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8 simple ways to save money

Saving is easier when you have a plan—follow these steps to create one

Read, 4 minutes

Sometimes the hardest thing about saving money is just getting started. This step-by-step guide can help you develop a simple and realistic strategy, so that you can save for all your short- and long-term goals.

Record your expenses

The first step to start saving money is figuring out how much you spend. Keep track of all your expenses—that means every coffee, household item and cash tip as well as regular monthly bills. Record your expenses however is easiest for you—a pencil and paper, a simple spreadsheet or a free online spending tracker or app. Once you have your data, organize the numbers by categories, such as gas, groceries and mortgage, and total each amount. Use your credit card and bank statements to make sure you’ve included everything.

Bank of America clients can access the Spending & Budgeting tool in Mobile and Online Banking to automatically categorize transactions for easier budgeting.

Include saving in your budget

Now that you know what you spend in a month, you can begin to create a budget . Your budget should show what your expenses are relative to your income, so that you can plan your spending and limit overspending. Be sure to factor in expenses that occur regularly but not every month, such as car maintenance. Include a savings category in your budget and aim to save an amount that initially feels comfortable to you. Plan on eventually increasing your savings by up to 15 to 20 percent of your income.

Find ways to cut spending

If you can’t save as much as you’d like, it might be time to cut back on expenses. Identify nonessentials, such as entertainment and dining out, that you can spend less on. Look for ways to save on your fixed monthly expenses, such as your car insurance or cell phone plan, as well. Other ideas for trimming everyday expenses include:

Search for free activities

Use resources, such as community event listings, to find free or low-cost entertainment.

Review recurring charges

Cancel subscriptions and memberships you don’t use—especially if they renew automatically.

Examine the cost of eating out vs. cooking at home

Plan to eat most of your meals at home, and research local restaurant deals for nights that you want to treat yourself.

Wait before you buy

When tempted by a nonessential purchase, wait a few days. You may realize the item was something you wanted rather than needed—and you can develop a plan to save for it.

Set savings goals

One of the best ways to save money is to set a goal . Start by thinking about what you might want to save for—both in the short term (one to three years) and the long term (four or more years). Then estimate how much money you’ll need and how long it might take you to save it.

Common short-term goals: Emergency fund (three to nine months of living expenses), vacation or down payment for a car

Common long-term goals: Down payment on a home or a remodeling project, your child’s education or retirement

Set a small, achievable short-term goal for something that’s fun and goes beyond your monthly budget, such as a new smartphone or holiday gifts. Reaching smaller goals—and enjoying the reward you’ve saved for—can give you a psychological boost, making the payoff of saving more immediate and reinforces the habit.

Determine your financial priorities

After your expenses and income, your goals are likely to have the biggest impact on how you allocate your savings. For example, if you know you’re going to need to replace your car in the near future, you could start putting away money for one now. But be sure to remember long-term goals—it’s important that planning for retirement doesn’t take a back seat to shorter-term needs. Learning how to prioritize your savings goals can give you a clear idea of how to allocate your savings.

Pick the right tools

There are many savings and investment accounts suitable for short- and long-term goals. And you don’t have to pick just one. Look carefully at all the options and consider balance minimums, fees, interest rates, risk and how soon you’ll need the money so you can choose the mix that will help you best save for your goals.

Short-term goals

If you’ll need the money soon or need to be able to access it quickly, consider using these FDIC-insured deposit accounts:

• A savings account
• A certificate of deposit (CD) , which locks in your money for a fixed period of time at a rate that is typically higher than that of a savings account

Long-term goals

If you’re saving for retirement or your child’s education, consider:

• FDIC-insured individual retirement accounts (IRAs) or 529 plans, which are tax-efficient savings accounts
• Securities, such as stocks or mutual funds. These investment products are available through investment accounts with a broker-dealer 1

Make saving automatic

Almost all banks offer automated transfers between your checking and savings accounts. You can choose when, how much and where to transfer money or even split your direct deposit so that a portion of every paycheck goes directly into your savings account. The advantage: You don’t have to think about it, and you’re less likely to spend the money instead. Other easy savings tools include credit card rewards and spare change programs, which round up transactions to the nearest dollar and transfer the difference into a savings or investment account.

With Mobile & Online Banking, Bank of America clients can easily set up automatic transfers between accounts.

Watch your savings grow

Review your budget and check your progress every month. That will help you not only stick to your personal savings plan, but also identify and fix problems quickly. Understanding how to save money may even inspire you to find more ways to save and hit your goals faster.

1 Remember that securities are not insured by the FDIC, are not deposits or other obligations of a bank and are not guaranteed by a bank. They are subject to investment risks, including the possible loss of your principal.

The material provided on this website is for informational use only and is not intended for financial or investment advice. Bank of America Corporation and/or its affiliates assume no liability for any loss or damage resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional when making decisions regarding your financial or investment management. ©2024 Bank of America Corporation.

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The Spending & Budgeting tool is currently available to clients with a personal checking or savings account, credit card, a linked Merrill investment account, as well as a Small Business checking or savings account.

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How to Save Money: 23 Ways to Start Today

11 Min Read | May 28, 2024

Here’s your crash course on how to start saving money. Like right now. And listen, even small changes can make a big difference. So jump in and take these 23 simple tips to the bank. Literally.

How to Save Money

How to Save Money on Food How to Save Money on Housing and Utilities How to Save Money on Transportation How to Save Money on Entertainment and Fun Other Ways to Save Money

How to Save Money on Food

1. meal plan..

The hardest budget line to keep in line? Food. The best way to save money on food ? Meal plan. (Every breakfast, lunch, dinner and even snack!)

Build your meal plan based on:

• What’s already in the fridge, freezer and pantry (Don’t waste food!)
• What’s on your schedule (Need quick dinners for busy nights?)
• What’s on sale (Pick recipes with those sale ingredients.)
• What needs just a few ingredients (Less is more here—more savings, that is.)

Then make a grocery list—and stick to it. For real. Say goodbye to wasted food and drive-thru temptations and hello to legit money savings.

Here's A Tip

Download my girl Rachel Cruze’s free Meal Planner & Grocery Savings Guide for more tips, tricks and even printables to help you here.

2. Buy generic.

Hey, I don’t mind if you’re a brand snob about a few things. I won’t sit up here and tell you that Great Value Twist & Shouts taste the same as Nabisco Oreos. But please know, a ton of name brands are exactly the same as the generic—except the brand name paid more for marketing. And that means you’re paying more for a fancy logo.

Try out generic brands of staple food items—plus, go ahead and go generic on nonfood basics like medicines, cleaning supplies and paper products. (That’s a little bonus tip for you right there.)

3. Pack your lunch.

Get this—the average household spends about $3,639 on food  outside   of the home each year. 1  That’s $303 a month! And you know some of that is spent going out for lunch during the workday. Learn some cheap lunch ideas and pack your midday meal instead—it’s a great way to save money and eat healthier.

4. Stop eating out.

Are y’all ready for me to level up that last challenge? What if you stopped eating out completely ? I know, I’m trying your life right now. But look—it’s not for the rest of your life. It’s just for a season. You could pack that $303 into your savings each month and hit your money goals way quicker.

Also, if you’re in debt, this is the first luxury I need you to cut. And you won’t even have to skip out on your favorites. You know you can make more—and better —pizza at the house for way less anyway.

5. Skip the coffee shop.

This one gets said so much some of you are rolling your eyes—but if you’ve got a big coffee shop habit, you can save big by becoming your own barista. And when you do go out for a treat, learn some coffee shop hacks  so you aren’t paying full price for your fancy caffeine fix.

How to Save Money on Housing and Utilities

6. switch your cell phone plan..

When was the last time you shopped around for better cell phone deals ? It’s time.

See what other providers offer. Then take what you learn to your provider and see if they’ll give you a deal to stick with them. If not, and you aren’t in a contract with a time frame, go ahead and make that switch.

7. Reduce energy costs.

If you’re looking for easy ways to save money on your electric bill , make a few tweaks at home.

Start with some simple things like taking shorter showers (notice I didn’t say fewer showers), fixing that toilet that runs continuously, washing your clothes in cold water, and turning the lights off when you leave a room. You’ll be shocked at how these small changes can really add up.

8. DIY . . . everything!

Before you shell out the cash to pay for a new backsplash, bench or fancy light fixture, think about doing it yourself. Usually, the cost of materials and a simple YouTube search will save you a ton of money here.

I’ll be honest—your girl is not crafty in any way, shape or form, so I’ll probably just wait until I can afford to pay a pro. But if projects are your thing, check out this list of 10 home projects you can probably tackle yourself.

How to Save Money on Transportation

9. try carpooling..

Okay, I know the idea of carpooling might make your skin crawl, but if you’ve got some trustworthy coworkers who live close to you, you can save a lot of gas money—and wear and tear on your car—by taking turns driving each other to work.

10. Find ways to save on gas.

Some grocery stores offer gas rewards programs. Um, a discount on gas for buying groceries you have to buy anyway? Say less. Just make sure you’re not signing up for any rewards programs linked to a credit card. You’re trying to save money—not go into debt, okay?

Save more. Spend better. Budget confidently.

Get EveryDollar: the free app that makes creating—and keeping—a budget simple . (Yes, please.)

How to Save Money on Entertainment and Fun

11. cancel some subscriptions and memberships..

If you want to save money each month, pick one TV streaming service to cancel. Just one.

Then do a quick audit and see what else you can cut. If that subscription or membership isn’t changing your life and you’d rather have that money in your bank account, cancel it. Remember, most of these cuts are just temporary while you get that cash stacked.

12. Try a no-spend month.

Let’s be honest: If you’re in the midst of trying to pay off debt or save money, every month should be a no-spend month . Keeping a needs-based, no-fluff budget for 30 days at a time can save hundreds if not thousands for some!

Because that’s what a no-spend month is—you commit to cutting out those nonessentials for one month.

Just make sure you know your parameters from day one (what you will and won’t buy). And do yourself a favor: Get an accountability partner or have a friend take the challenge with you. It seriously helps.

13. Get a library card.

Before you click Add to Cart on that brand-new book, get yourself a library card. And if you’re more into audiobooks or e-books, download an app like Libby that connects to your library so you can check out those versions on your phone or tablet.

Other Ways to Save Money

14. adjust your tax withholdings..

Listen, if you’re getting huge tax refunds each year, that means you’ve been loaning the government money every month without interest . I don’t think so—homey don’t play that. It’s time to adjust your tax withholding s. Put that money back into your monthly budget.

15. Check your insurance rates.

Why is this a money-saving tip? You could be overpaying or be underinsured. Both of those can cost you big. This isn’t an excuse to cut insurances, but it is an excuse to take our 5-Minute Coverage Checkup to make sure you’ve got the exact coverage you need.

16. Stuff your cash envelopes.

Step away from the plastic. In fact, go ahead and take the credit and debit cards out of your wallet. If you really want to get serious about saving, start using the cash envelope system to practice mindful spending.

When you use cash, it activates the pain centers of your brain, creating more friction for every purchase. Simply put, when you spend cash, you feel it. And that helps you spend less—which means you save more.

17. Stay out of “that store.”

When you’re learning how to save money, don’t even think about putting yourself in a tempting environment. We all have “that store”—the one that encourages us to get all spendy and stuff. For me, it’s Home Goods. For you, it’s (fill in the blank).

Know it. Own it. Avoid it! And then, replace that shopping trip with something else fun, like baking cookies with the family. That way you still enjoy yourself without risking those pricey purchases.

18. Use cash-back apps and coupons.

Use coupons. You can clip them from actual paper or click them in an app, but this is money just waiting to be saved. Don’t sleep on it.

Then go one step further and check out cash-back apps  to save even more on stuff you’re already going to buy. (Just don’t get talked into buying things you don’t need because of a deal—that’s not a deal. At all.)

19. Learn the power of no (or not now ).

We live in a world of instant gratification. Food from our favorite restaurants— boom! At our door in an hour or less. The show you want to binge—ready for you to hit play, now . The ads on social media say you need this, that and the other. And with the swipe of your finger, it’s at your doorstep. We’re just a couple clicks away from nearly instantly satisfying our desires for anything.

But if you’ll delay some of that gratification by using the magic of no —or, in some cases, not now —you’ll save  so much money, build better spending habits, and feel more contentment overall. Savings with a side of mental and emotional health? Yes, please.

20. Say goodbye to debt.

I’m not the only one who says ditching your debt is a top tip for saving money. But even if I was, I’d still shout it from the rooftops because I’ve lived this.

My husband and I paid off $460,000 in debt. (You read that right.) And getting that weight off our backs and out of our lives meant first deciding to stop borrowing money. Because borrowed money, aka debt, straight up steals your income.

I mean, look at how much money debt is taking from the average American each month:

• Average student loan payment:  $393 2
• Average credit card payment (based on a 2% minimum payment):  $116.10 3
• Average new car payment:  $726 4
• Total:  $1,235.10

Imagine throwing $1,235.10 toward your savings goals instead of toward your past. Every month.

And that's just three kinds of debt and some national averages there. Now look at your debt. What would you get back in the budget if it was gone ? Paying off debt takes time and effort—but keep your eye on how much you’ll save and the freedom you’ll feel when you finally get to pay yourself instead of paying debt.

21. Set a savings goal.

Sometimes the best way to save money is by setting a savings goal—a specific dollar amount with a set deadline. You can try the 100 Envelope Challenge and hit a $5,050 goal or use the our Savings Tracker and fill in whatever amount you want.

Bonus tip: Be sure you know why this money is so important for you to save. Because remember—the stronger the why , the stronger the try.

22. Save money automatically.

Set up your direct deposit so some of each paycheck goes straight to your savings account. That way, you don’t have to put in a lot of effort to save money—you’re just saving.

23. Make a budget.

A budget is a plan for your money. Think of it as a map to get you to your money goals. And you need a budget.

Because here’s the thing—if you follow every single one of these tips on how to save money but you don’t have a budget . . . you’re playing yourself. You’ll end up accidentally spending everything you intentionally saved. Simply because you didn’t have a plan!

We’ve all been there , so let’s level up.

I need you to make a budget today to see where you are with your money—and then keep making one every single month to get where you want to be.

Whether you budget already or not, check out EveryDollar . This is the budgeting app my family uses. EveryDollar played a huge role in helping us get out of debt, and it helps us set and stick to our money goals—one monthly budget at a time.

You  can  do this! Starting today, you can save more and spend less by using these 23 tips.

Did you find this article helpful? Share it!

About the author

Jade Warshaw

Jade Warshaw is a personal finance coach, bestselling author of Money’s Not a Math Problem, and regular co-host on The Ramsey Show, the second-largest talk radio show in America. Jade and her husband paid off nearly half a million dollars of debt, and now she’s a six-figure debt elimination expert who uses her journey to help others get out of debt and take control of their money. She’s appeared on CNBC, Fox News and Cheddar News and been featured in Fortune and POLITICO magazines. Through her social content, recent book, syndicated columns and speaking events, Jade is on a mission to change the typical American money mindset. Learn More.

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You've been meaning to save more money. It's been on your mind for a while. But now — right now — feels like the time to get serious.

To save a big chunk of cash before you really need it.

When it comes to saving money, small changes can add up quickly. Here are some of the best ways to save money right away.

Interest rates are on the rise for savings accounts , thanks to the Federal Reserve’s actions this year.

