These 17 practical tips on saving money quickly can help you reach your financial goals with ease. While saving and budgeting may seem challenging at first, setting a clear goal can provide a sense of calm and even excitement about the future. Picture yourself buying a home, starting a family, or treating yourself to something special. Here are some of our top tips to help boost your savings:

1. Create a Budget and Know Your Finances

To save money fast, start by mastering budgeting. A clear budget gives you control over your finances. Begin by understanding your cash flow—this includes all income, expenses, debts, bills, and savings. Track your income and expenses for a month, compare them to find any gaps, and split your costs into fixed (e.g., rent) and variable (e.g., groceries). Identify areas where you can cut back on variable costs to increase your savings.

2. Pay Off Debt

Before focusing on savings, consider tackling any outstanding debt. Interest on unpaid debt can grow, reducing the impact of any money saved. Try using the 50/30/20 budgeting rule: 50% of income for essentials, 30% for wants, and 20% for savings or debt repayment. Paying off debt faster prevents interest from eating into your finances.

3. Open a Separate Savings Account

To protect your savings, open a dedicated account. This makes it less tempting to dip into your savings for daily expenses, helping you stay within budget.

4. Automate Your Savings

If you have a steady income, set up automated transfers to your savings account. This hands-off approach makes saving easier by keeping your savings separate from daily expenses.

5. Automate Your Bills

Avoid late fees by setting up automatic bill payments. Paying bills on time can help you avoid additional charges and keep your finances in check.

6. Set a Spending Limit on Your Card

Consider setting daily spending limits on your debit or credit cards to avoid overspending. This can help you better manage daily expenses.

7. Use the Envelope Budgeting Method

The envelope budgeting system, popularized by Dave Ramsey, involves using cash-only budgeting for each category of expenses. This keeps spending in check and ensures you don’t exceed your budget.

8. Reduce Rent Costs

If possible, lower rent by getting a roommate or downsizing to a smaller room. This can free up significant funds each month for your savings.

9. Cut Back on Utility Bills

Lowering utility costs is another easy way to save. Consider switching to energy-efficient light bulbs, investing in a smart thermostat, or sealing windows and doors to reduce heating costs.

10. Consider a Side Job

Taking on a side hustle can boost your income. Options like freelancing, working a few shifts, or even pet sitting can help you grow your savings. Just be mindful not to overwork yourself.

11. Cancel Unused Subscriptions

Review your subscriptions and cancel any you don’t regularly use. Many companies count on customers’ reluctance to cancel services, so make sure you’re only paying for what you use.

12. Try DIY Fixes

Learn to repair small issues yourself instead of hiring help. Simple fixes found online can save you money and extend the life of your belongings.

13. Delay Large Purchases

To avoid impulse buys, give yourself a few days to think over any big purchases. For a greater challenge, wait 30 days. This can help you avoid unnecessary spending.

14. Buy Your Car at Quarter-End

Dealerships often offer better deals at the end of each financial quarter as they aim to meet sales targets. Look for opportunities in March, June, September, and December for potential savings.

15. Reduce Grocery Spending

Plan your meals ahead of time to avoid overspending at the store. Consider trying one meat-free day each week to save on grocery costs.

16. Set a Monthly No-Spend Day

Choose one day each month to avoid all unnecessary spending. Prepare meals at home, spend time in the park, or relax at home to build money-saving habits.

17. Sell Unused Items

Decluttering and selling items you no longer need can add to your savings. Platforms like eBay or neighborhood marketplaces can help turn unused items into cash.

How to Save for Major Life Goals

Saving with a specific goal, like buying a house or planning a wedding, can help you stay motivated. Check out our resources on saving for big goals, such as buying a car or moving abroad, to make your journey easier.

Manage Your Money with N26

With N26’s online bank account, you can set spending limits and receive instant notifications for each transaction. N26’s budgeting tools can help you stick to your goals, and opening an account is fast and fully online. Compare N26 accounts to find the best fit for your savings journey.