If your savings account is practically empty, you’re in plenty of company.
Financial advisors frequently suggest keeping an emergency fund that covers three to six months of living expenses, yet many people fall short. A recent Bankrate survey of 1,000 adults discovered that 23% had no savings at all.
Don’t worry. Saving money rapidly can feel overwhelming, but it’s certainly doable. Below are 43 suggestions to help you accumulate savings quickly.
13 Fast Ways to Shrink Your Monthly Spending
Ideally you already follow a budget that includes savings. Still, you can probably do more. There are often extra places to cut back — even among necessary bills.
Use these ideas to trim unnecessary costs from your monthly outgoings.
1. Stop subscriptions and memberships you don’t need — such as meal-delivery plans or that gym you rarely use. You may even be subscribed to services you forgot about. The typical American pays around $270 a month in subscriptions.
2. Drop your cable package and switch to cheaper streaming services. Many platforms like Hulu and Netflix offer a free trial for the first month. There are also live-TV streaming options, such as Sling TV, with plans beginning near $25 monthly.
3. Replace an expensive phone plan with a lower-cost prepaid plan. Carriers like Verizon Wireless and AT&T have prepaid options starting around $30 per month, without a contract binding you.
4. Use your phone’s Wi‑Fi hotspot instead of paying for home internet if you don’t use the web at home often. Keep in mind heavy use can burn through mobile data quickly.
5. Call your phone, internet, cable, and insurance providers and threaten cancellation. Often they’ll offer a lower rate to retain you as a customer.
6. Bundle your insurance policies with one company to score discounts.
Tia Chambers, who lives in Indianapolis, Indiana, trimmed $33 a month from her mortgage insurance and $27 a month from her auto insurance — a combined monthly reduction of $60 — by consolidating her home and auto policies with one insurer.
To compare rates effectively, try the search tool Gabi, which provides an apples‑to‑apples comparison for the same coverage and deductibles you currently have, compares major insurers’ prices for that coverage, and can help you switch right away if it finds a better deal.
7. Raise your insurance deductibles to lower monthly premiums, but be mindful that claims will cost you more out of pocket.
8. Talk to your student loan servicer about income‑driven repayment or deferment if you’re struggling. These can help short-term but may increase the total interest you pay.
9. Set up automated bill payments to avoid late fees. Most banks offer online bill‑pay that lets you schedule transfers directly to creditors.
10. Reduce housing expenses by listing a spare room on Airbnb or taking on a roommate to share costs. If you rent, get the landlord’s approval before listing.
11. Change your tax withholding if you typically receive a large refund. Keep more take‑home pay and funnel it into savings.
12. Move your credit card balance to a 0% APR card and refrain from adding new debt. Avoid big purchases and skip new loans while paying that balance down.
13. Cut car-related costs by selling a vehicle and moving from two cars to one. If you own one car already, consider trading it for a cheaper model.
Make sure the car you sell is worth more than what you owe and account for title and registration fees. If public transit serves your area well, you might sell a car and rely on buses or trains.
How to Save Money Fast: 7 Ways to Reduce Daily Spending
To save rapidly, examine everyday spending. Where can you change habits?
Small daily expenses add up — that $1.50 toll and $5 coffee can erode savings. Cutting a little every day will accumulate into meaningful sums by month’s end.
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Trim Food Costs
You need to eat, but that doesn’t mean overspending on groceries and meals.
14. Shop for groceries once a week; make a list and stick to it. Inventory your pantry and freezer before heading out to see what you already have. Buy staples like rice or oats in bulk. Look for tools and tips to save on groceries.
15. Bring lunch and snacks from home instead of buying them out. Meal planning helps prevent impulse buys — prepare several meals at the start of the week and choose recipes that use few, affordable ingredients.
16. Skip buying beverages and make drinks at home. Choose water over soda or juice, use filtered tap water instead of bottled water, and brew your own coffee instead of visiting pricey cafés.
Save on Transportation
If you commute, transportation is likely a significant recurring expense. Here’s how to lower it.
17. Carpool with coworkers or neighbors who travel the same route and split gas, tolls, and parking costs.
18. Evaluate public transit options to reduce commuting expenses. If available, monthly passes often cost less than daily fares or weekly passes.
19. Buy cheaper fuel using apps like GasBuddy to locate the least expensive stations, or sign up for fuel rewards programs at stations you frequent.
20. If you pay for parking, find a less expensive lot or garage, even if it means walking a few extra blocks to your workplace.
6 Financial Moves to Accelerate Your Savings
Growing savings quickly takes intentional action.
