Yes, you may be familiar with the slogan of walmart.com – save money, live better. Today we’re taking a page out of their book and implementing this slogan for financial benefits.
Do you want to save money live better and finally get rid of all that debt getting you down and holding you back? Do you get to the end of the month and find there was nothing left?
With so many bills to pay, it’s a struggle to live comfortably, let alone save! It can sometimes feel like an endless cycle of working, spending, and feeling bad that you can’t save.
According to the Huffington Post, half of twenty-somethings have no savings
Don’t worry, I used to feel the same, but I found 23 save money hacks that helped me boost my savings.
Save Money Live Better- 17 Effective Strategies
- Cancel your gym membership and use free exercise tools (or get paid to exercise
- Save money live better with lower bank fees
- Never buy books, rent or download them
- Earn money from your car
- Repair clothes instead of buying new ones
- Get creative with gifts instead of buying them
- Become a rate player
- Take up a side hustle
- Choose something to save for and plan
- Earn money from your bank account
- Automate your savings
- Plan your meals
- Get on the homemade coffee wagon
- Cancel subscriptions
- If you really love it, you will come back for it!
- Plan free activities
- Live on one income
- Participate in money-saving challenges
- Swap to generic brands
- Quit drinking and smoking
- Utilize Cashback Apps and Coupons
- Volunteer at events and festivals
- Switch to water as your beverage of choice when dining out
1. Cancel Your Gym Membership And Use Free Exercise Tools (Or Get Paid To Exercise)
Exercise is important and I used to justify my expensive gym membership because I thought, you can’t put a price on your health.
Turns out, you can and it’s a lot if you are paying pricey membership fees.
You can save money live better by canceling your gym membership and exercising for free.
It’s one of the best ways to save money on a tight budget
Instead, you can take up virtual fitness training or fitness apps, which are all free.
FREE Fitness Apps
There are quite a few free fitness apps that you can download and utilize to help you achieve your fitness goals. These allow you to save more and live better by reducing your expenditure related to fitness.
FREE Fitness Videos on YouTube
I have discovered fantastic FREE YouTube fitness channels that help you work out from the comfort of your own home.
Get Paid to Exercise
You can also consider using apps that pay you to move!
2. Save Money Live Better With Lower Bank Fees
Have you ever sent money aboard or taken out cash from an ATM when you travel?
Do you know how much you pay in bank fees?
Too much is the answer!
I used to work in a bank, and I know the bank earned lots of money from bank fees.
Money that you could save, invest, or even buy super cool toys for your cat.
So, how to save money better then?
Also, if you want to take money out of an ATM abroad, get a free debit card with Revolut, Monzo, or TransferWise, as they allow you to withdraw money abroad for cheap.
Please note* All the money providers I recommend are protected by the government and are legitimate.
3. Never Buy Books, Rent Or Download Them
Reading is incredibly important. It helps you open your mind to new perspectives and ideas.
I would have never learned to quit my job and work online if hadn’t read about how to do it.
However, you can save money and live better by not buying hard-copy books.
Instead, you can rent them from the library or download a cheaper version of the book to your Kindle or phone.
I saved lots of money buying books this way.
4. Earn Money From Your Car
- Rent your car out
Cars normally cost money but you can actually make them work for you, so you can save money live better.
You can earn extra cash by renting your car out with these car rental apps.
The car rental apps insure your car so if anything happens you will be compensated for any damage.
- Drive people around
You can save money live better and earn money in your own free time by driving people to their destinations.
Two companies that pat you to use your car are:
Tip– Think about peak times when people need a car.
It usually is busier on Friday and Saturday nights, during concert events, and trips to and from airports.
If you can make yourself available during those times you are most likely to be booked.
- Rent your car space out
If you use your car to go to work .. there is an empty car space just waiting to make you money.
You can rent your car space out on these apps :
Your car is a prime piece of advertising property. Think of how many people see your car in rush hour traffic every day.
You may as well save money live better and earn money from your car by car wrapping.
Car wrapping involves you placing advertisements from companies on your car.
You can earn up to $1000 doing it!
Here is a list of companies that pay you to advertise on your car:
- Freecarmedia –Canadian
- Adstogo– Canadian
- Sticker Ride
- Car Bucks
- Referral Cars
- Car Quids
- Save money live better by carpooling
You can save on commuting costs by carpooling. It reduces fuel or transport costs.
The best part is, some of these carpooling apps even match drivers and passengers according to musical preference.
Here is a list of ride-sharing apps.
5. Repair Clothes Instead Of Buying New
Are you prone to buying new clothes every time something rips and you’re wondering how to save better?
You can save money and live better and learn how to sew with this tutorial
Sewing by hand is super easy and cost-effective, it has saved me hundreds over the years.
6. Get Creative With Gifts Instead Of Buying Them
Buying gifts is a nice idea, but it turns into an expensive one if you add all the gifts up.
