11 Ways On How To Save Extra Cash

Let’s talk about ways on how to save extra cash. You are never too old to start saving, but the reasons might be different for someone who is 30 years old versus someone who is 60.

What I want to do in this article is look at a few different things you are spending your money on as well as what you are doing with your paycheck when you get it.

Some of these seem like common sense, but people still do not do them. You have to consider how you spend money now before you can start saving money…

Or do you?

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How can I save extra money?

The very first thing I think you should do is pay yourself first. Of course, that starts with the minute you get paid for your job.

What do you do now?

Depending on how tight your monthly budget is you probably go out and spend a little on yourself first!


Maybe you go out to eat, buy some clothes, go to a movie, etc. Nothing wrong with that, but I would suggest the first thing you do is put away some money in savings.

Regardless of how old you are you can still start saving money right now. How much? Put as much away as you can comfortably afford to live without?

Retirement Account

One of the best ways to enjoy saving money from your paycheck is to join your company retirement account. Some companies offer 401(k)s, while others offer investments in things like a Roth IRA.

Check out and see if your company offers a company match. This just means for example if you put in 4% they match you with 4%.

Some companies offer this, others offer variations of it, but this is free money to you. You don’t have to do anything at all except save some money from your paycheck first.

You get to determine how aggressive you want to be when investing. If you are younger you should be more aggressive. If you are older you want to be more conservative.

As long as you do not touch this money until you retire this can grow into a large amount of money to access someday.

How to save extra cashWhat is the 30-day rule?

As it pertains to savings here is what the 30-day rule is. Instead of purchasing something on impulse you take the same amount of money and put it in your savings account for 30 days.

If at the end of 30 days you still want to buy it go ahead. If not you have saved some money and not bought something you decided you didn’t want or need anyway.

What I like about the 30-day rule is it gets you off the hook if you are an impulse buyer. We all get tempted to buy things.

Some of us are worse than others when it comes to impulse buying. By stepping back and having a 30-day cooling-off period so to speak it lets us analyze if we really want to buy the thing we are impulsively looking at buying.

How can I save money on a small salary?

I’m always amazed at people who do not make that much and yet still find a way to save. Here is what you should be doing.

First of all, is your bank account in the red or is it in the green? If you have some money left each month from what you earn great. If not, why not?

Let’s start with how much you take home in each paycheck. This is easy to figure out. Just look at your pay stub.


How much do you spend and where do you spend it?

Use Mint.com to help you put your spending into categories if you pay by credit. If you pay by cash most of the time you need to start saving your receipts. You may be amazed at how you really spend your money.

Set A Savings Goal

Once you see what you bring in, and how it is going out, you can set a savings goal. Personally, I think you should start with a small savings goal, one you can hit with a little bit of effort.

Why small?

Because I want you to hit it! What if you want to save $300 a month? Is that even realistic?

Would you be better off to set a goal of saving $100 a month and then really start achieving that!

You can always increase the amount later. First, you need to get in the habit of saving and you need to be in the habit of sticking with what you say you’re going to do.

It’s kind of like people who go on and off of diets all the time. They set this big goal of how much weight they want to lose, but it’s not a realistic goal.

Then after a week or two, they give up because it begins to dawn on them how impossible achieving their big goal really is. When you’re trying to save money it’s better to set a realistic goal and achieve it. Then you can increase it to more at that point and start working on achieving that.

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how to save extra cash for future purchasesHow do you save on everything?

Here we go. Let’s get down to the nitty-gritty. I believe once you are committed you will start finding all different kinds of ways to save money.

For example……

1. Cut the cable bill.

It wasn’t that long ago that I remember people starting to talk about smorgasbord order when it came to watching TV. Netflix was new and other streaming services were starting to follow such as Amazon, Hulu, and so forth.

This really is a great way to save money without sacrificing a lot in terms of what you watch. Cable companies used to brag how they were giving you 1000 stations.

In reality, you were probably only watching a handful of those anyway. Cut your cable bill, get a really good Internet provider, and then choose Streaming services you would enjoy watching when you have time.

Realistically this could be an easy way to save $100 a month or more! I give you this first because you can save a significant amount and it is easy to start with.

2. Shared Services.

It is easy to cancel a streaming service and go on someone else’s plan. Then offer them one of yours.

As an example, you cancel Netflix and go on your son’s Netlfix plan. He cancels Amazon and goes on yours.

You buy the NBA league pass and he buys the NFL league pass. Then you share! You get the idea.

