Ways to turn spending into savings

Spending money is rarely difficult. Often, it seems like all you need to do is leave your house to have your bank account get lighter. But saving money is a different story. In fact, only 32% of Americans say they’re good about setting up and sticking to a long-term financial plan.¹ But what if there were simple steps you could take to make saving seem as effortless as spending?  

Breaking out of the can’t-save, can’t-stop-spending cycle begins with acknowledging that everyone’s spending habits have room for improvement. With an open mind, a dose of discipline, and the tips below, you can find simple ways to help convert your spending into savings. Here are some places to start:

1. Track your spending

The first step to identifying opportunities to save is figuring out where, when, and how you’re spending your money. Tracking every purchase can help provide you with better insight into whether your spending reflects your priorities and helps you clearly identify opportunities to save. Your credit card might also have a tool that helps you view all your subscriptions so you can make sure you’re not paying for things you don’t use.

2. Save on energy costs, help the planet

Residential energy prices have been outpacing inflation since 2022.² To minimize the impact on your wallet, learn how to become more energy efficient by performing an energy audit. You can do it yourself by purchasing a home energy monitor or check with your utility company. They may offer in-home energy audits. Also, these cost-saving ideas may help:

• Install a programmable thermostat to regulate home temperatures while you’re out. 
• Use a power strip to reduce the electrical use of your “instant-on” devices by shutting off the power strip at night. 
• Install door sweeps to block drafts and close the fireplace damper when it’s not in use. 
• Service your heating system to make it more efficient. Consider lowering your thermostat a few degrees in winter and raising it a few in summer or lowering the temperature of your water heater to 120°, which can save you up to $400 a year.³
• Use public transportation or service your car to increase gas mileage.

3. Save on memberships

If you’ve ever signed up for gym or a subscription box service that you rarely used, you’re not alone. If good intentions paid the bills, you’d be fine, but in the real world you’re throwing away money every month and not getting any value for it. Before you purchase or renew a membership, be realistic about how likely you are to use it, and if you do join, you can reduce costs by:

• Signing up when a special offer is available. Negotiate to get their best price or join with a friend for potential referral discounts.
• Asking your employer or health insurance carrier for possible membership cost subsidies or special affiliated pricing.

4. Start no-spend Mondays

How about challenging yourself with a no-spend Monday? Of course, some regular expenses like rent or insurance might still hit your account, but the idea is to give your wallet a well-deserved break at the start of the week. Skip the coffee shop and bring your own brew, pack a homemade lunch, and, if it’s doable, walk to work or take mass transit instead of driving. Even small changes like these can add up. For example, if you usually spend $20 every Monday, your savings could total $260 in just one season.

5. Build sustainable money habits

These one-time cost cuts are great opportunities to help recalibrate your financial life, but for long-term savings, they should be built into sustainable habits. We suggest aiming to save 15–20% of your annual income.

You can also use money-saving tools to help monitor your progress and help you reach your savings goals. By considering your income and monitoring your spending habits, these tools can automatically help you set aside money and continue to save. If you’re still struggling with where to begin, I can help you create a savings plan that’s right for you.

Disclaimer:

1 Mind, Body, and Wallet, Guardian, 2025, https://www.guardianlife.com/individuals-families/reports/well-being/mind-body-wallet

2 U.S electricity prices continue steady increase, US Energy Information Administration, 2025, https://www.eia.gov/todayinenergy/detail.php?id=65284  

3 Feeling the heat? Here are some ways to lower your electric bill, PBS News, 2025, https://www.pbs.org/newshour/nation/feeling-the-heat-here-are-some-ways-to-lower-your-electric-bill

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