28 ways to save money

1. Automate transfers .

2. Count your coins and bills .

3. Prep for grocery shopping .

4. Minimize restaurant spending .

5. Get discounts on entertainment .

6. Map out major purchases .

7. Restrict online shopping .

8. Delay purchases with the 30-day rule .

9. Get creative with gifts .

10. Lower your car costs .

11. Reduce your gas usage .

12. Bundle cable and internet .

13. Switch your cell phone plan .

14. Reduce your electric bill .

15. Lower your student loan payments .

16. Cancel unnecessary subscriptions .

17. Refinance your mortgage .

18. Set savings goals .

19. Track spending .

20. Pay off high-interest debt .

21. Keep savings in a high-yield savings account .

22. Create a 50/30/20 budget .

23. Shop consignment and thrift stores.

24. Join initiatives to get free items.

25. Use car sharing services.

26. Stock up on household supplies when they're cheap.

27. Enjoy community events.

28. Cash in on your birthday.

1. Automate transfers

By setting up automatic transfers from your checking account to your savings account each month, the money will accumulate over time without any additional work on your part. This technique can be especially useful when your savings accounts are dedicated to specific goals, such as establishing an emergency fund, going on a vacation or building a down payment.

You can also let apps like Digit or Qapital do some of the work for you. After you sign up, they'll transfer small amounts from your checking account to a separate savings account for you. That way, you don’t have to spend time or energy thinking about making a transfer. You can learn more about apps that automate savings and decide if they’re a good fit for you.

2. Count your coins and bills

Another option is saving your change manually by setting it aside each night. After you have a sizable amount, you can deposit it directly into your savings and watch your account grow from there. In fact, when you want to watch your spending, it’s a good idea to use cash instead of credit cards because it can be harder to part with physical money. While this strategy doesn’t build savings overnight, it's a solid approach for slow-and-steady savings growth.

3. Prep for grocery shopping

A little work before you go to the grocery store can go a long way toward helping you save money on groceries . Check your pantry and make a shopping list to avoid impulse buying something you don't need. Learn how to get coupons and join loyalty programs to maximize your savings as you shop. In exchange for sharing your phone number or email address, your local store’s loyalty program might offer additional discounts.

If you use a cash-back credit card, you could earn extra cash back on grocery purchases . Some cards offer as much as 5% or 6% cash back, but you’ll want to be sure to pay off your bill each month to avoid paying interest and fees.

If you shop for groceries at a large retailer like Target, Amazon or Walmart, you can often find additional savings by downloading the store’s app. And apps like Flipp help you sort through sales flyers and coupons from local stores when you enter your ZIP code.

4. Minimize restaurant spending

One of the easiest expenses to cut when you want to save more is restaurant meals, since eating out tends to be pricier than cooking at home. If you do still want to eat at restaurants, try to reduce the frequency and take advantage of credit cards that reward restaurant spending .

You can also opt for appetizers or split an entree with your dining companion to save money when you eat out . Skipping drinks and dessert or indulging in both at home post-dinner can help stretch your budget as well.

5. Get discounts on entertainment

You can take advantage of free days at museums and national parks to save on entertainment costs . Your local community might offer free concerts and other in-person or virtual events; check your local calendar before splurging on pricey tickets to private events. You can also ask about discounts for older adults, students, military members or veterans, first responders and more.

6. Map out major purchases

You can save by timing your purchases of appliances, furniture, cars, electronics and more according to annual sale periods . It’s also worth confirming a deal is actually a deal by tracking prices over time . You can let tools do this step for you; the Camelizer browser extension tracks prices on Amazon and can alert you of price drops. The Honey browser extension pulls in coupon codes and checks for lower prices elsewhere.

When you're shopping in person, make sure you get the best deal by using the ShopSavvy app. It lets you scan bar codes and alerts you of better prices elsewhere.

7. Restrict online shopping

You can make it more difficult to shop online to stop spending money on things you may not need. Instead of saving your billing information, opt to input your shipping address and credit card number each time you order. You’ll probably make fewer impulse purchases because of the extra work involved. You may even consider deleting any shopping apps from your phone for the time being.

8. Delay purchases with the 30-day rule

One way to avoid overspending is to give yourself a cooling-off period between the time an item catches your eye and when you actually make the purchase. If you’re shopping online, consider putting the item in your shopping cart and then walking away until you’ve had more time to think it over. (In some cases, you might even get a coupon code when the retailer notices you abandoned the cart.) If 30 days seems like too long to wait, you can try shorter periods like a 24- or 48-hour delay.

9. Get creative with gifts

You can save money with affordable gift ideas, like herb gardens and books, or go the do-it-yourself route. Baking cookies, creating art or preparing someone dinner can demonstrate that you care just as much as making an expensive purchase, and perhaps even more so. You can also shower someone with the gift of your time by offering to take them to a local (free) museum or other event.

To plan for costs, create a calendar for all the important gift-giving events for the year. Then create a savings bucket or " sinking fund " specifically for gifts, and buy the items during major sale periods like Independence Day, Labor Day or Black Friday.

10. Lower your car costs

Refinancing your auto loan and taking advantage of lower interest rates could save you considerably over the life of your loan. Shopping around for car insurance regularly can also help you cut costs compared with simply letting your current policy auto-renew. You can cut ongoing car maintenance costs by driving less, removing heavy items from your trunk and avoiding unnecessary rapid acceleration.

11. Reduce your gas usage

You can't control prices at the pump, but you can do several things to cut your gas usage and save money . Try using a gas app to pinch pennies when you do fill up.

12. Bundle cable and internet

You could lower your cable bill by as much as $40 per month by downsizing your cable package. And you could save more than $1,000 over two years by bundling your cable and internet service, depending on your carrier. Another option to consider is cutting cable or at least cutting some of your additional streaming services or premium subscriptions.

13. Switch your cell phone plan

Changing your plan is one way to save money on your cell phone bill , but it’s not the only way. Signing up for autopay and paperless statements can save you an additional $5 to $10 per month, per line. Removing insurance from your plan could save you $80 to $300 per year, depending on your plan. We compared different cell phone plans to help you find the best match.

14. Reduce your electric bill

Big and small changes in your energy usage can help you save hundreds annually on your electric bill . Consider plugging any insulation leaks in your home, using smart power strips, swapping in more energy-efficient appliances and switching to a smart thermostat. Even incremental drops in your monthly electricity usage can add up to big savings in the long term.

15. Lower your student loan payments

Enrolling in income-driven repayment could lower your monthly payments to a manageable level since the amount you pay is tied to your earnings. Other options include refinancing , enrolling in autopay to trigger a discount and making extra payments so you can unload the debt faster, which cuts the overall interest you’ll pay.

16. Cancel unnecessary subscriptions

You might be paying for subscriptions you no longer use or need. Reviewing your credit card or bank statement carefully can help you flag any recurring expenses you can eliminate. And avoid signing up for free trials that require payment information, or at least make a note or set a calendar reminder to cancel before the free period ends.

17. Refinance your mortgage

If you’re able to snag a lower interest rate, refinancing your mortgage can save you several hundred dollars each month. Use our mortgage refinance calculator to find out how much you could save. While refinancing comes with some initial costs upfront, they can be recouped over time, once you start paying less each month.

18. Set savings goals

Set a specific but realistic goal. It may be “save $5,000 in an individual retirement account this year” or “pay off my credit card debt faster.”

Use a savings goal calculator to see how much you’d have to save each month or year to reach your goal.

19. Track spending

Keep track of your monthly cash flow — your income minus your expenditures. This step will also make it easier to mark progress toward your savings goal. Try a budget app that tracks your spending. (NerdWallet has a free app that does just that.) Or you can follow these five steps to help track your monthly expenses .

Get a custom financial plan and unlimited access to a Certified Financial Planner™

NerdWallet Advisory LLC

20. Pay off high-interest debt

Debt payments can be a huge burden on your overall budget. If you can pay off high-interest debt more quickly through extra payments using the snowball or avalanche methods, you’ll save on total interest paid and free yourself from that burden sooner. Then, start putting the money into savings instead. If you don’t have disposable income to make extra payments, consider picking up a side hustle to make money to put toward your debt.

21. Keep savings in a high-yield savings account

As you work toward your financial goals , make sure to put your accumulating funds in a high-yield online savings account to maximize your money. Some of the best online accounts pay interest rates that are higher than the ones at large traditional banks.

22. Create a 50/30/20 budget

One smart way to manage your money — and hopefully hold on to more of it — is to follow a budget, which means setting priorities for your spending.

At NerdWallet, we recommend the 50/30/20 budget for money management. This approach means devoting 50% of your after-tax income to necessities, 30% to wants and 20% to savings and any debt payments. If one of your allocations exceeds these percentages, you can make some adjustments elsewhere.

23. Shop consignment and thrift stores

Shopping at thrift or consignment stores is a way to save money. Consignment stores sell items for you, giving you a cut of the money, whereas at thrift stores you shop used items. Platforms like ThredUp, an online consignment and thrift store, do both. You can buy used clothes as well as donate old clothes you don’t want and earn money or shopping credits.

Whether buying at a consignment or thrift store, compare prices to ensure you’re getting a reasonable discount.

Consider buying hobby supplies at a thrift store. That way, if you decide you want to drop the hobby, you haven’t spent tons on equipment.

24. Join initiatives to get free items

Initiatives like The Freecycle Network and Buy Nothing groups make it possible to get items you need for free. You can exchange items locally for free with the goal of reducing waste and helping the environment. If you're looking for free clothing , check out community swap events.

25. Use car sharing services

If you need to rent a car, consider nontraditional car-sharing services like Turo or Getaround. Look at these services as the Airbnbs of cars. Do your homework to see if car-sharing services work out cheaper than large, well-known rental services. If you don’t drive much because you work remotely or just choose not to have a car, you may also find using car-sharing services works out cheaper than owning a car or using taxis.

26. Stock up on household supplies when they’re cheap

It can feel like you’re constantly buying items like dishwashing soap, paper towels or toiletries. Track your inventory of household supplies and consider buying these items in bulk when they’re on sale. It may work out cheaper than rushing to buy them last-minute when they’re selling at full price. Amazon’s Subscribe & Save program can also be a way to get regular shipments of household supplies at a discount.

27. Enjoy community events

Getting out and having new experiences can be expensive. Find low-cost or free events in your community by checking listings at libraries, churches and websites like Eventbrite. Or enter your city and "events" in a search engine to find some things to do.

Community events can be an inexpensive way to keep kids engaged and spend quality time together. For outdoor events, pack snacks and water to minimize the amount you spend on food.

28. Cash in on your birthday

Once a year, set aside extra money by getting freebies and discounts on your birthday. You could get free food or rewards to redeem on clothing purchases. We compiled a list of dozens of companies that offer birthday freebies .

Saving from 10% to 20% of your paycheck is a solid goal, but the details can get more complicated. Learn how to determine the right amount of savings for you .

Saving money more quickly often starts with making sure your money is working for you by placing it in a high-yield savings account. Learn more about making your money work harder for you .

An emergency fund can be there for you when you face an unexpected cost or income loss. Building one starts with setting a savings goal and working toward it. Get more ideas about how to build an emergency fund of your own.

Saving from 10% to 20% of your paycheck is a solid goal, but the details can get more complicated. Learn how to determine the

right amount of savings for you

Saving money more quickly often starts with making sure your money is working for you by placing it in a high-yield savings account. Learn more about

making your money work harder for you

An emergency fund can be there for you when you face an unexpected cost or income loss. Building one starts with setting a savings goal and working toward it. Get more ideas about

how to build an emergency fund

of your own.

» Learn more: How to save money in Canada

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Home PowerPoint Templates Data & Charts Financial Savings PowerPoint Infographics

Financial Savings PowerPoint Infographics

Financial Savings PowerPoint Infographics is a 7-slide presentation template. The PowerPoint consists of charts, diagrams, clip arts, icons, and tons of high-quality graphics. The PowerPoint comes with dashboards and infographics that give direct analysis comparison. Hence, suitable for any savings and budget allocation purposes.

The financial presentation is usually uninteresting, but this template elevates from the standard. Because it includes flat colored icons and infographics, informative lists, numbers, definitions, and artsy clip arts in PowerPoint.

This Financial Savings PowerPoint Infographics gives a cool and interesting layout style. It contains numerous hand drawn icons on a nice light blue background. This gives the template a subtle approach that makes it easier to understand. Nonetheless, the slides are 100% vectors in PowerPoint. Thus, making the PowerPoint entirely editable and reconstructible.

Obviously, the PowerPoint presentation may be used for any financial project. For instance, report making and banking strategies. The users may add information concerning cash flow, personal banking, currency exchange, compensatory, currency rates, credits, budget allocation, deposits and many others of that kind.

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How to Save Money: 20 Simple Ways

Whether you’re trying to pay off debt, save for a big purchase, or simply make ends meet, actively saving money should be a top priority. It’s the foundation for building long-term wealth and financial security.  

But let’s be real—saving money can be a struggle sometimes, especially if you’re living paycheck to paycheck.

The good news is that there are plenty of strategies and small lifestyle adjustments you can make to stretch every dollar further. Use these tips to save more money each month:  

In This Article

20 tips for maximizing savings

1. create a budget plan .

Creating a budget is the first and most important step toward figuring out how to save money. It helps you track your expenses, identify unnecessary discretionary spending, and prioritize your financial goals. 

As you create your monthly budget, make saving a priority. Put down the amount you want to save each month before listing your rent or mortgage, the car payment and streaming services, and even before the amount you plan to spend on groceries. 

This way, instead of saving only if there’s money left at the end of the month, you’ll do it consistently. 

2. Set savings goals  

It may sound like an easy step to skip, but setting savings goals can do wonders in helping you actually save money.

Because when you have a clear savings plan, you’re much more motivated to stash money away. This is one money mistake people often skip—not slowing down long enough to plan out some goals.  

If you don’t already have an emergency fund , start there. In total, experts suggest having at least six months of living expenses tucked away in case you lose a job.   

For example, when you need $3,000 monthly for essential expenses, you should put $18,000 away for a rainy day. However, you should adjust that goal based on job security. Self-employed workers, for example, might want to save more due to inconsistent income.  

Once you reach the amount of emergency savings you’re comfortable with, you could devote a larger portion of that category to other goals like paying off a debt or saving for retirement.   

3. Try a roundup program 

Using a round-up savings tool can be a clever way to save money without even realizing it. Often called microsaving, it involves rounding your purchases up to the nearest whole dollar and having the spare change swept into your savings account.  

While a few third-party savings apps have round-up programs, such as Acorns and Qapital, banks like Ally Bank and Bank of America also include them in their service offerings. 

4. Turn saving into a game 

Saving money doesn’t have to be a chore – in fact, turning it into a game can make the process fun and engaging. One way to do this is to set specific savings challenges for yourself or your family.  

For example, you could try a “no-spend month” where you commit to buying only essentials, or you could compete with friends or family members to see who can save the most in a certain time period with a prize for the winner. 

5. Cut down on some of your small daily expenses 

While a $5 coffee or $10 lunch might not seem like much, these small daily expenses can add up quickly over time. If you spend just $20 per day on random purchases, that’s $7,300 per year that could be going towards your savings instead.  

You shouldn’t cut out all of life’s daily luxuries–treating yourself to that weekly latte is fun and can bring you joy. But try to identify and reduce these types of expenditures where you can, if possible.  

6. Refinance debt if you’re struggling to pay it off 

If you are struggling with debt and finding it difficult to manage your monthly payments, refinancing or consolidating with a debt consolidation loan can provide some much-needed relief.  

Refinancing involves obtaining a new loan to pay off your existing debt, which is usually at a lower interest rate. Alternatively, you can consolidate your debts through a credit card balance transfer . 

7. Use cashback apps 

Cashback apps can be a great way to stretch your budget further and earn rewards for purchases you already planned to make. Most cashback apps allow you to earn money back on your purchases, either in cash or gift cards, simply by using the app to shop at participating stores.   

There are a variety of cashback apps available, such as Rakuten, Ibotta, and Dosh, and they each have unique features and rewards. 

For example, Rakuten offers cashback on purchases made through its app, as well as exclusive deals and discounts. In contrast, Ibotta offers cashback on grocery purchases, and Dosh offers cashback on travel and hotel bookings. 

8. Consider your streaming subscriptions 

One of the ways to learn how to live on a budget and save money is to consider your stream subscriptions. 95% of people now pay for more than one streaming service each month, according to a  Forbes Home survey   

Evaluate what you actually watch and which streaming services can be canceled or at least paused while you focus on your financial goals, such as building up an emergency fund or paying off your credit card debt. 

