23 Tips to Minimize Spending & Maximize Savings
Simplifying my life with minimalism had a dramatic effect on my finances. For the first time ever, I felt like I had control over what money was going out every month.
I love being more intentional with my money nowadays, so I’m very excited to share these 23 tips from top bloggers, to minimize spending and maximize savings.
1) Fully use what you buy
Chelsey B of Dear Chelsey B hits the nail on the head with this one!
Being more intentional to use what we have rather than buying something new will save us lots of money on eating out, impulse buys, etc..
Click to read her other 9 tips in her minimalist’s guide to frugal living.
2) Start to budget
Laurie Whelden, contributor of Humble Home Organizing encourages you to begin to budget.
She also explains about sinking funds and how to keep your budget realistic - enjoy!
3) Don’t save your credit card details
Being too lazy to get up off of my bum to get my credit card has saved me hundreds, if not thousands, of online shopping dollars.
It also adds a natural pause to allow us to be more intentional and consider the purchase more.
4) Regrow your vegetables in water
When I think of saving money, I automatically think of eating ramen noodles as that’s what I lived on when I first moved to Vancouver from England, on a shoestring budget.
Delicious but not so nutritious. Which is why I love this easy tip from Christina of Mom in the SIX - click to read all 3 ways to save on fresh vegetables.
5) Haggle your cell phone bill
Fun fact - I got my first job because I racked up a £500 phone bill as a teenager when mobile phones first came out.
This tip from Elizabeth of Frugal Mom Eh! is one of her 7 ways to lower your cell phone bill.
6) Compare grocery store prices
Ginny from Savour & Savvy has put together a free printable for you to compare prices of groceries you usually buy.
This is a great way to highlight reocurring money saving opportunities!
7) Do a no spend week
A no spend week is a teeny tiny step that anyone can take, with big returns for your bank account, money mindset, and self esteem.
Every month from 1st to 7th, we only spend money on groceries, transport & bills.
We transfer our weekly shopping budget directly to our savings that week.
It helps us save an extra $2000 a year!
BONUS - there’s a free fillable tracker for you to use
8) Do a no spend month
If a no spend week sounds easy-peasy to you, it’s time to up the ante with a no spend month!
Claire Roach of Money Saving Central explains how to do a no spend month, and even has a free pack of printables for you to use.
9) Reduce impulse buys
So many of us try to shop our way to happiness, but all we have to show for it is clutter and debt.
Self awareness and acceptance are the best way to reduce impulse buys and become more intentional with your shopping and spending.
BONUS - there’s a free intentional shopping checklist
10) Find some free hobbies
The Wallet Moth recommend filling your free time with fun, no-cost hobbies like hiking, running, yoga and wild swimming.
They also share 44 other frugal living tips.
11) Join a toy lending library
Sarita Harbour of An Off Grid Life shares 66 ways to save money to move off the grid.
In reality, kids only play with a tiny percentage of toys on a regular basis.
As I type this, Willow is squealing with delight whilst she hits the kitchen bin with her beloved disposable wooden chopstick. She’s played with this chopstick more than any other toy in the last three weeks.
This chopstick actually inspired her birthday present - a Hape drum set (which we found for $15 secondhand!!! Whoops …spoiler alert for tip no.21).
She briefly stopped beating her chopstick on the floor for long enough to give the drum set a cursory glance, before getting back to business.
All this to say - toy libraries are an amazing way to save money and to keep the number of toys in your home to a manageable minimum, while still providing lots of variety for your little ones.
If you’re feeling overwhelmed by how many toys you already have, toy rotation will be an absolute game-changer for you!
12) Automate your bills & savings
Once you set up your budget and know how much you’re paying for bills and how much you’re contributing towards savings, do yourself a favour and set up auto payments.
You’ll never have a late payment again, and your savings will grow surprisingly quickly.
13) Meal prep using your Instant Pot
15 meals.
2.5 hours.
$30.
Wow!
The Milner’s over at Recipe This have put together 15 Instant Pot Freezer Meals In 2.5 Hours For $30 to help you cut food costs.
