31 Smart Money Tips
Whether you love money or not, you need it. You also need smart money moves to make it work for you. Not many people have the time or energy to take on a second job for a little extra cash, but you may already have the means right in your home, or, with a little planning, you can start moving in the right direction.
So, grab your notebook and your favorite beverage and get ready to take notes.
Check the list below, and if you’re ready to take your savings to the next level, try the free Financial Fitness Spend Challenge.
1. Wave your magic wand.
We all have different goals and dreams. Is it debt-free, mortgage-free, or kids’ college paid in full? Is it not living paycheck to paycheck?
Close your eyes and take a few breaths. Now write it down or say it out loud. Send your desires to the universe. When you send it out to the universe, you make it real, and the universe responds.
Little Woo Woo? Oh, heck yeah! We’re talking about magic wands here, aren’t we?
2. What’s in your closet?
Is it full of clothes that used to fit as well as those that you hope won’t fit again, but keep just in case? Admit it: you’ve got a cluttered closet, and you wish every day, no matter what you grab, it fit perfectly. A messy closet can make it hard to focus and leave you overwhelmed before your day even starts. The good news about cluttered closets is that they’re full of cash.
Set aside a few hours and try on all your clothes. All of them. If it doesn’t fit or make you feel fabulous, throw it in the corner.
When you’re done, post that pile on Facebook Marketplace, Poshmark, Mercari, Depop, or any other selling platform, before you change your mind. If you don’t have time or the patience to list them, take them to a secondhand store that will buy them directly. There are well-known buyers such as Buffalo Exchange, Clothes Mentor, Once Upon a Child, and Plato’s Closet.
3. Turn your hangers backwards.
Now that you’ve cleaned out your closet, turn all your hangers backward. Why? Each time you wear an item, hang it back the right way—this makes it easy to see what you haven’t worn at a glance.
Choose a future date (a year works well) to take out all the clothes you didn’t wear (items still hanging backwards), then repeat #2 and follow this step again. This makes spring closet cleaning a breeze!
Note: If you have formal or special pieces you love and still fit but remain on backward hangers, give them another chance—you clearly value them.
4. Don’t buy it in the first place.
Many people waste money on clothes. Sales are deceiving with very creative marketing. If you don’t have the cash, then it’s not a bargain.
Macy’s and Kohl’s are experts with virtual cash, especially if you use their credit card. If you aren’t careful, your new outfit can cost you twice or even three times as much.
Want to change up your closet? Have a clothing exchange with your friends. instead. Plan a potluck and bring your clothes. You may not make any money, but quality time with friends is priceless.
5. Don’t donate for your taxes.
It’s easier to donate those clothes, but don’t do it if you think it will help your tax bottom line, because it won’t. Most people take the standard deduction. Cash in your pocket is what you want.
6. What’s in your pantry?
Are you standing in front of your pantry and unsure what’s in there? It’s time to do an inventory. Like your closet, you want to open your pantry and feel confident you can use what’s in it now.
Expired? Chuck it. No idea why you bought it? Find a recipe or ask a friend if they want it.
Take it a step further: create a list of what’s in your pantry on your phone, and update it as you use and buy items. This will make shopping easier, help with meal planning, and minimize food waste.
7. No science experiments.
The fridge or freezer can be very overwhelming. Do you buy meat in bulk from stores such as Costco and Sam’s Club? Meat in its original packaging is typically only good for about two months. It must be stored in foil or heavy-duty bags after two months.
A future tip to avoid this is to share the bulk with a friend or family member, and don’t forget to share the cost. We’re saving money here, right?
Fridge condiments, yes, they expire, and check the dates. The ranch dressing in the fridge since the last family BBQ should probably go.
8. Be the Cookbook King or Queen.
Recipes that are quick, cheap, healthy, and taste great are winners in every way! This requires research, and the internet is an excellent place to start. Search “best cookbooks for [insert your criteria].”