9. Adjust the temperature 

Small tweaks to your home’s temperature can dramatically reduce your utility bill. According to the U.S. Department of Energy , you can save as much as 10% yearly on heating and cooling by simply turning your thermostat back 7° to 10°F for eight hours a day from its normal setting.   

10. Save your tax refund 

If you’re getting a tax refund this year , make a plan to put it directly into a high-yield savings account. Even if you need to use some of it to pay down debt or buy a new car, ensure it goes into savings first.   

This is because simply seeing that account balance rise and feeling the emotional satisfaction of having money saved may just be the momentum for a continued commitment to making saving money a part of your everyday life. 

11. Shop around for insurance 

Most experts recommend shopping around for insurance at least once a year to ensure you’re still getting the best deal. Whether it’s a car or home, research different insurance companies online and request quotes from a few of them.   

Look into any discounts or special offers that may be available–and don’t be afraid to negotiate with providers to try and get a better rate or coverage package that works for you. 

12. Increase your income 

If your expenses are about as low as they can go, and you’re still struggling to make ends meet, it may be time to look for ways to increase your income. This can be done in several ways, depending on your skills, interests, and resources.  

One approach is to look for ways to earn extra money on the side. This might include picking up a part-time job, starting a small business, or freelancing in your area of expertise.   

Another option is to consider ways to boost your earning potential in your current job. This could involve investing in training to develop new skills, networking with colleagues or industry professionals, or taking on additional responsibilities to demonstrate your value to your employer. 

13. Reward yourself along the way 

Saving money doesn’t mean you have to deprive yourself of all the things you enjoy. It’s important to leave some room in your budget for fun and relaxation so you don’t get burnt out or discouraged.  

Think of saving as a healthy lifestyle change rather than a strict diet. Celebrate your progress along the way by treating yourself to small rewards when you reach important milestones.  

14. Follow the 50/30/20 budget rule 

The 50/30/20 rule is a budgeting method that states you should spend 50% of your income on living expenses, 30% on nonessential spending and 20% on saving or paying off debt.    

For example, if you earn $3,000 after-tax per biweekly paycheck, here’s how the budget would play out: 

• 50% (needs): $1,500 for housing, food, gas, insurance, cable, wireless, minimum payments for loans or credit cards and other essential bills.  
• 30% (wants): $900 for nonessentials like takeout, entertainment and more.   
• 20% (saving and debt): $600 for emergency and retirement savings or debt repayment.   

Notice that you have some flexibility to split up the 20% saving percentage category based on your goals. If your emergency fund is running low, you might decide to focus a larger portion of that 20% on growing your rainy-day fund.  

And if saving a full 20% is difficult, you can work up to that amount as you get raises, promotions, or grow your income through different side hustles.   

15. Decide where to put your savings 

The right place to put your savings will depend on what the savings are for. When it comes to spare cash, it’s a good idea to keep a bit of emergency savings in an account where you can draw money quickly in a pinch without penalty.   

For money you don’t need regular access to, investment accounts may provide you with a higher return on your money—but also note that investments in stocks, bonds or funds can lose value if the market goes through a downturn.

Here are the types of accounts to consider:   

• High-yield savings accounts: Offer a higher-than-average Annual Percentage Yield (APY) than traditional savings accounts.
• Tiered savings accounts: Offer an APY that increases incrementally as your balance grows.   
• Certificates of deposit (CDs): Offer a fixed interest rate for a fixed term. CDs are good for savings you don’t need because withdrawing money early could result in a penalty fee.   
• Retirement accounts: Tax-advantaged accounts like 401(k)s, IRAs or Roth IRAs are places to park long-term retirement savings and earn a return on money invested.   
• Brokerage accounts: Taxable accounts don’t offer the same tax advantages as retirement accounts but could be another place to invest long-term savings for wealth building and other goals.

16. Avoid bank fees 

Do you know if you’re paying any bank fees? If you’re not sure, take a moment to log into your account.

Many traditional banks charge fees for monthly maintenance, overdrafts and ATMs—and you may not even realize they’re draining your account until you review your transactions.  

If you check your account and you’re paying fees, consider switching banks. Many online banks offer accounts with low or no fees. Even if you avoid a $10 charge per month, that’s $120 you can put in savings.  

17. Automate your savings 

Saving money in an account that’s connected to your checking account can be convenient—but you may also be tempted to transfer money out for non-emergencies.   

Setting up automatic transfers from your checking account into a high-yield savings account could help you earn a greater return on your money. And when money is in an account that’s less accessible, it could be easier to save without dipping into your cash.   

18. Save for retirement 

If your employer offers a 401(k) or similar retirement plan with a matching contribution, make sure you’re contributing enough to take full advantage of this benefit. Employer matching is essentially free money that can boost your retirement savings over time.  

For example, if your employer matches 50% of your contributions up to 6% of your salary, and you earn $50,000 annually, you could receive an additional $1,500 in your retirement account each year just by contributing $3,000 of your own money.  

It’s recommended to devote 10% to 15% of your pre-tax income to retirement (including employer contributions) each year. You can work up to that amount if you can’t save that much for retirement immediately. 

19. Take advantage of community resources 

Before paying full price for any activity or event, always check with your local library, community center, or tourism office to see if they offer any discounts or free passes. 

Many cities have free events and activities to enjoy without spending a dime. Even for attractions that typically cost money, such as museums, aquariums, and zoos, you can often find coupons, discounts, or free days throughout the year. 

For example, national parks across the United States offer several fee-free days each year, allowing you to explore these beautiful natural wonders without paying the usual entrance fees.  

Some libraries can also get you free access to the area’s top attractions. For instance, if you have a Seattle Public Library card, you can access the Museum Pass program, which provides free tickets to popular attractions like the Seattle Aquarium, Woodland Park Zoo, and various museums that typically cost $25 or more per person. 

20. Research government programs 

In addition to finding ways to increase your income, it’s also worth exploring government programs that can help alleviate financial strain. Depending on your circumstances, there may be various federal or state programs that can provide financial assistance or other types of support.  

For example, if you’re struggling to pay for basic needs like food or housing, you may be eligible for programs like SNAP (Supplemental Nutrition Assistance Program) or the Housing Choice Voucher Program (previously Section 8).  

If you’re unemployed or underemployed, you may be able to receive benefits through programs like unemployment insurance or job training programs. 

Learning how to save money is a cornerstone of any financial plan   

The road to building wealth and financial freedom starts with consistently saving money, even if it’s a small amount initially.  

By developing smart money habits, cutting costs where you can, and making savings a priority, you’re setting yourself up for long-term success. 

Frequently asked questions on how to save money 

How can i save money on a tight budget .

Living on a tight budget doesn’t mean you can’t save money. The key is creating a monthly budget, identifying any areas where you can cut back on discretionary spending, and making savings a top priority.  

Even saving just $25-$50 per paycheck can make a difference over time. Other tips include reducing energy costs, cutting daily expenses like coffee runs, and taking advantage of cashback offers. 

What is an emergency fund? 

An emergency fund is a stash of easily accessible cash reserves that can cover your essential living expenses in case of job loss, medical emergency, home repair, or another unexpected event.

Most experts recommend saving three to six months’ worth of living expenses for this rainy-day fund to give you a proper safety net. 

How much of my paycheck should I save each month?   

The 50/30/20 budgeting method recommends setting aside 20% of your monthly after-tax income for savings and debt repayment.  

If that’s not feasible, start with a percentage you can commit to and aim to increase it by 1% to 2% annually until you hit the 20% goal. Factors like your current savings, future goals, and job security may impact how much you should target. 

Written by Cassidy Horton | Edited by Rose Wheeler

Cassidy Horton is a finance writer who’s passionate about helping people find financial freedom. With an MBA and a bachelor’s in public relations, her work has been published over a thousand times online by finance brands like Forbes Advisor, The Balance, PayPal, and more. Cassidy is also the founder of Money Hungry Freelancers, a platform that helps freelancers ditch their financial stress.

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8 Best Strategies To Save Money Every Month Like a Pro

Saving money is a skill that everyone should learn and practice. Whether you are looking to build an emergency fund, save for a big purchase, or just want to have some extra cash, there are many ways to save money. In this article, we will discuss some strategies to save money. In this article, you will discover why saving money is crucial and how to start saving for enhanced financial security. – PowerPoint PPT presentation

• Saving money is a skill that everyone should learn and practice. Whether you are looking to build an emergency fund, save for a big purchase, or just want to have some extra cash, there are many ways to save money. In this article, we will discuss some strategies to save money. In this article, you will discover why saving money is crucial and how to start saving for enhanced financial security.
• Why Should You Focus On Saving Money?
• Saving money is essential in the modern world for several reasons. In todays economy, where the cost of living is constantly rising, its becoming challenging for many people to make ends meet. Saving money helps individuals and families plan for the future, reduce financial stress, and achieve long-term goals. Here are some of the benefits of saving money
• Building Financial Security
• Saving money is a critical step toward building financial security. By having a savings account, you can prepare for unexpected expenses such as medical emergencies or car repairs. An emergency fund can help you avoid high-interest credit card debt or the need to borrow money from family and friends. Furthermore, a nest egg can help you feel more secure about your financial future and reduce stress levels.
• Achieving Long-Term Goals
• Saving money also helps you achieve your long-term goals. Whether saving for a down payment on a home, starting a business, or planning for retirement, saving money is a crucial step toward achieving these goals. Setting aside a portion of your monthly income allows you to gradually build up the funds you need to accomplish your objectives.
• Planning for Retirement
• Saving for retirement is becoming increasingly important as people live longer, and government- funded retirement programs are becoming less generous. By saving money regularly, you can accumulate a significant nest egg to help you retire comfortably. Furthermore, by investing your savings in retirement accounts such as 401(k) plans or individual retirement accounts (IRAs), you can use compound interest to help your money grow over time.
• Reducing Financial Stress
• Saving money can also help reduce financial stress. Many people experience anxiety and worry about their financial situation, negatively impacting their mental health and overall well-being. A savings account can provide a sense of security and peace of mind, knowing you have money set aside for unforeseen circumstances.
• Managing Debt
• Saving money can also help you manage your debt. By having an emergency fund, you can avoid taking on high-interest credit card debt to cover unexpected expenses. Additionally, by saving money, you can pay off debt more quickly, as youll have extra funds available to make larger paymentsthis can help you get out of debt faster and reduce the amount of interest you pay over time.
• Set a Budget
• The first step to saving money is to set a budget. A budget will help you track your expenses and determine where to cut back. Start by listing all your monthly payments, including rent or mortgage, utilities, groceries, transportation, and other bills. Then, remove your expenses from your income to determine how much money you have left over. If your expenses exceed your income, its time to make some changes.
• Cut Back on Unnecessary Expenses
• Once your budget is set, its time to look for areas where you can cut back. For example, you can save money by eating at home instead of going out to eat, canceling subscriptions you dont use, or shopping for sales at the grocery store. You might also consider downgrading your cable or internet plan or using public transportation instead of driving. Every little bit helps, so look for opportunities to save wherever possible.
• When it comes to shopping, there are many ways to save money. Start by listing what you need before you go to the store, and stick to it. Avoid impulse buys and try to shop for sales and discounts. Consider buying in bulk, as this can save you money in the long run. When shopping for clothes or household items, consider buying used or shopping at thrift stores.
• One of the biggest obstacles to saving money is debt. If you have credit card debt or other loans, paying them off as quickly as possible is essential. Make a plan to pay off your debt, and stick to it. Consider consolidating your debt or negotiating with creditors to reduce interest ratesby avoiding debt, you will have more money to put toward savings.
• Build an Emergency Fund
• An emergency fund is money set aside for unexpected expenses, such as car repairs or medical bills. Without an emergency fund, you might have to rely on credit cards or loans to pay for these expenses, which can quickly add up. Try saving at least 3-6 months expenses in your emergency fund. Start by setting aside a small amount each month, and gradually increase your contributions as you can.
• Automate Your Savings
• One of the easiest ways to save money is to automate your savings. Set up automatic monthly transfers from your checking account to your savings account. This way, you wont have to remember to save money and will be less likely to spend it. You might also consider setting up a direct deposit from your paycheck to your savings account.
• Plan for the Future
• Saving money isnt just about the present its also about planning for the future. Start by setting long-term goals, such as saving for a down payment on a house or retirement. Then, create a plan to achieve these goals. Consider opening a retirement account or investing in stocks or mutual funds. The earlier you start saving for the future, the more time your money will have to grow.
• Find Ways to Earn More Money
• If you are struggling to save money, consider finding ways to earn more money. You might take on a part-time job, sell items you no longer need, or start a side hustle. Look for opportunities to make extra money that fits your schedule and interests.

8 Simple ways to save money

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• 1. Simple Ways To Save Money Source of Article: https://www.bankofamerica.com/deposits/manage/ways-to-save-money.go
• 2. Record your expenses Source of Article: https://www.bankofamerica.com/deposits/manage/ways-to-save-money.go
• 3. That means every coffee, every newspaper and every snack you purchase for the entire month. Source of Article: https://www.bankofamerica.com/deposits/manage/ways-to-save-money.go
• 4. For example, gas, groceries, mortgage and so on. Get the total amount for each. Source of Article: https://www.bankofamerica.com/deposits/manage/ways-to-save-money.go
• 5. Make a budget Source of Article: https://www.bankofamerica.com/deposits/manage/ways-to-save-money.go
• 6. Remember to include expenses that happen regularly, but not every month, like car maintenance check-ups. Source of Article: https://www.bankofamerica.com/deposits/manage/ways-to-save-money.go
• 7. Plan on saving money Source of Article: https://www.bankofamerica.com/deposits/manage/ways-to-save-money.go
• 8. Source of Article: https://www.bankofamerica.com/deposits/manage/ways-to-save-money.go Taking into consideration your monthly expenses and earnings, create a savings category within your budget and try to make it at least 10-15 percent of your income.
• 9. Source of Article: https://www.bankofamerica.com/deposits/manage/ways-to-save-money.go If your expenses won't let you save that much, it might be time to cut back. Look for non-essentials that you can spend less on—for example, entertainment and dining out—before thinking about saving money on essentials such as your vehicle or home.
• 10. Set savings goals Source of Article: https://www.bankofamerica.com/deposits/manage/ways-to-save-money.go
• 11. Setting savings goals makes it much easier to get started. Begin by deciding how long it will take to reach each goal. Source of Article: https://www.bankofamerica.com/deposits/manage/ways-to-save-money.go Some short-term goals (which can usually take 1-3 years) include: • Starting an emergency fund to cover 6 months to a year of living expenses (in case of job loss or other emergencies) • Saving money for a vacation • Saving to buy a new car • Saving to pay taxes (if they are not already deducted by your employer)
• 12. Decide on your priorities Source of Article: https://www.bankofamerica.com/deposits/manage/ways-to-save-money.go
• 13. Different people have different priorities when it comes to saving money, so it makes sense to decide which savings goals are most important to you. Source of Article: https://www.bankofamerica.com/deposits/manage/ways-to-save-money.go
• 14. Source of Article: https://www.bankofamerica.com/deposits/manage/ways-to-save-money.go Part of this process is deciding how long you can wait to save up for a goal and how much you want to put away each month to help you reach it.
• 15. Source of Article: https://www.bankofamerica.com/deposits/manage/ways-to-save-money.go Remember that setting priorities means making choices. If you want to focus on saving for retirement, some other goals might have to take a back seat while you make sure you're hitting your top targets.
• 16. Different savings and investment strategies for different goals Source of Article: https://www.bankofamerica.com/deposits/manage/ways-to-save-money.go
• 17. If you're saving for short-term goals, consider using these FDIC-insured deposits accounts: Source of Article: https://www.bankofamerica.com/deposits/manage/ways-to-save-money.go • A regular savings account, which is easily accessible • A high-yield savings account, which often has a higher interest rate than a standard savings account • A bank, which money market savings account as a variable interest rate that could increase as your savings grow • A CD (certificate of deposit), which locks in your money at a specific interest rate for a specific period of time
• 18. For long term goals consider: Source of Article: https://www.bankofamerica.com/deposits/manage/ways-to-save-money.go • FDIC-insured IRAs, which are built for purposes such as retirement savings. If you’re not sure how much money you should set aside for retirement, give the Merrill Edge retirement calculator a try. • Securities, like stocks and mutual funds. These investment products are available through investment accounts with a broker-dealer (e.g. Merrill Edge). Remember that securities, such as stocks and mutual funds, are not insured by the FDIC, are not deposits or other obligations of a bank and are not guaranteed by a bank, and are subject to investment risks including the possible loss of principal invested.
• 19. Make saving money easier with automatic transfers Source of Article: https://www.bankofamerica.com/deposits/manage/ways-to-save-money.go
• 20. Source of Article: https://www.bankofamerica.com/deposits/manage/ways-to-save-money.go Automatic transfers to your savings account can make saving money much easier. By moving money out of your checking account, you'll be less likely to spend money you wanted to use for savings.
• 21. Source of Article: https://www.bankofamerica.com/deposits/manage/ways-to-save-money.go There are many options for setting up transfers. You choose how often you want to transfer money and which accounts you want to use for the transfers.
• 22. Source of Article: https://www.bankofamerica.com/deposits/manage/ways-to-save-money.go Thinking of saving as a regular expense is a great way to keep on target with your savings goals.
• 23. Watch your savings grow Source of Article: https://www.bankofamerica.com/deposits/manage/ways-to-save-money.go
• 24. Source of Article: https://www.bankofamerica.com/deposits/manage/ways-to-save-money.go Check your progress every month. Not only will this help you stick to your personal savings plan, but it also helps you identify and fix problems quickly. With these simple ways to save money, it may even inspire you to save more and hit your goals faster.
• 25. Source of Article: https://www.bankofamerica.com/deposits/manage/ways-to-save-money.go END OF PRESENTATION. THANK YOU. POWERPOINT DESIGN BY JENY LYN RUELO

