If you want to know how to save money fast, you’re not alone. Saving money can be a daunting thought, a frustrating task, and for many, difficult to achieve.
When it comes to saving money, it’s helpful to think of it in the context of two pillars:
- How can I save money fast in the short term? (i.e. cutting out unnecessary expenses day-to-day, spending less than you earn, avoiding instant gratification, etc.)
- How can I accumulate wealth in the long term? (i.e. choosing to live a lifestyle below your means, investing to create passive income, building an emergency fund, etc.)
Today, we’re focusing on the former, to show you what little steps you can take today to save money fast. We’ve all got frivolous and unnecessary expenses that impact our day-to-day financial state, whether we’re aware of it or not. We’re breaking down some of the most obvious (yet not-so obvious) things that are eating up your budget, preventing you from saving money fast. Just remember: to each their own. Some of these things may not work for you, but others might! Use these tips as a guide to help manage your budget on items you may be able to cut out, to help you save more money fast.
P.S. Check out our latest video on 5 Money Mistakes you have to avoid making!
How to Save Money Fast by Spending Less
1. Coffee
Likely no surprises here – but first things first, quit buying coffee every day. $2 here or there may not seem like a lot, but when you’re in the habit of purchasing coffee on a daily basis, you’d be surprised at just how much it adds up to. Let’s do the math.
Let’s say you’re buying coffee 5 days a week at Starbucks for $2.50 a cup. 4 weeks in a month, and 12 months in a year, equals a total of 240 cups a year. 240 cups at $2.50 comes out to a total of $600.00. That’s $600.00 that could be used to purchase a flight on your next vacation!
A little goes a long way. Try swapping out the in-store Starbucks coffee for an at-home brew, and you could be paying as little as 16 cents per cup.
2. Lunch
Now, this may be a hard habit to develop if you’re someone who buys their lunch every day, but similar to the coffee situation, buying your lunch can add up pretty quickly.
If you’re spending about $7 on lunch, 5 days a week (5 days x 4 weeks x 12 months = 240), so 240 days a year, you’re spending $1680 a year on lunch.
On the flip side, if you were to pack your lunch every day – you could eat lunches as low as $2-3 per meal, saving you a ton of money. If you find it difficult to make time to pack a lunch, try meal prepping. Meal prepping is a great way to get all your meals ready for the week in one go – saving you time and helping you eat healthier. Here’s a link to our beginner’s guide to meal prepping. (Trust us, it’s super helpful!)
3. Bottled Water
Next up: the much-despised plastic water bottle. Bad for the environment, and bad for your wallet – bottled water is something you can always avoid paying for. All you have to do is plan ahead. Make a habit to bring a reusable water bottle with you every where you go. Whether it’s work, school, the mall – wherever! Throw a reusable water bottle in your backpack or purse, and you’ll be good to go at any time if you need it.
Nowadays, there are tons of refillable water bottle stations and water fountains around to help decrease the usage of plastic bottles. So, you shouldn’t have a hard time finding somewhere to fill it up.
4. Books
Next, this is a super hard one – since everyone loves the feeling of going into a book store and picking out your next read. But, you can actually save a crazy amount of money if you decide to opt out of purchasing books, and go to the library instead.
Think about it: if you’re an avid reader, buying a new book a month, chances are you’re spending hundred of dollars a year on books. With a library card, you can get unlimited access to as many book as you want, all for FREE!
Give it a shot, you just may like it. 🙂
5. Regular Beauty Treatments
If getting a monthly mani-pedi, monthly facial, bi-weekly nail touch-up, and quarterly hair re-color, sounds like your typical beauty regime, there might be an opportunity to cut costs. Try DIYing some of these routines to help you save money fast while learning some new beauty skills. These expenses can add up pretty quickly.
Check out our step-by-step guide on how to do an at home facial, spa level status! You’d be surprised at how good your results can be if you try doing some of these beauty treatments yourself. Then, you can do facials on all your friends (and maybe make some money out of it)!
So, what do you think? Doable to cut out these expenses, or no? Leave a comment down below and tell us what you think! 🙂
Bedbugs can lurk in the bindings of books at the local library. Try sharing books with co-workers instead. Sure, you purchase a couple of books each year, but by sharing with co-workers, you get to read many many more .
Author
Great idea, thanks for sharing!
Articles like this enforce the incorrect belief that people are struggling are to blame. Most people aren’t buying expensive coffees daily, eating out for lunch or getting expensive beauty treatments. If we had money for this, we wouldn’t be looking for money advice.
