!

~ Kathryn


catgypsy profile image

catgypsy 3 years ago from the South

Great tips Victoria! For a year, after I shopped for groceries, I would figure out how much I saved from the coupons I used for each trip and put that much money in a box. You would be amazed how much it came to at the end of the year! I did it as an experiment to see if I really saved that much money and I was very surprised.


joym7 profile image

joym7 3 years ago from United States

Great hub for saving money. I use to put my change in a jar.


Eiddwen profile image

Eiddwen 3 years ago from Wales

Very interesting and useful as always Victoria.

Voting up and of course wishing you a great day.

Eddy.


Victoria Lynn profile image

Victoria Lynn 3 years ago from Arkansas, USA Author

ps--I buy at yard sales and flea markets, too. I rarely buy anything new. Thanks for the angels, as always. :-)


Victoria Lynn profile image

Victoria Lynn 3 years ago from Arkansas, USA Author

Way to go, janetwrites. Every bit helps!


Victoria Lynn profile image

Victoria Lynn 3 years ago from Arkansas, USA Author

Kathryn--It sounds like you have a plan! Good luck with living on your own!


Kathryn Stratford profile image

Kathryn Stratford 3 years ago from Manchester, Connecticut

Thanks!


Victoria Lynn profile image

Victoria Lynn 3 years ago from Arkansas, USA Author

catgypsy--That's a great idea about money saved from coupons. I don't use a lot of coupons, as I shop mostly as ALDI, which is lower than everywhere else where coupons are used. That's a neat idea, though. I use them occasionally. I may try that!


Victoria Lynn profile image

Victoria Lynn 3 years ago from Arkansas, USA Author

joym7--The jar thing seems to be popular! Whatever works is what I say!


Victoria Lynn profile image

Victoria Lynn 3 years ago from Arkansas, USA Author

Thanks, Eddy! You're awesome. Thanks, as always!


Victoria Lynn profile image

Victoria Lynn 3 years ago from Arkansas, USA Author

You're welcome, Kathryn!


ElleBee 2 years ago

I think the 3rd paycheck saving tip is a good one. Unfortunately it wouldn't work for me completely as I have multiple bills set on a biweekly schedule (which of course will also save me money in the longterm). But I may need to look more closely at saving extra money in those "extra" pay period months.


Victoria Lynn profile image

Victoria Lynn 2 years ago from Arkansas, USA Author

ElleBee - Now that I work from home and make a lot less, I don't have those 3rd paychecks. I am learning to spend even less and may have to write a hub about that now! Good luck!


ElleBee 2 years ago

Just had one of those "Extra" pay period months, unfortunately I also had one of those "I completely blew my budget" months... Oops. There is another "Extra paycheck" month coming up in October, so hopefully I will plan better and that extra student loan payment I hoped would happen in August will actually happen!


Victoria Lynn profile image

Victoria Lynn 2 years ago from Arkansas, USA Author

I hope so, ElleBee! Sometimes that happens--going overbudget--whether it's our own fault or not. I've been having vet bills, car insurance due. Having extra things come up makes a difference. Good luck!


VacationCounts profile image

VacationCounts 2 years ago from USA and Ireland

If you can't have money taken out of your paycheck directly, set up an online bank account which can automatically transfer a fixed amount from your checking account each money (like the day after payday). Since online savings accounts do not have an ATM card, you won't be as tempted to withdraw the money (like if it is your vacation fund). Plus the interest rates are more certainly higher than at your local bank. Capital One 360 and Ally Bank are popular choices which are FDIC insured.


Victoria Lynn profile image

Victoria Lynn 2 years ago from Arkansas, USA Author

VacationCounts--Thanks for your input. I have heard of people banking at online banks for higher interest rates. Not a bad idea!


Margaret Schindel profile image

Margaret Schindel 2 years ago from Massachusetts

Victoria, these are great tips. I need to do a better job at putting money away for a rainy day and you've given me some practical, do-able approaches to help me improve. Thank you!


Victoria Lynn profile image

Victoria Lynn 2 years ago from Arkansas, USA Author

Margaret--I'm glad you're inspired! It really does give a good sense of well-being to have some money you can utilize if needed.

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