2020 has been a challenging year for sure. Now more than ever, you might need to think about saving money. Here are some ways to save some serious money starting right now!

1. Switch To a Low-Cost Cell Phone Carrier

cell phone

This year I switched from a $55/month plan on T-Mobile to a $17/month plan from a low-cost carrier on the exact same mobile network. I’m using the same phone and I got even more data than I had before. I used to think low-cost carriers were scams, but they are legit, and they can save you serious money! Check out Mint Mobile and other ways to save on your cell phone bill. My annual savings is over $450.

2. Ditch Cable TV


I had cable for most of my life but got tired of the cable company raising my rates 10% every year. So, I ditched cable and got a $30 antenna. Since I had a modern flat-screen TV, that’s all of the equipment I needed to get all of the networks plus PBS in HI DEF! For this to work, you need to live within 50 miles or so of the TV transmitters. If you live in a big city you should be fine. If you live in the country, best check before canceling cable. All of the details are at DisableMyCable.com.

Sure, there are some shows that I used to watch that I miss. But, it wasn’t worth almost $1000 per year! As an added benefit, I’m watching less TV overall and doing more productive things instead. Annual savings can be $900 or more

3. Refinance Your Home/Car/Student Loans


Interest rates are ridiculously low now. It’s a great time to re-finance!

We were able to save hundreds of dollars per month by refinancing our student loan at the lowest interest rate that I’ve found for student loans!

I also saved a bundle by refinancing my mortgage with my parents. This is not for everyone, but it was mutually beneficial for us!

4. Ditch Starbucks and Bottled Water


OK, by now we’ve all heard the debate about how making your own coffee may or may not be the first step to making you a millionaire. But, it really can save money. Dailyfinance.com calculated the annual savings of brewing at home vs. buying a cup a day from Starbucks to be $773.80!

Check out what Kevin O’Leary says about buying coffee every day.

While we’re talking about drinks, think about how much money you spend on bottled water. A water filter costs less per glass. Soda is just plain bad for you. Annual savings (one $2 cup per day) is $700.

5. Stop Using Storage for Pete’s Sake!

Storage unit

If you’re renting a storage unit for more than a few months, you’re doing it wrong.  Think about the cost of storing the item vs. the cost of selling it and replacing it later.  Often the storage cost will be more.

I have a friend who paid $400/month to store a couch. He was lazy and left it in storage for 5 years, for a total cost of $24,000! I have so many friends with stuff in storage with money leaking out the door each month. Think of what you could do with that money, and whether the stuff you have in storage is worth it!

6. Audit Your Subscriptions

Take out your monthly credit card bill and see what recurring expenses are on there. Are there any online services, gym memberships, TV streaming services, or other subscriptions that you’re not using anymore? Even small monthly costs can add up over the years!

7. Stop Smoking


Hopefully you don’t smoke, but if you do, I don’t have to tell you how much it is costing you not only in terms of money, but more importantly your health and future medical bills. You can do the math.  It’s a fortune in terms of your money and your health. Annual savings ($6/per pack, 1 pack per day): $2190

8. Sell Stuff You Don’t Use


I read a statistic that said the average home has $3000 worth of stuff that isn’t used. Clear out the clutter! Sell what you can and donate the rest and get a tax writeoff. Check out my article on how to sell your stuff on Craigslist fast and how to get the most money for your stuff on eBay.

9. Get Regular Checkups

The most important machine you own is your body! Take care of it! Go get your annual checkup. It’s covered by your health insurance, so why not use it? Finding a problem early can save you big money, not to mention your life!

Do you go to the dentist every six months? A teeth cleaning is cheaper than filling a cavity. Filling a cavity is cheaper than a root canal.

10. Review Your Car/Home/Health Insurance

destroyed home

The purpose of insurance is to protect you against catastrophic costs when an accident occurs. It is very important and necessary.  Yes, it costs money, but it can save you from financial ruin when a disaster occurs.

But, you shouldn’t rely on insurance to pay for things that you can afford.  A lot of people have their car insurance deductibles set to only a few hundred dollars with the idea that insurance is supposed to pay for everything. That luxury will actually cost you money in the form of higher insurance rates.

If you are a good driver, you can save money by setting your deductible high to decrease your insurance rate. Check your rates. You can probably save a few hundred dollars in the long run, which would pay for any minor fender bender that you’d get. If you don’t get into an accident, you pocket the money, whereas if you paid insurance, you’d pay no matter what. Insurance companies need to make money off of any benefits they offer you.

Of course, if you are prone to frequent fender benders, it actually might be best for you to keep your deductible low. Anyway, it’s something to think about. While you’re at it, you can shop around for lower rates and potentially save hundreds annually.

I was stupid and stayed on COBRA health insurance after I left my job.  I thought that was a benefit, but actually private insurance or ACA insurance is much cheaper than COBRA.  I could have saved $200 a month if I had known! Don’t make this mistake like I did.

There are other types of insurance that are usually bad deals, namely, insurance on electronics and cell phones. The insurance on my iPhone was $10/month, or $120 per year! And, even with that “insurance” I’d still have to pay a $120 fee on top of that to actually get a replacement! I just went to Radio Shack, and they said it would cost me $135 for the latest iPhone – with no insurance or anything! So, the cell phone insurance is clearly a bad deal. Basically, the insurance is only worth it if you lose your phone in the first month. I haven’t lost my iPhone yet after two years, so I’ve already saved $240!

