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.