For Teachers

Home » Teachers

Teaching by Topic: Saving

Here are a bunch of tips, learning objectives, worksheets, and pre-built lesson plans to help you build your curriculum to teach students how to save money!

Saving money can be the difference between having financial success and not. The earlier students learn about saving, the better. Teachers and homeschoolers can help students reach their potential through direct instruction, engaging activities, and reliable assessments. 

You can find the materials you need to teach saving, regardless of your students’ levels. Here are saving-related lessons, worksheets, activities and games, and tips for each grade. We also include saving learning objectives for each grade, which are pulled straight from the National Standards for Personal Finance Education.

National Standards for Personal Finance Education

Download our free teachers' cheat sheet.

Our free cheat sheet covers every learning objective in the National Standards for Personal Finance Education and the corresponding Kids' Money Lesson Plans - we cover each and every standard!

Learning Objectives

Pre-K students understand how saving can benefit them, and they learn about the value of money. They should be able to:

• Describe ways that people can decrease expenses to save more of their money.
• Map out a savings plan.

Pre-K Saving Lesson Plans

• KMLP Pre-K – Ways to Use Money : Students get to decorate their very own Save, Spend, Give jars to get an idea of where to put money, with goal-setting charts for their savings objectives. They complete class tasks, receive play money as income and choose what to spend it on at the classroom store.

Pre-K Saving Worksheets

• Money Name Matching
• Color the Money
• Money Value Match
• Make Your Own Play Money

Pre-K Saving Games and Activities

• Peter Pig’s Money Counter
• Wise Pockets
• Fruit Shoot Coins
• U.S. Mint games

Tips for Teaching Saving to Pre-K Students

• Every exposure to saving counts, from coloring to cartoons.
• Give your pre-K students ownership and choice in their learning.
• Don’t be afraid to use technology, even at this age.

For more resources on other topics, check out our Pre-K Money Lesson Plans Center .

Kindergarten

Kindergarteners grasp coin values and identification, and teachers can move into how to save more than spend. They should be able to:

• Understand people differ in their values and attitudes about saving.
• Give an example to illustrate the importance of having some money set aside for emergencies.

Kindergarten Saving Lesson Plans

• KMLP Kindergarten – Choices : This lesson shows the importance of making the right choices in life, which is connected to making good decisions like saving money. Students read a story and a fable, both showing the consequences of choices.
• KMLP Kindergarten – Money Denominations : This lesson focuses on the different bills and coins, and shows students how much each is worth. It emphasizes why people save money and how important it is to avoid spending all of your money.

Kindergarten Saving Worksheets

• Counting Money
• Identify Coins and Their Value
• Draw a Line to Match
• Piggy Bank Worksheet

Kindergarten Saving Games and Activities

• Savings Match Game
• The Perfect Pet
• Savings Spree
• Renegade Bunnies

Tips for Teaching Saving to Kindergarten Students

• Reward kids for saving whenever possible, as their instinct is likely to spend instead.
• Give plenty of time for students to personalize their work, like mason jars, piggy banks, or coloring and counting pages.
• Emphasize money values and give examples of what they can buy with those coins and bills.

For more resources on other topics, check out our Kindergarten Money Lesson Plans Center .

In this grade, students see the cause and effect of spending more than they save. They should be able to:

• Explain how a person’s friends and family can influence their values and attitudes about saving.

1st Grade Saving Lesson Plans

• KMLP 1st Grade – Saving : In this lesson, students learn more about money denominations, read a story about the joy of saving money, and create personal artwork about a savings goal. They play a game to reinforce the importance of saving and see how others can impact your savings attitude.

1st Grade Saving Worksheets

• Sorting Mats
• Grab, Sort, and Count
• Classroom Posters
• Grab, Count, and Compare
• Pennies and Dimes
• Counting Coins Word Problems

1st Grade Saving Games and Activities

• Build It 3 Ways
• Coin Puzzle
• Show Me the Money
• Using Money

Tips for Teaching Saving to 1st Graders

• Let kids save play money for several days, and then let them choose a larger prize.
• Keep the focus on coin values and identification.
• Make a competition out of the activities, giving awards to top savers.

For more resources on other topics, check out our 1st Grade Money Lesson Plans Center .

2nd-graders know how to set aside money for savings, but need guidance on specific strategies to use. They should be able to:

• Explain why it is often harder to save than to spend money.

2nd Grade Saving Lesson Plans

• KMLP 2nd Grade – Income : In this lesson, kids read How the Second Grade Got $8,205.50 to visit the Statue of Liberty , which illustrates how to save efficiently. They continue to work on counting coins and see how decreasing expenses leads to more savings and building wealth.

2nd Grade Saving Worksheets

• Making Change
• Common Coins and $1 Bills
• Money in Words
• Pennies, Nickels, Dimes, and Quarters

2nd Grade Saving Games and Activities

• Chemical Reactions with Pennies
• Money Toss-Up
• Money Game for Kids
• Battleship Money Math
• Money Smarts Game

Tips for Teaching Saving to 2nd Graders

• Without a solid grasp on counting money and knowing values, your 2 nd graders will struggle, so activities should revolve around these ideas.
• Keep them engaged with lots of games.
• Have students dream of what they will save for.

For more resources on other topics, check out our 2nd Grade Money Lesson Plans Center .

3rd-graders are ready to move on to the logistics of saving: where to put their money and why. They should be able to:

• Identify safe places for people to keep their money.
• Understand that financial institutions often pay interest on deposit accounts.

3rd Grade Saving Lesson Plans

• KMLP 3rd Grade – Banking : Students read If You Made a Million, learning how to save money and where to put it so it can grow safely. They role-play a banking setting to understand the different services that banks offer, including savings accounts.
• KMLP 3rd Grade – Accounts : Through Rock, Brock, and the Savings Shock, your 3rd graders will see how essential saving is to their financial future. They also complete a reading comprehension activity about saving, strengthening their money skills.
• KMLP 3rd Grade – Interest : This lesson introduces the idea of interest, showing students they can grow their savings thanks to the added interest income. They read a story, complete an activity, and play an online game to continue building their abilities.

3rd Grade Saving Worksheets

• Shopping Word Problems
• Words to Numbers
• Coins and Bigger Bills
• My Savings Plan
• Spending and Saving Money

3rd Grade Saving Games and Activities

• Savings Goal
• Costs and Benefits of Saving
• Money Bingo

Tips for Teaching Saving to 3rd Graders

• Encourage students to experiment and fail: these are teachable moments.
• Show them how saving can lead to gratification and feelings of success.
• Continue pushing counting money and making change.

For more resources on other topics, check out our 3rd Grade Money Lesson Plans Center .

4th-graders analyze how every individual is different, including in their savings habits. They should be able to:

• Give an example of buying something now versus saving money for the future and explain how they would make that decision.
• Discuss how life circumstances and experiences can cause people to differ in their values and attitudes about saving and their ability to save.
• Explain why financial institutions, such as banks and credit unions, pay interest to depositors.

4th Grade Saving Lesson Plans

• KMLP 4th Grade – Saving : This lesson has students watch videos, read a story, and complete activities that all revolve around saving money. It goes into interest, why people’s attitudes and situations differ in savings, and why having a plan is critical.

4th Grade Saving Worksheets

• Money Review Game
• Custom Money Sheets
• Money Worksheets
• Missing Coins
• Money Word Problems
• Creating Good Savings Habits

4th Grade Saving Games and Activities

• Change Maker
• Dolphin Feed
• Maths Change

Tips for Teaching Saving to 4th Graders

• Your kids’ math skills take a giant leap in this grade. Encourage and push them in multiplication and division.
• Work with decimals, rounding change to dollars, and estimating prices.
• Use role-play often, as 4 th graders enjoy learning through acting things out.

For more resources on other topics, check out our 4th Grade Money Lesson Plans Center .

5th-grade students see how important decision-making is in saving. They should be able to:

• Identify the most common reasons that people save money for the future.
• Compare and contrast different types of financial institutions and their products and services.
• Discuss how savings decisions can affect financial wellbeing.

5th Grade Saving Lesson Plans

• KMLP 5th Grade – Investing : Students compare saving and investing, learning about the different ways they can put their income to work. They read an excerpt from a book, create a poster board presentation, and play a stock market simulation to compare returns and risk to savings accounts.
• KMLP 5th Grade – Budgets : This lesson shows students how to save with purpose, make a plan to save, and stick with it. They participate in independent, partner, and group work to plan for savings success.

5th Grade Saving Worksheets

• In the Party
• Personal Finance One-Pagers
• Decimal Money Math

5th Grade Saving Games and Activities

• Clickety Clack, Let’s Keep Track
• Puppy Chase
• Financial Football
• Stock Market Game

Tips for Teaching Saving to 5th Graders

• Have students work on developing systems for saving.
• Have kids create savings plans and monitor their progress.
• Encourage career exploration and income, pushing them to see how much they could save.

For more resources on other topics, check out our 5th Grade Money Lesson Plans Center .

At this level, students start to form concrete strategies to save consistently. They should be able to:

• Create a savings plan that will allow someone to make a large purchase.

6th Grade Saving Lesson Plans

• KMLP 6th Grade – Shortage : In this lesson, students see the importance of savings through a historical lens, looking at wants vs. needs and surviving in challenging times. They learn about shortages and why conserving resources and saving money regularly can protect them from downturns.

6th Grade Saving Worksheets

• Percent Sheet
• Better Deal

6th Grade Saving Games and Activities

• Saving With a Purpose
• 52-Week Money Challenge
• Accountability Binders
• Savings and Investing Blitz

Tips for Teaching Saving to 6th Graders

• Use play money and student stores to encourage saving.
• Have students research different savings accounts and institutions.
• Research-based activities often deliver the most return at this age.

For more resources on other topics, check out our 6th Grade Money Lesson Plans Center .

7th-graders get into the reasons behind saving, to see what kinds of goods and services they can target with their savings. They should be able to:

• Understand that people save money for many different purposes, including large purchases such as cars and homes, education costs, retirement, and emergencies.

7th Grade Saving Lesson Plans

• KMLP 7th Grade – Personal Finance : Students see why people save money with detailed plans, understanding that budgets are crucial for saving success. They watch informational videos, read articles, view a PowerPoint, and make a collage to show their savings plans.

7th Grade Saving Worksheets

• How Interesting!
• When Prices Rise
• Budgeting Worksheet
• Buying a Home
• Saving and Investing

7th Grade Saving Games and Activities

• Balance Your Account
• Check It Out
• Sense and Dollars
• Trade Ruler
• Budget Odyssey

Tips for Teaching Saving to 7th Graders

• Build confidence with group work and public speaking.
• Assign specific tasks to show kids they can reach savings goals with dedicated objectives.
• Have students develop detailed reflection processes to stay on track with their savings.

For more resources on other topics, check out our 7th Grade Money Lesson Plans Center .

In 8th grade, kids learn about many different accounts and weigh the pros and cons. They should be able to:

• Understand that checking and saving deposit accounts in many financial institutions are insured up to certain limits by the federal government.
• Identify types of accounts that do not offer deposit insurance.

8th Grade Saving Lesson Plans

• KMLP 8th Grade – Saving : Students learn the details of saving accounts, seeing how the federal government insures specific accounts. They learn about risk and interest rates to see how their money can grow and what risk tolerance they may have.

8th Grade Saving Worksheets

• Family Income
• Interest Worksheet
• Budget Basics
• Cash or Credit?

8th Grade Saving Games and Activities

• Money Magic
• Hit the Road
• Rollin’ With It
• Spending Shakeup
• Saving vs. Investing

Tips for Teaching Saving to 8th Graders

• Show your 8 th -graders specific apps and websites to research savings accounts.
• For each activity, have students develop a specific goal they will personally try to reach.
• Make activities team competitions – middle schoolers love to compete!

For more resources on other topics, check out our 8th Grade Money Lesson Plans Center .

9th-graders jump into the banking services and features consumers can find. They should be able to:

• Understand that deposit account interest rates and fees vary based on market conditions.
• Compare and contrast the features of mobile payment accounts, cryptocurrency accounts, and checking/ savings accounts.

9th Grade Saving Lesson Plans

• KMLP 9th Grade – Banks and Banking : Students learn how banks work, their services, and how different savings vehicles have various rates. They look at how the Federal Reserve sets rates and how their savings terms are directly affected.
• KMLP 9th Grade – Basic Economics : As your 9th-graders dive into the topic of savings, they see how economic principles tie into their personal finance. They learn about scarcity, choice, and decision-making motives factor into their financial success.

9th Grade Saving Worksheets

• Scarcity, Choice, and Decisions
• Money Goals
• Bank Services
• Why is Saving Smart?
• Make a Budget

9th Grade Saving Games and Activities

• Savings Calculator
• Setting Financial Goals
• Short-Term Savings Goals

Tips for Teaching Saving to 9th Graders

• Create binders specific to saving, where students can store their materials.
• Have kids dive deeply into research about savings accounts and how to manage their income.
• Kids can reflect on short-term, mid-term, and long-term goals; adjusting them is okay!

For more resources on other topics, check out our 9th Grade Money Lesson Plans Center .

10th-graders go into more depth with employers and government contributions and incentives. They should be able to:

• Explain how an employer match of employee contributions to its retirement plan provides an incentive for employees to save.

10th Grade Saving Lesson Plans

• KMLP 10th Grade – Microeconomics : This lesson covers saving, specifically the role of governments and employers in offering incentives and setting policies to encourage saving. Students learn about the economy’s structure and how people can make wise saving decisions.