So how do you live better and save money without turning up empty-handed at birthday parties or important events celebrating your loved ones?
You could make homemade gifts using these 100 homemade gift ideas
Alternatively, you could give them the gift of labor and offer to babysit or make them dinner.
You can make cute vouchers and write your gift of labor on them.
I cut voucher hearts for Valentine’s Day and offered little gifts of labor, like a head massage, folding all the laundry, and cooking a three-course meal 🙂
7. Become A Rate Player
A rate player is only faithful to the best interest rate offered to them by banks.
So, whichever bank offers them the lowest interest on credit cards and the highest interest on savings- they will follow.
Sometimes it’s only a matter of asking for the best interest rates.
Just call your bank and ask for a better rate.
I used to get calls like this all the time when I worked in banking and was given the discretion to raise to reduce interest rates for certain customers, but ONLY if they asked for it.
Quite an interesting tip to save more and live better, don’t you think?
8. Take Up A Side Hustle
If you want to save money live better and hit your savings goals for the year, you can lower your costs, increase your income or do both.
Take up a side hustle to earn extra income in your free time.
You can sign up to do odd jobs below:
9. Chose Something To Save For And Make A Plan
Every single time I have succeeded in saving, I created a plan.
Think about it like cooking a new dish.
You have a picture of the dish and know what it looks like. You know exactly what you are making. Then the recipe is the plan.
Without the picture and the recipe … you can’t make the new dish right?
The same rules apply to saving, choose something to save for.
First thing first, you need a tangible amount to work towards. This will be your goal. It will help you understand how much you need to save and how long it will take. It will also keep you motivated!
For example, if I wanted to buy a house that costs $300,000, the average house deposit is 20%. My savings goal would be $60,000.
Write it down. Draw a picture. Visualize it. It’s going to happen, similar to any goal you want in life, you just need to make a plan!
Then, make a financial plan.
Write down all your expenses. Then work out the expenses that are necessary to live and which are nice to have. For instance:
- Mobile phone
- House bills- electricity, water, WIFI
- Meals out
- Activities i.e. yoga, dance classes, football training
Now it’s time to analyze your spending. What expenses can we cut down on?
It’s unrealistic to cut out all the wants in your life. Allocate a maximum of 30% of your salary for wants in the month.
You can then choose between them every month!
For example, if I want to have a fancy manicure, I will need to miss out on having a nice dinner out one weekend to make up for it.
So, it should look something like this:
Income – Necessary expenses – Wants (max 30% of your salary) = Savings
Tip – Use the free Excel Budget planner, I downloaded it for free!
10. Earn Money From Your Bank Account
- Open a separate savings account that pays interest
Open a savings account that pays interest on savings. Preferably one that is a fixed or notice account.
This means that you agree to save the money in the bank and cannot withdraw it before the date agreed.
For example, I put my savings in a fixed deposit account that lasted 6 months. It paid 4.25% on anything I saved. #freemoney!
For 6 months, I couldn’t withdraw the money without incurring a penalty fee and I earned interest on the savings.
After 6 months, I could choose to save it for longer or withdraw it.
If you are worried about not having access to your money, have a fixed and regular savings account.
One which you can’t touch, and one which you can access without penalty if you need to.
- Tax-free savings accounts
It’s important to note that all the interest you receive on your savings will be taxed, as it is classified as income
Solution: Certain countries offer tax-free/ lower-taxed savings accounts. For instance, in the UK, there is the ISA (Individual Savings Accounts), and in NZ the PIE (Portfolio Investment Entity ).
11. Automate Your Savings
Make saving easy by automating your savings. You should look into these Money Apps which round up any purchases you make to the nearest dollar amount.
So let’s say you spend $2.65 on a croissant every morning. These apps will automatically transfer $0.35 into your savings account.
Ps. Acorn and Robinhood also help with micro-investing i.e. small investments for those who want to invest but don’t have large chunks of money.
Do your research and take an interest in your money and how it can work for you.
12. Plan Your Meals
Wondering how to save money living on your own? Take a look at your biggest expenses.
Apart from rent, spending on food was my biggest expense. I would buy expensive, healthy ingredients or meals out.
I justified it with ‘ I’m nourishing my body, you can’t put a price on your health!’.
Actually, you can.
Every Sunday, I planned my meals. I then bought food in bulk which made it cheaper.
I also used the same ingredient for different dishes. E.g.; if you make roast chicken with carrots and potatoes one day, you can make a vegetable stir-fry with carrots and potatoes another day!
I also started making bigger portions for dinner, and used that for my lunch! The key here is not to compromise on eating healthy food but to plan the ingredients so you avoid nipping to the shops every other day.
Here is what my meal plan looked like:
Tip 2- If you want insight into how to implement zero waste with your food, read this zero waste food edition article.