14) Declutter & reorganize instead of decorating
Brooke Grasley of Restore Decor & More is speaking my language! Minimizing clutter can magically turn a space into a home.
Decluttering & reorganizing is just one of her tips on decorating your home on a budget.
15) Become a minimalist
Everything fell in to place when I became a minimalist.
I spent my time and money more intentionally
I was clearer on what I wanted to save for
I felt more comfortable in my home and in my own skin so I didn’t have to rely on buying things to make me happy
If you’ve like to learn more about minimalism in bite size chunks, check out how to become a minimalist in 30 days.
If you want to jump in with two feet, read how to declutter 80% of your mess in just one afternoon.
If you want to learn what to actually do to declutter your home, I explain my whole process in the Minimize My Mess Method.
16) Sell your clutter
Joleen Pete from Love, Joleen talks about different ways to earn extra money with side hustles.
Two thumbs up for turning decluttering into a money making activity by selling your unwanted items on facebook marketplace!
You can also read more about getting rid of stuff you no longer need.
17) Use cash instead of card
Making the change from using a debit card to using cold hard cash seemed like a waste of time to me, but my money savvy friend insisted, so I gave it a try.
Yet another example of the counterintuitive option being the best one for me!
It drastically improved my spending habits, and I love piling up my unspent money at the end of the week - Scrooge McDuck style.
18) Reduce drying time
I always air dry my laundry when weather allows (which is not that often in Raincouver), but I love this tip from Diana from Wandering Hoof Ranch.
Adding a couple of dry towels to the dryer will help reduce drying time.
Here are other ways that Diana saves money on her laundry.
19) Have a plan for “free money”
This is a concept I learned from Tiffany the Budgetnista in a podcast years ago.
She explained that we come into “free money” all of the time, and that we should be making it work for us.
I didn’t get it straight away because the only “free money” I could think of was a big inheritance.
But she gave examples like someone treating us to lunch when we expected to pay (transfer that $15 to a debt payment), getting a tax refund (send that baby to savings), and something we budgeted for being cheaper than we expected (send that extra $5 to your retirement fund).
Now we always have one priority to put our “free money” towards.
20) Check the weekly ad at the grocery store
I love what Lyne from Ottawa Mommy Club recommends about checking the weekly ad at your grocery store.
She has 8 other easy tips on how to save money on groceries.
21) Buy secondhand, first
Buying secondhand has so many benefits, but the number one benefit is how much money it saves you!
We are a society of impulse buyers. There are so many nearly new items up for sale at bargain prices.
I always recommend that people try shopping secondhand, first.
So if you need a new blue sweater, try checking Poshmark or your local thrift shop before heading in to H&M.
If you need a new water table for your toddler to play with in the garden, take a second to check Facebook market place first, before clicking over to walmart.
You’ll be amazed at what bargains you can find!
BONUS - here’s my guide to giving amazing secondhand gifts
22) Plan your meals ahead of time
Caroline from The Parent Spot put together some helpful tips on how to save money on groceries (without coupons)
I second her suggestion to meal plan. For us it means less “what’s for dinner”, less stress, less food waste and more savings!
In fact, I double down on tips no. 20 & 22 by meal planning based on the weekly flyer. We have built up a list of meals that we love, and I pick which of them to make that week based on what’s on sale.
23) Invest using a robo-advisor
First things first, I am NOT a financial professional and this is not financial advice. I’m just a huge fan of sharing what works well for our family.
I’ve always felt so overwhelmed by investing. I let analysis paralysis hold me back for years - which cost me thousands.
We started to invest using the Wealth Simple robo advisor, and absolutely love it.
I’ve learned a lot about the stock market since then, but the robo advisor account is still the best performer in our portfolio.
If you want low fees & low stress investing, check out robo advisor accounts near you to see if would be a good fit.
Conclusion
So there you have it, 23 ways to minimize your spending and maximize your savings!
Do you have any more money saving tips to add? Let me know in the comments
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If you enjoyed this, you’ll love my 20 tips on how to stop buying stuff online
