Ways to Save Money

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May 22, 2013

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Saving money is often easier said than done. Everyone knows the benefits of saving, but most of us don’t know where to start. Some even believe they aren’t able to save because their income isn’t high enough. The reality is that there are many ways you can save money. The savings may be small, but the amount you save each week can add up to a considerable amount over time.

With our Savings Machine Calculator, we’ve identified many small expense categories where a small change you make can save you money. Our calculator allows you to see how your savings can grow over time at different projected rates of return. You’ll be amazed to find out how saving $15 a week on coffee can add up to $16,030 in 15 years. Add in an extra $50 savings per week in bars and nightlife and you could save $69,481. Yikes!

To use the Savings Machine Calculator, select an expense category such as coffee, entertainment, or gym. Use the sliders to select your weekly or monthly savings goal for your specified category. Add up to four expense categories and then select your expected rate of return. Choose a time period in which you want to achieve a financial goal, whether it be buying a house, a car, or taking a vacation. Then, see how much you can save. Of course, when doing a financial check-up in addition to a budget check-up the two best places to cut unnecessary costs are to get out of debt and to lower your interest rates and costs of borrowing. You can use two Bills.com resources to learn all about refinance tips and debt relief tips too.

Your savings can be huge and seeing the number in can be just the motivation you need to make a few small changes in your habits. Take the first step and start saving a few dollars daily today.

Comments (20)


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Will C.
New York, NY  |  May 22, 2013
Thanks. I had a fun playing with the Savings Machine and learned something, too. I see a few ways I can save money. Now, the trick will be for me to put that money towards an emergency fund.
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Greg Z.
Los Angeles, CA  |  January 03, 2013
Thanks! As advertised, this helped me see how trimming a few items from my regular expenditures can pay off big over time.
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Bills.com
January 04, 2013
That's great Greg, and thanks for saying thanks! Our product team worked hard on this one, and it is amazing to see the power of compounding and how small changes can have huge impacts on our budgets.
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Gabe C.
Cambridge, MA  |  May 01, 2012
I like this tool. I was playing around with ways I can save money. It's nice to see it in real numbers.
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Calvin C.
Chicago, IL  |  February 08, 2012
I like this tool. I showed it to my girlfriend and it helped us discuss ways to save money in a calm, organized, and rational way. Thank you.
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Mary M.
Mesquite, TX  |  January 02, 2012
Very nice tool! a Real Eye Opener!!
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Theo T.
October 20, 2011
This tool is pretty cool.
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Pj P.
Las Vegas, NV  |  September 26, 2011
Geez. I lowballed it, with a 1% rate of return (which is what I get currently in my money market) over 5 years, and just by cutting out only a few meals out a week, a few rounds of cocktails and paying off my low-balance credit cards, I'd save almost $60K. That's nuts. That's ... my student loan debt, gone, right there. Makes ya think ...
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Decio D.
September 26, 2011
My first big savings was on cigarretes, I made the calculations and saved 10 yrs. When i bought my first apartment..that's true... Regards/Decio/Brazil
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Cheryl H.
Renton, WA  |  September 21, 2011
Fabulous savings ideas! It helps to make saving money fun!
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Bills.com
September 21, 2011
Thanks Cheryl. We think that this is indeed a fun way to see the power of small savings and the magic of compounding returns. Make your money work for you!
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Mary H.
Brooklyn, NY  |  September 21, 2011
Unfortunately, interest rates are so low that the typically assumed 4% is mindbogglingly high. Try 1% in a "high-yield" savings account or short term CD if you're lucky. Still good to save money, though, especially in this job market.
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Bills.com
September 22, 2011
Mary, you can adjust the rate of return, using the horizontal slider. The rate can be adjusted from 1% to 10%.
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DrDick E.
Scio, OR  |  October 12, 2011
Makes excellent sense, but the interest rates at my savings most anyway today is much less that the 1% shown here. Try dividing that into 1/2 a % or even less now days for everyday people who are fortunate enough to have a few dollars put into savings.
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