13. Cancel Subscriptions
Another way to save money, live better is to simply sit down for one hour and unsubscribe from all online shopping emails.
You don’t need any reminders about discounts or sales- the objective here is to SAVE, not have distractions that trigger your spending.
Goodbye H&M, Zara, and Sephora, HELLO cash for my future house!
14. Get On The Homemade Coffee Wagon
To many, coffee is the holy grail. Its bittersweet liquid energy gets us through the day.
Invest in a coffee maker and enjoy your coffee at home!
The average coffee price is $3.12 ( or $6.24 if you live in Copenhagen O_O), which totals $811 in one year if you drink one coffee per day from Monday to Friday!
Get used to drinking good coffee at home. Buy a Nespresso coffee machine, I think it works out to be about $1 per coffee. This helps you live better and save money! #bargain
15. If You Really Love It, You Will Come Back To It
If you’re wondering how to become better at saving money, an effective way would be to keep an eye on your impulse purchases.
The best way I avoid impulse spending is to wait and buy it in 2 weeks if I really need it.
I tell myself – if I like it, I will come back for it!
And I normally don’t return to buy it, which means I didn’t really need it.
It also helps to calculate how many hours of work the purchase represents.
It will make you question whether the item is worth your hard-earned money.
I also avoid certain places where I regularly spend money. For example, I refuse to enter Decathlon unless it’s strictly necessary.
A cheeky browse always ends up in me walking out with 2 new hobbies and all the gear that comes along with it O_O
16. Plan Free Activities
It’s easy to spend money when you are bored.
Solution: Find and plan free activities to do in your free time! Such simple saving money hacks!
Instead of going to the cinema, host a classic movie marathon where everyone brings one item of food.
Or instead of going for your usual brunch spot, pack a picnic and find a cool spot to enjoy the day with your loved ones.
The possibilities are endless 🙂
17. Live On One Income
This is an old-fashioned trick that still works!
I know quite a few friends and family who have chosen to live off one salary and save the other.
This is relevant for couples, but to be quite honest, initially, the idea of not having my own money worried me.
Then I realized the key is to use the first salary to pay all the necessary monthly expenses such as rent, bills, etc. Each couple then gets their own spending money.
They can choose to spend it on whatever they want or save it. It’s your own money to play with.
18. Participate In Money-Saving Challenges
Lighten things up by participating in money-saving challenges! This makes saving money fun, and you also get to do this with friends and family!
Here are some examples of money-saving challenges to try:
- $1 Bill Save
This is a super easy challenge! The rule is to place every single one-dollar bill that you receive as change into your savings envelope or a jar for a whole year.
- The pantry challenge
Not only does this challenge help you save money, but it also helps to reduce food and produce wastage!
To participate in this challenge, you must utilize items currently in your pantry to cook instead of purchasing them from the grocery store.
This also helps to hone your cooking skills, and forces you to be creative with your meals using the ingredients you have.
- 52-Week Savings Challenge
This is another simple challenge that will allow you to save a whopping $1,378 by the end of the year!
The rules are simple – each week, you will place the amount of money corresponding to the number of the week into your savings.
So for week 1, you will save $1. In week 2, you save $2 and you continue this all the way till you reach week 52, where you will place $52 into your savings.
19. Swap To Generic Brands
Swapping to generic brands is another example of easy money-saving hacks to adopt.
There is no shame in purchasing generic brands when you shop for groceries, medication, or clothes. Many times we pay an additional amount for the branding.
Generic brands often provide similar quality without the hefty price tag, allowing you to save money.
20. Quit Drinking And Smoking
This is a great example of quick ways to save money!
Yes, this is definitely easier said than done. But the amount of money spent on alcohol and smoking can add up to a considerable sum!
In addition, both smoking and drinking do not have any health benefits. If any, they cause even more harm to your health.
Cutting back on these habits will not only leave you with more money to spare, but your health will drastically improve which also leads to lesser money being needed for medical purposes.
21. Utilize Cashback Apps And Coupons
You can’t talk about money savings hacks without acknowledging the
Keep a lookout for coupons to be used when you’re doing your shopping. This gives you discounts on things like groceries, clothes, services, and many more.
The savings that you get from both coupons and cash-back apps add up over time and helps with your savings in the long run.
Remember, every bit counts!
22. Volunteer At Events And Festivals
This is a cheeky way to still be able to participate in entertainment events without depleting your savings!
Volunteering at events and festivals may give you the opportunity to participate in the event without having to buy tickets.
Be sure to check with the organizers on the benefits offered to volunteers.
Also, volunteering is a fun experience, and when it involves charitable events or causes that support the needy, these experiences are often fulfilling as well.
23. Switch To Water As Your Beverage Of Choice When Dining Out
You will be surprised by the amount of savings from this simple action!
Drinks options at restaurants and cafes can be priced pretty steeply, more so if they are alcoholic options.
