30+ Creative Savings Plans to Try Today

Let’s face it, life is expensive, and saving money can be hard! That’s why we thought up some creative savings plans to make filling your bank account easier.

If it’s not a habit ingrained in your routine, doing so can feel overwhelming. With inflation rising and incomes staying relatively stagnant, it’s no surprise that saving has become even harder this year.

Studies show that personal savings declined during the course of the previous year by 15%. Savings decreased from an average of $73,100 in 2021 to $62,086 in 2022.

While most Americans improved their financial habits during the pandemic with a better focus on emergency planning, the survey shows they relaxed a bit in 2022.

With that said, saving money can be fun and help provide you with a sense of accomplishment and stability. Read on to learn about 33 habits that will help you boost your savings bank account, from earning extra cash when making purchases to DIY tricks.

Start Your Creative Savings by Auditing Your Expenses 

When it comes to savings and padding your bank account, the first step is auditing your expenses to see what is a need and what is a want. What can you live without, and what purchases have you been a bit frivolous with?

1. Start a spending log to account for your expenses

Study after study shows you will remember things better when you write them down. By logging your expenses, it will help you remember the expenses you have and help you take accountability for them. Seeing the numbers in front of you might surprise you.

2. Assess your accounts and combine streaming accounts with friends

Have friends or neighbors who use the same streaming services as you? Ditch your cable and combine accounts to save money. By ditching cable and combining streaming accounts, you could save a ton of money month to month!

3. Consider an online workout platform instead of expensive in-person classes

By ditching gym memberships, you can save a ton of money and benefit your lifestyle. How many times have you skipped out on the gym because the time commitment of commuting to and from the gym along with a workout? Instead, opt for fitness streaming services or free online fitness classes (hello, YouTube) to squeeze in a workout wherever and whenever you can! It will not only boost your bank account, but help promote a healthy lifestyle.

4. Like to read? Join your local library

Joining a local library is the fastest way to save money on books, movies, and more. Books can cost anywhere from $0.99 to $30, depending on the type, and you can access most of them for free through your local library! You can even access cookbooks, magazines, and audiobooks, depending on your preferences.

5. Suggest getting together for happy hour in lieu of dining out

If you really want to go out, happy hour is a great way to save money on food and alcohol. Happy hour prices are often drastically less expensive than dinner prices, which can help lower your dining-out expenses. If you want to increase your money-saving potential, skip going out altogether and raid your fridge to host an impromptu snack or happy hour event at home. 

Change Your Habits

6. Pay more than the minimum on your debt (i.e. pay more towards principle)

Paying more than the minimum on your debt could help you save thousands in the long run. Even if it’s just a few dollars more per month, the compounded interest adds up and can help you save more over time. This applies to mortgages, student loans, car loans, etc.

7. Make a weekly meal plan to increase accountability and minimize the likelihood of ordering takeout

Making a weekly meal plan and shopping accordingly helps save money, helps promote a healthy lifestyle, can help minimize food waste, and can help create accountability when it comes to dining expenses.

8. Research before making any big purchases (or really any purchases)

Before making purchases, do some research to see if you can identify cost saving opportunities, sales, or other ways to save. Many retailers will price match if you are set on buying something from a specific retailer, and if not, you can purchase the item from the least expensive place and pocket the savings!

9. Look up free activities in your area

Look up free activities in your area such as local concerts, events at local parks, or “locals” days where local residents get to partake in activities for free!

10. Learn new skills – something broken? Learn to fix it instead of hiring someone else to do it or buying something new.

Button broken? Sink clogged? There are YouTube DIY videos for pretty much everything you can think of. Instead of spending money to hire out, learn a new skill and do it yourself!

Give Your Paycheck Jobs to Do

According to YNAB, a budgeting app that seeks to help you stop living paycheck to paycheck and gain total control of your money, it is essential to assign the money you have (right now) a job. An important distinction here is that this is for the money you have today, right now, and in this particular minute. With this exercise, you have to “forget” that you might be getting paid Friday or that you have a large check coming in the mail at some point in the future. This is about giving a job to the money you have in your possession. 

What does the money in your checking account need to do today? 

• List out your recurring monthly expenses

List out your recurring monthly expenses, so you clearly see the set charges each month. While your energy bill might fluctuate with the weather, you should have an average amount to work with.

If you notice a huge fluctuation, this is a red flag that you should aim to keep your thermostat more constant at a mid-range temperature. If that doesn’t work, something might be wrong like a running toilet or leaky faucet that is causing the increased usage.

11. Create a budget for your paycheck

By creating a budget for your paycheck, you can allocate expenses accordingly. Consider the 50-20-30 rule to create a budget that works with your paycheck to allocate for living expenses, savings, and fun things.

12. Automate what you can to save money

Some places will offer a discounted rate when you set up automated payments because it is a win/win for everyone. You get a decreased monthly rate, and the organization receives timely payments.

13. Allocate your savings into different “buckets”

Allocating your savings into different buckets can help you see visually how much money you’re putting toward a goal. Dividing your savings into buckets for emergencies, travel, and larger goals, such as home purchase, etc. can help ensure that you’re working towards your personal savings goals efficiently.

14. Use leftover money to pad your emergency fund

If you budget a certain amount of money for an activity, time of year, or anything else along those lines but don’t end up using that money, move it into your savings account. If you’ve already accounted for it, it’s almost as if it is a sunk cost, so it’s an added bonus when you use the leftover money for savings instead!

Small Creative Savings Plans (That Make a Big Impact!)

