33 Creative Ways To Save Money - Davinas Finance Corner

Last Updated September 26, 2024 by Davina Kelly

Do you want to learn some creative ways to save money? Here are some of my top tips

I know that saving money can be hard, especially in the current economic climate and with temptation everywhere!

As a regular saver, I know it can be challenging, so I am sharing some creative ways to save money that I have learned on my journey.

Saving money is a major key when it comes to your personal finances. It is important and can make all the difference when planning a holiday or paying for unexpected costs.

In this post, you will learn some of the best creative ways to save money that you may not have thought of.

This post is all about creative ways to save money.

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Best Creative Ways To Save Money:

1. Analyse Your Spending Habits

Before you can start saving it is important to understand your spending habits. This will allow you to see how you are spending your money and see where you can make improvements.

For a long time I was saving money each month, so I didn’t feel like I needed to analyse my spending habits.

When I finally sat down and analysed my spending I was a little embarrassed lol seeing how much I was spending each month on takeaways, online shopping, etc was eye-opening.

With that information, I was able to cut back on spending in certain areas which freed up more money to save.

You can do the same by looking at your monthly bank statements.

2. Create a Budget For Yourself

You have probably heard this before, but a lot of people still don’t do it nor do they realise how effective it is.

Once your budget is in place everything is set out in line with your goals and it takes the guesswork out of where your money needs to go each month.

This is one of the best things I did for my finances. I create a budget at the beginning of the year, set a savings goal, and phase it equally over 12 months.

Each month I know exactly what my costs are and what I need to do with my money.

And because I was aware of my spending habits I was able to include the improvements in my budget.

You can create a simple budget in Excel or Google Sheets, or you can use my FREE printable budget planner below. I also have a post that will show you how to create a budget which you can read here.

3. Set Yourself an Allowance

It is important to continue doing the things you enjoy, so instead of cutting them out completely, you can incorporate them within an allowance.

I enjoy going to the theatre and eating out at nice restaurants, so I set myself an allowance for this each month.

That way I can still do the things I enjoy and save as I am doing it within an allowance.

4. Use Cashback Sites

At this point, if we are making purchases it is only from the money we have set aside after paying our bills and saving 🙂

But again you can do it in a smart way by using sites to earn cash back on your online purchases.

I use a site called TopCashback. So every time I want to shop online, I just do it through their site and I earn cashback.

Whether you shop at Amazon, or eBay or want to order a takeaway from Just Eat you can make money while you shop.

5. Use Round-ups On Your Bank Account

We use our bank cards to make purchases every day several times a day, and using money round-ups on these transactions can be a creative way to save without having to do anything extra.

I have this activated on one of my bank accounts, so when I spend $2.50 on coffee, for example, the app will automatically round up to the nearest whole dollar and save $0.50.

Throughout the month this adds up and before you know it you have saved an extra $50 without even thinking about it!

6. Grocery Shop Weekly

Food is one of our biggest expenses, and finding ways to cut back is a realistic way to save money.

A great way to do this is to ensure you grocery shop each week. Doing this will save you from spending money on takeaways which will add up over time.

You can think about the foods you love to eat regularly at each meal, make a list of the ingredients you need and buy them when you go grocery shopping.

7. Plan Your Meals

Planning your meals will help you save time and money, that’s a win-win for me lol

You can plan your meals using the ingredients you buy during your weekly grocery shop.

I recommend doing this in a way that works best for you. For example, some people like to take a day and meal prep for the whole week, but I prefer to meal prep for 2 days at a time.

That way my food is fresh and I will have cooked what I am craving at the time, so I won’t be tempted to buy takeaways.

However, if you don’t like planning your meals try out the $5 meal plan. It’s a meal planning service that sends you delicious budget meals and grocery lists to your inbox each week for just $5 a month. Each meal only costs $2 – $3 a month so it’s a great way to save money. You can sign up here and try it out FREE for 14 days.

8. Create Savings Pots

Creating savings pots for upcoming costs can be a great way to save money. Think about the things you have coming up for the year such as birthdays, weddings, holidays etc.

The costs involved can add up, but if you plan for this in advance and create a savings pot it will make the process easier.

For example, if you have a holiday coming up at the end of the year that costs $2,000, you can split the costs equally over 12 months and save $167 each month.

Planning will help make this even easier as the more time you have, the more months you can spread the cost over.

9. Declutter Your Wardrobe and Sell Unwanted Items

We are all guilty of having clothes in our wardrobe that we haven’t worn in a long time or have outgrown.

You could sell these items at a car boot sale, on eBay or Vinted, and save the extra cash.

This is a creative way to save money and make money using things you already have at home.

Related: How To Sell Clothes On eBay

10. Search For Discount Codes Before Making Purchases

Doing a quick Google search for discount codes before making an online purchase can save you money.

I started doing this recently and have managed to find codes for really good discounts or sometimes free delivery which is still a saving.

