Smart Money-Saving Tips

Saving money doesn’t mean giving up the things you enjoy—it’s about finding creative ways to make your dollars go further. Whether you’re tackling debt, trimming your monthly expenses, or simply looking for budget-friendly ways to entertain your family, small changes can lead to big rewards over time.

For Utahns, the unique blend of outdoor adventures, community events, and a growing economy provides plenty of opportunities to save without missing out. From maximizing your grocery budget to discovering free local activities, we’ve compiled practical tips to help you save more while living your best life in the Beehive State. Let’s dive into some smart, actionable ways to keep more money in your pocket—without feeling like you’re sacrificing your lifestyle.

28 Ways to Save Money

Budget Smart to Build Wealth

1. Create a Budget

A smart way to take control of your finances—and hopefully keep more of your hard-earned money—is by following a budget. This means comparing your income to your expenses and setting clear spending priorities. Whether you use a free budget template, an app, or a simple piece of paper, the key is to start now.

At Red Sign Real Estate, we recommend the 50/30/20 budgeting approach as a guide. This strategy suggests allocating:

• 50% of your after-tax income to necessities (housing, utilities, groceries, etc.),
• 30% to wants (entertainment, dining out, hobbies),
• 20% to savings and debt payments.

If one category exceeds these percentages, consider making adjustments to bring balance back to your finances.

2. Set Savings Goals

Define specific, achievable goals to stay motivated. For instance, your goal might be to “save $5,000 for retirement this year” or “pay off my credit card debt faster.” A clear target helps you focus and track progress.

To make this easier, use tools like a savings goal calculator to determine how much you need to save monthly or annually to reach your objective.

3. Track Your Spending

Understanding where your money goes each month is crucial for effective saving. Track your cash flow by subtracting expenses from income. This will not only highlight areas where you can cut back but also make it easier to see your progress toward financial goals.

Consider using a budgeting app or even a simple spreadsheet to monitor your spending. There are plenty of options available that can suit your style.

4. Count Your Coins and Bills

Don’t underestimate the value of small savings. Set aside spare change at the end of each day. Once it adds up, deposit it into your savings account to grow your funds gradually.

For more mindful spending, try using cash instead of credit cards. It’s often harder to part with physical money, making you think twice before unnecessary purchases. This approach won’t yield instant results but is excellent for slow and steady progress.

5. Use a High-Yield Savings Account

Maximize the growth of your savings by depositing your funds into a high-yield savings account. These accounts often offer better interest rates compared to traditional bank savings accounts, helping your money work harder for you.

6. Automate Transfers

Make saving effortless by automating monthly transfers from your checking to your savings account. Some employers even allow you to direct deposit a portion of your paycheck into savings automatically.

This strategy is especially effective for specific goals, like building an emergency fund, saving for a vacation, or setting aside money for a down payment on a home—perhaps even your dream home in Utah!

Tackle Debt to Save on Interest

7. Pay Off High-Interest Debt

Debt can weigh heavily on your budget, especially if it comes with high interest rates. By paying off this debt faster—whether through extra payments or increasing what you pay toward the principal balance—you can reduce the total interest you owe and achieve financial freedom sooner.

If extra payments aren’t possible right now, look for side gigs or other income opportunities to direct toward your debt. Every bit helps to chip away at those balances.

8. Lower Your Student Loan Payments

For those managing student loans, there are several ways to reduce the monthly burden:

• Income-driven repayment plans: These adjust your payments based on your earnings, making them more manageable.
• Refinancing: If you qualify for a lower interest rate, refinancing can save you money over the life of the loan.
• Autopay enrollment: Many lenders offer discounts if you set up automatic payments.
• Extra payments: Tackling extra payments when you can helps you pay off the loan faster and reduces the total interest paid.

Consider these strategies to create room in your budget while working toward being debt-free.

9. Refinance Your Mortgage

In Utah's real estate market, refinancing your mortgage at a lower interest rate could save you hundreds of dollars each month. While there are initial costs to refinancing, such as closing fees, these expenses are often recouped over time through the savings you gain from a lower monthly payment.

To determine if refinancing is right for you, consider factors like your current loan terms, interest rates, and how long you plan to stay in your home. If the numbers work in your favor, refinancing could be a game-changer for your financial goals.

Cut the Cost of Monthly Bills

10. Prep for Grocery Shopping

A little preparation before grocery shopping can save you big. Start by checking your pantry and creating a shopping list to avoid impulse buys. Take advantage of coupons, loyalty programs, and store apps to maximize your savings at checkout.

If you prefer to use credit cards for groceries, look into cards that offer cash back—some provide up to 5% or 6%. Just be sure to pay off the balance each month to avoid interest and fees.

11. Bundle Cable and Internet

If you're paying separately for cable and internet, bundling these services can save you hundreds of dollars annually. Downsizing your cable package or cutting it altogether is another great way to trim costs. Streaming services can add up quickly, so consider canceling those you don’t use regularly.

12. Switch to a Cheaper Cell Phone Plan

Switching to a more affordable cell phone plan is an easy way to save. Look for options that align with your needs, whether it’s a prepaid or postpaid plan. Many carriers now offer budget-friendly plans with reliable network quality, so there’s likely one out there that’s perfect for you.

13. Reduce Your Electric Bill

Cutting down on energy costs can save you hundreds annually. Seal insulation leaks, use smart power strips, and upgrade to energy-efficient appliances. Installing a smart thermostat is another great option to monitor and reduce energy use. Even small changes in your electricity habits can make a big difference in the long run.