Try to get the book at your library or Kindle Unlimited (only if you already subscribe). If you love the cookbook, get a copy, preferably used, or online. Another helpful tip is to visit a donation center. They have loads of cookbooks you can get for a buck or two.
9. Plan Your Meals Right.
Variety is key to keeping everyone happy at the dinner table. Don’t create new meals every night; it could lead to waste.
Many families prefer familiarity, so by bringing some of their favorites to the table, you can gradually introduce new dishes and gather feedback.
Eventually, you may have a family that is interested in fresh, healthy, and eco-friendly dishes for years to come. You may even have found ways to get your kids, especially the big ones, to like veggies.
10. Use a list and stick to it.
You have the list in hand with the best intentions. Then you see the corner aisle, which is a trap! Always a trap! It’s marketing at its finest, better than the previous department stores mentioned above, and you must conquer it to win.
You have spent many hours cleaning your kitchen, pantry, and fridge, researching recipes, and making that list. Don’t ruin it now! Stay focused on why you’re doing it and the end goal.
11. Meal Prep, Always!
Now you have those groceries and have conquered the end-of-aisle marketing. It’s time to put that food to good use. The best way to avoid food waste is to prep perishables immediately. Cut and package your vegetable snacks, and assemble the salad and soup ingredients.
Mason jars are amazing. They fit well in a travel bag for work, use limited fridge space, and are easy to see the contents of, unlike many storage bowls.
Pro Tip: When you prep your salads, make sure the dressing and toppings go in the bottom and the greens on top, so it is picture-perfect when you flip it onto a plate or into a bowl.
12. Never underestimate the bean.
Want to have dinner cooking while you’re working or running errands? Beans and a slow cooker are the answer.
Grab your phone or tablet and search for easy bean dishes. There are thousands, and beans are great for you.
13. Latte No. Takeout… Maybe.
Eliminating takeout and lattes is almost always on the list if you want to save a few bucks, but it’s not best for everyone. If you frequently throw out food because you don’t use it, healthy takeout or a meal service may save you money.
Still want that latte? Make your own a few times a week using your favorite ingredients and a handheld frother.
14. Buy used cars, period.
Who doesn’t love a new car? They smell great, look clean, and hopefully, all the bells and whistles work. The downside is that they’re overpriced and will raise your insurance premiums. Neither of these will save you money or increase your assets because the second you drive off the lot, the value plummets.
Buy lower than what you think you can afford. Your vehicle budget should include payments, insurance, registration, gas, and maintenance.
No matter which car you buy, take the weather into consideration. In climates that get loads of snow, a sports car may leave you stranded or require taking an Uber.
15. Buy gifts in advance and on sale.
Buying gifts on sale for birthdays and holidays is a great money saver. You know these events will happen, so keep your radar activated for the perfect one.
You’ll have two wins when it’s time to give them. You saved money, and you can tell the person you found it months ago and thought it would be perfect for them. When someone knows they were on your mind, they feel special.
16. Get like-minded friends.
Research shows that you’re the average of the five people you spend the most time with. If your four closest friends love spending every weekend at the mall, you need Wonder Woman’s willpower or stay home.
Surrounding yourself with like-minded people will help you reach almost any goal. You can shop for food and then meal prep together.
Spend time with friends who are saving for a vacation or paying off bills. These BFFs will keep you on track. You can share ideas and do fun things together that cost zero dollars, such as hiking, biking, or showing off your new coffee skills with the frother you got when you decided to make your lattes at home.
17. Get a library card.
Reading is still a thing! When some people undertake a spending challenge, they typically give up coffee, carryout, and clothing for 30 days. Some have to give up books. This makes your local library your free gold mine of books.
These days, eBooks and audio are huge because they’re terrific for the environment and for people with limited storage space, and they’re available at the library, too. Don’t forget membership-free apps like BookBub and Chirp.
