How To Save Money Fast: 25 Ways

According to Bankrate’s latest emergency savings report, 27 percent of U.S. adults don’t have emergency savings and 59 percent feel uneasy about their current savings amount. Having an emergency fund, ideally equivalent to three to six months’ worth of living expenses, and regularly saving money, can help you break free from the cycle of living paycheck to paycheck. 

Whether you want to learn how to save money fast to get peace of mind for unexpected bills or reap the benefits of putting more money into a high-yield savings account, we’ve compiled a list of 25 tips to help you save money fast.

1. Assess your current financial habits

Before you can make quick financial adjustments, it’s essential to understand your current financial habits. Consider tracking your expenses for a period of 30 days to identify unnecessary costs. Divide spending into fixed and variable costs. Fixed costs are rent, insurance premiums and car payments that don’t change monthly. Variable costs include grocery bills, gas, dining out, entertainment and other fluctuating expenses.

2. Create a budget

Budgeting isn’t just about tracking expenses — it’s about taking control of your money. You can budget with pen and paper to tally up daily expenses or use paid or free budgeting tools or apps. Apps like You Need A Budget (YNAB) or Monarch can help you track spending, set financial goals and save more effectively. Knowing where your money goes allows you to make smarter spending decisions and cut out miscellaneous costs to help you save money fast.

3. Work on paying down debt

High-interest debt, particularly credit card balances, can erode your financial progress. Paying off these debts quickly reduces the amount you lose to interest, allowing you to redirect more money into savings. Using the debt snowball or avalanche method can help you stay focused on repayment.

4. Consider alternate forms of transportation

According to a recent research study by the Bureau of Transportation Statistics, 52 percent of all trips are less than three miles, and 28 percent are less than one mile. Walking or biking instead of driving can significantly cut gas, maintenance and insurance costs. If public transit is an option, compare costs to see if you can save money by commuting differently.

5. Examine your subscriptions

Many people unknowingly spend money on unused subscriptions. Review your credit card and bank statements to identify and cancel services you no longer need. Apps that track your subscriptions, such as Rocket Money and Bobby, can help you manage recurring expenses.

6. Automate your savings

Many online banks and apps like Qapital allow you to automate your savings by regularly rounding up your purchases or transferring small amounts into your savings account. Automation ensures you are consistently putting money away without manual intervention.

7. Set up automatic bill payments

Late fees from missed manual payments can add up quickly. Avoid these costly fees by automating bill payments so you never miss an important due date. Just ensure your account has sufficient funds to prevent overdraft fees.

8. Switch banks for better interest rates and fewer fees

Traditional banks may charge fees that chip away at your savings. Consider switching to an online-only bank, many of which offer fee-free checking and higher-interest savings accounts.

Online banks can offer savings accounts with annual percentage yields (APYs) of more than 4 percent, compared with less than 1 percent at traditional banks.

9. Open a short-term certificate of deposit (CD)

A certificate of deposit (CD) is a great way to grow your savings if you can afford to lock away some money temporarily. They offer a fixed interest rate, often higher than savings accounts.

Currently, one-year CDs can yield over 4 percent APY, a solid return on your money.

10. Use rewards and loyalty programs

Joining rewards programs at grocery stores, pharmacies or retail chains can be an easy way to maximize your budget. Loyalty programs can save households hundreds of dollars annually, especially with coupons and special offers. With that said, be wary of promotional offers that tempt you into spending more than you had planned.

11. Pay with cash or set spending limits

Psychologically, it’s harder to part with physical cash than to swipe a card, so paying with cash for everyday expenses can curb impulse purchases like that new game or the next round of drinks.

On the other hand, if a credit card fits your lifestyle better, you can take advantage of some safety nets. For example, many banks allow you to set spending limits or alerts on your credit cards, which help you control your spending and avoid losing money.

12. Stop paying for convenience services

Americans spend a lot on convenience services — over $400 per month on delivery alone. To start recouping some of that money, stop outsourcing your services and “insource” instead. Cooking at home or doing minor household repairs can add up to significant, fast savings.

13. Earn cash back on everyday purchases

If you need to use credit, make sure you’re rewarded. Apps like Rakuten and Ibotta provide additional savings when shopping online or in-store. Cash back credit cards often offer up to 5 percent cash back on various categories such as groceries, dining and online shopping. Just remember to pay off the balance each month to avoid interest charges.