11. Get 2% Back on Everything You Buy

credit cards

I have a credit card that gives me 2% cash back on everything I buy with it. So, I put as much as possible on it vs. using cash or checks. If you spend $1000 on your card per month, you’ll save $240 per year. In addition, you get the free insurance that comes with the card which could come in handy. I only wish I could pay my rent with my credit card!

Of course, if you have issues with controlling your spending with credit cards, this is not for you. But if you are responsible, it’s like getting a little cash for doing nothing. By the way, I steer away from cards that give airline miles. Miles are getting less valuable every day as the airlines add greater restrictions. The value of the airline miles is therefore less than what you would get back in cash, so why not get cash that you can spend anytime on anything (including airline tickets on any airline)??

12. Buy Used or Borrow

DVDs at library

Check out Craigslist or Ebay for stuff that is nearly as good as new but a fraction of the cost! Borrow from friends instead of buying if you are only going to use it once.

When was the last time you were in a library? They now have DVD’s you can check out, just like Blockbuster!

13. Drop Your Landline

Land line telephone

Do you still have a landline AND a cell phone (like my parents, haha). Time to ditch the landline. When I had one, all I got was telemarketing calls on it anyway. That alone saved me $360 per year. For long-distance calls, use Skype or Google Voice.

If you absolutely need a “land line”, check out Obi Hai, a device that offers free calling through Google Voice using your regular phone (you’ll need an Internet connection).

14. Make Your Own Meals

Home-made meal

It takes time, but the savings are big if you make your own lunch instead of buying it every day (I assumed a savings of $5 per work day).

15. Don’t Over-Wash or Over-Dry Your Clothes

Some of my favorite shirts got ruined because they shrank a little every time I put them in the dryer. Now I hang my best shirts to dry instead and I haven’t had that problem since.

Sending shirts to the cleaners is expensive and hard on clothes. Yes, I know ironing is a pain, but you can do it while watching TV, talking on the phone, or whatever. If you spend $10 on dry cleaning cotton shirts each week, this will save you $520 per year.

They say that washing your jeans shortens the life drastically. Only wash them when they need to be washed, not necessarily every time you wear them.

16. Freeze Your Credit Reports

credit cards

Getting your identity stolen is a costly and time-consuming ordeal. But, you can freeze your own credit reports for free to give yourself a good degree of protection.

While you’re at it, here is an article on how to make your debit cards fraud-proof if you only use them for ATM transactions.

There are costly monitoring services that will check your account for fraud, but amazingly, you can assemble your own fraud monitoring service for free.

17. Date Cheap

Free outdoor concert

Dating can be expensive. Even a trip to the movies with popcorn and drinks can be a stretch… (not to mention that a movie is a lousy place to go for a first date, but that is a separate topic). How about some of these cheap date ideas?

Most museums have one free day a week or month. Plan ahead and look for them. Some awesome museums are free every day, like the Getty in Los Angeles, and the Smithsonian in DC! During the summer, many cities have free outdoor concerts and/or dancing outdoors. Check for those. How about going for a hike in the local mountains, riding bikes to the beach, or people-watching downtown? Some cities have free outdoor movie nights or free Shakespeare in the park. Prepare a picnic basket and go. How about window shopping in a pedestrian-friendly area of town, like Third Street Promenade in Santa Monica or Newbury Street in Boston? A friend of mine once said that “every big city has a ‘date walk’ area”.

These ideas are low cost, yet can be charming, especially if you chain several together (i.e., museum, then free outdoor concert under the stars with a picnic basket). Maybe I’m wrong, but I think that most people would agree that the extra thought, creativity, preparation and planning you put into a date can actually mean a lot more than just throwing money around at the last minute.

Here are some cheap date ideas in the Los Angeles Area (but many of these apply to other cities as well).  Here are some date ideas in Providence, RI.

18. Use AirBnB Instead of Hotels

San Diego

AirBnb is a room-sharing service where you can either “rent” out a room to a visitor or stay at someone’s place at a fraction of the cost of a hotel. I recently read that AirBnB now houses more travelers than Hilton. I saved a bunched when I used AirBnB on my last trip to San Diego, and we stayed at a great apartment in the middle of downtown!

Another similar service is VRBO.

Along the same lines, if you want to make a few bucks, and you have an extra room in your home, you can use the service to rent out that room to paying guests!

19. Negotiate


Everything is negotiable!  Or at least, you should think of things that way. It never hurts to ask for a discount, or ask for that fee to be waived (just because you’ve been a good customer for so long).

When buying a big-ticket item, do research beforehand so you know what price is reasonable to help you negotiate.

Ask for a cash discount.

When you’re traveling, ask for the AAA discount – often you don’t even have to show your membership card. Ask what other discounts are available.

Even with some things which seem to have fixed pricing, like cell phones, you might be able to get a freebie (I was able to get a free case for my new phone from T-Mobile). So, if you can’t get a discount, ask for something free on the side, or an upgrade.

20. Stop Exchanging Gifts

Christmas Tree

Maybe it’s time to agree with your friends and family to stop exchanging gifts that no one needs or really wants. Do you really need another candle?


Well, I hope some of these ideas resonate with you. Best wishes for your new year and please tell me about some of your ideas to save money! What tricks have you discovered? Please comment below! – Brian