5 clever ways to save money

1. Track your spending and create a budget

The first step to saving money is understanding where your money is going. Without tracking your spending, it’s easy to lose sight of how small purchases add up. By creating a budget, you can identify areas where you’re overspending and find opportunities to cut back.

Start by tracking your expenses for a month using budgeting tools like a simple spreadsheet. Categorize your spending, groceries, rent, dining out, subscriptions and so on. Once you know how much you’re spending, create a monthly budget that aligns with your financial goals.

A budget isn’t about depriving yourself; it’s about taking proactive control of your finances. For example, if you find that you’re overspending on takeout or entertainment, set limits and prioritize necessities like bills, groceries and savings. Even trimming $50 or $100 from your monthly spending can add up to significant savings over a year.

The key to tracking your spending is to stick to your budget consistently and adjust it as your circumstances change.

2. Reduce recurring expenses

One of the easiest ways to save money is to review and reduce recurring expenses. Subscriptions, utilities and other monthly costs can quickly add up, but with a little effort, you can cut these expenses and keep more money in your pocket.

Start by auditing your recurring payments. Are you still paying for that streaming service you never use? Consider canceling subscriptions that no longer serve you. Many people pay for memberships or services they’ve forgotten about, and eliminating these can result in instant savings.

Next, look for ways to save on essential bills. Contact your internet, phone or insurance providers to negotiate lower rates or switch to a more affordable plan. Often, companies are willing to work with you to retain your business. For utilities, simple changes like turning off lights, using energy-efficient appliances or adjusting your thermostat can lead to noticeable savings.

Small adjustments like these can make a big impact over time. Cutting even $20 or $30 in recurring expenses each month adds up to hundreds of dollars saved annually.

3. Use cash-back and savings apps

Thanks to modern technology and mobile banking, saving money while spending has never been easier. Cash-back apps, rewards programs and digital tools can help you stretch your dollars further, often with minimal effort.

There are several banking apps that offer cash-back rewards for shopping online or in-store. For example, Rakuten partners with thousands of retailers and gives you a percentage of your purchase back when you shop through their platform. Similarly, Honey automatically applies coupon codes when you’re shopping online, ensuring you get the best deal available.

Cash-back credit cards are another great tool for earning rewards on everyday purchases. By paying off your balance in full each month, you can enjoy benefits like cash back, travel points and gift card rewards without accumulating interest charges.

The key to using these tools effectively is to avoid overspending. Just because you’re earning rewards doesn’t mean you should spend more than you need to. Use these apps and cards for planned purchases and watch the savings add up. Over time, even small cash-back rewards can make a meaningful difference.

4. Cook at home and plan your meals

Dining out may be convenient, but it’s also one of the biggest budget drainers. Cooking at home and planning your meals is a smart and practical way to save money while eating healthier.

Start by setting aside time each week to plan your meals. Make a grocery list based on your meal plan to avoid impulse purchases at the store. Shopping with a list helps you stick to your budget and reduces food waste. To save even more, take advantage of sales, coupons and bulk discounts.

Meal prepping can also help you save both time and money. Cook larger portions and freeze leftovers for quick meals during busy weeks. Bringing lunch to work instead of eating out can save you $50–$100 or more every month.

For example, a $10 daily lunch adds up to $200 over four weeks, which is a significant amount that could go toward savings instead.

Additionally, explore affordable recipes using pantry staples. Websites like Budget Bytes and AllRecipes offer creative and inexpensive meal ideas.

With a little planning, cooking at home can become a cost-effective habit that pays off in the long run.

5. Automate your savings

One of the simplest and most effective ways to save money is to automate the process. When you automate your savings, you’re prioritizing your financial goals without relying on willpower or effort.

Start by setting up automatic transfers to a dedicated savings account each payday. Many banks allow you to schedule recurring transfers, making saving effortless. Even small amounts, like $20 or $50 per paycheck, can add up over time thanks to compound interest. To maximize your savings, consider using a high-yield savings account to earn more interest.

Another useful tool is savings apps. These apps help you save small amounts by rounding up purchases or analyzing your spending to identify opportunities to save. The beauty of automation is that you won’t miss the money you’re setting aside, and your savings will grow steadily over time.

The “pay yourself first” approach, which is treating savings as a non-negotiable expense, ensures that saving becomes a consistent habit. By automating your savings, you’re building a strong financial foundation without even thinking about it.

Take the first step toward smarter savings

Saving money doesn’t have to be complicated or stressful. By tracking your spending, cutting recurring costs, using cash-back tools, cooking at home and automating your savings, you can make small, manageable changes that lead to significant financial gains.

These clever strategies are designed to fit into your lifestyle and help you achieve your financial goals, whether you’re saving for a rainy day, a dream vacation or long-term financial security. Remember, the key to saving money is consistency—start with one or two strategies today and build from there.

Schedule an appointment with Associated Bank to explore personalized savings plans and tools to help you reach your goals. Your financial future starts today!