Smart Money-Saving Hacks to Help You Reach Your Financial Goals

What It Does: Compound on savings
Est. Savings: Various

Every bank manager will tell you that one of the easiest ways to save money is to actually look at what you’re spending, and how you’re spending it. This includes what type of bank account you have. Instead of settling for any bank account, it’s worth shopping around. 

Switch To A High-Interest Savings Account ©Rawpixel.com / Shutterstock.com

Don’t stay with your provider just because you’ve been with them for a long time. The Bank of America is great, but if there’s a saving account out there with a higher interest rate, then you should go for it. Your money could be earning you a decent amount if you just make a simple switch. 

What It Does: Save money on TV
Est. Savings: $10+*

Just in case you’re not sure what it is, cord-cutting is a term used to describe people who stop paying for a subscription linear TV service and choose an alternative, like Netflix, instead. There are several reasons why this is a shrewd financial decision. 

Be A Cordcutter - It's Not Just For Millenials! ©J.J. Gouin / Shutterstock.com

TV subscriptions often mean lengthy contracts, and you likely don’t end up watching most of the channels you pay for. However, with subscription streaming services, you get a good amount of options on a rolling monthly basis. If you want to save money, it’s worth a shot. 

What It Does: Save money on the same products
Est. Savings: $1+ a time*

Huge brands have the marketing power (and budget) to dazzle consumers with fancy campaigns that make them look like the best product out there. That’s not always the case, though. Instead of being swayed by what you think is the best option, shop around.

Choose Generic Over Brand Name ©PJiiiJane / Shutterstock.com

Sure, the big brands might have a great commercial, but in reality, a lot of generic brands do the same job and have the same ingredients. What’s more, they’re often a lot cheaper than name brands, too. Why else do you think so many people rave about Aldi? 

What It Does: Check for erroneous charges
Est. Savings: Various

Making purchases on credit cards is as easy as one, two, three. Forgetting about it and just paying the bill every month without a second thought is even easier. Instead of seeing the mail come through and dually ignoring it, be sure to open up those statements. 

Always Review Credit Card Statements ©LittlePigPower / Shutterstock.com

Not only does it give you a cold, hard dose of reality, but it also keeps you on top of your finances. You’ll be surprised how many times you notice things you totally forgot about buying. Maybe (just maybe) it might encourage you to spend less in the future!

What It Does: Learn helpful savings tips
Est. Savings: Various

Social media isn’t just for looking through endless photos of people you haven’t spoken to since high school. It can be quite helpful, too. There are a lot of family bloggers and other people that have gained quite a following from sharing money-saving tips. 

Follow Helpful Accounts On Social Media ©wichayada suwanachun / Shutterstock.com

Look out for these accounts and follow them to keep up to date with all the latest tips and tricks. Even professional financial experts often provide a ton of interesting advice that could save you money – as long as you listen to it. 

What It Does: Avoid more expensive problems down the line
Est. Savings: Expensive breakdowns

It’s true what your parents always used to say. Changing the oil and making sure your car gets serviced really is a necessity. When you’re used to driving every day, things like simple maintenance can fall by the wayside. 

Stay On Top Of Car Maintanence ©Standret / Shutterstock.com

Checking your oil, tire tread, and more on a regular basis could actually save you a lot of money and time in the long run. If you didn’t know your tread was low you could easily get a puncture which could turn into a dangerous and costly situation. Better to stay on top of it to avoid paying out hundreds (or thousands) in the future. 

What It Does: Helps spot errors
Est. Savings: Potentially thousands*

It’s no secret that living in America can be made very expensive because of healthcare. Having insurance is great, but there are some things insurance doesn’t cover. In those cases, make sure to always ask for an itemized bill to see what you’re really paying for. 

Ask For Itemized Medical Bills, And Negotiate ©sweeann / Shutterstock.com

Don’t always settle for the bill at the first glance, either. Some things might be negotiated which could lower the overall price. Don’t forget, if you’re struggling to pay the bill then talking to the company is always worthwhile. 

What It Does: Makes it harder to buy unnecessary things
Est. Savings: Various

This one might sound a little bizarre because spending money is spending money, right? However, that’s not always the case. Spending money on a card is almost too easy to do. In fact, it’s designed to be easy. Most of us might spend almost $5 on a coffee without even thinking about it. 