10th Grade Saving Worksheets

• Making Decisions
• Is It Worth It?
• Comparing Savings Accounts
• Setting a SMART Savings Goal

10th Grade Saving Games and Activities

• Reviewing Money Management Apps
• Compounding Your Savings
• Income and Expenses

Tips for Teaching Saving to 10th Graders

• Work with students to create SMART savings goals for practical things: cars, computers, etc.
• Make a game out of activities, with rewards for the winners.
• Use current events to show how personal finance is affected by circumstances in the world.

For more resources on other topics, check out our 10th Grade Money Lesson Plans Center .

11th-grade students reflect on what kinds of habits they have and work on positive spending routines. They should be able to:

• Discuss strategies for avoiding personal triggers that result in deviating from a savings plan.

11th Grade Saving Lesson Plans

• KMLP 11th Grade – Supply and Demand : This lesson looks at fundamental economic principles, linking the information to students’ lives, decision-making, and peer pressure. They learn about tools and strategies they can use to counteract emotional decisions that impact their savings plans.

11th Grade Saving Worksheets

• What’s Worth Saving For?
• Draw Your Own Savings
• Financial Awareness
• Creating a Savings First Aid Kit
• Create Your Own Savings Rules

11th Grade Saving Games and Activities

• The Pros and Cons of Saving and Investing
• Lights, Camera, Budget
• Saving Each Payday
• Money Talks
• Finances 101

Tips for Teaching Saving to 11th Graders

• Dedicate time every day for students to work on savings goals.
• Follow up with one-on-one consultations with each student regularly.
• Always point out the tradeoff or opportunity cost of making a choice, teaching them to analyze their decision-making process.

For more resources on other topics, check out our 11th Grade Money Lesson Plans Center .

In 12th grade, students look at the many savings products and decide what is best for their immediate future. They should be able to:

• Compare the features of regular savings accounts, money market accounts, and CDs.
• Illustrate how inflation can reduce the purchasing power of savings over time if the nominal interest rate is lower than the inflation rate.

12th Grade Saving Lesson Plans

• KMLP 12th Grade – Saving : Students dig deeper into savings, seeing how the influence of inflation can directly affect their money. They learn which account types best combat inflation and make a PowerPoint comparing and contrasting different types of savings accounts.

12th Grade Saving Worksheets

• Savings and Budgeting Tool
• Needs and Wants Reflection
• Making a Decision
• Sticking With a Savings and Budget Plan
• Bouncing Ball Budgets

12th Grade Saving Games and Activities

• Financial Reality Check
• The Uber Game
• Gen I Revolution
• The Stock Market Game

Tips for Teaching Saving to 12th Graders

• Many 12th-graders are unprepared for their financial future. Make a saving plan with each student.
• Discuss alternatives to college from a financial standpoint. It’s not for everyone; they can save for another goal.
• Give plenty of class time for students to research the best savings tools, apps, and accounts.

For more resources on other topics, check out our 12th Grade Money Lesson Plans Center .

More Resources

• Saving money worksheets

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How to Save Money As a Student

Last Updated: December 12, 2023 Approved

This article was co-authored by Andrew Lokenauth and by wikiHow staff writer, Janice Tieperman . Andrew Lokenauth is a Finance Executive who has over 15 years of experience working on Wall St. and in Tech & Start-ups. Andrew helps management teams translate their financials into actionable business decisions. He has held positions at Goldman Sachs, Citi, and JPMorgan Asset Management. He is the founder of Fluent in Finance, a firm that provides resources to help others learn to build wealth, understand the importance of investing, create a healthy budget, strategize debt pay-off, develop a retirement roadmap, and create a personalized investing plan. His insights have been quoted in Forbes, TIME, Business Insider, Nasdaq, Yahoo Finance, BankRate, and U.S. News. Andrew has a Bachelor of Business Administration Degree (BBA), Accounting and Finance from Pace University. There are 17 references cited in this article, which can be found at the bottom of the page. wikiHow marks an article as reader-approved once it receives enough positive feedback. In this case, several readers have written to tell us that this article was helpful to them, earning it our reader-approved status. This article has been viewed 171,860 times.

Between student loans, class registration, and other fees, it can be tough to save money as a college student. Don’t worry—there are lots of ways to spend less money without making any drastic changes to your lifestyle.

Here are 20 simple ways to cut costs and save money as a college student.

Things You Should Know

• Cut back on eating out and instead make your own meals and coffees. Shop smart by buying generic brands instead of name brands, too.
• Rent or buy used textbooks rather than buying them brand new. Your university bookstore might have used books, or check Amazon.
• Download and use free software in place of expensive programs, like Google Docs, Sheets, and Slides, GIMP, Prezi, and Sketchup.

Make your own meals.

• Limit eating out to special occasions like birthdays and anniversaries.
• If you’re in a rush, fast food can be a budget-friendly option. Many fast food places offer salads, wraps, and low-calorie versions of their more popular entrees, like a little hamburger from Five Guys or a classic cheeseburger from McDonald’s. [3] X Research source

Prepare your own coffee.

• If you spend $3 on coffee each day, you’re actually spending $600 during the school year.

Buy or rent used books for class.

• See if your school has a Facebook group dedicated to used textbooks. You might be able to take someone’s old textbook off their hands!

Download freeware.

• Google Docs, Sheets, and Slides is a free alternative to Microsoft Word, Excel, and PowerPoint.
• Avast and AVG offer free antivirus programs.
• GIMP and Fotor are free image editing programs, while Audacity is free audio editing software.
• Prezi is a great presentation tool, Evernote is great for note-taking, CCleaner is excellent for optimizing your computer, and Sketchup is a handy 3D model program.

Take advantage of student discounts.

• Apple, Sprint, AT&T, and Lenovo all offer discounts on their electronics.
• General Motors, Amtrak, Eurail, and Shortline/CoachUSA provide discounts.
• Clothing shops like J. Crew, Banana Republic, Levi’s, and Club Monaco offer a 15% student discount.

Become a resident adviser (RA).

Apply for scholarships.

• Any type of scholarship, award, or bursary is a great way to cut tuition costs.

Unsubscribe from unnecessary subscriptions.

• You could switch to a cheaper video streaming service instead of paying an expensive cable bill.
• Apps like TrueBill, Bobby, and Subby can provide a list of your subscriptions.

Make value purchases.

• Instead of buying a famous brand of canned veggies, look for the store-brand or generic-brand option instead. Some common store brands are Great Value, Market Pantry, and Up and Up.
• Foreign brands tend to be cheaper, too. [13] X Research source

Go food shopping later in the day.

• In the UK, Co-op stores mark down groceries after 4 PM, while Tesco marks them down after 7 PM.

Participate in community events.

• Scope out the calendar pages on different websites—these will be chock-full of upcoming events.
• During COVID-19, there might not be a lot of in-person events. See what kinds of online events are going on, instead!

Visit the library.

• In most places, you can get a library card for free.
• You might be able to find some textbooks at the library, too.

Create a monthly budget.

• You might budget $100 a month for groceries, $40 for a cell phone plan, and $75 for clothing and toiletries.
• Consider making a second spreadsheet that charts how much money you’re making , whether it’s financial support from family, scholarships, or a part-time job. This way, you can compare your monthly budget to your monthly income!

Track how much you spend.

• For instance, you might spend more money on Fridays than any other day of the week.
• If you notice unhealthy spending habits in the app, you can cut back and amend your budget accordingly.

Sign up for a student-friendly bank.

• In the USA, Bank of America has special student accounts with no account or overdraft fees.
• Although more well-known for credit cards, Capital One also offers inexpensive banking, with no account or overdraft fees.

Shop with coupons.

• If you shop frequently at a certain store, consider signing up for their loyalty program. You can get extra discounts and coupons this way!

Stop by discount stores.

Pay your bills on time.

• If you think you’ll need a bill extension, call your creditor before the due date to see if you can work something out.

Live with friends.

• When you live with friends, you can also save money on groceries.

Quit smoking.

• If you smoke regularly, quitting could save you at least $2,000 each year.

Expert Q&A

• Buy in bulk with your friends, and then split the grocery bill. [26] X Research source Thanks Helpful 1 Not Helpful 1
• Take public transportation instead of paying for taxis and ride-share services. [27] X Research source Thanks Helpful 3 Not Helpful 2

You Might Also Like

• ↑ http://www.nytimes.com/2011/09/25/opinion/sunday/is-junk-food-really-cheaper.html?_r=2&pagewanted=all
• ↑ Trent Larsen, CFP®. Certified Financial Planner. Expert Interview. 22 July 2020.
• ↑ https://www.goodhousekeeping.com/health/diet-nutrition/g4622/healthiest-fast-food/
• ↑ https://students.ubc.ca/ubclife/21-money-saving-tips-tricks
• ↑ https://www.savethestudent.org/save-money/free-software-for-students.html
• ↑ https://www.consumerreports.org/discounts-rebates/ways-to-save-with-student-discounts/
• ↑ https://www.thedaonline.com/opinion/saving-money-in-college-how-being-an-r-a-can-save-on-cash/article_f46a2d0e-affc-11e4-9f5d-bfde139f98b6.html
• ↑ https://www.wsj.com/articles/stop-wasting-money-on-unnecessary-monthly-subscriptions-11557331377
• ↑ https://www.savethestudent.org/shopping/the-best-money-saving-tips.html
• ↑ https://www.savethestudent.org/news/shopping-ninja-mums-secret-to-feeding-family-of-four-on-20week.html
• ↑ https://chartercollege.edu/news-hub/7-money-saving-tips-for-students/
• ↑ https://collegefinance.com/student-loan-reviews/the-best-banks-and-credit-unions-for-college-students
• ↑ https://www.thekitchn.com/5-money-saving-tips-from-a-coupon-clipper-242916
• ↑ https://www.canr.msu.edu/news/paying_bills_on_time_can_save_you_money
• ↑ https://www.savethestudent.org/accommodation/how-to-pick-your-housemates.html
• ↑ https://www.savethestudent.org/save-money/food-drink/ways-to-save-money-on-food.html
• ↑ https://educationabroad.unl.edu/travel-logistics/tips-saving-money

About This Article

If you’re a student and want to save money, start by cutting out unnecessary costs, like eating out or cable service for your TV. Instead, try to cook your own meals at home or take advantage of student events with free meals. You could also cancel your gym membership in favor of other, cheaper ways to stay active, like running or doing floor exercises at home. When you do need to spend money, buy the things you need used online or at thrift stores, which will save a lot of money compared to buying it new. If you want to learn more, like how to create a budget for yourself, keep reading the article! Did this summary help you? Yes No

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How To Save Money On A Tight Budget: 8 Strategies to Get Through Penny-Pinching Times

Vault’s viewpoint.

• It can be difficult to save money without sacrificing your quality of life, but there are some strategies you can employ.
• The first step is tracking your spending and understanding where you spend the most money.
• You can reduce bills like utilities and insurance premiums with a little research and a few phone calls.

How To Save Money On a Tight Budget

A recent Capital One CreditWise survey found that 73% of Americans said finances are a major source of stress. Working on a tight budget, whether due to job loss, rising cost of living or a medical emergency, only adds to this stress. Finding new sources of income is one way to reduce that stress, but managing your current income and cutting expenses can be just as effective.

The good news is there are plenty of ways to save money in your day-to-day life, many of which don’t require you to sacrifice your standard of living. Here are our tips for saving money even when your budget is stretched.

1. Carefully Track Spending

If you have more money going out than coming in, you need to make cuts. Rather than arbitrarily cutting back on food or entertainment spending, however, track and categorize your purchases for a month to get a more accurate idea of exactly where your money is going. You might be spending more than you realize in a particular category.

A common budgeting guideline is the 50/30/20 rule, where 50% of your income goes to needs—like rent payments, groceries or utility bills—30% goes to wants like travel or entertainment and 20% goes to savings and investments. If you find after monthly tracking that you’re spending more than 30% in the wants category, for instance, you can make a plan to cut down on extraneous spending.

If your needs are taking up more than 50% of your budget, however, you might have to reallocate money from savings or fun purchases temporarily to cover the cost, or even seek ways to reduce those expenditures (more on this below).

2. Negotiate With Utility Companies

Monthly bills for electricity, gas and other utilities can cost hundreds of dollars, eating up a big portion of your budget. While you can cut costs slightly by reducing electricity usage with energy-efficient lights or water-saving strategies, you can also lower your utility bills by calling your providers and negotiating the cost.

You might qualify for a lower rate, special discount or rebate depending on your situation and where you live. Even if you don’t qualify for a lower bill, your company may be willing to work with you on a payment plan that works better with your budget so you don’t default on payments.

Additionally, seek out federal and state-level assistance programs for utility bills.

3. Don’t Skip Bill Payments

If you don’t have enough money to pay for your bills and other purchases, it can be tempting to leave a balance on your credit card unpaid to buy things you want. However, this can cost you more in the long run than it saves you, due to high credit interest rates and the impact on your credit score.

You should always prioritize payments on high-interest debts, such as credit cards, because the additional costs can make it more difficult to get out of a tight financial spot. But even lower-interest bills shouldn’t go unpaid if you can avoid it. A defaulted payment significantly hurts your credit score , making it more difficult to qualify for quality housing, loans and even employment.

4. Shop Around for Lower Insurance Premiums

Insurance costs can be high, so shop around regularly to ensure you still have the best rate. Keep a regular eye on insurance premiums (whether car insurance, pet insurance or health insurance), and don’t be afraid to switch providers if you find a lower cost. You also might be able to use the research to negotiate a better deal with your current insurance provider.

5. Take Inventory of Subscriptions

Monthly subscription services often feel like they are saving us money because you pay a smaller amount regularly rather than having to part with a larger balance upfront. But the cost of multiple subscriptions can add up quickly. And with so many services operating on a subscription model, you might even be paying a monthly bill for one you don’t use anymore.

When your budget is tight, it’s a good time to catalog all your active subscriptions and add up the cost. See if there are any you don’t use and cut those first. Subscription tracker services can help you identify all of these payments coming from your accounts.

6. Ask for Reduced Interest Rates

Did you know you can get a lower interest rate simply by asking your lender? If you have debt that’s growing every day thanks to interest, you can call your lender and ask for a reduced APR. Often, they’re willing to work with you to prevent a defaulted payment, especially if you have a history of paying bills on time.

7. Take Advantage of Credit Card Rewards

It’s true that you should avoid using a credit card as a crutch when your budget is tight. Carrying even a modest balance can result in large interest charges and a balance that takes years to pay down. But, used strategically, credit cards can actually be a useful penny-pinching tool.

If you have a rewards credit card , you can earn cash back or points on purchases you already have to make—like groceries or gas. Some cards offer benefits like statement credits for subscription services too, which can cut at least one cost out of your budget.

8. Sell Stuff You No Longer Need

Clutter in your home is not only annoying; it could also be an untapped source of funds. Consider listing old furniture, clothes, electronics and other items on resale services like Facebook Marketplace, Mercari or eBay. You’ll get extra space plus a little more money to pad your checking account.

Frequently Asked Questions

How do i stop living paycheck to paycheck.

Living paycheck-to-paycheck is an unfortunate reality for many Americans. To break the cycle, you’ll need to build up your savings by increasing your income or decreasing your expenses. When money is tight, putting anything in savings can feel difficult, but even a few dollars here and there can help you work towards that goal. Putting that money in a high-yield savings account will also ensure you earn a good interest rate that will help your balance grow faster.

How Can I Save Money On a Low-Income Budget?

With the cost of living so high, trying to survive on a low income is hard. In addition to money-saving tips, don’t be afraid to take advantage of assistance programs, both locally and at the federal level. This might include signing up for the Supplemental Nutrition Assistance Program (SNAP) to help pay for groceries or Medicaid for health care costs.

What Is Zero-Cost Budgeting?

Zero-cost budgeting is a strategy that involves keeping a critical eye on your spending every month in order to design your budget for the following month. You’ll go through all of your expenditures and ensure they were justified, making cuts to the plan for the upcoming period where they were not. It can be a useful tool for identifying extraneous spending and focusing on your most important purchases.

