5 ways to cut costs and save money in 10 minutes or less (2024)

Sometimes a little change makes a big difference.

Don't think that because you can't cut your grocery bill or your utility bill is just high this time of year, you cannot save money.

There are other effective ways to make a difference in your budget and you can start right now. Here are five ways to save money in 10 minutes or less:

1. Set up automatic transfers to pay yourself first

When you receive your income, pay yourself first by setting up an automatic transfer to your savings account to make sure that you are prioritizing saving money over spending it. Shift your mindset: Look at your savings account as a bill to be paid. It's just as important to pay yourself as it is to pay your household bills.

2. Take out cash for your weekly spending

If you are trying to stick to spending a certain amount of money per week, withdraw that amount in cash at the beginning of the week. If I budget an amount of $100 for the week, I make a quick trip to the ATM to withdraw that amount from my account, and that helps me stay on track with my spending.

It's easier to overspend when you are swiping a card, but taking 10 minutes to get cash and committing to only spending that amount means you can't spend more than you have.

3. Call your monthly bill providers

Set aside a few minutes to call your cell phone or internet provider and see if they can reduce your monthly bill. This is why paper statements are so important. I got an email from my cable TV provider that my bill was $272. For what?!

I called my cable provider immediately and asked why my cable bill was so high. We went through my bill and by the time I was done, my monthly bill was $185. This is also why none of my household bills are on autopay. I need to see and know what I am paying every month.

4. Replace an app that encourages spending with one that helps you save

You can choose any app that makes it easy for you to spend money. For me it was Ubereats. Because my credit card was hooked to this app, it was easy to spend money ordering food, especially on Friday nights at the end of the work week when I didn't feel like cooking.

Delete a shopping, ride-share, or food app and replace it with a savings app or budgeting app. That way you can see in real time where your money is going — and it just might change how you spend.

5. If you want to take drastic measures: Freeze your credit card

If you feel like your spending is out of control, or you're carrying credit card debt, you can literally take a cup of water and freeze your credit card for a month, or two months, or however long it takes to get your credit card spending in line.

Remember that if you do this, you also need to remove the card details from any apps or websites where it's saved. The idea is to make your credit card almost impossible to access — not just to create a credit card popsicle. Once you're feeling better about your spending, you can defrost.

Jennifer Streaks

Senior Personal Finance Reporter and Spokesperson

Jennifer is a Senior Personal Finance Reporter and Spokesperson for the Personal Finance vertical at Business Insider. She started her career covering personal finance at Black Enterprise Magazine, went on to CNBC where she covered personal finance, women and money and tech and then Forbes, where she reported on personal finance, business, tech and money matters related to the economy, investing, credit and entrepreneurship. Jennifer is also the author of Thrive!...Affordably: Your Month to Month Guide to living your Best Life without breaking the bank. The book offers advice, tips and financial management lessons geared towards helping the reader highlight strengths, identify missteps and take control of their finances. In addition, she has extensive experience as an on-air financial commentator and has been a featured expert discussing credit and savings, investing and retirement, mortgages and all things money and personal finance. She has an ability to discuss and simplify complex financial issues and make them easier to understand. Follow her on Twitter @jstreaks.

5 ways to cut costs and save money in 10 minutes or less (2024)


5 ways to cut costs and save money in 10 minutes or less? ›

50 - Consider allocating no more than 50 percent of take-home pay to essential expenses. 15 - Try to save 15 percent of pretax income (including employer contributions) for retirement. 5 - Save for the unexpected by keeping 5 percent of take-home pay in short-term savings for unplanned expenses.

What are the 5 steps to save money? ›

5 simple steps to start saving
  • Set one specific goal. Rather than socking away money into a savings account, set specific goals for your savings. ...
  • Budget for savings. Just because you decide to save doesn't mean it's going to happen. ...
  • Make saving automatic. ...
  • Keep separate accounts. ...
  • Monitor & watch it grow.

What is the 50 15 5 easy trick for saving and spending? ›

50 - Consider allocating no more than 50 percent of take-home pay to essential expenses. 15 - Try to save 15 percent of pretax income (including employer contributions) for retirement. 5 - Save for the unexpected by keeping 5 percent of take-home pay in short-term savings for unplanned expenses.

