How to Save Money Fast on a Low Income: 20 Tips and Tricks

Saving money doesn’t have to feel like punishment or deprivation. Sure, skipping your morning latte could help, but who wants to sacrifice life’s little joys? Instead, focus on these clever ways to save money that can help get results — fast. 

Whether you’re looking to save more or figure out how to save money fast to meet your goals, this guide has you covered. From hacks you never considered to tools that actually work, read on for your ultimate roadmap to help on how to save a lot of money fast growing your stash without becoming a hermit. 

Table of contents

• 1. Create a budget and stick to it

• 2. Get your bank fees refunded

• 3. Pick up a side hustle

• 4. Open a high-yield savings account

• 5. Automate, automate, automate

• 6. Use cash back rewards cards

• 7. Use public transportation or carpool

• 8. Use grocery store loyalty programs and digital coupons

• 9. Cook meals at home

• 10. Buy generic brands instead of name-brand products

• 11. Use price comparison websites before making purchases

• 12. Shop at thrift stores and consignment shops

• 13. Reduce energy consumption to lower utility bills

• 14. Downgrade streaming services to cheaper plans

• 15. Switch to a cheaper cell phone plan or family shared plan

• 16. Rent out spare room or parking space

• 17. Use free entertainment options 

• 18. Ask your boss for a raise

• 19. Refinance high-interest debt or loans

• 20. Negotiate bills with current providers

1. Create a budget and stick to it

2. Get your bank fees refunded

3. Pick up a side hustle

4. Open a high-yield savings account

MoneyLion offers a convenient marketplace to compare high-yield savings accounts from our trusted partners that could help grow your money.

5. Automate, automate, automate

Let’s face it: saving is easier when you don’t have to think about it. Automate transfers to a high-yield savings account or emergency fund so you’re consistently saving a portion of your income. Even setting aside $50 a week could grow to $2,600 a year, and you won’t miss the money. It’s one of the simplest, best ways to save money fast. 

6. Use cash back rewards cards

💳 Credit cards can be a double-edged sword: they’re incredibly useful when used responsibly, but they can also hurt your finances if you’re not careful. However, when used wisely, cashback rewards cards are one of the easiest ways to make your everyday spending work for you.

Here’s how it works: Many credit card types offer cashback rewards on purchases like groceries, gas, or dining. These cards give you a percentage back — typically 1%–5% — for each dollar you spend. For example, spending $1,000 a month on a card with 2% cashback would earn you $240 a year, just for using the card to pay for things you’d buy anyway.

Want to maximize your rewards? Learn exactly how cashback credit cards work so you can pick the right card for your lifestyle. If you’re a MoneyLion customer, you can take this a step further by browsing cashback offers from popular merchants directly in the app.

Pro tip: Make sure to pay off your balance in full each month to avoid interest charges, which can quickly cancel out your rewards. 

7. Use public transportation or carpool

Gas prices are no joke. Switching to public transit or carpooling with coworkers could save you $100–$300 monthly, depending on your commute. 🚘

8. Use grocery store loyalty programs and digital coupons

Loyalty programs and apps like Ibotta or Honey can cut your grocery bills significantly. By stacking digital coupons with store discounts, you could save $50–$100 a month. Bonus: Many programs offer cashback on purchases, giving you even more bang for your buck.

9. Cook meals at home

Dining out is convenient, but it’s also pricey. Cooking at home could reduce your cost per meal from $15–$20 to just $3–$5, and that’s a conservative estimate. If you typically eat out three times a week, that’s a savings of up to $50 weekly — or $2,600 annually. 🍳

10. Buy generic brands instead of name-brand products

Swap name-brand products for generics, especially on staples like groceries, cleaning supplies, and over-the-counter medicine. This simple switch could cut your bill by 30%–50%, potentially saving $50 or more a month (much more if you have a larger household).

11. Use price comparison websites before making purchases

🔎 Before making purchases, compare prices online using tools like Google Shopping or PriceGrabber. This simple step can save you 10%–20% on most items, especially big-ticket purchases.

12. Shop at thrift stores and consignment shops

Why pay full price when you can find the same quality for less? Thrifting is not only budget-friendly but also eco-conscious. A good thrift shop spree could save you 50%–70% on clothing or home goods.