Switching to water allows you to cut back on expenditure on expensive beverages.
Besides, it’s never a bad idea to hydrate with plain old water!
Saving isn’t as far out of your reach as you think, it’s like any other goal you want to achieve in life.
Taking control of your finances will help you save money live better and hit your saving goals.
You visualize it, make a plan and go for it!
FAQs on Save Money Live Better
How To Save Money Better
Here are 8 ways to save money better in your everyday life:
- Replace gym memberships with free exercise tools
- Take up a side hustle
- Plan your meals
- Choose savings accounts with higher yield
- Set targets for your savings
- Substitute gym memberships with free exercise tools
- Replace purchasing gifts with handmade ones
- Avoid impulse purchases
How To Save Money Living On Your Own
10 ways to save money while living on your own:
- Shop second hand
- Buy staple foods in bulk
- Cook in batches for the week
- Identify grocery stores with cheaper prices
- Switch off electricity on vampire devices
- Utilize water-saving devices
- Choose monthly plans with the best savings
- Be energy efficient
- Cut back on entertainment spending
How To Save Money Hacks
8 hacks to save money:
- Utilize promo codes and discounts when shopping
- Periodically assess your debts
- Take advantage of tax relief benefits
- Utilize government benefits
- Drop unneeded subscriptions
- Cut back on unnecessary purchases at the supermarket
- Reduce fuel costs by utilizing public transportation when possible
- Swap gym membership for free exercise tools
How To Get Better At Saving Money
8 Tips For Saving Money:
- Regularly save in a high-interest yield account
- Distinguish between wants and needs
- Cut down on unnecessary subscriptions
- Reduce eating out and take-out
- Always keep track of your expenditure
- Always review large expenses and purchases
- Adopt energy-saving habits to reduce utility bills
- Opt for generic products
How To Save Money And Live Below Your Means?
Tips on how to live below your means:
- Identify ways to cut back on spending
- Prepare a budget
- Figure out your financial habits and identify possible changes
- Always have an emergency fund
- Set up financial targets to be achieved
- Be wary of lifestyle inflation
- Pay debts to reduce interests
How Can I Save Money And Live Simple?
8 ways to save money and live simple:
- Track all expenses
- Identify ways to reduce spending
- Automate your savings
- Set short-term and long-term goals for savings
- Select the right financial tools for your goals
- Consistently review your budget and expenditure, and keep track of your savings
- Ensure budget includes savings
- Identify financial priorities
Why Is It Important To Spend Less Money?
It is important to spend less money as the excess cash gives you a way out of the uncertainties of life and provides you with an opportunity to enjoy a quality life.
Spending less money provides you with a better prospect for your financials by increasing your wealth.
How Important Is Money In Life?
Many believe that money is a source of security and a means of achieving their goals and aspirations.
Money is needed for essentials such as food and housing. It is also needed for expenditure on luxurious items and experiences.
Money can also be a symbol of power and status and is used to gain respect.
Why Is It Important To Save Money?
It is important to save money as it allows you to enjoy greater security in your life.
An emergency fund is reassuring in case of unexpected events that require cash.
Also, savings provide the freedom to try out new ventures and be bold with your decisions without having to cut back on your daily needs.
How Can I Be Smart With Money?
5 ways to be smart with money:
- Clearly analyze your financials and look at current and future goals
- Knowing a budget is essential for future plans
- Identify intelligent ways for your money to work for you
- Know that your accumulated monthly bills affect your goals
- Utilise banking apps to manage your finances without the hassle
How To Withdraw Live Better Savings?
Rewards in your Live Better savings in Capitec Bank are in the form of cashback, which will earn 1% more in interest than your main transactional account. To withdraw, you can transfer your savings to any of your Global One accounts for free.
How To Transfer Money From Savings To Live Better?
It is not possible to transfer funds from your savings account to your live better account. Instead, you will have to set up the automatic savings tool, so that all your cashback is directed to your live better account and can earn interest.
Can I Transfer Money Into My Live Better Savings Account?
No, you will not be able to transfer money into your live better savings account.
The only way to fund your live better account is by switching on the Save Better tools on the Live Better app and by spending on partners involved to get discounts and cashback credited into your account.
If you need more insight into how to make extra money, read these articles:
- How to Reduce Credit Card Debt (5 Effective Methods)
- How to Save Thousands of Dollars on Your Mortgage
- Best Frugal Living Tips To Help You Reduce Debt
And if you to learn a new side hustle to earn money in your free time, these may be useful:
- 15 Best Stay At Home Jobs
- How to Become an Online Teacher (and earn $6,000 per month!)
- How to Become an Online Editor (9 Easy Steps)
- How to Become a Well-Paid Freelance Writer
- How to Become a Virtual Assistant With No Experience
Also, here are saving articles for travelers: