5 Money Ideas You've Never Heard Before
Whether you’re a seasoned saver or just starting out on your financial journey, we have some fresh, actionable tips that you probably haven’t heard before. These aren’t your run-of-the-mill money-saving strategies that hopefully will help you think differently about your finances.
1. Invisible Savings Technique
Let’s kick things off with a technique called the "Invisible Savings" method. How many of you feel like that saving money can sometimes feel like a chore? But we all know that we should be saving. That we should be putting money aside, but that’s often easier said than done, especially when it feels like every dollar that comes in is already accounted for. That’s where this technique comes in. It’s a way to save money without feeling the pinch.
How it works: Set up a separate savings account, preferably one that’s not linked to your primary checking account. You want this account to be out of sight and out of mind. Then, set up an automatic transfer of a small amount, $2 or $3, to move every day from your checking account to this savings account. The key here is that the amount should be small enough that you won’t even notice it’s gone from your daily budget.
$2 or $3 a day doesn’t sound like much, but that’s exactly the point. Because it’s such a small amount, you won’t feel like you’re sacrificing anything, and over time, this “invisible” savings will start to add up in a big way.
If you save $3 a day, that’s $21 a week, which is $1,092 a year! And because it’s automatic, you’re not relying on willpower or discipline, it’s just happening in the background building up your savings.
The beauty of this technique is the simplicity of the whole thing. You’re essentially tricking yourself into saving money, and because it’s such a small, yet consistent action, you’re not likely to even miss the money in your day-to-day spending. But at the end of the year, you’ll have a nice little chunk of change saved up that you didn’t have to think twice about.
2. The "Buyer’s Remorse Buffer"
How many of us need to be saved from those pesky impulse purchases? Consider trying this "Buyer’s Remorse Buffer." We’ve all been there, right? You’re out shopping, or maybe just browsing online, and you come across something that catches your eye. Before you know it, you’ve added it to your cart, or maybe you went for it and clicked "Buy Now," and that’s it, the money’s gone. Then, a few hours or days later, you start to wonder if you really needed that item after all. Or maybe you even feel guilt… Cue the buyer’s remorse.
So how can you avoid this? For any non-essential purchase over a certain amount, say $50, wait 24 hours before you make the purchase. And make this mandatory. While you are waiting, use this time to do some research. Look for reviews, compare prices, or even check if there’s a sale coming up soon.
But here’s a twist that makes this technique truly powerful: while you are waiting, take a minute to revisit your financial goals. Is there a goal you are saving for, like vacation? Are you paying down debt? Or trying to build your emergency fund? Taking a minute to remind yourself of your bigger financial picture may put that impulse purchase into perspective. You might find that the item isn’t as essential as it seemed in the heat of the moment.
Many people report that after the 24-hour period, they no longer feel the urge to buy the item. The initial excitement wears off, and they’re able to walk away from the purchase without any regret. That’s money saved, and buyer’s remorse avoided!
3. The "Grocery Bill Game"
Grocery shopping is a necessary expense, but one that can easily spiral out of control if you’re not careful and these days, even if you are, it can be a challenge. This is more of a game and maybe a way to make it little more fun to shop. It’s a bit of a strategy and different way to look at being mindful and budget-friendly when shopping.
How it works: Before you head to the store, write down everything you plan to buy, and next to each item, estimate how much you think it will cost. You want to be as close as you can, based on your knowledge of past prices or even a quick look online. The idea is to have a total budget of what this should cost before you even step foot in the store.
Then, as you shop, compare your estimated prices to the actual prices. Did you overestimate or underestimate? Keep a running tally of how close you are to your estimated total.
The goal here is twofold: First, it forces you to be more mindful of prices which can help you make more informed decisions about what to buy. The Second thing it does is turns grocery shopping into a bit of a game, because now you have the challenge of can you come in under the budget you set on your list.
This technique is surprisingly effective at helping you stick to your budget because it makes you more aware of where your money is going. Instead of just tossing things into your cart, you’re actively engaging with the prices and thinking about whether you really need each item.
It's a great way to really notice the price and then get creative. Plus, it can be fun to see how close you can get to your estimated total and, dare I say, it might even inspire some healthy competition, especially if you shop with a partner or family member!
4 the “No Spend Challenge:
This one can be fun and a challenge and it can really make you think. The "No-Spend Challenge” is all about hitting the pause button on non-essential purchases for a set period of time. It can also be a powerful reset for your budget but even bigger, it could be a mindset reset.
How it works: Choose a period of time. It could be a day, a weekend, a week, or even an entire month if you’re up for it! During this time, you commit to not spending any money on non-essentials. That means no eating out, no shopping for clothes, no impulse buys, and no entertainment expenses unless they’re free. Just to name a few… The goal is to spend money only on the essentials. So, what are our essentials? Bills, groceries, and necessary transportation, medications and those kinds of things.
The No-Spend Challenge is not just about saving money during the challenge period; it’s about becoming more aware of your spending habits. When you hit pause on your usual spending, you start to notice how often you’re tempted to make purchases out of habit, boredom, or emotional triggers. It’s a way to recalibrate your relationship with money and focus on what truly matters to you.
A great tip to make the challenge more kind of engaging is to turn it into a game or a personal project. For example, you could try cooking all your meals at home using ingredients you already have in the pantry and the freezer. That’s what you have to work with. Or maybe you commit to finding free events in your community and that’s your entertainment.
