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In light of stubborn inflation and rising living costs, saving money can be especially challenging. Even if you successfully cut back on spending, you may still have little leftover to save by the end of the month.
In this case, finding extra money to save may require some creativity. So, consider these clever strategies that can help.
1. Write a reverse shopping list
Typically, a shopping list involves listing out all of the items you’re missing at home that you plan to purchase. However, if you’re trying to save money, reduce waste, and generally get organized, you may want to consider creating a “reverse” shopping list instead.
With a reverse shopping list, you list out the things you already have to avoid duplicate purchases and make better use of existing ingredients. For example, if you already have pasta, canned tomatoes, and garlic, your reverse shopping list might show you that all you need to buy is parmesan and basil to make a full pasta dinner.
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2. Start a savings jar
You might be familiar with the swear jar, which requires you to add money to the jar whenever you say a bad word. Why not turn that idea on its head and reward yourself when you do something good?
Here’s how a savings jar works: When you avoid an impulse purchase, reward yourself by setting aside a small amount (such as $5-$10). You can put your funds in a physical jar, or deposit your money in a dedicated savings account that serves as a symbolic savings jar — and also earns interest.
Read more: How to save cash: 7 ways to protect and grow your liquid savings
3. Create a visual savings tracker
If you’re a visual learner, creating a savings tracker to monitor your progress toward specific goals — whether you’re saving for a rainy day, retirement, or your next big vacation — could help accelerate your progress. For instance, you might have an X and Y graph with a line that visually shows your savings increasing over time. Or you could post a photo of the goal you are saving toward on your refrigerator to keep yourself motivated.
4. “Grow” your savings
One way to grow your savings is in the literal sense — by growing things you would otherwise buy. For example, you can start a small herb or container garden to reduce your grocery spending. This won’t necessarily lead to substantial savings, but it can be a fun and rewarding experience regardless.
Read more: How to save money quickly: 6 tips to increase savings in a pinch
5. Try a house-swap vacation
Hotel rooms can be expensive, so why not try a house swap for your next vacation? With a house swap, you exchange homes with another person or family for a set period, allowing both parties to stay in each other’s homes instead of booking hotels or rentals. You can house-swap with friends and family, or sign up for a service such as HomeExchange.
6. Take advantage of your local library
Your local library is one of the most underrated sources of savings. In addition to books and audiobooks, you can often rent movies, access streaming subscriptions, join free classes and workshops, and take advantage of free wi-fi and computers. These items don’t have to be purely educational, and you can find plenty of things that are more for entertainment purposes.
7. Randomize your savings
To keep things interesting, challenge yourself to save a random amount of money daily. You can do this by rolling a die and transferring the matching amount to savings each day. So, you might transfer $1, $2, $3, etc.
This simple idea can help you stay motivated since you don’t know how much money you will save until you roll, but it will always be a manageable amount. See how long you can keep the challenge going.
Read more: How the 52-week savings challenge can help you save $1,300 in one year
8. Guess your bills
Some bills, such as gas and electricity, are variable expenses that change based on usage. If your bills vary monthly, try guessing how much they will be before receiving them. Once you receive the bill, save the difference between your guess and the actual amount, whether your guess was higher or lower. This can be a fun way to get better at estimating your monthly expenses while building your cash reserves.
9. Barter with what you have
Bartering is the practice of trading goods and services instead of exchanging money. You may already have valuable items at home that you don’t necessarily need, which you can use to barter.
For example, if you started that home garden, you might be able to swap zucchinis and tomatoes with a neighbor who is willing to mow your lawn in exchange. Or give away the clothes your kids have outgrown to someone who can provide dog walking services.
10. Buy nothing
If you live in a big city, joining your local Buy Nothing group is a great idea. These Facebook groups allow locals to list items they want to give away for free — no payment, trading, or bartering allowed. All you have to do is pick them up.
To find a Buy Nothing group, visit BuyNothingProject.org or search "Buy Nothing [your town/neighborhood]" on Facebook. Once you’re in, you can either create a “give” post offering up anything you no longer need (like toys, clothes, and furniture), or create an “ask” post, where you request a specific item. Once you find someone, it’s up to you two to coordinate a pickup.
