Money Saving Tips for 2021

Money Saving Tips for 2021 New Year Fireworks

How much money do you save each month? Do you wish you had more money saved for 2021?  If you are looking for some of the best Money Saving Tips for 2021 then you have landed in the right spot.

There are many ways to learn how to save money, and today I’m going to share a few tips and strategies to save more money in 2021.

Even if you’re already saving money what if you could just find a few more saving tips for 2021.  You may be able to improve your financial situation and get closer to living your dream life.

Taking part in these money saving tips can help change your life in many ways, such as:

  • Pay off your debt faster
  • Stop living paycheck to paycheck
  • Spend more time with family & friends
  • Retire early
  • Go on your dream vacation

And so much more!

Today, we are going to talk about some of the best money saving tips for 2021 and these money saving tips will help you save more money each month. I believe that learning new ways to save money can completely change your life, and it’s something we can all get better at.

If you do all of the money saving tips I list below, you may be able to save hundreds or thousands of dollars each year.

Remember, saving a little at a time can add up to a lot of money!

Money Saving Tips for 2021 New Year Fresh Start Notebook


Cut Back on Spending💇

It all starts with tracking your expenses.  Once you know how much you spend on housing, transportation, food, cable & internet, cell phone, etc. you can decide where to cut back on spending.

My way to cut back is to follow the Eliminate, Negotiate, Reduce strategy with each expense.  

  • First ask yourself can you or do you want to eliminate the expense like a cell phone plan.  For me it’s a non starter.  
  • Then move on to doing some research about the competition.  With cell phone plans there’s plenty of competition.  You can decide to use this information and negotiate with your current provider or simply switch to another provider.  
  • Lastly you can reduce your consumption and lower your plan to reduce the cost.

Tackle each expense one by one, don’t get overwhelmed by trying to cut everything at once.  Now subscription services and large companies tend to be the low hanging fruit, but it does work with every single expense, just remain open minded.

Pro tip Money Saving Tip for 2021: Check your credit card statement or where you primarily pay your bills from.  Recurring charges and trial periods are often the easiest to forget about.  I have saved our family hundreds and potentially thousands of dollars by simply checking our expenses.  This works especially well if you have a forgetful significant other like I do.😉

Pay Yourself First💆

This is the best recommendation and clear path to saving money.  How does it work?

  1. Set up an automatic transfer each paycheck or month for an amount that makes you feel comfortable.  It can be $5 or $500, but set it up ASAP.
  2. Make sure to set up this automatic transfer before you pay any bills.  Scary right?  But it’s not once you are tracking your expenses and know what you are spending.
  3. Leave it alone.  While $5 doesn’t seem like a lot, building that savings muscle by paying yourself first is crucial.

Plus as you get more comfortable with your spending and budget you can increase the amount to a higher number and an increase in savings.

Paying yourself first is a psychological barrier for many people who are in debt or living from paycheck to paycheck. 

I work with clients every day who are taking little steps towards being comfortable with paying themselves first.  Once they reach this in their financial lives it’s a huge victory.

Save your Raise or Bonus🎁

This is really important, especially as a  way to curve lifestyle inflation.  Don’t spend your new raise or bonus, save it instead.

No matter how big or small your raise may be it’s an increase to your overall take home pay.  If you let it sit there in your checking account it will be spent, trust me.  It’s why we don’t keep cookies in the house, I will eat them.  The same works for money.

Now with a bonus which is usually a lump sum of money there are a couple different approaches I suggest.

  1. Plan how you are going to use every single dollar.  Taxes, paying down debt, saving money, spending on wants and needs.  Prioritize your starter emergency fund, paying down debt, saving money, and then wants and needs in terms of spending.
  2. 80/20 Rule.  If you don’t have any consumer debt like credit cards, loans, etc. I suggest saving and investing 80%, but to spend 20% on what matters most to you like family, travel, etc.

If you have been blessed enough to receive a bonus or raise don’t spend it something a year later that you can’t remember.  Use your money wisely.

