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Tips to save money

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Saving thousands of dollars in a year can seem daunting, but it’s easier than you may think. There are easy ways to save money—for example, trimming small daily expenses—that can help you make significant contributions to your savings account. Below are some money-saving tips to help you start saving for your financial goals.

scale

$2,631

The amount you could save in one year with better saving habits!

Daily choices

Daily choices (Based on a five-day work week)

Buy coffee

$2.70

daily cost

versus

Brew coffee at home

$0.17

daily cost

Did you know?

The world's most expensive coffee costs $90 per cup.

You could save

$12.65

weekly

$657.80

yearly

Source: Square, AOL, Yahoo! News

Buy a newspaper

$1.00

daily cost

versus

Get a digital subscription

$0.62

daily cost

Did you know?

Of the people who read newspapers, 51% read them exclusively in print form.

You could save

$1.90

weekly

$98.80

yearly

Source: Nieman Foundation, Nielsen Scarborough

Buy lunch

$11.00

daily cost

versus

Pack lunch

$6.30

daily cost

Did you know?

In 2014, Americans spent more money eating out than eating at home for the first time.

You could save

$23.50

weekly

$1,222

yearly

Source: Visa, USDA

Buy snack from the vending machine

$1.29

daily cost

versus

Pack a snack

$0.65

daily cost

Did you know?

Chips are the most popular snack food in North America; globally, chocolate is the top choice.

You could save

$3.20

weekly

$166.40

yearly

Source: VendScreen, Numbeo, Nielsen

Run at the gym

$1.87

daily cost

versus

Run park trails

$0.00

daily cost

Did you know?

There are 54 million people in the United States who pay for a monthly gym membership; however, 67% of them never use it.

You could save

$9.35

weekly

$486.20

yearly

Source: StatisticBrain.com, International Health, Racquet & Sportsclub Association

Where can you put your savings?

Save for tomorrow

Contribute to a nest egg

Get prepared

Build an emergency fund

Have some fun

Take a vacation

If starting with these small ways to save money has you looking for more creative ways to save, check out our video about saving on your monthly bills. And if you need help figuring out where to put your savings, we put together a look at which savings accounts may work best for all of your different goals. Just remember, whatever you choose to do with the money you’ve saved, learning how to budget effectively and save money when you need to can set up good financial habits for the long haul.

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Disclaimer
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The material provided on this website is for informational use only and is not intended for financial or investment advice. Bank of America and/or its affiliates, and Khan Academy, assume no liability for any loss or damage resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional when making decisions regarding your financial or investment options.

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