CEE Standard: Saving.
If your students are really trying to save money, these ideas will be a big help to them. Have them consider these 15 different tips and then see if they can come up with some additional ideas of their own!
If you’re like me, you know that every single cent counts — even the pennies you find under the couch. But saving doesn’t have to mean being cheap or skipping things you love. Here are 15 creative ways I love using to make my savings pile up.
BOGO Discounts
Gum is my favorite guilty pleasure. But buying pack after pack really adds up. That’s why I buy only when there is a special discount like “buy one get one free” (BOGO). This can be applied to so many of the regular purchases you make. Wait until they are on sale!
Texting/Mailing Lists
Some of my favorite stores and restaurants text their deals and coupons right to my phone. I can then decide on the best options. I also sign up for mailing lists for my favorite stores and let the deals come to me. Plus, most coupons are digital, so they’re always right in my email!
Thrift Shops
At stores like Goodwill and the Salvation Army, you can score incredible deals, like designer shoes and video games for just a few bucks. So many of the clothes are as good as new or brand-new with the tags still on them!
Shopping the Back of the Store
It seems like the most expensive clothing and trendy items are always placed in the front. So I keep my blinders on and shop the back, where most stores have their sale racks. Try not to even look at the full-price stuff up front! Some of my favorite stores are places like Old Navy and Maurices — or any store having a huge clearance sale.
Research Really Pays Off
When I know exactly what I need, I get on my laptop and start looking. It just takes a simple Google search to compare deals and pick what suits your budget.
Ban the Mall
Unless there is a huge sale or tons of clearance racks, just stay away from the mall. Typically, the prices are super high. You can find great deals at discount stores like Ross or TJ Maxx if you are willing to spend a little time looking around.
Dollar Store Finds
You’d be amazed at what one dollar can buy. This summer, I scored super-cute sunglasses for a buck that would’ve cost at least $10 at even a budget-priced store.
Turn It Off
Did you know that those who watch live TV actually spend more money? It’s because of all the commercials they watch. Don’t be fooled by the commercials and spend money you don’t have for things you really don’t want and don’t need in the first place.
Stream or Rent
Renting or streaming is always less expensive than going to see a movie in the theater. If you stick to streaming services, you can save $20 or more a month. Renting movies with Redbox is perfect if you want to have a movie night with friends.
Library Trips
Most public libraries have loads of resources for free. Why buy books (or movies or music) when you can get them for free at your library?
Split a Meal
I can never seem to finish an entire meal at a restaurant. I usually ask a friend to share with me so we can both save. This is a super-simple way to save money and still enjoy a night out!
Drink Water
Soda may be tasty, but $2 to $3 per bottle can really add up. By sticking to water, you can save a few bucks every time — and be healthier, too!
Local Deals
Discount sites like Groupon are perfect if you’re looking to do something unique. I learned how to paddleboard for $40 less than if I had bought it without the discount.
Clothing Swap
I used to throw away clothing that no longer fit me. Now my friends and I save our clothing, jewelry, shoes, etc. and have a big swap. It makes for a really fun anti-shopping party.
Leave the Wallet at Home
Sometimes I leave my wallet at home. This reminds me not to blow through my money just because I’m bored or have nothing to do.
The Bottom Line
These steps may seem extreme, but they’re necessary if you are really having a hard time getting your spending under control.
![15 Extreme Money-Saving Tips (5) 15 Extreme Money-Saving Tips (5)](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)
- Do you like to save money or is it hard for you to hang on to your cash?
- Do you think any of these ideas would work for you?
- Can you think of other things you could do to save money?
- What are you saving for? Do you think you can reach your goal?
FAQs
How about this instead—the 50/15/5 rule? It's our simple guideline for saving and spending: Aim to allocate no more than 50% of take-home pay to essential expenses, save 15% of pretax income for retirement savings, and keep 5% of take-home pay for short-term savings.
How to save $10,000 in 6 months? ›
How I Saved $10,000 in Six Months
- Set goals & practice visualization. ...
- Have an abundance mindset. ...
- Stop lying to yourself & making excuses. ...
- Cut out the excess. ...
- Make automatic deposits. ...
- Use Mint. ...
- Invest in long-term happiness. ...
- Use extra money as extra savings, not extra spending.
How to save $1,000 in 3 months? ›
If you wanted to save $1,000 in three months, for example, you'd need to save roughly $84 per week. That timeline can also provide you an opportunity to invest in a high-yielding time deposit account.