14. Cancel Unnecessary Subscriptions

Take a close look at your credit card or bank statement to identify subscriptions you’re no longer using. Canceling these recurring charges can free up more money for your savings goals. If you sign up for free trials, set a reminder to cancel before the trial period ends to avoid unexpected charges.

Save Money When You Shop

15. Map Out Major Purchases

Timing is everything when it comes to big purchases like appliances, furniture, or electronics. Watch for annual sale periods, such as Black Friday, Memorial Day, or back-to-school sales.

For online shoppers, tools like browser extensions can help you track prices over time and find the best deals. Extensions like Honey and CamelCamelCamel are great resources to automate couponing and price comparison.

16. Delay Purchases with the 30-Day Rule

Avoid impulse buying by using the 30-day rule: give yourself a month to think about whether you truly need or want an item before purchasing. If it’s an online purchase, leave the item in your cart and revisit it later—you might even receive a discount code from the retailer for waiting!

If a 30-day wait feels too long, try shorter cooling-off periods, like 24 or 48 hours, to help curb overspending.

Save More by Changing Your Shopping Habits

17. Restrict Online Shopping

Make it harder to shop online and you'll naturally spend less. Instead of saving your payment and shipping details, manually input them each time you make a purchase. This extra step can help curb impulse buys. You might also consider deleting shopping apps from your phone temporarily to reduce temptation.

18. Stock Up on Household Supplies When They're On Sale

Household items like dish soap, paper towels, and toiletries seem to always be needed. Instead of buying them at full price, keep track of what you already have and stock up on these essentials when they’re on sale. Buying in bulk or using services like Amazon’s “Subscribe and Save” can help you save significantly over time.

19. Shop Consignment and Thrift Stores

Thrift and consignment stores are great places to find deals on gently used items. In Utah, local consignment stores offer everything from clothes to furniture, often at a fraction of the cost of new items. Online platforms like ThredUp also offer a great selection of secondhand goods. Be sure to compare prices to make sure you're getting the best deal possible.

20. Get Creative with Gifts

Gift-giving doesn’t have to break the bank. You can create thoughtful, low-cost gifts like herb gardens, homemade cookies, or personalized art. Giving your time is also a meaningful gift—taking someone to a free local event or museum can be just as special as an expensive item.

Plan for gifts throughout the year by creating a savings fund specifically for them. Take advantage of sales events like Prime Day or Black Friday to pick up gifts at discounted prices.

21. Join Initiatives to Get Free Items

Take advantage of local initiatives like The Freecycle Network and Buy Nothing groups to find free items. These groups connect people in your community to exchange goods without spending money, helping reduce waste and promoting sustainability. If you need clothing, keep an eye out for community swap events where you can trade items for free.

More Ways to Save and Spend Less

22. Cash in on Your Birthday

Your birthday is a great opportunity to score some freebies and discounts. Many businesses offer special birthday rewards, including free meals, clothing discounts, and other perks. Take advantage of these offers to treat yourself while saving a little extra cash. We’ve compiled a list of companies that give birthday freebies, so be sure to check them out!

Spend Less Money on Transportation

23. Lower Your Car Costs

Reducing your car expenses starts with looking for ways to lower your auto loan payments. Refinancing at a lower interest rate can save you money over the life of the loan. Additionally, regularly shopping around for car insurance can help you avoid overpaying. If you're looking to cut down on ongoing maintenance costs, driving less, removing unnecessary items from your trunk, and avoiding rapid acceleration can help improve fuel efficiency and reduce wear and tear on your car.

24. Reduce Your Gas Usage

While you can’t control gas prices, you can manage how much fuel you use. Keeping up with your car’s maintenance schedule, combining errands to limit trips, and driving at steady speeds can all help you save on gas. Consider using a gas price app to find the best deals when it's time to fill up.

25. Use Car Sharing Services

If you don't need a car every day, using car-sharing services like Turo or Getaround could be a cost-effective alternative to renting or owning a vehicle. These services often provide cheaper rates than traditional car rental companies, and they can be especially useful for those who don’t drive often. Whether you work remotely or simply prefer not to own a car, car-sharing could be a smart way to save money.

Find Cheaper Ways to Be Entertained

26. Minimize Restaurant Spending

Eating out is often a major budget buster, especially in cities like Salt Lake and Park City where dining out can get pricey. To save money, cook at home more often, but if you do dine out, try to limit how often you go. Use credit cards that offer rewards for dining to make your meals more rewarding.

Another strategy is to order appetizers instead of entrees or share a dish with a friend or family member. Skipping drinks or dessert at the restaurant and enjoying them at home afterward is another way to stretch your dining budget.

27. Get Discounts on Entertainment

There are plenty of ways to enjoy entertainment without spending a fortune. Many Utah museums and national parks offer free admission on certain days of the month, so plan your visits around those days to save. Local communities often host free concerts, outdoor movies, or other events, which are great opportunities for fun at no cost.

Also, check for discounts for military members, first responders, students, or senior citizens before buying tickets to private events.

28. Enjoy Community Events

Community events are a fantastic (and often free) way to have fun, especially in Utah where the local scene is vibrant. Check out local listings from libraries, churches, and websites like Eventbrite for upcoming activities.

If you have kids, community events can be an inexpensive way to keep them entertained and make lasting memories. For outdoor activities, pack your own snacks and drinks to avoid buying expensive food at the event.

Save More, Stress Less

Saving money doesn’t have to mean sacrificing fun or comfort. With a little planning and creativity, you can cut costs, tackle debt, and still enjoy all that Utah has to offer. These practical tips will help you keep more cash in your pocket while living life to the fullest.