Sharing can cut your service provider’s cost in 1/2 and it only takes a few minutes to set up!

3. Go to the library.

When is the last time you were in your local library? Did you know you can get a library card for free?

Some library’s today are simply amazing. I’m talking about everything offered beyond books and magazines.

Some of what you can access for free include…

– the internet
– music
– games
– movies
– audiobooks

The library is a great way to save money and have a great time for you and your kids or grandkids.

4. Sam’s or Costco

If you spend enough money to buy in bulk then joining a membership club is probably worth the yearly fee. You can quickly begin to build up your own inventory of things you use and the savings becomes real at that point.

The other thing not often talked about is the savings offered by wholesale clubs on other items. You can buy discounted restaurant gift cards, movie tickets, and theme park tickets just to name a few.

5. Ask for a discount.

Are you a senior, or in the military? When you pay for something ask if they provide a discount. Students and college kids might be eligible as well. It never hurts to ask.

6. Cut regular purchases.

Do you go to Starbucks every day? This may kill you, but how about going every other day? If you spend $6 on each visit that will save you about $600 a year.

How often do you eat out? Cut that in half as well. You could save upwards of $2k a year just on what you spend eating out.

Fast food is a tough one for many of us. It takes some planning to get a grip on how much money we spend just to save time shopping for and cooking meals.

7. Save on your mortgage.

This is one I do not understand why more people don’t do. How about changing your 30-year mortgage to a 15-year mortgage?

On a 200,000, 30-year mortgage at 4.78% versus a 15-year mortgage at 4.17%,
you would save around $7200 a year or almost $108,000 in 15 years. Your payment would jump from $1047 to $1496 a month.

That is $441 a month which scares people. However, if you can get going on this, and then figure out ways to cut spending to achieve this, the savings would be worth it long term!

how to save extra cash for groceries8. Groceries.

I have mentioned saving money eating out, but that means your grocery bill might go up. How do you save on groceries every week?

The fastest way is to become a better shopper. How?

A. Calculator. Take a calculator with you or open the calculator app on your phone. Know what your budget is for the week and do not go over that amount.

B. Meal Plan. If you know what you are going to cook it is easier to shop just for that. It takes impulse buying out of the equation.

C. Leftovers. Make a concerted effort to use leftovers as full meals and not snacks.

If you spend an average of $20 a meal for your family, and you use leftovers as 2 meals a week, this would be over $2k a year you save. Plus it is 2 nights you do not have to cook 🙂

9. Coupons

I have never been good at using coupons. However, with the apps available today it is easy to do couponing even if you only do it a little bit here and there.

One website that has always impressed me is Coupon Mom. You will find printable coupons and other savings on her site which is updated all of the time.

Visit her YouTube page for some great videos on saving money with coupons.

Stephanie Nelson is the Coupon Mom and I have always been impressed with her. Follow her on Facebook and Pinterest.

Of course, if you want to take the time there is a never-ending amount of coupon sources online for just about everything.

10. QR Codes

One thing you can do is use apps for fast food restaurants and buy a special they are running. Then when you pay to pull up the app and have them scan the QR code for instant savings.

This will work in almost any place you shop. Stores are hip now to using QR codes to draw people into their store and allow them to access instant savings.

11. Earn more!

Last but not least I suggest you use the Internet to make some extra money. My website at David Bishop Make Money Tips is packed with hundreds of ideas on how you can earn more money.

My favorite way happens to be affiliate marketing. You can make money with Amazon, Google, ClickBank, and many other affiliate programs.

Join Wealthy Affiliate for free and start learning how thousands of people just like you and I are making extra money every month to pay bills and save more money.

In Summary: 11 Ways On How To Save Extra Cash

This is nowhere near an exhaustive list of ways on how to save extra cash. However, what it does for you to give you real ways and ideas you can start saving today, not tomorrow! If you will use even a handful of these you will improve your financial situation in a BIG way!

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14 thoughts on “11 Ways On How To Save Extra Cash”

  1. I absolutely love this article! You’ve offered a lot of great and useful tips for saving money. I especially appreciate the tips about how to save money for those with lower salaries; it’s great for students to know that there’s a way they can save too. It can seem difficult in this society that loves credit. Thanks!

    • It is not how much we make, but is how much we save. If I have learned that a long time ago, I would have been where I am decades back. And if it is too small to save, then find another resource to save, just learn to keep your spending habits the same.

