Simple Ways To Save Money We Can All Do

Owen Winkelmolen

Advice-only financial planner, CFP, and founder of

Work With Owen

We could all use some simple ways to save money each month. Saving money is important. Saving money helps us reach our financial goals.

The problem with traditional “money saving tips” is that everyone’s goals and values are different. We spend money differently and those typical “money saving tips” usually end up focusing on silly things like discretionary spending.

This list is different. This list includes simple ways to save money that we can all do without impacting our lifestyle. This money saving list doesn’t focus on lattes or avocado toast, it focuses on simple changes to our spending/saving/investment routine that can lead to some big savings.

You might be doing some of these things, or maybe even all of these things. If you are, you’re probably saving an extra $1,000+ per year. If you’re not, then there are some big opportunities if you make a few of these changes.



Reduce Cost On Recurring Bills

Reducing the cost of recurring bills is a simple way to save money every month. It requires a bit of effort in the beginning, but reducing the cost of recurring bills will save money every month in the future without any additional work.

Most of us probably have a lot of recurring bills that could be reduced. This may require some negotiation, or perhaps some shopping around, or maybe even both. It may also be advantageous to do this during “sale” periods like around Black Friday or Boxing Day.

Here are a few types of recurring bills you could try to reduce…

  • Home/renters insurance
  • Vehicle insurance
  • Internet
  • Cable/TV
  • Cell Phone
  • Gym memberships
  • Etc. Etc.

Reducing even a few of these bills by $10/month would quickly add up to $500+ per year in savings.



Cutting Down On Food Waste

We all end up throwing away food at some point, we’re all guilty of it, and with food costs where they are this type of waste can quickly add up.

Food waste can easily account for 10%+ of a family’s food budget.

Imagine a family of four spending $1,000 per month on food. Typical food waste means they would be throwing away $100 per month (literally).

Being more conscious about food waste, meal planning, grocery shopping etc is an easy way for the average family to save $1,000+ per year.

And because it’s just reducing waste, this approach to saving money has no impact on your lifestyle.



Stop Paying Bank Fees

Bank fees can easily reach $15+ per month (or require thousands to be left sitting around in a checking account earning no interest). Switching to a “no fee” banking alternative could mean $180+ per year in potential savings.

A “no fee” online bank account is a simple way to save money that almost anyone can do.

Unless you NEED to be at the bank on a regular basis (maybe for bank drafts, money orders, foreign currency, or other specialized services) then a no fee bank account is a great way to save.

It will take a bit of work to get everything switched over, but after that it’s going to save $180+ per year.

We switched to a no fee option 10+ years ago an estimate it’s saved us $3,000+



Reduce Investment Fees

It may not feel like an expense, it may not even be visible on your investment statements, but those 2%+ investment fees are probably one of your largest expenses each year, especially if you’ve been saving/investing for quite a while.

It’s not unreasonable for a soon to be retiree to have $500,000 to $1,000,000+ in investment assets and be paying $10,000 to $20,000+ per year in investment fees.

That $10,000 to $20,000 per year is an expense like any other, and it directly cuts into retirement income and spending goals.

Reducing investment fees is probably the simplest and largest way that the average person could save money. Over a lifetime, a reduction in investment fees can add $100,000’s to the average household’s net worth.



Taking Advantage Of Cash Back Credit Cards

It may seem odd to talk about saving money and using credit cards, but the strategic use of a cash back credit card can help save a lot of money each year.

Cash back credit cards provide cash back on regular purchases. These cash back rates can be as high as 4% of your purchase.

Here are some example cash back rates one credit card provides…

  • Groceries: 4% cash back
  • Recurring Bill Payments: 4% cash back
  • Gas/Fuel: 2% cash back
  • All Other Purchases: 1% cash back

Using our grocery example from above, a family of four spending $1,000 per month on groceries would end up with $480 in cash back each year just from grocery purchases (ignoring gas/fuel, recurring bill payments, and all other purchases).

That’s a significant amount of savings each year just by making one small change!



More Money Saving Tips

Spending is an important part of everyone’s financial plan. Saving money in just a few areas can make a big difference over time.

Putting just a few of these ideas into action could result in an extra $1,000 in savings each year. When invested and compounded over a lifetime that can easily add up to $100,000+

There are many more ways to save money but it depends on your personal preferences. Here are some more ideas if you want to save even more…


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Owen Winkelmolen

Advice-only financial planner, CFP, and founder of

Work With Owen


Join over 250,000 people reading each year. New blog posts weekly!

Tax planning, benefit optimization, budgeting, family planning, retirement planning and more...



Join over 250,000 people reading each year. New blog posts weekly!

Tax planning, benefit optimization, budgeting, family planning, retirement planning and more...



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