21. Use direct deposit to divert a portion of each paycheck into savings automatically so you set money aside before you can spend it.
22. Treat saving like a bill you pay yourself by scheduling automatic transfers from checking to savings each pay period.
23. Install savings apps that automate transfers. Tools like Digit move small, safe amounts from your checking into savings without needing to think about it.
24. Keep your savings where it’s hard to access — for example, an online account without ATM withdrawals — and opt for a high‑yield savings account so your money grows faster.
25. Temporarily reduce or pause contributions to long‑term funds such as retirement or college accounts if you need to prioritize building an emergency cushion.
26. Put any windfalls straight into savings — bonuses, side‑gig income, or cash gifts should be treated as extra savings.
7 Ways to Flip from Spender to Saver
To bulk up savings fast you’ll need commitment and a shift in mindset.
Clear financial goals — like creating an emergency fund or saving for a trip — help you focus on what you’re working toward instead of what you’re missing out on while cutting spending.
Try these strategies to become a person who saves rather than splurges.
27. Find free or low‑cost ways to enjoy yourself. Visit parks, beaches, or take walks with friends instead of meeting for meals or drinks. Host potlucks or game nights, borrow DVDs from the library, and attend free local events.
28. Stop impulse purchases. Stick a reminder on your debit card asking if the purchase is necessary.
If online shopping tempts you, remove stored card information from sites, block favorite retailers, or install extensions like Icebox, which replaces “add to cart” with a “put it on ice” option to delay purchases for a set time.
29. Switch to a cash envelope system. Allocate physical cash for each budget category; when the envelope is empty, you’re done spending in that category for the month.
30. If you’re in a two‑income household, try living on one income while saving the other for a period. After getting married, Veneta Lusk and her spouse lived on one salary and saved the other to build a six‑month emergency fund and a car down payment.
By saving rather than spending her paycheck, the couple paid off their first car in under a year, purchased and quickly paid off a second vehicle, and eliminated their mortgage within five years.
31. Try a “no‑spend” challenge, cutting out all nonessential purchases for a set time. Learn to say no and watch your savings grow.
32. Track spending manually. R.J. Weiss, from Geneva, Illinois, keeps a spreadsheet to record every dollar he spends around holidays and busy times. Though he uses an app through most of the year, pen and paper during costly periods make him more mindful.
33. Collect spare change. After purchases, set aside coins to deposit into savings. Your bank may accept loose change or provide free coin‑wrapping supplies.
Keep in mind coin‑counting machines like Coinstar often charge fees for converting coins to cash.
7 Tips for Saving While You Still Spend
You can’t eliminate all expenditures — sometimes you’ll want to treat yourself, or holidays require some spending.
These pointers help you save even while making purchases.
34. Avoid paying full price. Ask manufacturers for coupons, use deal sites like Groupon, and hunt for promotions. Use student, senior, or military discounts if eligible.
35. Check old gift cards for leftover balances that can be used before buying new gifts.
36. Get beauty services at cosmetology schools where trainees provide haircuts and manicures at reduced rates.
37. Look for free items on sites like Craigslist or local Buy Nothing Facebook groups. Trade services with neighbors, and host clothing, book, or toy swaps.
38. Find bargains at dollar stores for supplies like cards, party goods, and socks. Elsewhere, opt for generic brands to save.
39. Open a rewards credit card that gives cash back — but be sure to pay the balance off quickly.
40. Scale back gift giving. Spend quality time with loved ones instead of buying presents, or exchange inexpensive or homemade gifts.
4 Ways to Bring in Extra Cash for Savings
The more you earn, the more you can put into savings.
Pursue extra income — through selling items or side gigs — to boost your savings fast.
41. Take on a side hustle or part‑time work, or try quick cash options like mystery shopping or donating plasma. Funnel that extra income into savings.
42. Make more money at your current job by asking for a raise, volunteering for overtime, or picking up extra shifts.
43. Clear out clutter and sell unwanted items to make fast cash. After her wedding, Toronto resident Sandy Yong sold items she’d bought for her winter “Beauty and the Beast” theme.
Yong used Facebook Marketplace, Letgo, Bunz, and Kijiji to earn money. You can also sell on eBay, through local consignment shops, or by hosting a garage sale.
44. Search your state’s unclaimed property site to see if you’re owed money. It might uncover forgotten security deposits or insurance payouts. Visit the National Association of Unclaimed Property Administrators or Missing Money to look for any unclaimed funds in your name.
Nicole Dow is a senior writer at Savinly.
