5 ways to cut costs and save money in 10 minutes or less (2024)

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• Even though expenses may be high right now, it's the perfect time to get started saving.
• There are easy, painless ways to save that you can find right in your household.
• Pay yourself first and check your monthly household bills to save more money.

Sometimes a little change makes a big difference.

Don't think that because you can't cut your grocery bill or your utility bill is just high this time of year, you cannot save money.

There are other effective ways to make a difference in your budget and you can start right now. Here are five ways to save money in 10 minutes or less:

1. Set up automatic transfers to pay yourself first

When you receive your income, pay yourself first by setting up an automatic transfer to your savings account to make sure that you are prioritizing saving money over spending it. Shift your mindset: Look at your savings account as a bill to be paid. It's just as important to pay yourself as it is to pay your household bills.

2. Take out cash for your weekly spending

If you are trying to stick to spending a certain amount of money per week, withdraw that amount in cash at the beginning of the week. If I budget an amount of $100 for the week, I make a quick trip to the ATM to withdraw that amount from my account, and that helps me stay on track with my spending.

It's easier to overspend when you are swiping a card, but taking 10 minutes to get cash and committing to only spending that amount means you can't spend more than you have.

3. Call your monthly bill providers

Set aside a few minutes to call your cell phone or internet provider and see if they can reduce your monthly bill. This is why paper statements are so important. I got an email from my cable TV provider that my bill was $272. For what?!

I called my cable provider immediately and asked why my cable bill was so high. We went through my bill and by the time I was done, my monthly bill was $185. This is also why none of my household bills are on autopay. I need to see and know what I am paying every month.

4. Replace an app that encourages spending with one that helps you save

You can choose any app that makes it easy for you to spend money. For me it was Ubereats. Because my credit card was hooked to this app, it was easy to spend money ordering food, especially on Friday nights at the end of the work week when I didn't feel like cooking.

Delete a shopping, ride-share, or food app and replace it with a savings app or budgeting app. That way you can see in real time where your money is going — and it just might change how you spend.

5. If you want to take drastic measures: Freeze your credit card

If you feel like your spending is out of control, or you're carrying credit card debt, you can literally take a cup of water and freeze your credit card for a month, or two months, or however long it takes to get your credit card spending in line.

Remember that if you do this, you also need to remove the card details from any apps or websites where it's saved. The idea is to make your credit card almost impossible to access — not just to create a credit card popsicle. Once you're feeling better about your spending, you can defrost.