13. Reduce energy consumption to lower utility bills

Cutting back on energy consumption is good for your wallet and the planet — so it’s worth it to make sure the bill is as low as it can be. Switching to LED bulbs, unplugging electronics, and sealing drafts can help reduce your energy bill by $25–$50 a month. 🔋

14. Downgrade streaming services to cheaper plans

Cutting the cord from cable might seem like an obvious money saver, but monthly streaming subscriptions can quickly add up if you’re juggling too many. It’s easy to lose track of what you’re paying for — and whether you’re actually using it. The good news? You don’t have to cancel everything. Instead, focus on downgrading your plans and keeping just what you need. 

📺 Many streaming platforms — including Netflix, Hulu, Disney+, YouTube, and Amazon’s Prime Video — offer lower-cost tiers with ads that deliver the same content as premium plans. Also, for many platforms, downgrading — or splitting subscriptions with family — can make all the difference.

Want to make this even easier? Use an app like TrueBill to scan for hidden or forgotten subscriptions and help you cancel ones you no longer use. Even if you stick with just two streaming services and downgrade to ad-supported plans, you could save $10–$20 a month, or $120–$240 annually.

Pro tip: Beyond streaming, check other recurring expenses like gym memberships or app subscriptions. You might be surprised by how much you can save just by cutting the fat. Knowing how to save money on bills — of all kinds — is key to starting to build that cash stash.

15. Switch to a cheaper cell phone plan or family shared plan

📱 Most of us overpay for phone plans we don’t fully use. Family plans or prepaid options can slash your bill by up to $50 a month, saving $600 annually without sacrificing service.

16. Rent out spare room or parking space

Unused rooms or parking spaces can be a goldmine. Airbnb hosts can make $500–$1,000 monthly or more, while renting a parking spot could bring in $100–$300 a month or even more depending on the size of the spot and where you live. 🏠

17. Use free entertainment options 

Skip the concerts and movie tickets for free options like community events, libraries, or parks. Free entertainment could save you $50–$200 a month or more, without compromising your social life. 🏞️

18. Ask your boss for a raise

Many companies won’t give you a raise unless you ask for it. Prepare your case with specific examples of your contributions and show why you’re worth more. Even a 5% raise on a $50,000 salary adds $2,500 annually to your income.

Remember: To get a raise, ask for it. Prepare some examples that relate to why you deserve a raise. Approach your boss diplomatically and use specific numbers related to your job performance and explain to your boss why a bump in pay is warranted. You might be surprised by how willing your employer is to negotiate, especially if you’re a vital member of the team.

19. Refinance high-interest debt or loans

High-interest debt can drain your finances. Refinancing to a lower rate could cut your payments and save you thousands over the life of a loan. For example, refinancing a $10,000 loan from 15% to 7% interest could save $800 a year. Refinancing your student loan, car loan, credit card debt, and even your mortgage can all potentially help you save significantly on interest, and that’s money you can put to work for much better things.

20. Negotiate bills with current providers

Many service providers—like cable, internet, or insurance companies—offer discounts or promotions if you simply ask. Call them up, mention competitor rates, and you could reduce your monthly bills by $50–$200. Use apps like Truebill to streamline the process.💡

👉 Saving for the Future: 14 Essential Things to Save For

Simple Changes, Big Savings 

Saving money fast on a low income isn’t about deprivation—it’s about smarter choices. From automating your savings to picking up a side hustle, these strategies can help you achieve your goals without feeling restricted. Start small, stay consistent, and let MoneyLion help guide you toward a brighter financial future.

Your Top Insights

FAQs

How to save money fast for a house?

Set a savings goal, cut back on unnecessary expenses, and automate contributions to a high-yield savings account. Using a first-time homebuyer program can also reduce upfront costs, helping you save faster.

How to save money fast for a car?

Combine cutting expenses with earning extra income through a side hustle. Refinancing an existing loan or using cashback rewards can also help you reach your savings target sooner.

How to save money fast on a low income?

Focus on high-impact strategies like cooking at home, negotiating bills, and using public transit. Even small changes, like saving $5 a day, can add up to $150 a month.