31 Smart Money Hacks That Will Save You Tons Of Money!

Last Updated June 29, 2024 by Davina Kelly

Are you looking for ways to save more money? These money hacks I am going to share can boost your savings without sacrificing your comfort. 

Navigating the complexities of personal finance can be overwhelming, in this post, I will share simple hacks to take control of your finances and reach your money goals.  

By implementing these strategies in my life I have been able to save more money and build a five figure investment portfolio.

You are going to learn easy money hacks to optimise your finances, save money and cultivate spending habits that are in line with your financial goals. 

After reading this post, you will be able to manage your money, increase your income and do more of the things that you enjoy.

This post is all about money hacks.

This post may contain affiliate links, which means we will receive a commission if you purchase through our links, at no extra cost to you. Please read full disclosure for more information.

31 Best Money Hacks:

1. Create a Budget

Creating a budget is the first step in managing your money. A budget is essentially a plan, it will allow you to take control of your money and give it direction. 

Having a budget in place will help you to pay your bills on time, plan for upcoming expenses, and save money. It will also save you from spending all of your paycheck in a week and wondering where it went. 

There are many ways to create a budget. You can use an Excel spreadsheet or Google Sheets or you can use an app if you prefer using technology. If using pen and paper is more effective for you that will work fine. Choose the tool that works best for you, this way you are more likely to stick to it. 

Related: Budgeting 101: A Simple Guide To Upgrade Your Finances

2. Have a Finance Routine

Having a finance routine is a great way to stay on top of your finances, track your progress towards your goals and make any necessary adjustments.

As part of your finance routine, you will track your spending, review your performance and update your budget for the next month. 

By reviewing your finances in this way you will be able to see if your budget is working, get an understanding of your spending habits and make any changes.

For example, you may notice that you are spending a significant amount of money on takeaways. It is so easy to overspend without realising it when you are paying for things online or tapping your card. To cut back you can cook more at home and put the extra money towards your savings. 

I recommend reviewing your finances at least once a month in the beginning. Once things are running smoothly you can reduce the frequency. 

3. Set Financial Goals

You set goals for other areas in your life so why not set goals for your money? 

Think about the short-term and long-term financial goals you want to achieve and choose one to get started with. I recommend working on one at a time because you don’t want to feel overwhelmed. 

The best way to achieve your goals is by making them specific, measurable and timely. For example, you might say “I want to build an emergency fund”. That is a great goal to have, but it is too vague. 

A better goal would be to build a $5,000 emergency fund in 8 months. This goal is specific and timely. To make it measurable you can include the amounts you need to save each month in your budget. You can hold yourself accountable when you review your budget as I mentioned earlier in this post. 

Setting goals for your money will give you clear objectives and keep you motivated. 

4. Invest Your Money

Investing your money isn’t necessarily a hack to save money, but it will grow your money and that is important so I wanted to include it. Saving money is important and you should ensure that you have some money put aside before you start investing. 

By investing your money in stocks it will increase as the value of the asset increases and you can benefit from compound interest and dividends. 

For example, you can invest in the S&P 500 index fund and get an average return of 9% every year. This is a great way to build wealth and plan for retirement. 

If you are a beginner and want to get started I’ve got you covered. Read here to learn how to start investing step by step. 

5. Put Your Savings in a High-Interest Account

By putting your savings in a high-interest savings account you will benefit from earning interest on your money. This is one of the easiest money saving hacks to increase your savings. 

The interest rate on savings accounts has increased due to inflation so I recommend taking advantage of this.

Ensure that you choose an easy-access account for any short-term savings to avoid any penalties for taking your money out early. 

6. Pay Off Debt

If you have any high-interest consumer debt like credit cards, car loans or personal loans you should prioritise paying it off. 

Paying off debt will save you money because you won’t have to pay the additional interest charges that consumer debt comes with. Once the debt is paid off you can put the money towards saving or investing.

7. Automate Your Savings

Setting up automatic transfers for your savings will take the guesswork out and make it easier for you to save money. 

You can set aside a certain amount each month or save a percentage of your income. It doesn’t matter how much it is just go with what you can afford. 

By saving your money in a separate account it will be out of reach so you won’t be tempted to spend it and it will build up over time. 

8. Pay Annual Bills Upfront

Paying your bills annually can streamline your finances and save you money in the long run. 

Many companies will offer a discounted rate for customers who choose to pay upfront for the entire year. I have saved $150 on my car insurance by doing this. 

Next time your car or home insurance is up for renewal compare the annual and monthly prices to see if there are opportunities to save money. 

9. Use Money Round Ups

Using money rounds ups will make saving as easy as spending. 

All you have to do is activate round ups on your account and when you spend money your spare change will be saved automatically. 