18. Always have a coin jar, ALWAYS!
Until about ten years ago, most people kept coin jars, and they would fill up quickly. Debit and credit cards have slowed that down and also led to mindless or overspending.
Try the cash envelope. When payday arrives, take out enough cash to cover expenses such as gas, groceries, and meals out. Try it for three months and see what happens. You control your spending and are now using your coin jar.
19. Budget vacations and trips.
Packing up and going on a trip at the last minute is great if you can afford it. But when you can’t or fail to set aside money, you’ll derail a great budget.
Don’t forget to budget tips for dinners, parking, and room cleaning, which can add up to $200 for a weekend trip. Having vacation remorse will keep you from telling everyone how great a time you had.
20. Patience, grasshopper.
Shop around.
If you’re an impulse buyer, it’s hard. This is also exactly what leads to credit card debt or to finding yourself short on grocery money and eating ramen.
If you struggle with this, return to #18 and create a money envelope for impulse purchases, unless you’re doing a spending challenge.
21. Buy gently used.
Consignment shops are fabulous for event attire and can save you hundreds of dollars. Buying hardwood furniture, dishware, and decor for your home is a waste of hard-earned money when you can buy second-hand, and you’ll likely get better quality than brand-new.
22. Scroll Facebook.
There are thousands of social media groups online focused on saving money. Once you subscribe to one, more shows up in your feed…you know how that works. Don’t forget podcasts like Frugal Friends.
23. Ditch subscriptions.
Did you subscribe to get the discount, and then forget? Dedicate some time to going through all of your apps and subscriptions and see what you can delete. Those surprise boxes are only good surprises if you can afford them.
24. Register for cashback.
Cash-back and coupon programs with no fees are a great way to save money. Also, remember your local grocery store. Many of them provide fuel benefits based on your spending.
Make sure you read the program reviews. Some have better payoffs than others based on your lifestyle.
25. Pay yourself first.
Always pay yourself first. This doesn’t mean a handbag or a new pair of shoes. This means your future. Many people fail to sign up for retirement plans and regret it later.
If your employer matches, contribute at least that much; otherwise, you’re leaving cash on the table. Buying insurance, such as short-term and long-term benefit plans, counts.
26. Set financial goals; monitor autopay.
Setting financial goals is crucial for money management.
Don’t set up autopay for any bill if the amount fluctuates. Credit card minimum payments and utility bills change. If you aren’t careful, the emergency car repair you put on your credit card or the spike in your electric bill from the two-week deep freeze can leave you with an overdrawn bank account.
27. Emergency savings account.
An emergency savings account is vital for everyone. What if you lose your job or get sick? What if your furnace breaks in the middle of winter? The list can go on.
For many people living paycheck to paycheck, building an account will take time, but start building it. If that means $10 a paycheck, then do it. That emergency may not happen for a while, but that account is growing, which is the goal.
28. Snow plan your debt.
Make a snow plan to pay off debt. The avalanche method: paying off your high-interest credit card or loan balance first to save more money over time. The snowball method: pay off the smallest balance first to give you a quick win and stay motivated.
29. Create passive revenue.
Passive revenue is money generated over time without additional heavy lifting, such as interest on an investment account, books you write and sell, or an online course you create and sell repeatedly.
30. Have a weekly no-spend day.
Pick a day of the week no-spend day. This means nothing. Nada. Zilch. Leave the cash and card behind; you aren’t spending any money that day.
31. Make a realistic budget.
To create a realistic budget, write down everything you’ve spent over the last four to five months. Cross out one-time purchases, then remove the expenses you know you don’t need or are comfortable letting go of. What’s left becomes the foundation for a realistic, workable budget.
Final Thoughts
When it comes to money, it’s not how much you make—it’s how much you keep. Many lottery winners and celebrities have learned this the hard way by spending faster than they save.
Whether you’re here to strengthen your financial fitness or simply looking for practical money-saving tips, thank you for taking your valuable time to be here.