Pay With Cash Instead Of Card ©Oll9a / Shutterstock.com

Instead of reaching for plastic every time you go to pay, consider taking out your budget for the week in cash instead. Take the money for your sundries like Starbucks out of your cash stash, and you might find it much easier to keep watch on what you’re spending.

What It Does: Scores an extra unit of produce
Est. Savings: Free food*

If you’re shopping for a large family or just buying in bulk, then getting pre-weighed bags seems like a good option. It’s usually the most cost-effective way to go about it, but there’s an extra trick we don’t mind sharing. 

Weigh Pre-Bagged Produce And Snag An Extra For Free Ale_Koziura/Shutterstock ©/

Sellers like Kroger and other retailers legally make sure that there are enough vegetables in a bag that’s advertised at a certain weight. Oftentimes, that means going over the weight as you can’t exactly cut an onion in half to make it right. Next time you’re at the store, weigh the bags to see which one has the most product inside it.

What It Does: Avoid buying too much
Est. Savings: $10-$20 a trip*

If you instinctively grab a cart every time you go into the grocery store, then this one’s for you. It’s easy to justify getting a cart as it saves you from carrying stuff around, but it also means you could end up buying more than you actually need. 

Try Grocery Shopping Without A Cart ©Stokkete / Shutterstock.com

When you have more space in front of you, putting things you don’t really want in your cart is way too easy. Next time you go to Walmart, pick up a basket instead. You’ll be surprised just how quickly it gets full – and how much money you end up saving. 

What It Does: Saves money and plastic bottles
Est. Savings: $5-$10 a month*

Let’s face it, tap water isn’t always an appealing option when it comes to getting hydrated. There are so many different types of water on the market that claim to be “pure” and full of “minerals and vitamins” that it’s easy to be swayed. However, even though the taste might not be quite as good, there’s nothing wrong with tap water. 

Drink Tap Water ©Jakub Zak / Shutterstock.com

Some people spend over $10 a month on bottled water alone when it really isn’t needed. If you’re trying to cut down on how much you spend, then this is one of the easiest places to do it. The main thing to remember is that hydration is hydration. Costco’s bottled H20 might come in fancy packaging, but it really doesn’t do anything that the tap version doesn’t. 

What It Does: Saves electricity
Est. Savings: $5 a year*

Everyone that’s ever lived on their own or paid their own bills knows that gas is more expensive than electricity. It’s a simple fact of life – and one we can’t escape. Boiling water on the stove when cooking seems like something we can’t escape, but if the stove is gas, then you’ll want to boil the water in the kettle first. 

Use An Electric Kettle To Heat Water ©Quickest talyonen / Shutterstock.com

This can cut the time it takes to bring the water to a boil on your stovetop in half. The water will already be at boiling point when you pour it into the pan, saving your precious time and money. It may not save you enough to go on a huge trip abroad, but it could take $5 off over the course of a year that could go towards your Netflix bill. 

What It Does: Makes grocery shopping cheaper
Est. Savings: Various

In this bright world we live in, there are tons of ways you can turn spending into making money, too. There are dozens of apps out there that actually pay you money for scanning your grocery receipts. All you have to do is look it up and go for it. 

Get Cash Back On Grocery Receipts ©Rido / Shutterstock.com

It’s worth seeing which ones offer the best rewards. What’s more, certain stores often partner with other companies, meaning you get money off at the partner store when you spend money at the other one. There are tons of ways you can turn your receipts from stores like Walmart into more than just a piece of paper – you just have to be savvy.

What It Does: Saves money on groceries
Est. Savings: $165 per month*

It’s thought that the average American spends at least $165 per month on groceries for themselves alone. Of course, everyone needs to eat, so it’s an expense that can’t be avoided…or is it? If you’ve got a patch of land or a decent size garden, you could potentially offset this cost by growing your own food. 

Grow Your Own Food ©HollyHarry / Shutterstock.com

It’s unlikely that you would be able to grow absolutely everything you need (unless you live on a farm) but you could at least grow your own vegetables. Seeds are much cheaper than buying the fully-grown veg from stores like Kroger, so it’s worth trying.