For example, if you spend $2.50 on a coffee the transaction will be rounded up to the nearest dollar (50 cents in this instance) and sent to savings.

This is an effortless way to boost your savings. I have this activated on my Monzo account which I use for my spending and I currently have $69 saved from round ups over the last few months.

10. Get Paid To Shop

If you are going to spend your hard earned money shopping, why not make some cash in the process? You can do this by using cashback sites. 

Websites like TopCashback will pay you to spend money through their site. For example, if you wanted to place an Amazon order you can do it through their website and earn cashback on your purchase. This is a great way to earn money while you shop. 

11. Use Separate Cards

Separating your cards for different purposes will help you stay on track with your spending and stay within budget. You can keep it simple by using one card for your bills, one for transport and groceries and another for entertainment.  

If you can only spend the amount you budgeted for each of these categories you will ensure that you don’t overspend. This will also encourage you to spend mindfully.

12. Live Below Your Means

Living below your means is a surefire way to save money. By spending less than you make you will have money left over at the end of the month. You can put this money towards your financial goals like investing or paying off debt. 

If you commit to spending less than you make you can stop the cycle of living paycheck to paycheck, avoid going into debt and reduce stress.  

This is easier said than done and it involves having a mindset shift. You have to ask yourself if spending money now is more important than achieving the financial goals you have set.

Related: How To Live Below Your Means (13 Tips To Save You Money)

13. Give Yourself an Allowance

Setting yourself an allowance to spend on what you want is a great way to avoid overspending.  

Managing and saving your money is important, but you don’t have to be miserable while doing it. You can still spend money on the things you enjoy you just need to be smart about it. 

If you include an amount in your budget for discretionary spending you will be able to spend your money guilt-free while staying within your budget. 

14. Shop During Sales

If you want to make a purchase take advantage of the sales throughout the year. This is a great way to get the best deals on your purchases.

To be intentional you can create a sinking fund for your purchase, this way you won’t be spending a lump of money from your paycheck at once. 

For example, if you want to buy new kitchen appliances you can decide on an amount you want to spend, put money aside in your sinking fund and purchase it on Black Friday. This way you can plan for your purchase and benefit from the discounts.

15. Start a Side Hustle

Finding ways to make money on the side will increase your income and make it easier to save money. Do you have any interests outside of your full-time job that you can monetise? Take some time to think about this, if you brainstorm you may surprise yourself by what you come up with.

Are you good at making crafts? If so you can create products and sell them online. Or you could offer your services as a freelancer. For example, you could be a freelance writer writer or photographer. Read here to learn more about freelance jobs you can take on to earn extra cash.

If you can’t think of anything you are passionate about you can always use the skills you have learned at work to earn extra money. For example, I work in accounting so I started a bookkeeping side hustle. 

16. Sell Unwanted Items

Selling your unwanted items is a great money hack to make some extra cash. We all have stuff lying around at home that we no longer use so why not sell it online? 

Declutter your home and make a pile of the items you don’t want or have outgrown. Go through your wardrobe, cupboards, and kitchen drawers and remove anything that isn’t being used. 

Then all you have to do is take some good photos, write an accurate description and list your items online. You can list them on websites like Vinted, eBay or FaceBook marketplace. 

17. Have No Spend Days

Have you ever challenged yourself to go days or even a month without spending money? This is a great way to build financial discipline and increase your awareness of your spending habits. 

I recommend doing it after you have paid your bills and done your grocery shopping. This way all of your essential needs are taken care of. If you plan ahead you will set yourself up for success. 

If boredom is tempting you to spend this is a great time to take up a hobby. Read here to learn the best hobbies you can do at home. 

Related: How To Master a No Spend Month

18. Monitor For Price Drops

If you are a frequent Amazon shopper like me, a great hack is to leave any items you want in your basket and monitor it for price drops. I did this unintentionally once and got my items for a lower price so I have continued to do it ever since lol 

Many Amazon sellers will drop the price on their items even if there isn’t a sale so you can benefit from great savings all year round. 

19. Ask For a Raise

Asking for a raise is one of the easiest ways to make more money. The cost of living has increased so your pay should increase to keep up with inflation. 

When you ask for your raise you need to be prepared. You need to research the current salaries for your role and ensure that you have evidence to support why you deserve it. Read here to learn more about how to ask for a raise.  

When you get your raise don’t inflate your lifestyle or go on a spending spree. I know it is tempting but it is better to put the extra money towards saving or investing. Your future self will thank you for it. 

20. Rent Out Your Spare Room

Do you have a spare bedroom or garage? Why not use it to make some extra money by renting it on Airbnb? This is a great hack to make money by utilising your space. 

If you live in a good location that is close to transport you can easily make over $80 a night. This can even turn into a source of consistent income for you. You can save the money or use it to cover some of your monthly housing expenses. Read here to learn more about how to rent out your room on Airbnb. 

