This post was created in partnership with CJ Affiliate’s VIP Content Service. It was a sponsored opportunity with CIT Bank, but all opinions and information presented here are my own. See the site for full details and disclosures.
Almost everyone wants to save more money. In my experience, I’ve rarely met someone who says they save too much — in fact, I can’t recall ever hearing that!
If you’re searching for practical, effective ways to increase your savings, you’re in the right place.
As a personal finance writer, I often see common habits that cause people to miss opportunities to save or to reach their financial goals more quickly.
Even if you already use some of these strategies, adopting a few additional tactics could accelerate your progress. Below are 10 realistic ways the average person can start saving more money.
1. Choose a high-quality bank
Not all banks offer the same benefits. Some offer higher interest rates and more useful products that actively help you grow your savings.
One option worth considering is CIT Bank, which provides competitive deposit products like certificates of deposit (CDs) and high-yield savings accounts. Their Savings Builder account is a tiered savings product that rewards customers who maintain qualifying balances or make regular monthly deposits.
With Savings Builder, you can earn up to 2.15% Annual Percentage Yield — far above the national average. That makes it a strong place to park an emergency fund or any savings goals so your money is working for you rather than sitting idle.
The account requires a $100 minimum to open and does not charge opening, monthly service, online transfer, or incoming wire fees.
2. Pay yourself first
Paying yourself first means setting aside savings as soon as you receive your paycheck. Some people treat extra debt payments as their form of “paying themselves first.” Either approach is valid—what matters is making savings or debt reduction the first financial priority each month.
Think of saving as a mandatory monthly bill you must pay before other expenses. Automating transfers to savings or debt payments can make this easier and keep your budget on track.
3. Create and follow a budget
A clear budget helps you take control of your money instead of letting money control you. It keeps you aware of income, spending limits, and where adjustments are needed.
With a budget, you’ll know how much you can allocate to each category monthly and be better positioned to reach goals like paying off debt, building an emergency fund, or saving for retirement.
4. Build an emergency fund
An emergency fund is one of the most important financial safeguards most people should have. It protects you from unexpected events such as job loss, reduced hours, or surprise expenses.
Having even a modest emergency fund prevents the need to use high-interest credit in a crisis and reduces financial stress. Aim to build a fund that covers several weeks or months of essential expenses and increase it over time.
5. Bring your lunch to work
Small daily expenses add up quickly. Americans spend, on average, roughly $3,000 a year on lunches when combining eating out and buying food at work. Packing lunches is a simple, effective way to cut that cost significantly.
By preparing meals at home, you can save money, eat healthier, and reduce the temptation to overspend during the workday.
6. Pause before large purchases
Before making a big purchase, pause and ask yourself a few questions to determine whether it’s truly worthwhile:
- Do I really need this?
- What else could I do with this money?
- Can I afford it without derailing my budget?
- Can this purchase wait 24 hours or longer?
- Can I borrow or rent the item instead?
- Is there a return policy if I change my mind?
- Are there ongoing costs associated with this item?
Taking time to reflect helps avoid impulse buys and ensures your purchases align with your priorities.
7. Reduce or eliminate paid TV services
Paying for cable or streaming services can be a major monthly expense. Average cable bills can exceed $100 per month and are projected to rise. Cutting cable or trimming streaming subscriptions can generate significant savings.
Some households choose not to pay for any TV services at all, which simplifies monthly bills and can free up funds for savings or other priorities.
8. Start investing
Investing lets your money grow over time and helps you prepare for long-term goals like retirement or unexpected future expenses. Even modest, consistent investments can compound into meaningful sums over years.
Begin with small contributions to retirement accounts or low-cost investment options, and increase your contributions as you become more comfortable and your income grows.
9. Avoid keeping up with the Joneses
Resist pressure to match others’ lifestyles. Trying to keep up with peers often leads to overspending, higher credit card balances, and buying things you do not truly value.
Focusing on your own financial goals rather than competing with others prevents unnecessary debt and keeps you on track to reach long-term objectives.
10. Use your local library
Libraries offer free access to books, movies, magazines, and sometimes even tools or outdoor gear. Borrowing materials is a low-cost way to enjoy entertainment, learn new skills, or take part in community programs without spending money.
A library card is a small investment that can provide ongoing value and help you save on leisure expenses.
What is your top money-saving strategy?