If saving money feels hard to do these days, with high prices and economic uncertainty, you’re not alone.
Nearly 2 in 5 employed Americans (39%) say they save less than 20% of their take-home pay, according to a new NerdWallet survey. And 10% of employed Americans say they don’t regularly save anything in a bank at all[1].
Whether you want to start saving, or just stash a little more than you already do, we’re here for you. Below are 28 ways to save money:
Budget money to become a saver
1. Create a budget
One smart way to manage your money — and hopefully hold on to more of it — is to follow a budget, which means comparing your income and your expenses, then setting priorities for your spending. See our guide to how to budget, try our free budget template or even grab a piece of paper to start.
One method is the 50/30/20 budget for money management. This approach means devoting 50% of your after-tax income to necessities, 30% to wants and 20% to savings and any debt payments. If one of your allocations exceeds these percentages, you can make some adjustments elsewhere.
If this 50/30/20 breakdown doesn’t work for your financial situation, that’s OK. Another type of budget may work better, such as the 60/30/10 budget, or the envelope system, which has you set limits for various expenses.