21. Plan Your Meals

Planning your meals is a great way to save money on food. If you plan what you are going to eat in advance you will also avoid wasting food.

An easy way to do this is by creating a weekly menu and only buying the items you will need to make those meals. 

For example, you can choose three of your favourite meals to eat for breakfast, lunch and dinner and this will form your menu for the week. Don’t forget to include some snacks. 

If you don’t enjoy planning your meals I highly recommend the $5 meal plan. For just $5 a month, you can receive delicious weekly meal plans and grocery lists in your inbox. This is a great money hack to save you money and relieve you of stress at meal times. Learn more about this $5 meal plan and try it here FREE for 14 days!

22. Go Grocery Shopping With a List

Having a grocery list when you go shopping will help you stick to your budget and avoid making impulse purchases.

Before you go shopping check what you have left in your kitchen to make sure you aren’t buying anything that you don’t need (that is the worst feeling lol) Then write your list based on the meals in your menu as I mentioned in the tip above. This way you are only buying the items that you need. Don’t be tempted by the food items on offer, stick to the plan no matter what!

23. Meal Prep

Once you have done your grocery shopping set some time aside to meal prep. This will save you time and money. When you are working all day and get hungry it is easy to be tempted to order a takeaway. I have done this myself and over time it adds up.

If you prepare your meals in advance when lunchtime comes around you can just take it out of the fridge and warm it up. Your meals will be healthier and you will be using the groceries you bought.

24. Cancel Subscriptions

Look through your subscriptions and cancel any that you are no longer using. Check your direct debits on your account and check your bank statement to see what you are paying for. If you are no longer using a service then you should cancel it. 

You will be surprised by the amount of people who are paying for subscriptions that they aren’t using. Don’t be one of those people lol if you don’t need it cancel it and pocket the savings. 

25. Stop Upgrading Your Phone

Are you paying for a phone contract and upgrading to the newest phone every year? If you stop upgrading your phone you can save a lot of money. 

I know that it is tempting to want to have the latest phone, but it isn’t necessary. With a phone contract, you are paying for the handset plus the additional costs that your phone provider adds on top.

If your phone is in good condition when your next contract is up cancel it and switch to a sim-only plan. I did this myself back in 2021 and I have saved myself hundreds! I went from paying $50 a month to $15. 

My phone is still in good condition and I have plenty of data left over every month.

26. Cut Cable and Stream Instead

Is cable still necessary in 2024? You can watch your favourite shows on streaming services like Netflix and Amazon Prime. This will give you a lot more variety and save you money. 

27. Negotiate Your Services

When your services are up for renewal you should try to negotiate for a cheaper price. Most service providers want to retain their customers so they will often offer you a deal if you negotiate. 

If that doesn’t work check price comparison sites like this one to make sure you are getting the best deal in your area. 

28. Shop Around For Bargains

Before you commit to making a purchase do a quick search online to see if you can get it for a cheaper price. Sometimes you can find the same items at a discounted price on another website or you can benefit from free shipping. Becoming a savvy shopper will save you money.

29. Invest In Yourself

Investing in yourself is the best investment you can make. You can invest in yourself by reading books, taking online courses or you can find a mentor. 

Taking the time to pour into yourself will boost your confidence, keep your mind healthy and increase your earning potential. 

30. Educate Yourself About Money

When it comes to managing your money effectively knowledge is power. If there is an area in Personal finance that you are not knowledgeable about, take the time to learn. This will help you take control of your finances and learn ways to create financial freedom. 

You can do this by reading books about money, watching documentaries or even watching YouTube videos. I will list some of my favourite resources below.

Books

• Rich Dad Poor Dad
• The Psychology Of Money

YouTube

• Nischa
• Jennifer Kempson
• Earn You Leisure

Netflix

• Your Rich Life

31. Workout At Home

If you pay for a gym membership, why not cancel it and work out at home for free? This is a great money hack to save you from paying monthly fees. 

I used to think that working out from home wasn’t effective, but I started doing it in 2021 and it was a great decision. 

YouTube has a wide variety of workouts that you can choose from. Whether you prefer Yoga, Pilates, HIIT, strength training or even walking workouts there are plenty of options to choose from. 

My favourite channels are Heather Robertson and Move With Nicole.

Final Thoughts

By implementing these money hacks into your daily life you can take control of your finances and work towards achieving your financial goals. Whether it’s paying off debt, building an investment portfolio or saving for the future these tips can bring you closer to financial freedom.

You don’t have to deprive yourself to save money, it’s about prioritising the things you value and making smart decisions with your money.

I hope you have found these money hacks helpful and can now implement these tips to save money. What are some hacks you use to save money?

This post was all about money hacks.

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