Last Updated on April 8, 2025 by Janell
Forget about being cheap and short on cash. We all need to be on a mission to explore the world of smart savings and interest gaining. Things like keeping track of your finances and using accounts like high-interest savings by Koho are the gateway to personal finance heaven, with relatively little initiative needed to get your cash to finally start working for you instead, especially if you call the land of maple syrup—Canada!
However, no matter where you live, saving money and earning interest goes beyond a high-interest account. You can do other things to save money and earn interest!
Some Saving Strategies
1. Master Meal Planning!
There’s no denying it: Takeout is easy and expensive. Spend an hour or two on Sunday making a list and some foods to eat for your lunch and dinner during the week. This really helps us during soccer season.
You can make fancy things like rainbow-colored veggie bowls and comforting soups or keep it super simple by chopping, cooking, and portioning out your ingredients. Not having to rely on a $15 delivery daily will save you some serious cash, and knowing exactly what’s going into your meals will make you feel like a financially sound and healthy superhero.
2. Befriend the Budget: Track Your Spending, Tame the Beast!
Not knowing where you’re at is no way to start your financial journey. So, track your spending! Spreadsheet it, download a budgeting app (lots of free ones out there), or go old school with a pen and notebook. The point is to see where your money is going. You may be blowing it all on lattes and not even know. When you track your spending, you can make smart choices on what to spend less on.
3. Use the Power of Automation: Set It and Forget It!
It’s easier to save money when you et up automatic transfers from your checking account to your savings account. (Remember those high-interest accounts we mentioned earlier — they let you do that).
If you commit to sending a small amount in regularly, you’ll barely notice and, over the long-term, see those dollars add up. Pay yourself first. Imagine it as planting a money tree. Over time, it’ll grow into a field of financial freedom!
4. Credit Card Karma: Master the Rewards, Avoid the Debt Demon!
That financial plastic we carry in our pockets can be fantastic or destructive. So, choose wisely! Find a credit card with a rewards program that fits your lifestyle. Cashback and travel points are certainly things you want to come with your credit card. But regardless of the fancy bait, the #1 rule of thumb is — pay off your credit card in full every month! Otherwise, you’re paying interest to someone else (aka the financial institute) vs. your saving account. Use your credit card as a fancy debit card and only spend what you have in your bank. That way, you get a reward, minus the debt.
5. The Subscription Purge: Cancel What You Don’t Use!
We all do it: sign up for subscription services, autopayments, etc and then forget about them. How many streaming services are you signed up for? How about those fancy meal plans? It adds up! Look over your monthly expenses and see what you’ve signed up for months or years ago that you are not actively using or benefiting from. Start cancelling and save that free money!
6. Negotiate Like a Pro: Haggle Your Way to Savings!
You can always ask for a discount! Call your internet provider, cell phone provider, or cable provider and ask for any promotions or discounts they have. A little discount is better in your pocket than theirs. And they would rather offer you a discount than lose your business.
Last week I helped my dad save so much money on his cable, internet, and phone bill. After a phone call his bill went from $310 per month to $195 per month! It’s worth the work.
7. DIY Delight: Unleash Your Inner Craftsperson!
Don’t buy it if you can make it yourself. Fix something that broke rather than buying a new one. Sew that button back on rather than buy something new that you don’t need. Make your own cleaning products. The more you make and do for yourself, the better you feel and the more accomplished you will feel. Plus, it saves the planet: less stuff going to waste and in our landfills. Save yourself some money and save the planet!
8. Try a “No Spend” Challenge
Do you like a challenge? Try a “no-spend” week … or even a month. You eat what you have at home – No drive-thru, no extra purchases, no mindless spending. (Of course, you have to have a budget for things like fresh foods and gas.)
It makes you resourceful and helps you appreciate the simple things in life. It’s a great way to help you realize how much you can live on. Bonus: You can usually save a nice chunk of change in a very short time. Think of it like a money diet: a quick cleanse to help restart good money behavior!
Saving Up Your Money and Earning Interest While You Are At It!
I hope this giant list of money-saving tips and strategies for how to earn interest on your money. Just remember that the path to financial freedom starts with a single step. Be consistent, and before you know it, these small, innocuous steps will help you save a lot and earn some interest while at it!