8 Simple Ways to Save Money.

8 Simple Ways to Save Money.

In today’s economic landscape, where the gap between living costs and earnings seems to widen, saving money has never been more crucial. Particularly for young millennials and Gen Z-ers, who are starting their careers or living on smaller paychecks, finding realistic ways to save money can feel like navigating a minefield. However, it’s not as daunting as it seems. Below, we’ve compiled eight simple yet effective strategies to help you bolster your savings without drastically altering your lifestyle.

1. Track Your Spending to Identify Savings Opportunities

Understanding where your money goes each month is the first step toward saving. You can pinpoint where you’re overspending by keeping track of your expenses. These costs add up whether it’s a small daily purchase, like a morning coffee, or recurring subscriptions you hardly use. Using budgeting apps or a simple spreadsheet helps categorize your expenses, making it easier to identify areas where you can cut back. Seeing all your expenditures can be an eye-opener and a powerful motivator to start saving.

  • Start by monitoring where your money goes each month.
  • Use budgeting apps or a simple spreadsheet to categorize your expenses.
  • Identify non-essential expenses that can be reduced or eliminated.

2. Embrace the 50/30/20 Budgeting Rule

The 50/30/20 rule is a simple yet effective budgeting technique to help you manage your finances more efficiently. Allocate 50% of your income to essential expenses such as rent, utilities, and groceries. Then, 30% can go towards your wants, like dining out or shopping. Dedicating 20% of your income to savings and paying off debt. This rule ensures you live within your means and helps you build your savings over time.

  • Allocate 50% of your income to necessities, 30% to wants, and 20% to savings and debt repayment.
  • This method ensures you live within your means while contributing to your savings.

3. Cut Down on Eating Out

While eating out is convenient, it can also significantly drain your finances. Cooking at home is not only more economical but also healthier. Planning your meals for the week and meal prepping can save you time and money. You can save a considerable amount of money by reducing the number of times you eat out each month. Reserve dining out for special occasions and see it as a treat rather than the norm.

  • Cooking at home is significantly cheaper and healthier than eating out.
  • Meal prep can save time and money, reducing the temptation to order takeout.
  • Limit dining out to special occasions.

4. Shop Smart

Being a savvy shopper can lead to significant savings without sacrificing quality. Look for sales, use coupons, and leverage cash-back apps to get the best deals on your purchases. Opting for generic brands over name brands for everyday items can save you a lot. Additionally, employing the 24-hour rule for non-essential purchases can help curb impulse buying, ensuring you only spend money on things you truly need or want.

  • Take advantage of sales, coupons, and cash-back apps.
  • Buy generic brands instead of name brands for essential commodities.
  • Practice the 24-hour rule for non-essential purchases to avoid impulse buying.

5. Reduce Subscription Services

In today’s digital age, subscription services can quickly pile up. From streaming platforms to gym memberships, it’s easy to lose track of what you’re actually using. Take the time to review your monthly subscriptions and cancel any that you don’t use regularly. Sharing costs for services like streaming media with friends or family can also help reduce individual expenses without sacrificing access.

  • Evaluate all your subscription services (streaming, gym, apps) and cancel those you rarely use.
  • Share subscriptions with friends or family where possible.

6. Save on Utilities

Small changes in your daily habits can lead to substantial savings on utility bills. Being mindful of energy usage, like turning off lights when leaving a room or unplugging devices that aren’t in use, can decrease your electricity bill. Installing a programmable thermostat can help manage your heating and cooling costs more effectively. Additionally, adopting water-saving practices, such as using low-flow showerheads, can reduce your water bill.

  • Be more energy-efficient by turning off lights and unplugging devices when not in use.
  • Consider a programmable thermostat to save on heating and cooling.
  • Reduce water usage with low-flow fixtures.

7. Embrace Free or Low-Cost Entertainment

Entertainment doesn’t have to break the bank. Numerous free or low-cost options are available that can provide just as much enjoyment. Take advantage of the outdoors by visiting local parks or hiking trails. Keep an eye out for free events in your community, such as workshops, art shows, or concerts. Hosting a game night or potluck with friends is another great way to have fun without spending much money.

  • Enjoy nature by visiting parks or hiking trails instead of spending on pricey entertainment options.
  • Look out for free community events, workshops, and other social gatherings.
  • Host game nights or potlucks with friends instead of going out.

8. Invest in Quality Over Quantity

It might seem counterintuitive, but sometimes, spending more upfront can save you money in the long run. Investing in high-quality items that will last longer means you won’t have to replace them as often. Take the time to research and compare products before making a purchase. This approach ensures you get the best value for your money and contributes to a more sustainable lifestyle.

  • Purchasing higher-quality items less frequently can save money in the long run.
  • Research and compare products before purchasing to ensure you get the best value for your money.


Saving money doesn’t require a drastic lifestyle overhaul. By implementing these practical strategies, young adults earning smaller paychecks can slowly but surely build a financial cushion. It’s about making informed choices, prioritizing spending, and recognizing the difference between wants and needs. Start small, stay consistent, and watch your savings grow over time. Remember, the journey to financial freedom begins with a single step—or, in this case, eight simple steps.

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