How to Save Money: 15 Research-Backed Tips That Actually Work

In this post, you’ll find a completely different perspective on how to save money. First, learn 10 tips backed by data and rooted in human behavior and psychology.

Research has proven these strategies to be effective at helping people keep more money in their bank accounts.

Track Your Money


There are dozens of free apps that automatically track your income and expenses. These apps come in handy, as you can log in every so often to check on recent transactions and balances.

Know When To Refinance


For many reasons, not everyone can pick up and move to a lower cost of living situation. But one thing many homeowners can do is reduce their housing costs by refinancing their mortgage to a lower rate.

A rule of thumb to consider when evaluating whether to refinance is this: If you can reduce your mortgage rate by three-quarters of a point — going from 4% to 3.25%, for example — then it’s usually a good idea.

Build a $500+ Emergency Fund


The Federal Reserve found $500 to be the magic number in helping people experience less financial and emotional difficulties. While you’ll want to save more than that one day, $500 is a great goal to start with.

Create A Plan To Pay Off Your Debt ASAP


Have a lot of debt? That debt is working hard too. Unfortunately, it’s working very hard against you. So saving money comes down to eliminating that debt as fast as possible.

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