  2. Hi David, those are generally very good tips! I’ve been struggling to save some money since I changed my job and move to my hometown because the pay is much smaller from my previous job. I highly agree about cutting the mortgage payment period (or any other liability type). It’s MUCH easier to bear the cost in the long-term. Using a sharing plan and cutting coffee costs is good advice. I’ll try to check to reduce it. Thanks

    • As simple as it looks, I decided to cut ordering outy and Starbucks for six months and it did something to me that I never knew existed. And the list went on further. I even got my kids to work with me and they were excited. they loved home cooking even more. LOL!

  3. This article was interesting and showed me many ways to save some extra money. I need to make some extra money and it seems like the best way is the method you have provided. What helped you save some extra money for yourself out of all these ways to save? I like the every other day method.

    • Jon, as I described in another comment, only two things did it for me. Well, actually three.

      1. stop having Starbucks on a daily basis for six months.
      2. Family eating out on a weekly basis for six months.


      3. Using those savings to invest. that is where I found Wealthy Affiliate.

      The Starbucks came back, once a week turns into twice a week. And a large amount of savings were set aside on a monthly business. hope that helps!

  4. Hi Bishop,

    As you know very well, most of the posts and ads on the internet are about spending money but your post is a greater help because it’s about saving money.

    Once I read… It’s Not What You Earn Makes You Rich, It’s What You Save Makes You Rich!

    My wife and I spend our money on all the important expenses and then try to save the balance amount as savings. Unfortunately, most of the time we don’t have any balance lol. Going forward while planning our budget, as you advised first we need to take a certain percentage and put it in our savings. And then spend the money on important expenses.

    The 30-day rule is an eye-opener for me. I got helpful insights from your post and I am going to implement what I learned from your post. You have given a great value here.

    • Thank you, Paul, for the kind words and for dropping by and giving some feedback. The hardest part is saving first then spend what’s left. But once you get in the habit of doing that, you will soon adapt to that kind of living. And in six months you would be surprised by what you have accomplished.

      The 30-day rule worked on kids very well and that is where most of your unwanted spending goes. If done correctly, without causing any major problems with the family, it could turn out to be a great savings plan, especially if they know that the money is still there and is available to still make the purchase. It will look like it was not a no, but a not yet.

      Talk to you soon!

  5. It was a great post. It is true that when we received our paycheck, we need to immediately put aside an amount of money. With all the methods you have given, we are able to save a huge amount of money in many ways. Although saving extra money is good habits, but we also need to increase our income to get a better life. Thank you for sharing this content with us.

    I wish you all the Best!

    • You welcome Kendall, and the good thing about the savings plan, we can use a portion of that to invest to make more money. or we can develop the same strategy like we did with the savings and develop another one for investment.

      This is what worked for me. The book, “The Richest Man In Babylon by George S. Clason” and applying the formula 10-10-10-70.

      10% Active Capital

      10% Passive Capital

      10% Charity

      70% Is your living expense.

      Hope that Helps!

  6. Very good article! I agree on many things, especially the 30-day rule! I really didn’t know her, but I can see perfectly why it works. Sometimes we have these impulses that are 100% emotional, and nothing more. And if we do not do the exercise of saving money for 30 days we would lose it instantly.

    And the product would be thrown away after 10 days …

    The library is also true. I read 2-3 books a month … and it’s a very high budget a year! Going to the library made me save a lot of money

    Regarding the affiliate marketing you mention, can a test be carried out at no cost?

    Thanks for the article

    • Most people love the 30-day rule. Many came back to me and said it is amazing how easy that works. The only would fight with that concept is passing up on a sale. Women are good at knocking that rule out the window with that sale mentality…lol.

      The best program I would recommend with Affiliate Marketing is Wealthy Affiliate. And here is a few reasons why?

      1. You would have me to guide you along the way.

      2. A community of people who are eager to see you succeed.

      3. You not limited to any one particular product to market to earn affiliate commissions

      4. The step by step training that is available through videos.

      5. It’s FREE to get started. 

      Take care!

  7. Hi David,

    Very well put together website, I was thinking these days that the topic of money-saving and investing shall be thought in schools also!

    Anyway, until then we have websites like yours to help us with money matters.

    The Honest Review of Wealthy Affiliate platform is very good and I agree with your conclusion that their training and the WA community help is second to none.


    • Thank you for taking a close look at my website and leaving a comment. All thanks to wealthy Affiliate and what they have been training me for all these years. it is really the best place to get started, or if you are a seasoned marketer, you can move your website over to their platform for better performance.


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