At the end of the challenge, take a moment to reflect on the experience. What did you learn about your spending habits? How much money did you save? Did you find new ways to enjoy life without spending? How many things did you buy for convenience? Or boredom?
You might be surprised at the insights you gain about yourself and the money you save, and it could even inspire you to make longer-term changes in your spending habits.
This No-Spend Challenge is a great way to reset your budget, and it will definitely boost your savings, and you will most likely gain a new perspective on your financial priorities. Plus, it’s something you can tailor to fit your lifestyle. It’s actually a really simple concept, but it could have some really powerful results.
If it just makes you too nervous, maybe try it with one category at a time. For instance, work on entertainment for a week. Or food/groceries for a week. Then add another category the next time. Ease into it if you need to!
5. The "Financial Gratitude Journal"
This blends money management with mindfulness. This might sound a bit unconventional, but it’s a powerful tool for shifting your mindset around money.
How it works: Each week, set aside a few minutes to write down three things you’re grateful for in relation to your finances. These could be anything. It could be as simple as the ability to pay your bills on time or maybe receiving a bonus at work or finding a great deal on something you needed. The idea is to focus on the positive aspects of your financial life, rather than dwelling on the negatives or what you wish you had.
Why is this important? Because our mindset plays a huge role in how we manage money. When we focus on scarcity, or what we don’t have or what we’re lacking, it can lead to feelings of stress, anxiety, and that can lead to poor financial decisions. But when we shift our focus to abundance, to what we do have and what’s going well, we’re more likely to feel content, make better choices, and even attract more opportunities. Sometimes we may feel like we have to look hard to find a positive. And to us, it may feel like a small thing, but a win or a positive is still a win or a positive, and they matter.
Keeping a Financial Gratitude Journal is really a simple practice, but it can have a truly profound impact on how you view your finances. It helps you appreciate and celebrate even the smallest of wins, and it builds a positive relationship with money. This may sound surprising, but it can even reduce financial stress. When you are feeling more positive and seeing the positive instead of always just negative, a shift starts to happen and you feel lighter. Plus, what a great way to end the week on a positive note, reminding yourself of all the good things in your financial life.
BONUS TIPS
"Reverse Budgeting Method"
This one basically flips the traditional budgeting approach on its head. If you’ve ever found traditional budgeting to be restrictive or difficult to stick with, this method might be just what you need.
Some people will refer to this as “pay yourself first”. Basically, you emphasize your savings goals before your other expenses. You choose an amount you want to save each month and that can be into retirement or savings and any account you choose and you fund those first. Then you fund the rest. For this method, what you save is non-negotiable and should be treated as a fixed expense, just like your rent or mortgage.
Let’s say your savings goal is 20% of your income. Then you would automate the transfer of that amount to your savings or investment accounts as soon as you get paid. That can be configured however you want. Automating ensures that your financial savings priorities are taken care of before anything else.
The thought behind reverse budgeting is that after setting aside your savings and you handle your necessities then now you can configure the remaining money however you like. So you pay yourself first…
The idea is it keeps you from focusing on tracking every expense and trying to allocate funds to various categories like groceries, entertainment, or dining out and then saving. Instead you start by deciding how much you want to save or invest each month then you make the rest work in the amount left.
The idea is rather simple yet it can be really powerful to prioritize saving and investing while giving yourself flexibility with your discretionary spending.
Why is this approach effective? It ensures that you’re consistently working towards your financial goals because your savings happen automatically. Many people find that this approach reduces financial anxiety because they know their future is secure, and they can enjoy their money guilt-free after saving. How many of us feel guilty for not saving? This makes saving the priority.
Reverse budgeting is particularly helpful if you struggle with sticking to a traditional budget or if you find yourself constantly shifting money between categories. By focusing on saving first, you guarantee that your financial goals are met, and you can relax about the rest.
"Income Diversification Challenge"
We often find ourselves focusing so much on budgeting and saving that we forget about the other side of the equation, earning. That’s where the "Income Diversification Challenge" comes in.
It’s a simple concept, but it could make big differences. Challenge yourself to create at least one new income stream each year. This doesn’t mean you need to start a full-fledged business, but think about ways you can generate additional income, no matter how small. Side hustles are great, but what about looking at something like investing in dividend-paying stocks? Think about something you’ve never tried before. Think outside the box. It could be really small. Consider renting out a spare room or parking space, or even selling handmade crafts online.
The idea is to gradually build multiple streams of income, so you’re not reliant on just one source, like your primary job. This not only provides financial security but also opens up new opportunities for savings and investments. Plus, with more income streams, you have more flexibility in how you manage your finances. For instance, you could dedicate your side hustle earnings entirely to paying off debt or saving for a specific goal.
Income diversification is a long-term strategy, but it’s one that can have a big impact on your financial health. And the best part? It’s often easier than you think. Start small, and as you gain confidence and experience, look for more opportunities to diversify. Over time, you’ll build a more a solid financial foundation that can help you be more resilient when you face unexpected challenges.
And there you have it, five unique money management tips, with a couple of bonuses, that I suspect you’ve never heard before. These strategies are designed to help you think differently about your finances and hopefully make positive changes that can add up over time.