How to save $5000 in 100 days? ›
The 100-envelope challenge is pretty straightforward: You take 100 envelopes, number each of them and then save the corresponding dollar amount in each envelope. For instance, you put $1 in “Envelope 1,” $2 in “Envelope 2,” and so on. By the end of 100 days, you'll have saved $5,050.
What is the 15x15x15 rule? ›
The mutual fund 15x15x15 rule simply put means invest INR 15000 every month for 15 years in a stock that can offer an interest rate of 15% on an annual basis, then your investment will amount to INR 1,00,26,601/- after 15 years.
What is the $1000 a month rule for retirement? ›
The $1,000-a-month retirement rule says that you should save $240,000 for every $1,000 of monthly income you'll need in retirement. So, if you anticipate a $4,000 monthly budget when you retire, you should save $960,000 ($240,000 * 4).
What happens if you save $100 dollars a month for 10 years? ›
How $100 a month can help make you wealthy
If you invest $100 a month for this many years... | ...this is how much you'll end up with. |
---|
10 | $21,037.40 |
15 | $41,939.68 |
20 | $75,603.00 |
25 | $129,818.12 |
2 more rowsOct 1, 2023
How can I save $1,000,000 in 10 years? ›
In order to hit your goal of $1 million in 10 years, SmartAsset's savings calculator estimates that you would need to save around $7,900 per month. This is if you're just putting your money into a high-yield savings account with an average annual percentage yield (APY) of 1.10%.
How to save 100k in 3 years? ›
Below, I've broken down the things I did and included some tips that can help you with your own savings plan.
- I contributed to my retirement via a 401k offered by my employer. ...
- I kept my expenses low. ...
- I focused on saving 40% to 50% of each paycheck and anything extra. ...
- I started a side hustle.
How to save $1000 fast Dave Ramsey? ›
Dave Ramsey's 9 Ways To Save Your First $1,000 Fast
- Cancel Subscriptions. ...
- Bring Your Own Lunch. ...
- Avoid Coffee Out. ...
- Re-Sell Old Items. ...
- Shop at Cheaper Grocery Stores With Rewards Programs. ...
- Buy Generic. ...
- Join a Carpool. ...
- Pick Up a Side Hustle.
11 Easy Ways to Save $1,000 in 30 Days
- Create a Budget. ...
- Automate Your Savings. ...
- Create a Savings Bingo Sheet. ...
- Negotiate Your Bills. ...
- Separate Wants From Needs. ...
- Plan Your Meals. ...
- Buy Generic Brands. ...
- Cancel Unnecessary Subscriptions.
How to save $100 in 30 days? ›
The goal of the Challenge is simple: save $100 in a 30-day time period through a series of gradually increasing deposits. November has 30 days so every day is a savings day. As shown in the picture below, daily savings deposits start at $1 a day for five days followed by $2, $3, and $4 each for five days.
What is a 52 week challenge? ›
The 52-week money challenge involves saving an increasing amount of money each week for one year. The challenge can be adjusted to fit personal financial circ*mstances and goals. Opening a high-yield savings account and utilizing automated savings features can help make the challenge more manageable and successful.
What is the envelope savings method? ›
The concept is simple: Take a few envelopes, write a specific expense category on each one — like groceries, rent or student loans — and then put the money you plan to spend on those things into the envelopes. Traditionally, people have used the envelope system on a monthly basis, using actual cash and envelopes.
What is a 100-envelope challenge? ›
It works like this: Gather 100 envelopes and number them from 1 to 100. Each day, fill up one envelope with the amount of cash corresponding to the number on the envelope. You can fill up the envelopes in order or pick them at random. After you've filled up all the envelopes, you'll have a total savings of $5,050.
What is the 60 20 20 rule for savings? ›
If you have a large amount of debt that you need to pay off, you can modify your percentage-based budget and follow the 60/20/20 rule. Put 60% of your income towards your needs (including debts), 20% towards your wants, and 20% towards your savings.
What is 15% investing rule? ›
But really, you just want to know what percent of your income you should save for retirement to be financially secure. And the answer is pretty simple. Here it is: Invest 15% of your gross income into tax-favored retirement accounts—like your 401(k) and IRA—every month. That's it.
How much money do you need to retire with $100,000 a year income? ›
So, if you're aiming for $100,000 a year in retirement and also receiving Social Security checks, you'd need to have this amount in your portfolio: age 62: $2.1 million. age 67: $1.9 million. age 70: $1.8 million.
What is the 50 30 20 rule for savings? ›
The 50/30/20 budget rule states that you should spend up to 50% of your after-tax income on needs and obligations that you must have or must do. The remaining half should be split between savings and debt repayment (20%) and everything else that you might want (30%).