Hire a Financial Coach🥇

Hiring a financial coach could very well be my best money saving tip for 2021.  Working with a financial coach like me accomplishes a few things:

  • Step by step action plan to follow
  • Accountability to reach your goals
  • Unbiased 3rd party opinion with no selling
  • Another set of eyes to look at your finances
  • Budget, paying off debt, and saving money expert on your side
  • Personalized money saving tips for 2021

Results could include having the freedom to travel more, peace of mind with your money, down payment for a new house or car or RV, spending ability to spend more money on what you really value.  The possibilities are endless.

If you are interested in working with a financial coach first learn a little more about me and what I offer as a financial coach.  If I’m not the coach for you, check out Wealthtender for even more options.

Start Saving Today, don’t wait till you are debt free💸

Now Dave Ramsey might not agree, but then again Dave Ramsey isn’t always right.  I am a strong believer in personal finance being personal.  What does that mean?

I work with clients who have all kinds of debt:  credit card, student loan, personal, 401K loans, car loans, mortgage loans, RV & camper loans, etc.

It’s a pretty extensive list.  But each person’s situation is different and so are their motivations.  Which is why I emphasize and caveat these next words.

You don’t need to have all of your debts paid off before you begin to save a fully funded emergency fund, travel trip to a new location, or investing to get your 401K match.  

Now each decision could slow down the rate at which your debt is paid off, but like anything in life you have to make a choice and decision that works best for you.

Save on Stay at Home🏡

In the early months of the stay at home orders my wife and I experienced our lowest spending of the year.  How did this happen?

  • We were traveling less
  • Eating out less and cooking more at home
  • Driving our vehicle less

For us travel is a big part of our planned spending so when our vacation (s) were cancelled we saved money by not traveling.  No airfare, restaurants, excursions, gifts, etc. and we simply spent less money.

It’s a great opportunity to save money in 2021 by spending less in areas like travel, restaurants, and vehicle costs among others.  I would also caution the revenge spending that seems to be a new catch word as we get closer to a vaccine and the opportunity to move our lives closer to our new levels of normal.

Although I’m pretty sure I will partake in couple of restaurants

Save Anywhere & Everywhere🌎

We know the biggest 3 expenses are housing, transportation, and food.  That doesn’t mean those need to be the only areas to save money.  When you look at your spending see if you are spending money on areas that aren’t important to you.

Ramit Sethi has said something to the effect of “Spend lavishly on what you love and cut mercilessly everywhere else.”

Now we all want to spend lavishly on what you love.  But the most important part is actually cut mercilessly everywhere else.

So if you want to travel the world you can, but chances are you have to give up your Tesla.  Maybe you simply want to buy a better gift for a family member you love, well you might have to cut out buying new clothes for a month.

The key is to check your spending and look to save money everywhere.  It could be buying books on Amazon, buying everything at Target, online shopping, craft splurging at a home good store, the list is endless and entirely personal.

Don’t buy the latest tech📱

Not buying the latest tech gadget is becoming harder and harder as technology continues to improve in what seems like a daily basis.

But it’s entirely possible.  I have a former co-worker that still uses his iPhone 5 which was released in 2013 on a daily basis.  Now he didn’t spend money on an upgrade every time they released a new phone.  He has saved himself thousands of dollars by simply saying “I’m good with my old phone”.

One way is to avoid buying the newest tech gadget but it could also be buying a used or refurbished phone or buying an older model.  For example when I bought my new phone I decided to buy the Google Pixel 3a even though the newer and bigger Google Pixel 4 was available.  

This doesn’t just apply to phones.  Computers, headphones, TV’s, speakers, smart devices, tablets, etc.  It’s a pretty long list and not buying the latest could save you hundreds today and thousands in the future.

I’m excited about the year ahead.  The past is behind us and it’s time to make next year the best money saving year yet.

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(2) comments

Great tips but hard to inculcate especially when you are not disciplined. However, I have been regularly transferring some amount to my saving accounts. Saving money is important but do not compromise on your happiness. Life is uncertain your money will have zero importance when you are no more. Hence keep a balance between the two.


Awesome write up….

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