Author
Hi there,
This article isn’t intended to blame or point fingers at anyone. It’s meant to help show people a few things they can try cutting out if they’re looking to save money fast. If you’re not currently spending money on these things then you may not be able to relate, but there are many individuals who are trying to minimize their regular spending to save more.
My my my, you really love money, huh? Dont buy books? are you kidding?
the reason i work hard every day, is so that I can enjoy simple things without guilt. If I followed your 5 rules, I would be miserable and depressed. But hey, look at all the money i saved… for what??
I just dont understand people like you. why are you driven to hoard money? for what? what are you saving it for, that you cannot have a cup of coffee? maybe you need to earn more money…
Author
Hi William,
That’s not quite the case – this article is just to help provide some insights on things people can look to cut out if they’re trying to save money fast. (i.e. wants vs. needs). The entire aspect of spending and earning money is subjective – to each their own, right? People come from different financial situations and have different financial goals. There’s no right or wrong, and everyone is entitled to their own financial outlook – whatever that may be.
This is meant to help shed light on a few things that can add up quick, that’s all.
This is so good. I tried cutting down buying lunch in school and I saved a lot better. I was able to use that money for other things. This is a very good write up for people who want to save because it can be really hard.
Author
Hey there – thanks for sharing! So glad to hear you were able to save more by avoiding buying lunch at school. Every small step adds up, so awesome job!! 🙂
Sodas and energy drinks are just as bad or worse than the coffee habit. Cut em out, save some dough and have a heathier body to boot! #SasquatchFitness
Author
Agreed, Jason! Thanks for sharing!
But most of the time I buy plant, when I see a new plant.
Thank you for this realistic look and breakdown of where to save money on a daily basis. You hit the nail on the head mentioning ‘instant gratification’. Everyday I stop for coffee and it’s not just $2.50. It’s $5.45/day. It seems like saving money takes fore-thought and slight prep-time. In my situation equates to getting up a bit earlier-I bought a coffee maker (and the fabulous coffee) to make at home, a cute to-go mug and packing my lunch instead of buying. I pack my lunch when I pack my daughters’. I guess a little time spent up-front will save money on the back end.
Author
Hi Susan,
Thanks for your feedback and so glad to hear you found the article helpful! Buying a coffee maker is such a good way to go! Sounds like you’re making all the right moves to save money fast! Totally agree that a little time spent up-front helps save money on the back-end! 🙂
Thanks for the advice. You are just trying to help shed a light that saving a buck here and there adds up quickly, so fast that if you are a coffee lover, you would be able to buy yourself one of those great machine and save year around without have to sacrifice your daily dose of caffeine. Also, saving is a smart way to prepare for tomorrow, someone may loose their job or perfect example look at our country now. If most people would have saved they would not be in a predicament right now. Thanks for the advise.
Author
For sure! Thanks for your feedback, Jackie! Every small amount you save can add up quickly 🙂 Hope you’re taking care during these times!!
You always make your own coffee at home. Always. Ready made coffee like star bucks are way to weak and feeble anyway.
Author
For sure – and you can even try making some of those lattes at home! (Check out our homemade pumpkin spice latte recipe = that’s healthy too!) >> https://www.thewerklife.com/homemade-pumpkin-spice-latte/
I’m surprised by the negative comments! Maybe they have been quarantined for too long. These are all excellent ideas. What library do you go to that has bugs in books? And I do understand the book lover who likes to possess the books. BUT for many other people trying to save, these are all excellent ideas. One last thought, where can you get a cup of coffee for only $2.00?
Author
lol! Good point – maybe $3.00 is more accurate. 😉 Thanks for your feedback!
I think your ideas is a great place to start. Americans can act very entitled, as if these things are actual necessities. These things do add up. I LOVE the app Hoopla through my local library because it allows me to check out hundreds of free ebooks and audiobooks. Personal finance is just that-personal. Not every article is going to cater to each of our lives. We glean from various ideas and apply them as we can. Don’t let these haters get to you. They are probably in debt up to their eyeballs!
Author
Thanks, Mary! Great points and totally agree with you. It is PERSONAL finance at the end of the day, so to each their own! Much love!
By the way, I just followed you on Insta. You will see me as Solo_Girl_Bliss. Here’s to women paving the way for others in personal finance and providing encouragement along the way!
Author
Yesss!
My kids are addicted to Starbucks! They are young adults and are living paycheck to paycheck…sent them this article….that 600 dollars hit them hard! They each have coffee makers that I bought them and looks like they will be in regular use now…they’re not going cold turkey but they will be more mindful of their dollars each time they go.
Author
Hey Viola! Thanks for sharing, and hope your kids found the article helpful!! 🙂