What is the 10 rule for saving money? ›

The 10% rule of investing states that you must save 10% of your income in order to maintain a comfortable lifestyle during retirement. This strategy, of course, isn't meant for everyone as it doesn't account for age, needs, lifestyle, and location.

What is the 50 40 10 saving method? ›

What is 50 / 40 / 10 rule, how to use it and is the rule is good for you? The 50/40/10 rule budget is a simple way to budget that doesn't involve detailed budgeting categories. Instead, you spend 50% of your after-tax pay on needs, 40% on wants, and 10% on savings or paying off debt.

What are 6 ways to save? ›

Below are some tips to save money:
  • Do not keep too much debt. ...
  • Buy genuine products. ...
  • Create a budget and track expenses regularly. ...
  • Prioritise paying off high-interest debts. ...
  • Build an emergency fund. ...
  • Use credit cards wisely. ...
  • Smart shopping for major purchases. ...
  • Make good use of any extra or unexpected income.

What is the 50 30 20 rule? ›

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

What is the 5 dollar trick? ›

All it requires is that you save every $5 bill you get as change. If you're paying for something at the register with cash and the cashier hands you a $5 bill, put it directly into your savings account and pretend it's not even there. Five dollars can add up quickly.

What is the 1 5 rule for money? ›

According to the rule, 50% of your take-home pay should be allocated to essential expenses (housing, food, health care, transportation, child care, debt repayment), 15% of pretax income (including employer contributions) gets invested for retirement and 5% of take-home pay is used for short-term savings (like an ...

What is the rule of 5 spending? ›

It's our simple guideline for saving and spending: Aim to allocate no more than 50% of take-home pay to essential expenses, save 15% of pretax income for retirement savings, and keep 5% of take-home pay for short-term savings.

What is the 7 rule for savings? ›

The seven percent savings rule provides a simple yet powerful guideline—save seven percent of your gross income before any taxes or other deductions come out of your paycheck. Saving at this level can help you make continuous progress towards your financial goals through the inevitable ups and downs of life.

What is the 3 saving rule? ›

The 50/30/20 rule is a way of budgeting that divides up your money into three categories: needs (50%), wants (30%) and savings (20%). Some people love this way of managing their money, but, uh—we've got some issues here.

What is the 20 rule for money? ›

The idea is to divide your income into three categories, spending 50% on needs, 30% on wants, and 20% on savings. Learn more about the 50/30/20 budget rule and if it's right for you.

What is the 80 20 method money? ›

The rule requires that you divide after-tax income into two categories: savings and everything else. So long as 20% of your income is used to pay yourself first, you're free to spend the remaining 80% on needs and wants. That's it. No expense categories.

What is the 365 day saving method? ›

365-day penny challenge

You'll put one penny in the jar on Day 1, two pennies on Day 2, and so on until you're putting 365 pennies on the last day of the year. (Of course, you could start using larger denominations as long as you're putting in the correct amount).

What is the 70 20 10 saving method? ›

The 70-20-10 budget formula divides your after-tax income into three buckets: 70% for living expenses, 20% for savings and debt, and 10% for additional savings and donations. By allocating your available income into these three distinct categories, you can better manage your money on a daily basis.

What are the 4 steps to saving money? ›

Let's start with your monthly budget.
  • Step 1: Make a budget. A written budget maps out your income and expenses by showing where your money goes, month-to-month. ...
  • Step 2: Plan your savings. That extra money can build for the future. ...
  • Step 3: Manage your debt. ...
  • Step 4: Invest.

What is the 5 savings challenge? ›

The fiver challenge - save £7,000

This challenge works the same as the 52 week challenge, but you go up in multiples of £5 rather than £1. So week one = £5, week two = £10, all the way up to week 52 at £260. Alternatively, if you're not in the position to save these larger amounts, you could save £5 every week instead.

What are the four habits of saving money? ›

These are the four steps to cultivate a saving habit: Set an emergency fund goal, save money every day, do so in a visible and tangible way, and monitor spending to bring it below the level of your income.

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