14. Buy in bulk

Buying in bulk from stores like Costco or Sam’s Club can save you a lot of money in the long term, particularly for non-perishable items. Bulk buying can reduce your shopping costs significantly, especially if you’re carefully watching the cost per unit (CPU).

However, be cautious — buying perishable goods in bulk could lead to food waste. Make sure to store items properly to maximize shelf life.

15. Clip coupons

Sites like Honey and RetailMeNot make finding and applying digital coupons at checkout easy. According to CouponFollow, a leading coupon company, households that use coupons can save as much as $1,465 annually.

Pair coupon usage with in-store promotions for deeper discounts and automate your coupon clippings by installing a mobile app or browser extension that automatically finds and applies coupons at checkout.

16. Refinance loans to get lower rates

Refinancing replaces your current loan with one that has better terms, such as a lower interest rate. This usually means lower payments every month. It also helps you pay off the loan faster and spend less on interest over time. Even a small drop in interest can lead to significant savings.

However, refinancing isn’t free. According to Freddie Mac, switching a mortgage often costs about 3 percent to 6 percent of the new loan amount, depending on your loan and where you live. Always compare offers from different lenders to find the best rate.

17. Shop for better insurance rates

Many people stick with the same insurance provider for years, not realizing they could save hundreds by switching. Shop around and compare quotes on car, home or renters insurance.

You can also consider bundling your home and car insurance for the best deals.

18. Use a no-fee credit card

If your credit card charges an annual fee, consider downgrading to a no-fee option. Many companies, such as Citi or American Express, offer no-annual-fee credit card alternatives that still provide rewards without the added cost.

19. Plan no-spend days

No-spend challenges are an effective way to reset your budget and become more mindful of unnecessary expenses. Challenge yourself to go without spending money on anything outside of essential costs like groceries, bills and transportation for a set period, like one day per week or one week per month.

20. Eliminate one spending habit

Eliminating one costly habit — whether it’s your daily coffee, subscription boxes or online shopping sprees — can save hundreds, if not thousands, annually. Identify a habit and commit to reducing or eliminating it to free up extra cash for savings.

21. Buy secondhand or get used items for free 

Online platforms such as Poshmark, Depop and ThredUp offer gently used clothing and household goods at a fraction of their original price.

Buying secondhand can save you a significant amount of money compared to buying new. For example, purchasing used clothing can save about $900 a year. Big-ticket items such as furniture, electronics and home improvement tools are often available in excellent condition at consignment shops or on online platforms such as Craigslist and Facebook Marketplace.

22. Embrace DIY projects

The do-it-yourself, or DIY, movement continues to grow thanks to countless online resources created to help you complete projects at home for a fraction of the cost of hiring professionals. Painting your own home, for example, could save between $500 and $5,000.

Simple DIY tasks such as painting, landscaping or sewing can cut expenses while adding a personal touch to your space or wardrobe. Platforms such as YouTube offer tutorials to help you learn basic car maintenance or home repairs, saving money over time by allowing you to handle small fixes yourself.

23. Reduce your energy bills

Small changes and energy-efficient home upgrades, such as installing a programmable thermostat, adding weather stripping to doors and windows or switching to energy-efficient appliances, can reduce utility bills month after month. 

According to the U.S. Department of Energy, setting your thermostat back 7 to 10 degrees Fahrenheit for eight hours a day can save up to 10 percent on annual energy bills. Many energy companies also provide rebates and tax incentives for eco-friendly home improvements, boosting your savings even more.

24. Take advantage of credit card rewards 

Getting the most out of your credit card rewards can require a slight learning curve, but it can be worth the effort when done right. Before you make any large purchases, check which card gives you the best return on spending. Shop around for credit cards with introductory offers that give you extra points or miles just for signing up.

25. Improve your credit score

Raising your credit score can save you thousands on everything from credit cards to homeowners insurance. Regularly review your credit reports from Experian, Equifax and TransUnion to catch errors or signs of fraud. If you find any mistakes, dispute them with the appropriate credit reporting agency.

To improve your score, focus on making payments on time and reducing your credit utilization ratio. Avoid applying for new accounts too frequently, as each application triggers a hard inquiry that can temporarily lower your score.

The bottom line

Saving money fast isn’t just about cutting expenses — it’s about making smarter financial choices. By reassessing spending habits, leveraging cash-back rewards and automating savings, you can create financial breathing room and adjust your finances quickly.

Whether you’re building an emergency fund, tackling debt or saving for a major purchase, implementing even just a few of these tips can help you make meaningful progress.