6 Extreme Measures to Save Money (2024)

This post is written by our regular contributor, Mike.

Saving money with every paycheck is common financial wisdom, but for most of us there will be times in our lives when simply saving money isn’t enough; finances become tight we start looking for ways to tighten the belt.

The problem is that the measures we need to take are often going to involve eliminating the expenses that make our lives more convenient or enjoyable – the things that we like but aren’t strictly necessary. That’s the down side.

The up side is that these measures will help you cut down on expenses, and sticking to them in the short run can help you get back on your feet in the long run.

1) Cook Your Own Food

Many people don’t realize ho much cheaper it is to eat at home or take your lunch to work rather than eating out.

Eating in is much cheaper; there are plenty of hacksyou can use to save money at your grocery store and there are ways to make cooking enjoyable too.

Start by finding a particular chef that you like (I’m partial to Jamie Oliver) and cook through a bunch of their recipes. Try watching a cooking show like Australian Masterchef for inspiration – watch people who love to cook and take pride in it and then do the same yourself.

A little bit of planning for your weekly meals can go a long way. For work you can pack a lunch, a flask, and some snacks for the day. Make a sandwiches the night before or a big batch of chili kept frozen in individual portions and then microwave it at lunch. Even just filling up a flask with coffee or a cold drink can save dollars everyday. Learn to ignore the pressure from your peers to eat out and instead choose to save money.

2) Save on Gas

If you live in an area where you can figure a way to walk or carpool or take public transport, cutting down on the cost of gas is a great way to save some extra money.

I realize that this is one of those things that sounds good in theory but is more difficult in reality, especially in the States, but car pooling is something that could work.

Find someone going the same way as you –a fellow employee maybe – share a ride, and split the costs. Another option is to cycle to work or the gym (if you live close enough and the weather in your state isn’t unbearably hot or cold). Even just cycling one trip a week adds up over time.

3) Haggle

My old economics professor was from the former Yugoslavia. He had gotten out before the collapse of the Soviet Union and moved to America. He was interesting because of that but also eccentric – American conventions weren’t something he cared for.

He never took attendance – though it was required by the university – he regularly accused economist he disagreed with of being “the devil,” and he haggled over the price of his weekly groceries at Walmart – like Walmart would bargain with him.

Except it did.

He always told us that a price is an offer made by a company and that you don’t have to accept it – you can make your own offer back. He haggled everywhere he went. If he didn’t like the price then he’d make them an offer he did like, even at Walmart.

An extreme way to save money is to simply haggle over the price of things. We assume that we can’t haggle unless we’re in a developing nation, but my professor was right: prices are negotiable.

I’ve seen my friends haggle for discounts on hotel rooms, phone bills, cover chargers, and even one friend who renegotiated the price of the meal she was currently eating in a restaurant.

The point is that it doesn’t hurt to try. The seller might say no to your offer –but then again they might say yes.

4) Turn Down Your Heat

Even turning your heat down one or two degrees can save you a surprising amount of money over the course of the winter. Turn down the heat and put on some layers.

Get some long-johns and clothes that fit close to your body. Buy a bath robe and some warm slippers. Heat one room with a fire or a space heater and keep the rest of the house cooler. Drink hot drinks frequently, like black or green tea, and at meal times eat warm foods, like soup.

Turn down the heat when you leave the house for long periods of time and also when you go to bed. Instead stay warm good pajamas and thick blankets to save loads on your heating costs.

5) Fitness

Instead of a gym membership, run outside and do resistance training in your home. Fitness channelson YouTube(check out Richard Reed) will give you P90xworkouts for your living room without having to purchase the DVD’s.

You can also make your own recovery drinks and snacks. Don’t waste money on protein powders and bars when you can get the same or greater volumes of protein in things like Greek yogurt, eggs, and peanut butter.

6) Entertainment

Your general entertainment bill can be reduced to zero.

Free sites like YouTube and Hulu can substitute for a Netflix subscription or else break out the board games and books. Get a library card and check out TV series and movies for free.

Instead of expensive PlayStation or X-Box Live subscriptions, download games on your phone. Invite your friends over to your house and buy drinks and food from the grocery store – even parties can be done on the cheap if you know how.

Having no entertainment budget could be miserable or it could be unexpectedly fun depending on how you approach it.

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Saving money in extreme ways may put you outside of your comfort zone but it is possible, but as with most things in life, your perspective plays a lot in determining the outcome – staying positive and finding ways to have fun despite tight finances will go a long way towards helping you achieve your goals.

There’s that old saying that tough times build character and that’s probably a good way of viewing these extreme measures.

What are the extreme things you do to save money? What tricks do you use to have fun while doing it?