Can You Be Denied After Pre-Approval?

Pre-approval does not guarantee that a lender will let you borrow money for a home purchase. Therefore, it’s possible for your mortgage application to be denied after pre-approval. Possible reasons for denial following pre-approval include a decrease in your credit score or the loss of your job.

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The post How To Save Money On A Tight Budget: 8 Strategies to Get Through Penny-Pinching Times first appeared on Newsweek Vault .

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25 Creative Ways To Save Money

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Given the state of today’s economy, devising creative  ways to save money  is more than just a fun hobby, but rather an important part of securing your financial future. Like a squirrel with acorns, it is time to start saving for the winters of your life. When you become good at saving money it’s essentially the same thing as earning extra cash. 

25 Clever Ways To Save Money You Can Try Now

Growing your wealth often involves more than just earning — it’s about finding creative ways to save money. While traditional methods like budgeting and investing play a crucial role, there are numerous daily habits and unique strategies you can adopt to boost your savings. These clever tricks, woven into your routine, can help you accumulate funds without feeling the pinch.

1. Money Saving Challenges

Taking on money-saving challenges can help form habits to transform your approach to money management, credit health and long-term financial planning. Here are a few examples:

• The 100 envelope challenge : Turn saving into a game with the 100 envelope challenge. Label 100 envelopes from 1 to 100. Each day fill an envelope with the corresponding dollar amount. Completing this challenge means saving $5,050.
• The $5 savings plan: Save every $5 bill you receive. It’s a simple yet effective way to accumulate a significant amount over time.
• Coin jar savings: Collect all your change in a jar. Once it’s full, deposit it into your savings account or use it for a small treat.

2. Automate Your Savings

Set up automatic transfers to your savings account. Even small, regular deposits can add up over time helping you better achieve your financial goals. This clever way to save money can also be accomplished by setting up dual accounts. Keeping your expenses and savings in separate accounts can be key to building your savings. Use one for daily needs and bills, and the other as an emergency or future fund.

3. Do a Subscription Audit and Cancel Any You Don’t Use

Review and cancel subscriptions you don’t use. You might be surprised at how much you can save by cutting out these often-forgotten expenses. Some to consider auditing are streaming services, app subscriptions and any memberships you may have. 

4. DIY: Repair Instead of Replace

Learn basic repair skills to fix clothes, electronics or household items, thus extending their life and savings. The extra money you don’t spend on paying someone else can go right into a high-yield savings account or emergency fund. 

Doing it yourself doesn’t have to end with repairs as it is a great way to save money while redecorating or remodeling your home. You can even extend this skill set to gift giving as DIY homemade gifts are often more meaningful and cost-effective. 

5. Boost Your Credit Score

Improving your credit score can lead to lower interest rates and better financial deals for credit cards or even when securing a loan. Boosting your score now can lead to much healthier personal finances later. 

6. Further Your Financial Education and Literacy

Unlock the potential of clever ways to save money through advancing your education to become more financially literate with investing, retirement saving and diversification. Understanding money management can lead to smarter spending and saving decisions.

7. Stop Impulse Buying

Refine your shopping habits and consumption patterns to make the most of your budget. By avoiding unplanned purchases, you can reduce your spending without compromising on your shopping list.

Impulse buying can happen in-store but also online. To help avoid it through websites and social media you should unfollow brands and unsubscribe from marketing emails to resist the temptation of online shopping deals.

8. Become More Energy Efficient 

Invest in energy-efficient appliances and bulbs. They cost more upfront but save money in the long run. Embracing these practices can trim down your expenses and help the environment. These smart strategies not only help in cutting costs but also promote a more sustainable and economical household lifestyle.

9. Embrace Thrifting

Explore thrift stores for clothing and household items. It’s eco-friendly and can lead to significant savings. Here are a few thrifty lifestyle things to try:

• Participate in Buy Nothing groups: Join local Buy Nothing groups to give away items you don’t need and find free items you do.
• Second-hand electronics: Buy refurbished or second-hand electronics. They often work just as well as new ones but come with a much lower price tag.
• Borrow, don’t buy: For items you use infrequently, like tools or party supplies, borrow from friends or neighbors instead of buying them.

10. Choose Generic Brands

Opt for generic brands over name brands when shopping. The quality is often comparable, but the price is much lower. Grocery store brands famously use the same ingredients for items such as cereal but charge half what name brands do. 

11. Homemade Cleaning Supplies

Create your own cleaning supplies using common household items like vinegar and baking soda, which can be more cost-effective and eco-friendly. Money you don’t spend on expensive chemicals can stay safely in your checking account .

12. Meal Planning

Plan your meals weekly to avoid impulse buys and food waste. This strategy can significantly reduce your grocery bills as well as save you a bunch of cash from the expensive food and service costs of eating out.

Planning your next meal can also include packing your lunch. Instead of eating out, make your lunch ahead of time and take it with you. Home-cooked meals are generally healthier and cheaper than restaurant food.

13. Home Workouts

Focus on personal care without breaking the bank. Skip the gym membership and exercise at home or outdoors. There are numerous free workout apps and online resources available.

14. Negotiate Your Bills

Regularly review and negotiate your utility bills, insurance premiums and other recurring expenses. You can even call your credit card issuer to see if a representative can help you lower the interest rate you’re paying on your monthly bill. 

15. Seasonal Shopping

Buy off-season items when they are on clearance. For example, purchase winter clothes at the end of the season for next year. Deep discounts lead to big savings if you cleverly plan ahead. 

16. Use Cash-Back Apps

Leverage cash-back apps when shopping. They offer rebates or rewards on your purchases, effectively saving you money on items you would buy anyway. Also, be sure to take advantage of cash-back credit cards so you’re not leaving money on the table. 

17. Use Public Transport

Optimize your transportation and travel expenses with creative solutions. Whenever possible, use public transportation instead of driving. It saves on gas, parking and wear and tear on your vehicle. This clever way to save money focuses on reducing your daily commuting costs and making travel more economical.

You can also try biking or carpooling to work to save on transportation costs. It’s environmentally friendly and can significantly cut down your expenses.

18. Use Your Local Library

Utilize your local library instead of buying books. Many libraries offer free access to e-books and audiobooks. There will also generally be a community board that will alert you to free neighborhood events you can participate in for entertainment instead of spending money on paid activities.

19. Gardening

Grow your own vegetables and herbs. It’s a rewarding hobby that can cut down on your grocery expenses, especially with the ever-rising cost of food. 

20. Water Savings

Install water-saving devices in your home. Reducing your water usage lowers your bills and conserves a vital resource.

21. Volunteer for Events

A clever way to save money and engage with your community is by volunteering at events or festivals. Often, you can enjoy the event for free in exchange for a few hours of help.

22. Use a Programmable Thermostat

Install a programmable thermostat to manage your heating and cooling efficiently, reducing energy bills.

23. Potluck Gatherings

Organize potluck dinners with friends and family instead of dining out. Everyone brings a dish, saving money and enjoying a variety of foods.

24. Group Entertainment Discounts

Plan outings with friends and family using group discounts. Bulk tickets for movies, parks or events can be much cheaper.

25. Group Memberships

Share memberships — like Costco or Amazon Prime — with family or friends to split the cost. This way you can buy in bulk and get free shipping without having to fit the entire monthly fee. 

Final Take To GO

When it comes to your personal finances, outside of paying off debt, the next most important money move you can make is to start saving. Saving money doesn’t have to be a chore. With these clever ways to save money , you can make the process fun and effective. The key is to find what works for you and stick with it. Your future self will thank you for the effort.

• A clever way to save money is the envelope budgeting system. With this system you allocate your monthly expenses into different envelopes -- like groceries, entertainment, utilities. Only use the cash in these envelopes for respective expenses. This physical separation of funds helps in controlling overspending and encourages discipline in financial management.
• Cut out non-essential expenses -- like dining out, subscriptions, luxury items.
• Use coupons and discounts for groceries.
• Reduce utility costs by conserving energy.
• Also, consider doing a temporary side job or selling unused items for extra income.
• B uild an emergency fund for unforeseen expenses
• I nvest in long-term, low-risk options like retirement accounts for future security
• U se high-interest savings accounts for short-term goals
• This strategy ensures both immediate and future financial stability while allowing your savings to grow.

Caitlyn Moorhead contributed to the reporting for this article.

Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.

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Getting Started With Savings

The earlier you begin trying to save, the easier you’ll make things for your future self.

By Tara Siegel Bernard

Financial Boot Camp for 20-Somethings: Day 5 of 5

It’s time to get your money in order.

When you’re in your 20s, retirement seems so abstract, it might as well be thousands of years away.

Maybe it feels something like that to you right now. Why save for something so many decades in the future, when every last dollar is accounted for in the here and now? Saving for anything at all, in fact, may feel impossible.

But what if you just laid the groundwork so that it became easier to save a little something? That’s what we’re going to work on today.

Getting started early for retirement is smart for the same reasons you may want to put it off: Time is on your side. If you set aside what you can now, the magic of compounding numbers — when you begin to earn interest on interest — can do more of the heavy lifting over time.

In other words, saving early may result in having to save less over the long haul, which will take some pressure off as you’re juggling other demands that inevitably arise. Maybe those demands will be children and all the money they manage to siphon up , or perhaps you’ll need some time off to care for an aging parent .

And (mostly) nobody wants to work forever — the earlier you start saving, the sooner you can stop working and dedicate more time to what’s meaningful to you.

The easiest way to save — for everything, really — is automating. When you have money automatically and regularly shuttled to its destination, you don’t have to remember to do anything. That goes for purely pleasurable financial goals as well, like saving for a big trip.

It’s empowering, and will bring you closer to the things that make you both happier and more financially secure. It will take some time and patience — but your future self will thank you.

Before you get started, you need to figure out how much you have to work with.

Deal with debt. Before you begin saving, make sure you have a plan to knock out any high-cost debt, like debt on credit cards, where interest rates (around 22 percent) far exceed the money you might earn when investing your savings in the stock market over time (7 to 8 percent).

Get organized. Get a copy of your pay stub or check your direct deposit to get a sense of your take-home pay. (Freelancers should calculate their average monthly income.) Then write down all of your expenses — rent, all insurance not already deducted from your paycheck, utilities, groceries, transportation costs, car payments, mobile phone, student loans and any other debts.

How much is left over? Something? Congratulations! You have some room to save. Cutting it close? Is there anything you can pare back a bit to make space for some savings?

Build a Buffer. Creating a financial cushion — in the form of an emergency savings fund — can help you avoid turning to credit cards if you suddenly lose your job or hit a financial pothole, like covering a $1,000 car repair.

Financial planners suggest keeping three to six months of your expenses in emergency savings (stowed in a high-yield online savings account, which offer the best rates). That may seem like a lofty goal when you’re living on a starting salary that barely covers your bills. So start small , even if it’s saving $50 a month — $83 a month will get you to $1,000 in a year — and add more if and when you can afford it. Set up an automated plan that sweeps that amount from your checking account to your savings account. Then, don’t touch that money.

Saving for Retirement

Many people with student loan debt often wonder if they should focus on paying down those loans before saving for retirement. The short answer: Probably not. (If you’re really struggling to pay your federal student loans, check out the income-driven repayment plans I mentioned yesterday. )

But there’s a strong case to be made to both invest and pay down your loans simultaneously , if you can.

The illustration below practically screams why. Can you see how much you’re likely to give up by focusing solely on paying off loans for 10 years?

If you have access to a 401(k) or a similar workplace retirement savings plan, you’re in luck — only 69 percent of private-sector workers do.

You may have already heard that some plans come with a nice little perk: free money. Employers may provide matching contributions when you save; for example, they might match every dollar you contribute up to 4 percent of your salary.

That means you’re effectively contributing 8 percent of your income, which is pretty close to the 10 percent that experts recommend (they often recommend saving more, up to 20 percent, but 10 percent is a great start — consider ratcheting it up one percentage point each year as you get raises).

What if you don’t have a workplace retirement savings plan?

Roth individual retirement accounts (or Roth I.R.A.s ) are often the right choice for younger people (though they are subject to income and contribution limits ). That’s because you’re depositing money that has already been taxed, and you’re probably in a lower tax bracket now than you will be later in life, when you’re likely to be earning more.

Compare that with the traditional I.R.A ., which provides you with a tax deduction now, but you pay income taxes when the money is withdrawn. That means your Roth I.R.A. balance is what you’ll have to spend, whereas traditional I.R.A. balances will be reduced by the amount of tax you will owe later.

How should you invest your money? The short answer: A diversified mix of index funds . These are inexpensive mutual funds that track broad spheres of the stock and bond markets (exchange-traded funds, which are like mutual funds but trade in an exchange, are a similar option). For more details on your investment options, check out this guide .

More immediate spending goals

Besides retirement, you surely have other savings goals. Maybe you’re saving for a car, a wedding party or a special trip. Since these goals have a shorter time horizon than retirement, or something you’ll need to access within three years or less, you’ll want to take less risk with this money. The easiest strategy is to automatically transfer money into a high-yield online savings account, say, monthly. With short-term goals, the amount you save is far more important than your return.

But if you need the money in three to 10 years — call that a medium-term goal — you may have more options, depending on how flexible you can be with your timing.

It may be tempting to invest your savings in the stock market, for example, in hopes of generating a higher investment return. But that comes with more risk. As one financial planner wisely put it: You have to consider how it might feel to lose half of your stock investment in any given year, which can take some time, even years, to recover. Do you have the time (or the stomach) for that?

You can take a hybrid approach and invest in a mutual fund that has a mix of 60 percent bonds and 40 percent stocks, for example, or there may be bond investments to explore that provide more stability (though they carry risks of their own ). But tread carefully.

Even if you don’t have large amounts to save now, setting up the infrastructure to save is the hardest part — and as your earnings increase, it will be much easier to save and invest more.

Action items:

Do you have a high-yield online savings account ? Some banks, including Ally and Capital One, let you set up different savings buckets for specific goals, which you can label (emergency funds, vacation, down payment). DepositAccounts.com has a helpful guide to help you sort through options.

If you have a workplace retirement plan and haven’t thoroughly inspected the investment options , set a reminder in your phone’s calendar to check. What index fund options do they have on offer? Also familiarize yourself with any target-date fund offerings. (These are a ready-made mix of investments that you can select and then forget about and are a blend of stock and bond mutual funds that gradually and automatically become more conservative as you approach the year you expect to retire. If you were born in 2000, the 2065 or 2070 funds may be the right fit for your situation.)

If you don’t have access to a workplace retirement plan, familiarize yourself with roboadvisers , or companies that lean heavily on technology to manage your investments but also often have human financial advisers. These are nice options for people with simple needs, or who have a savings and investment plan they want to establish and run on autopilot. Morningstar ranked its top picks here.

Have a question about money?

Ask us here .

Did you miss Day 1? Catch up here. Day 2 is here , Day 3 is here , and Day 4 is here .

Tara Siegel Bernard writes about personal finance, from saving for college to paying for retirement and everything in between. More about Tara Siegel Bernard

A Guide to Making Better Financial Moves

Making sense of your finances can be complicated. the tips below can help..

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Either by choice or because they are priced out of the market, many people plan to never stop renting. Building wealth without home equity  requires a different mind-set.

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Retirement Savings: How Much Do You Really Need in Each State in the U.S. For many of us, the thought of retiring can be stressful and even daunting. The first step towards retirement is understanding how much money you need. Despite the fact that...

By John Rampton May 28, 2024

This story originally appeared on Due

For many of us, the thought of retiring can be stressful and even daunting. The first step towards retirement is understanding how much money you need. Despite the fact that everyone has a different vision of retirement and a different number of financial freedom , there is a bare minimum amount of money required to retire in every state.

Below are some statistics compiled from a variety of sources, including GoBankingRates , WalletHub , and Bankrate to name a few, that might surprise you. Fortunately, most states do not require more than $1 million in savings to retire for those who aren’t high-income earners or plan to have several million in net worth before they retire.