YouTube creators often have discount codes from brands they’ve collaborated with, so you can also use their codes. You can check their description box on social media for any codes.

11. Audit Your Finances

This is so simple but something a lot of us overlook, myself included in the past.

We have our monthly bills, we set up direct debits for them and just let them continue rolling on.

Auditing these payments, cancelling what you no longer need, and negotiating better prices is a good way to save money.

12. Be Clear On Your Financial Position

This is another major key! Knowing your financial position will make your money priorities clear.

It will help you understand what you can and can’t afford and what you need to prioritise.

For example, if you have a lot of consumer debt, you can put any additional savings towards clearing down your debt.

Creating a net worth tracker will also help with this, as it will give you a better understanding of your financial position and you can track your progress over time.

13. Shop During Sales

We all enjoy shopping and saving money doesn’t mean you must stop completely. We can just be smart about the way we shop.

Shopping during sales can be a great way to save money. I have started doing this and have managed to find some really good deals.

There are usually sales a few times throughout the year such as during summer, Black Friday, Cyber Monday, Christmas, and New Year’s.

If there are big purchases you need to make such as electronics or shoes, you can create a savings pot for it and purchase it during one of the major sales.

14. Invest In The Stock Market

Investing in the stock market is a smart way to not only save but also grow your money.

If you haven’t already started investing, I would highly recommend you start. If you are a beginner, read here to learn how to get started.

You can make this part of your monthly budget, so you can allocate a certain amount to invest each month.

Tip: Investing platforms usually have good interest rates for cash, so you can also transfer any additional savings there and it will increase in value.

15. DIY Your Beauty Treatments

I know we all like to look cute lol but spending money on beauty treatments is costly. Getting our nails done, pedicures, waxing, eyebrows, etc all adds up!

Doing all or some of these yourself can save you lots of money. You can buy the supplies online and do it yourself at home. If you need guidance there are plenty of tutorials online.

Make this fun and see it as a way to get creative and learn new skills.

Or if you don’t want to cut this out completely, you can at least reduce the frequency.

16. Check Comparison Sites Before Renewing Annual Costs

When it comes to annual costs such as car, home, and phone insurance it is a good idea to check price comparison sites to ensure you are getting the best deals.

This does take a little time, but it can save you money.

For example, don’t just stay with your car insurance provider because it is convenient to auto-renew.

You can check on price comparison sites to see what other deals are available. Or you could try to negotiate a better price with your current provider.

17. Workout From Home

Instead of paying a monthly gym fee, why not work out from home?

This can save you time and money because you can do it from the comfort of your own home.

There are plenty of trainers who have YouTube channels that offer a variety of home workouts.

Whatever your preference is there is a channel for it trust me. You can find HIIT, strength, yoga and Pilates workouts and they’re all free! You can also buy a workout guide to follow.

You may need some equipment like a yoga mat or dumbbells, but you can find many affordable options on Amazon.

18. Change Your Mindset

When it comes to finances your mindset is very important. This will make all the difference on your journey.

I know when it comes to saving you may be thinking about all the sacrifices you have to make.

But don’t focus so much on what you are sacrificing, instead think about all that you will gain in the long term.

19. Put Your Savings InHigh-Interestest Savings Account

Putting your savings in a high-interest account will grow your savings, so you are making money as well as saving, that’s a big win lol

At the time of writing this the interest rates on saving accounts are high due to inflation so I recommend taking advantage while you can.

You can check with your current bank to see what options they have or use a comparison site to see the best options.

Be sure to check the terms before committing, as sometimes you will be required to lock your savings in the account for a fixed term. So ensure you are clear on that before you open the account.

20. Look For Deals

When it comes to spending money on things such as holidays you should always search for deals. This may sound obvious but if you do it right you could save a lot of money.

A good way to do this is by travelling to your destination off-season. Travel prices are lower during the off-season because it is less busy so you can get some great deals.

You could also use a credit card that gives you points to spend with certain airlines and use the points for discounts on flights.

21. Automate Everything

A good way to make saving easier is to automate it.

Once you have figured out how much you can save and invest each month, set up a direct debit or standing order so it is transferred automatically.

This way you don’t need to even think about it.

22. Have Separate Bank Accounts

Having a different bank account for each purpose is a good way to save money.

I have about 4 accounts with different banks and I use each one for a different purpose.

My main bank account which I get paid into, I also pay my bills from this account via direct debit.
One account just for saving.
An account for spending on things like buying groceries, transport, coffee and the odd takeaway.
The last one I use for my monthly allowance. I use this to pay for dinner out with friends, shopping, theatre tickets, etc

This may seem like a lot but I have found doing it this way makes me a lot more conscious of what I spend money on and also keeps me accountable because I am spending within a limit.

23. Create a Routine For Your Finances

I believe we should set time aside for our finances the same way we do for self-care.

