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The 5 Best Ways to Save Money This Year

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Spoiler alert: They all have absolutely nothing to do with cutting back on Starbucks.

Anybody telling you to just cut back on coffee is either A) missing the point, or B) WAY overestimating how much people spend on coffee.

Let’s focus on the big ways to save first:

(Note: this page has affiliate links, I get paid when you click on them, so click on them a lot!)

1. Please, PLEASE stop overpaying when you online shop.

I typically hate browser extensions with a fiery passion, but if you don’t have Capital One Shopping installed yet, do yourself a favor and grab it.

When you shop online (on Amazon or elsewhere) it will:

  1. Auto-apply coupon codes for you to save you money
  2. Compare prices from other sellers to make sure you’re not missing out on a better deal

You might be surprised how often you’re overpaying online.

It’s saved me a ton of money more than once. Here’s a quick example:

Savings will vary, this is just an example, of course.

That same exact blender was $26 cheaper at another store (with 2 day shipping) when I shopped.

Here’s a link to install Capital One Shopping, if you’re interested.

2. Refi your car payments – avg savings: $143/month

Rates have prob changed since you bought your car, and other lenders can likely get you a better deal than your dealership gave you.

Use a company like iLending or Upstart (typically takes a few minutes to do).

3. Refi your student loans – avg savings: $18k over the life of the loan

Same basic strategy as above. Huge savings potential here:

A 2018 report from Credible said the avg. savings for a student loan refi was $18,000.

Companies that do it: CollegeAve and Splash Financial (both are solid options)

4. Stop paying overdraft fees – avg. savings, $250/year

The average person somehow pays $250 in overdraft fees every year (according to the CFPB), because banks are awful.

A quick fix: switch your bank to Current (or a similar app). Has zero overdraft charges, high savings rates (up to 4%), and the ability to get your paychecks 2 days early.

5. Invest the change from almost anything you buy

Get an app like Acorns. They round up your spare change to the nearest dollar and then auto invest it. E.g. you buy a coffee for $4.25, they’ll round the purchase up to $5 and invest the $0.75 for you.

That’s all (for now).

Those are my top 5 savings tips for the time being (as of 3/14/23) but I’ll keep adding to this article as I find new tips for you.

Thanks for reading!