That said, let’s examine e how much you need to retire in each state .

Table of Contents

The Yellowhammer State offers many benefits to retirees, including a mild climate, low cost of living, and plenty of outdoor activities. Additionally, Alabama has some of the lowest property taxes in the country, as well as no income taxes on Social Security benefits. Any withdrawals from retirement accounts are taxed at 5%, though.

Also known for its affordable housing, electricity, and food, Alabama has the third lowest cost of living in the country . There is, however, a need to take into account the limited medical options available to residents of the state.

• Annual cost of living: $50,995.48
• Living expenses after Social Security income: $28,858.36
• Amount you need to save to retire: $721,458.90

From its rugged coastline to its snow-covered peaks, the Last Frontier is renowned for its natural beauty. Retirees can enjoy outdoor activities such as hiking, fishing, and skiing in a unique and awe-inspiring environment.

Alaska’s cost of living and average home value are lower than those in the rest of the country. It’s also extremely tax-friendly. There is no state income tax in Alaska, and Social Security, pensions, and retirement account withdrawals are not subject to state taxes. In addition, Alaska does not have an inheritance or estate tax.

• Annual cost of living: $73,081.95
• Living expenses after Social Security income: $50,944.83
• Amount you need to save to retire: $1,273,620.80

Arizona and its sublime weather allow retirees to enjoy various popular outdoor activities year-round. The Grand Canyon State has three national parks, 18 national monuments, and over 300 golf courses.

Moreover, Arizona’s property and income taxes are low for retirees. At 2.5%, Arizona’s flat income tax is the lowest in the country , and its property tax is ranked 12th in the country. Unlike other states, Arizona does not tax Social Security benefits and exempts retirement income from taxation .

• Annual cost of living: $63,599.80
• Living expenses after Social Security income: $41,462.68
• Amount you need to save to retire: $1,036,567.00

4. Arkansas

Did you know that there are over 200 days of sunshine in the Natural State? The state is also one of the least expensive in the nation to live in. Particularly in smaller towns, real estate is affordable.

Aside from that, Arkansas has relatively low taxes , particularly on income and property. Social Security is not taxed, and property taxes are among the lowest in the nation. A retiree age 59.5 or older can exempt the first $6,000 of their IRA distribution while also exempting up to $6,000 from employer-sponsored retirement plans. Pensions received by military retirees are also tax-free.

• Annual cost of living: $51,168.93
• Living expenses after Social Security income: $29,031.81
• Amount you need to save to retire: $725,795.30

5. California

Why do people retire to the Golden State ? There is something for everyone in California, from its bustling cities to its scenic natural areas. In retirement, retirees will enjoy living in an environment filled with exploration and cultural opportunities.

However, according to a study published by U.S. News and World Report in 2024, California ranks as one of the most expensive states to retire in. Nonetheless, some retirees say California’s taxes are low. According to California’s progressive (or graduated) tax system, you pay different proportions of your income in taxes depending on how much you earn. If your yearly income is less than $100K, and especially when you subtract social security, retirement savings, Roth IRAs, and so on, you could easily save on taxes by staying in the state.

• Annual cost of living: $78,863.75
• Living expenses after Social Security income: $56,726.63
• Amount you need to save to retire: $1,418,165.80

6. Colorado

You can choose between alpine and desert environments in Colorado’s climates to suit your preferences. In addition, WalletHub rated the Centennial State as the second-best state for retirees. Among its advantages are its tax-friendly conditions and the absence of estate or inheritance taxes.

Additionally, it has the lowest rate of social isolation among seniors, and very few residents above 65 live in poverty. The state also has some of the best geriatrics hospitals in the country and has a high rate of physically active seniors and seniors in good health.

• Annual cost of living: $61,807.44
• Living expenses after Social Security income: $39,670.32
• Amount you need to save to retire: $991,758.10

7. Connecticut

Known for its historical landmarks, scenic natural areas, and peaceful and quaint towns, Connecticut boasts a number of attractions. With plenty of opportunities for exploration and cultural experiences, retirees can enjoy living in a peaceful environment.

However, the Constitution State is an expensive state, with living expenses higher than those in most other states.

• Annual cost of living: $65,854.70
• Living expenses after Social Security income: $43,717.58
• Amount you need to save to retire: $1,092,939.60

8. Delaware

In addition to its tax benefits, Delaware has a low cost of living and a relaxed environment that appeals to retirees. In fact, WalletHub ranks it the fourth-best state for retirement, largely because it has the lowest overall tax burden, including no estate or inheritance tax.

What’s more, nearly 20% of the population in the First State is over the age of 65. As a result, Delaware has the second-lowest risk of social isolation for seniors, based on factors such as the number of seniors living alone, living without a partner, having a disability, and having difficulty living independently. In addition, Delaware has the lowest poverty rate among those 65 and older.

A warm, sunny climate throughout the year makes Florida a great place for retirees who prefer not to experience harsh winters. Additionally, the warm weather makes it possible to enjoy outdoor activities such as golf, tennis, and swimming.

WalletHub also named the Sunshine State as the best place to retire due to its relatively low taxes for retirees, including no estate, inheritance, or income taxes. Compared to most other states, adult day health care (health services for seniors who don’t require round-the-clock care) and homemaker services cost less.

• Annual cost of living: $58,396.18
• Living expenses after Social Security income: $36,259.06
• Amount you need to save to retire: $906,476.50

10. Georgia

There are several benefits to retiring in Georgia, including a low cost of living, a warm climate, and tax benefits . Furthermore, Georgia’s rich history, outdoor recreation opportunities, and warm southern hospitality make it an ideal place for retirement.

In the Peach State, Social Security benefits are not taxed, pensions are only partially taxed, and retirement income exclusions of $65,000 are available to those over 62 and permanently disabled. A flat income tax of 5.49% will also be implemented in 2024.

• Annual cost of living: $52,556.56
• Living expenses after Social Security income: $30,419.44
• Amount you need to save to retire: $760,486.10

A comfortable climate, warm weather, and beautiful scenery can be found in Hawaii. Additionally, the Aloha State has tax laws that exempt some types of retirement income, such as Social Security and pensions. In addition, Hawaii’s property tax rate is one of the lowest in the country at 0.28% .

Hawaii, however, can be extremely expensive. For those living on fixed retirement incomes, this may be problematic.

• Annual cost of living: $103,609.86
• Living expenses after Social Security income: $81,472.74
• Amount you need to save to retire: $2,036,818.40

The benefits of retiring to Idaho include tax breaks, natural beauty, a good climate, outdoor recreation, and quality healthcare . Gem State residents enjoy low property and sales taxes, as well as a state income tax exemption for Social Security. Public pensions may also be deducted.

• Annual cost of living: $57,239.82
• Living expenses after Social Security income: $35,102.70
• Amount you need to save to retire: $877,567.50

13. Illinois

There are a variety of communities in the Prairie State, from bustling cities to quiet small towns. Experiencing diverse cultures and exploring diverse environments can be fun and enriching for retirees.

Furthermore, Illinois doesn’t tax retirement income , such as social security, pensions, and 401(k)s. The state is also known for its excellent public health care and affordable living.

• Annual cost of living: $53,076.92
• Living expenses after Social Security income: $30,939.80
• Amount you need to save to retire: $773,495.10

14. Indiana

In Indiana, you can explore the Seven Pillars Nature Preserve and Mississinewa Reservoir and Lake, as well as enjoy a variety of cultural and recreational activities. In the Hoosier State, the cost of living is close to the national average. The income from Social Security and pensions is exempt from Indiana’s state income tax but not from retirement savings accounts.

• Annual cost of living: $52,672.20
• Living expenses after Social Security income: $30,535.08
• Amount you need to save to retire: $763,377.00

According to Bankrate’s survey of 2023, the Hawkeye State is the best place to retire. The reason? Iowa’s low crime rate, good healthcare options, and affordability were among the top three rankings.

Iowa excludes all Social Security income from income taxes and provides a deduction for other types of retirement income. Beginning in 2023, Iowans 65 and older will be exempt from paying state taxes on retirement income.

• Annual cost of living: $51,978.3
• Living expenses after Social Security income: $29,841.26
• Amount you need to save to retire: $746,031.60

A moderate climate, outdoor activities, and cultural events make the Jayhawk State an attractive retirement destination for many Americans. Additionally, Kansas has a moderate tax system and a low cost of living for retirees.

• Annual cost of living: $50,532.93
• Living expenses after Social Security income: $28,395.81
• Amount you need to save to retire: $709,895.30

17. Kentucky

Low living costs, access to outdoor activities, a rich cultural heritage, and southern hospitality are some of the advantages of living here. According to WalletHub, though, the Bluegrass State is the worst state to retire to as it ranks 33rd in affordability, 41st in quality of life, and 46th in health care.

• Annual cost of living: $53,886.38
• Living expenses after Social Security income: $31,749.26
• Amount you need to save to retire: $793,731.40

18. Louisanna

With access to outdoor activities, a rich culture, and delicious cuisine, retiring to the Pelican State will provide a unique and relaxing lifestyle. In addition, Louisiana’s cost of living is relatively low, and it doesn’t tax Social Security income or pension income.

Additionally, its property taxes are some of the lowest in the country.

• Annual cost of living: $52,440.93
• Living expenses after Social Security income: $30,303.81
• Amount you need to save to retire: $757,595.20

Maine’s natural wonders include its rugged coastline, dense forests, and many lakes and rivers. Residents aged 62 or older are eligible for a property tax relief program. Additionally, up to $10,000 of pension income is exempt from state income taxes.

However, winters can be brutal in the Pine Tree State, and living costs are generally higher than the national average.

• Annual cost of living: $64,004.53
• Living expenses after Social Security income: $41,867.41
• Amount you need to save to retire: $1,046,685.20

20. Maryland

As a result of its mild climate, the Free State enjoys four distinct seasons and few extreme temperatures. A number of tax benefits are available to retirees in Maryland as well, including no taxation on Social Security income. Withdrawals from retirement accounts are only a small portion of the benefits.

For individuals 65 years of age and older, Maryland’s Retirement Tax Elimination Act (RTEA) eliminates state income tax on retirement income.

• Annual cost of living: $66,375.06
• Living expenses after Social Security income: $44,237.94
• Amount you need to save to retire: $1,105,948.60

21. Massachusetts

Massachusetts offers diversity, from historic cities to beautiful coastal towns. As a bonus, the Bay State is known for its excellent healthcare system. For retirees, Massachusetts is moderately tax-friendly. Most public pension funds and Social Security benefits are completely tax-exempt.

• Annual cost of living: $85,570.64
• Living expenses after Social Security income: $63,433.52
• Amount you need to save to retire : $1,585,838.00

22. Michigan

In general, the housing, healthcare, and groceries cost in this state is lower than in many other states. Aside from picturesque shorelines and a vibrant arts and culture scene, the Wolverine State is also home to many close-knit communities and friendly people.

• Annual cost of living: $52,614.38
• Living expenses after Social Security income: $30,477.26
• Amount you need to save to retire: $761,931.50

23. Minnesota

A vibrant culture, beautiful scenery, and quality healthcare are just a few things the Gopher State offers to retirees. Furthermore, Minnesota’s cost of living is reasonable, with housing and groceries more affordable than in other states.

• Annual cost of living: $54,580.19
• Living expenses after Social Security income: $32,443.07
• Amount you need to save to retire: $811,076.80

24. Mississippi

A mild climate and a low cost of living make Mississippi an appealing place to live. The cost of living in Mississippi is 14% lower than the national average, making it the most affordable state for retirement .

All forms of retirement income are tax-free in Magnolia State, including Social Security, 401(k)s, IRAs, pensions, 403(b)s, and SEP-IRAs. In addition, Mississippi’s property taxes are relatively low, and its sales tax is moderate.

• Annual cost of living: $50,128.21
• Living expenses after Social Security income: $27,991.09
• Amount you need to save to retire: $699,777.20

25. Missouri

In addition to beautiful mountains and lakes, the Show-me State has thriving communities and a relatively low cost of living. Missouri is 10% cheaper than the national average, making it a more affordable place to live.

Missouri offers moderate tax relief for retirees. Social Security retirement income is fully exempt for single seniors who earn less than $85,000 per year or joint filers who earn less than $100,000 per year. According to Bankrate, it ranks fourth among the best states for retirees. However, it suffers from poor healthcare, high crime rates, and natural disasters.

• Annual cost of living: $51,053.29
• Living expenses after Social Security income: $28,916.17
• Amount you need to save to retire: $722,904.40

26. Montana

A four-season climate and access to natural beauty make the Treasure State an ideal retirement destination. In addition to Glacier National Park and seven national forests, Montana is home to many recreational activities, including skiing, fishing, and hiking. With picturesque mountain towns and bustling cities, Montana offers a variety of retirement options.

Montana’s cost of living is generally lower than the national average. However, it varies by location. Certain areas may have higher housing and healthcare costs.

• Annual cost of living: $59,610.36
• Living expenses after Social Security income: $37,473.24
• Amount you need to save to retire: $936,831.00

27. Nebraska

The Cornhusker State is known for its friendly people and low cost of living, which could be a significant advantage for retirees with limited incomes. Nebraska generally offers more affordable housing , healthcare, and daily expenses.

A downside to Nebraska is that it is among the least tax-friendly states for retirees. Unlike most other states, it taxes Social Security benefits. Aside from military retirement income, it does not provide any exemptions or deductions for other types of retirement income.

A warm and dry climate characterizes Nevada, with over 300 days of sunshine each year. In addition, the cost of living in the Silver State is generally lower than the national average. Besides that, Nevada doesn’t tax Social Security benefits, retirement income, or other retirement funds. Additionally, Nevada’s property tax rates are among the lowest in the country .

• Annual cost of living: $58,454.00
• Living expenses after Social Security income: $36,316.88
• Amount you need to save to retire: $907,922.00

29. New Hampshire

The Granite State has mountains, forests, and even a piece of Atlantic coastline. Additionally, New Hampshire has a near-perfect healthcare score , a second-best crime score, and a high quality of life rating.

State income taxes are not imposed in New Hampshire, and retirement taxes are among the lowest in the country. In addition, retirees are eligible for property and inheritance tax benefits.

• Annual cost of living: $66,837.61
• Living expenses after Social Security income: $44,700.49
• Amount you need to save to retire: $1,117,512.20

30. New Jersey

The Garden State gets a bad rap, but it’s not all terrible. Sure, it’s not the cheapest state to live in. However, there are exemptions for pensions and property taxes in New Jersey, as well as exemptions for Social Security benefits.

Aside from that, you are a short drive from NYC, Philly, the Jersey Shoe, and the Pocono Mountains.

• Annual cost of living: $63,773.25
• Living expenses after Social Security income: $41,636.13
• Amount you need to save to retire: $1,040,903.40

31. New Mexico

People choose New Mexico for retirement because of its mild climate. Social security, however, is exempt from income tax in the Land of Enchantment. As for New Mexico’s cost of living index (COLI), it is 88.4 , which is lower than the U.S. average of 100. Some necessities are cheaper than in the United States, such as groceries , healthcare, housing, and transportation

• Annual cost of living: $54,291.10
• Living expenses after Social Security income: $32,153.98
• Amount you need to save to retire: $803,849.60

32. New York

A high quality of life can be found in the Empire State, which is home to excellent infrastructure, recreational opportunities, and easy access to healthcare. Retirees in New York are also eligible for tax exemptions.

However, retirees on a fixed income may have difficulty affording New York’s high cost of living. Healthcare and housing costs are particularly high in this state.

• Annual cost of living: $73,139.77
• Living expenses after Social Security income: $51,002.65
• Amount you need to save to retire: $1,275,066.30

33. North Carolina

In addition to the Great Smoky Mountains and the Blue Ridge Mountains, North Carolina has over 40 state parks and 13 national parks. In addition, the Tar Heel State offers retirees a tax-free Social Security benefit, inheritance, and estate tax, as these taxes are not applicable there, allowing you to pocket more money and leave more to your heirs. While North Carolina does not charge state income taxes, it does charge taxes on most retirement accounts, including 401(k)s , pensions, and IRAs.