Once or twice a month make time to sit down and go through your finances. Put in a calendar reminder sit down for an hour and have a look through everything.

Make it a vibe lol put on some music, light a candle or whatever your jam is, but get comfortable and get it done.

During this routine, you can update your budget tracker if you have one and check your bank statements to ensure everything is as it should be.

24. Get Clear On Wants vs Needs

This is something that we need to be clear on if we want to save and eventually grow our money.

Wants are things we would like to have, such as new designer shoes.

It would be nice to have these but we don’t need them.

Needs are necessities, things such as groceries and rent.

Sometimes the two can overlap, we could want a new laptop and this could also be a need for work. In these instances, we have to be honest with ourselves before making a decision.

25. Make Yourself a Priority

This may seem off-topic, but trust me it all aligns.

Putting yourself first by being mindful, eating healthy, working out, setting goals, and making a clear plan to reach them puts you in a different mindset.

Naturally, this will spill over into your financial life as you will be focused and thinking longer-term about your goals and what you can do to reach them.

26. Become a Great Host/hostess

Get your hosting skills up lol this can be a great creative way to save money on having fun with loved ones and friends.

Swap nights out, date nights, and girls’ nights for fun nights in. You can cook a lovely dinner, make cocktails, play games, and do karaoke there are so many options.

You can buy the ingredients for a fraction of the price of dining out and there are endless free games you can play.

I find these types of nights are even more fun as they are intimate and you can be more comfortable as it is just you and your loved ones who will appreciate the effort you’ve made.

27. Avoid Fees

Saving money is the intention here, so we want to avoid fees at all costs!

I’m talking credit card fees, late payment fees, withdrawal fees, etc.

This can easily be done if you’re organised.

For example, knowing when to repay your credit card and setting a reminder to pay it on time will avoid interest and late fees.

28. Create Homemade Versions Of Your Favourites

If like me you spend a lot of money on takeaways, you can save money by creating the same dish or a similar version yourself at home.

Whatever your favourite dish is, you can make it at home.

It could be coffee or a certain dessert, trust me you can make it yourself for a fraction of the price.

I love Thai Panang curry, but buying the takeaway adds up. So I found a recipe online, bought the ingredients, and now make it myself at home.

If you can’t cook YouTube or Pinterest is your best friend lol

29. Swap To Using a Water Filter

Buying water may seem like a small cost, but trust me it adds up.

Instead of buying bottles of water, you can buy a water filter.

Yes, you do need to buy cartridges but it is still cheaper and you will also be helping the environment.

Also swapping your drinks such as coke or fruit juice to water alone will save you money.

30. Make Clearing Consumer Debt a Priority

Getting rid of consumer debt should be a priority. I’m talking about debt such as credit cards, personal loans, etc.

Clearing these debts will free up more money to save.

I know debt can be a hard thing to tackle, but you can start with the smallest and work your way up.

31. Consider Starting a Side Hustle

Once you have exhausted all the ways you can save money with what you have, you may want to consider making more money.

A great way to do this is by starting a side hustle.

There are a million side hustle ideas you can choose from. I will link some of my posts with various side hustle suggestions below for inspiration.

I know this can be intimidating at first, but you have to trust and believe in yourself. You can do it, I’m rooting for you 🙂

32. Utilise The Library

On this journey of finding creative ways to save money, we are also expanding our knowledge and a great way to do this is by reading.

But instead of buying the books, you can borrow them from the library.

This is free and often an underused resource.

33. Pay Annual Costs Upfront

If you have annual costs such as car insurance, paying the cost in full can save you money.

This is because you will avoid paying the additional fees companies usually charge for processing monthly payments.

You can plan for this in advance and create a savings pot for it as I mentioned earlier.

Frequently Asked Questions

How To Save But Enjoy Life?

The best way to save money while enjoying life is to make a plan for your finances and spend mindfully.

You can do this by creating a budget that includes your essential expenses and an allowance for fun.

Prioritise spending money on experiences that bring you joy and also look for deals and discounts where you can.

Also, focus on quality over quantity and cherish meaningful moments rather than material possessions.

By managing your finances wisely you can build up your savings while still doing the things you enjoy.

What Is The 50/30/20 Budget?

The 50/30/20 budget is a budget plan where you spend 50% of your budget on needs, 30% on wants, and 20% on savings.

Needs are necessities such as rent, bills, utilities, and groceries. All the things you need to survive.

Wants are non-essentials such as dinner out, handbags, and holidays. All of the things which make life more enjoyable.

Savings are for things like an emergency fund, savings accounts, and investing in the stock market.

This strategy is a great way to get started as it simplifies the process, but I would make one change.

I would allocate 20% to wants and 30% to savings. This is because I think saving is more of a priority than wants.

These are some of my top tips on creative ways to save money. Hopefully, this has encouraged you to start saving and given you some ideas to get started. Incorporating some of these tips can make saving a lot easier.