15. Unsubscribe from marketing emails

Sales can be tempting and an easy way to get off track with your savings, not to mention an easy way to increase credit card debt. Instead of taunting yourself with sales you’re trying to avoid, just unsubscribe. As an added bonus, it will help declutter your inbox too!

16. Avoid late fees (automate payments)

If you’re constantly forgetting to make payments on time and incurring late fees, automate your payments to eliminate late fees. All that money that you’re saving by eliminating the late fees can be added to your savings account.

17. Avoid impulse buys – keep items in your cart for a minimum of three days

Impulse buys can rack up credit card debt (or just put you off track of your savings goals) quickly. To reduce your chance of making impulse buys, keep things in your online shopping cart for a minimum of three days. If you still want to make the purchase after that time, at least you know that you have truly thought about it and considered the purchase before buying it on impulse.

18. Buy generic instead of brand name products

Most brand name items have a generic match that is much less expensive. By purchasing the generic brand instead of the brand name, you can save a ton of money. 

19. Keep the change – sign up for a checking account that automatically rounds up your dollars and transfers to savings

Consider signing up for automatic savings accounts that will round up your purchases to the nearest dollar and transfer the cents to your savings account. Chances are that you won’t notice the difference, but over time, these small sums can make a big impact.

1. When decluttering, consider what you can sell and how you can make money (i.e. Poshmark, etc.) Instead of just tossing your old clothes, electronics, records, or other goods, do some research and see if they’re worth selling. Platforms like Poshmark, Facebook Marketplace, Offer Up, and many others offer ways to make money on items you might ordinarily get rid of.
2. Sign up for a high-yield savings account

A high-yield savings account is a no-brainer way to make extra cash. Online banks such as Ally don’t have brick-and-mortar locations. This allows them to give higher benefits/incentives to customers. A high-yield savings account will make significantly more money in interest than a regular savings account, making it a great option for virtually anyone. 

20. Utilize coupons, then put the money you saved directly into your savings account

Using a coupon at the store? Calculate how much you’re saving then add that money to your savings account. If you were planning to spend that money on goods you need anyway, it’s like an added bonus to your savings.

21. Negotiate your interest rate

Don’t be afraid to research various credit cards and inquire about transferring your balance to another card. If your interest rate is higher than another card, call your creditor and see if they can match the rate. If not, ask about transferring. 

Create Savings Methods to Build Your Emergency Savings 

Emergency savings doesn’t sound too fun, does it?

However, it’s crucial to have when faced with car trouble, a medical emergency, or another unexpected financial hit. Here are a few creative savings methods to help you build your emergency savings from scrath.

22. Open up a savings account in a separate bank

Seeing your savings account regularly can make it tempting to draw money from your savings when you need some extra cash instead of budgeting accordingly. By opening up a savings account at another bank, you won’t see it on your everyday banking dashboard and will be less likely to dip into it.

23. Analyze your spending habits and opt for a credit card that gives you the maximum return 

Credit cards can work in your favor if you use them correctly and pay off your purchases every month. For example, if you spend money on food, get a card that incentivizes food purchases. Research various options to see what card will work best in your favor!

24. Use credit cards the right way and cash in the rewards bonuses

Building off the point above, when you have a card that works best for you and gives you the  most bang for your buck based on your spending patterns, you’ll earn more rewards that you can cash in and add directly to your savings.

25. Ask about a Health Savings Account (HSA)

Consider opening up a health savings account. Because your HSA contributions go into your account before taxes. The money you save to your HSA lowers your taxable income – so you may pay less in taxes.

HSAs can be set up with banks or credit unions. You can ask your insurance company or your employer (if you get insurance through your job) for recommended places to set up your HSA.

Pro Tip: Are there other employee benefits that you can negotiate to ease your expenses?

26. Refinance a loan and put the money you’re saving directly into a savings account

If you have a loan at a higher interest rate than the current standard, consider refinancing and using the money you save to add to your savings account. 

Creative Savings Can Be Fun: Play Games With Your Money

The trend of playing games with your money has gone viral on TikTok—and it’s completely understandable. Money is fraught with stress and anxiety, so if using a creative savings method can ease some of that pressure, why not?

These simple challenges can help you save thousands in a matter of months! Don’t believe that creative savings can be fun and a little competitive (with yourself)? Keep reading to get all the details!

27. The Envelope Challenge 

Essentially, you take 100 envelopes and number them from one to 100. Then, you place these envelopes into a box or container. Each day, for 100 days, you draw an envelope from the box and place the amount of money written on it inside it.

Pro Tip: There are many ways to customize this game to work for you and your creative savings plan. For example, you can pull an envelope every other day, every week, or start with 50 envelopes instead of 100. Try it out!

28. The 52-Week Money Challenge

This one is great for people who’d benefit from a smaller savings goal. The consistency of this money challenge makes it worth the effort. Essentially, you save $1 per week of the year. So the week of January 1, you’d save $1.

The following week, you’d save $2. This means that the most you’d have to save at one time is $52. By the end of the year, you wind up with an extra $1,378 saved. 

29. The 26 Paychecks Challenge

This is essentially the same as the 52-week challenge, but you go bi-weekly instead of weekly. So you’d do $1 for your first paycheck and then $2 for your next. This would be $3 for your first savings goal there. Then, it builds on itself in the same way that the 52-week challenge does.

30. Nickel Saving Challenge or $5 Bill Challenge

This challenge is better for people who tend to keep cash on hand. It’s simple: all you do is keep a jar where you save every nickel you have. If you do this consistently, you can imagine how it might add up.