It doesn’t stop there; North Carolina’s cost of living index is 90.6, below the national average of 100.

• Annual cost of living: $55,620.92
• Living expenses after Social Security income: $33,483.80
• Amount you need to save to retire: $837,094.90

34. North Dakota

Among the benefits of living in the Sioux State are its low cost of living, the presence of many outdoor activities, and its high quality of life. In addition, the state doesn’t tax Social Security retirement benefits and is family-friendly.

• Annual cost of living: $54,522.37
• Living expenses after Social Security income: $32,385.25
• Amount you need to save to retire: $809,631.40

In the Buckeye State, living costs are about 11% lower than they are elsewhe re . There is no denying the state’s tax policies and housing benefits, particularly for retirees. Additionally, Ohio’s emphasis on community and culture makes it possible for senior citizens to thrive here rather than just live there.

• Annual cost of living: $53,308.20
• Living expenses after Social Security income: $31,171.08
• Amount you need to save to retire: $779,276.90

36. Oklahoma

In the Sooner State, you can enjoy small-town living without the traffic of a big city and take advantage of the Illinois River and Tenkiller Lake for a variety of outdoor activities. Furthermore, Oklahoma has lower housing, healthcare, and transportation costs than many other states. In addition, Oklahoma doesn’t tax retirees’ Social Security income.

• Annual cost of living: $50,186.02
• Living expenses after Social Security income: $28,048.90
• Amount you need to save to retire: $701,222.60

Oregon’s stunning national parks, forests, and beaches offer abundant hiking, camping, fishing, and skiing opportunities. The Beaver State also has a vibrant cultural scene. In addition, Oregon’s medical assistance program, the Oregon Health Plan (OHP), provides health insurance to low-income residents.

Oregon, however, is a fairly expensive state with an average cost of living 16% higher than the national average.

• Annual cost of living: $66,317.25
• Living expenses after Social Security income: $44,180.13
• Amount you need to save to retire: $1,104,503.20

38. Pennsylvania

As one of the original 13 colonies, Pennsylvania has made an important contribution to the country’s history. As a result, the Keystone State boasts a rich cultural history.

In addition, Pennsylvania has a lower cost of living than most other eastern states. An income-fixed retiree will particularly benefit from this. Medical centers and hospitals in Pennsylvania are highly ranked, and the healthcare system is high-quality. Also, payments from retirement accounts like 401(k)s and IRAs are tax-free.

• Annual cost of living: $54,811.46
• Living expenses after Social Security income: $32,674.34
• Amount you need to save to retire: $816,858.60

39. Rhode Island

Rhode Island’s small-town feel, mild climate, and ocean access make it a great retirement destination. While the Ocean State is close to major cities, it also has its own rich cultural scene, with events like the Newport Jazz Festival.

As a drawback, Rhode Island’s cost of living is generally higher than the national average, which could be an issue for retirees with fixed incomes. Compared to other states, Rhode Island has higher housing and healthcare costs.

• Annual cost of living: $64,756.16
• Living expenses after Social Security income: $42,619.04
• Amount you need to save to retire: $1,065,476.00

40. South Carolina

Many reasons make the Palmetto State an excellent retirement destination. For one, the mild climate and warm beaches allow for plenty of recreational activities outdoors.

Additionally, South Carolina receives an 89.3 BestPlaces Cost of Living score , meaning it costs 10.7% less to live there than the U.S. average and 0.0% less than the average in the state. Moreover, South Carolina offers many tax benefits for retirees, including not taxing Social Security benefits.

41. South Dakota

Those looking for a low cost of living, abundant outdoor activities, and friendly communities should consider the Coyote State — if they can handle its harsh winters. Aside from its natural beauty, South Dakota offers excellent healthcare and a variety of retirement options.

Furthermore, South Dakota is one of the least expensive states to retire to. Since there is no state income tax, everything from Social Security and private/public pensions to withdrawals from 401(k)s and IRAs is only taxable at the federal level.

42. Tennessee

There are plenty of natural wonders in the Volunteer State, including the Great Smoky Mountains National Park and the Tennessee River. Additionally, Tennessee has a rich cultural heritage, with many art galleries, museums, and music festivals.

Moreover, Tennessee has a low cost of living compared to many other states, so retirees on a fixed income can afford to live here. Several Tennessee areas also have relatively low taxes. There are also many highly-rated hospitals and medical centers in Tennessee.

• Annual cost of living: $52,267.47
• Living expenses after Social Security income: $30,130.35
• Amount you need to save to retire: $753,258.80

With a cost of living of 94.2/100 , Texas has a lower cost of living than the national average in areas like groceries, entertainment, utilities, and housing. However, that’s not all. There are many reasons why the Lone Star State makes a great retirement destination, including its tax-friendly environment, warm climate, and abundant recreational opportunities

• Annual cost of living: $53,770.74
• Living expenses after Social Security income: $31,633.62
• Amount you need to save to retire: $790,840.50

Utah has an abundance of natural beauty, from its national parks like Zion, Bryce Canyon, and Arches to its mountain ranges and lakes. In addition to enjoying scenic surroundings, retirees can enjoy plenty of outdoor activities and exploration opportunities.

Furthermore, retirees seeking to stretch their retirement savings may find that the Beehive State has a relatively low tax burden compared to other states.

• Annual cost of living: $60,419.81
• Living expenses after Social Security income: $38,282.69
• Amount you need to save to retire: $957,067.30

45. Vermont

The Green Mountain State is a good choice for retirees who enjoy outdoor activities. Vermont has small towns, hills, and forests, resulting in a peaceful environment with scenic views. It is also home to many attractions, including Lake Champlain, the Green Mountains, and the Sugarbush Ski Resort.

As a downside, Vermont’s cost of living is generally higher than the national average, which may be a concern for retirees on fixed incomes. Healthcare and housing costs, in particular, can be higher than in many other states.

• Annual cost of living: $66,432.88
• Living expenses after Social Security income: $44,295.76
• Amount you need to save to retire: $1,107,394.10

46. Virginia

The Old Dominion is known for its mild climate, rich history including Colonial Williamsburg, Monticello, and Mount Vernon, and vibrant cultural scene. Hiking, camping, fishing, and boating can all be enjoyed in Virginia’s parks, forests, and beaches.

Compared to many other states, Virginia has relatively low taxes. Property taxes are generally lower than in neighboring states, and Social Security benefits and retirement income are not subject to state income taxes. The cost of living in Virginia, however, is generally higher than the national average.

• Annual cost of living: $58,627.45
• Living expenses after Social Security income: $36,490.33
• Amount you need to save to retire: $912,258.30

47. Washington

According to a 2023 Global Residence Index study, the Evergreen State is the best state for retirement. Its low property taxes and lack of a state income tax are two reasons for its ranking. The state is also known for its stunning natural beauty, like Mount Rainier National Park, and its excellent medical facilities.

However, Washington can have relatively high living costs compared to other states. Washington is generally more expensive than other states regarding housing, food , and healthcare.

• Annual cost of living: $66,895.43
• Living expenses after Social Security  income: $44,758.31
• Amount you need to save to retire: $1,118,957.70

48. West Virginia

In addition to its natural beauty, with low housing costs and no Social Security tax, West Virginia is the most affordable state to retire, according to Bankrate. However, the Mountain State’s rural areas may have limited healthcare facilities, which may be a concern for retirees.

• Annual cost of living: $49,260.94
• Living expenses after Social Security income: $27,123.82
• Amount you need to save to retire: $678,095.40

49. Wisconsin

Living costs in Wisconsin are generally lower than those in other parts of the country. Due to its lush forests and sparkling lakes, the Badger State is also popular among outdoor enthusiasts. Several festivals and events are held throughout the year, including Summerfest.

• Annual cost of living: $55,158.37
• Living expenses after Social Security income: $33,021.25
• Amount you need to save to retire: $825,531.30

50. Wyoming

Yellowstone National Park, Grand Teton National Park, and the Rocky Mountains are among the highlights of the Equality State. Moreover, it has a strong sense of community and a low cost of living.

There are, however, concerns about harsh winters and limited healthcare options.

Can you tell me exactly how much I need to live in each state?

In each state, the cost of living varies greatly depending on several factors, so giving an exact figure is impossible. However, there are a few factors that can influence this:

• Location. There is generally a higher cost of living in urban areas like New York City or San Francisco than in rural areas.
• Housing. Usually, housing is the largest expense. For example, renting an apartment in Manhattan will cost a lot more than buying a house in Kansas.
• Lifestyle. The cost of living is significantly influenced by your spending habits. People who enjoy dining out and entertainment will need more than those who rarely eat out.

What resources can help me estimate the cost of living in different states?

You can estimate the cost of living using several online resources:

• Cost of Living Calculators: Websites like https://www.nerdwallet.com/cost-of-living-calculator/compare/CITIES and https://livingwage.mit.edu/ provide you with a comparison of the cost of living in different areas based on your income and preferred lifestyle.
• Cost of Living Indexes. Websites like https://www.bls.gov/cex/ and https://www.city-data.com/forum/general-u-s/2277297-best-sites-cost-living-calculator-including.html can be used to find out how much a city or state costs to live in.

Are there any general trends in the cost of living across the US?

Some general trends are as follows:

• The cost of living tends to be higher in coastal and inland states.
• Higher wages are often found in states with high living costs.
• Your cost of living can be significantly affected by taxes. While some states do not have an income tax, others have high property taxes or sales taxes.

What additional factors should I consider besides the cost of living?

Considering the cost of living in different states is important, but other factors can affect your financial needs. Among them are:

• Taxes. Your disposable income can be impacted significantly by state and local taxes.
• Job market. Make sure you are aware of the number of jobs available and the average salaries in your field.
• Climate: Are you comfortable with the climate?
• Housing market. The cost of renting and owning a home can vary greatly from state to state.
• Lifestyle. How would you describe your ideal lifestyle? As such, consider urban versus rural living, amenities available, and cultural offerings.

Image Credit: John-Mark Smith; Pexels

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'Don't roll your eyes': Trump defense witness gets judge's warning. What you missed on Day 19 of the hush money trial.

After days of trying to dismantle Donald Trump's former fixer Michael Cohen’s credibility, the defense began presenting its own case, calling two witnesses that may make up the totality of its presentation.  

It was during a defense witness' testimony that one of the most heated exchanges of the trial erupted. As attorney Robert Costello grumbled and groused, New York state Judge Juan Merchan grew increasingly irate, asking the jury to leave so he could admonish the witness and ultimately clearing the court in Manhattan of reporters and cutting off feeds to the overflow room where the media is assembled. 

“If you don’t like my ruling, you don’t give me side eye, and you don’t roll your eyes,” Merchan said before he asked, “Are you staring me down?”

Merchan then ordered the room cleared. 

Later, Trump implied Merchan had done so to hand the prosecution a break, telling reporters that the “highly political” and “conflicted” judge “just did something that nobody’s ever seen” after Costello began to impugn “his highly political motive.”

“Nobody’s ever seen anything like this,” Trump added.

Here’s what you missed on Day 19 of Trump’s hush money trial:

Trump's witnesses seek to undermine Cohen

The defense's efforts to discredit Cohen didn't end when he left the stand.

The second witness called — after a paralegal for the defense team who testified about tracking phone calls made by Cohen — was Robert Costello. He is an attorney who Cohen said had offered him a “back channel” to Trump after federal authorities searched Cohen’s home, office and safety deposit box in 2018.

Costello testified that Cohen told him numerous times, “I swear to God, Bob, I don’t have anything on Donald Trump,” and that he paid Stormy Daniels "on his own.” 

It wasn't the first time Costello had provided testimony in this case. He also testified before the grand jury that indicted Trump, at the request of Trump's defense team. His testimony at that time didn't persuade the grand jury not to indict.

On the stand Monday, Costello said Cohen appeared “absolutely manic” after the FBI searched his home and his hotel room. 

Cohen last week said that he believed he was under a “pressure campaign” by Trump and his allies and that he was being railroaded into working with Costello, an attorney he didn't trust and who would protect Trump at his expense.

Trump’s lawyers had told Merchan early Monday that they weren't sure they would call Costello, but they did, and fireworks ensued as he drew repeated objections from prosecutors and ruffled Merchan's typically calm demeanor.

“I’m not going to allow this to become a trial within a trial about a pressure campaign and how it affected Cohen,” Merchan swiped at one point.

Visibly irritated at the interruptions, Costello grumbled at Merchan's instructions to control his response, drawing fiery blowback from him.

Credibility

Trump lawyer Todd Blanche's cross-examination of Cohen sometimes seemed to meander, but on Monday he appeared to land another blow in his effort to undermine the witness's credibility.

Blanche pressed Cohen about how he lied to Trump Organization Chief Financial Officer Allen Weisselberg about how much was owed to a third party when Cohen felt shortchanged on his bonus.

Cohen admitted giving Weisselberg the wrong number.

“You stole from the Trump Organization, right?” Blanche said.

“Yes, sir,” Cohen replied.

Cohen said felt he was owed money after his bonus was cut by two-thirds and embittered after he went out on a limb for Trump, personally and financially. “It was very upsetting, to say the least,” Cohen said of the slashed bonus.

Prosecutors work to restore Cohen’s credibility 

Prosecutors used their re-direct examination to try to restore some of Cohen's credibility and offer long explanations to answers he gave under Blanche's questioning.

Cohen repeated his testimony about Trump's role in the hush money scheme, saying he had “no doubt” that he discussed the matter with him. Trump told him to “work it out” with Weisselberg, he said, and he reiterated that he wouldn't have paid Daniels without such an assurance. 

The district attorney’s office tried to end it on a personal note.

But the stakes for Cohen today are nowhere as close, he said, suggesting there is no need for him to lie. “My life was on the line, my liberty,” Cohen said, as was his wife’s. “Here, I’m just a nonparty witness.”

Scheduling confusion 

The schedule was in tumult at times Monday. When trial proceedings wrapped last week, Merchan told the lawyers to be prepared to deliver closing arguments Tuesday. But before testimony even resumed Monday morning, the end of the trial had already been delayed by another week.

That’s because it wasn’t clear whether witness testimony was going to be finished by the end of the day Monday and whether there would be enough time for closing arguments, jury instructions and then deliberations to begin before the long holiday weekend. So Merchan decided to let witness testimony conclude this week and then take off for the holiday.

Then, another twist was added when the defense and the prosecution argued over entering a photo from a C-SPAN video. To be able to enter the photo, the prosecution asked to bring in another witness, requesting to do so Tuesday morning. But Trump’s lawyers objected, saying they had two witnesses waiting and wanted to conclude by the end of the day. Eventually, they reached an agreement. But Costello's testimony — lengthened by the courtroom clearing — wasn't over by the end of the day, requiring all parties to return Tuesday morning.

As it looks now, Merchan and lawyers will meet Thursday to discuss jury instructions. The trial will take Friday and Monday off for Memorial Day, and closing arguments will be next week.

Katherine Doyle is a White House reporter for NBC News.

Musk Plans xAI Supercomputer, Dubbed ‘Gigafactory of Compute’

Elon Musk has said publicly that his artificial intelligence startup xAI will need a whopping 100,000 specialized semiconductors to train and run the next version of its conversational AI Grok. To make the chatbot smarter, he’s recently told investors xAI plans to string all these chips into a single, massive computer—or what he’s calling a “gigafactory of compute.”

In a May presentation to investors, Musk said he wants to get the supercomputer running by the fall of 2025 and will hold himself personally responsible for delivering it on time. When completed, the connected groups of chips—Nvidia’s flagship H100 graphics processing units—would be at least four times the size of the biggest GPU clusters that exist today, such as those built by Meta Platforms to train its AI models, he told investors.