As the cost of living continues to rise and things become harder to afford in daily life, it may seem impossible to meet your financial goals. You might need to change your spending habits, take on a side hustle, or find new ways to put funds into your savings account to get there.

Not sure where to start? We’ve compiled a list of 12 money-saving tips and life hacks you can use to cut costs, build your emergency fund, and achieve your personal finance objectives.

Saving money can be hard, especially if you have to manually transfer money to your savings account. Automated tools can help you manage your finances easier by keeping track of your spending, creating reports, and allowing you to transfer money from one place to another.

Top ways to automate your savings

• Set up automatic transfers from your bank account to your savings account. Most banks offer the option to transfer money automatically from your checking account to one or more savings accounts. You can choose the amount and the frequency that your funds are transferred, and you should be able to change this at any time.
• Round up your purchases. Another great way to save automatically is to round up your purchases to the nearest dollar and put the change into your savings. There are several banks and credit cards that offer this feature, making it easier than ever to set money aside.

• Use a digital cash envelope system. To do this, set up multiple accounts for your expenses, like one for housing and utilities, one for groceries and household items, and one for entertainment and leisure. Designate a portion of your earnings to automatically be deposited into each of these accounts. Then, you’ll have an easier time keeping your money separate.

Accrue Savings is a forward-thinking savings program that not only protects your money in an FDIC-insured account but also connects you with manufacturers who want to give you cash back when you make purchases with them. You can share your account with other people too, who can also chip in and help you meet your savings goals.

Items you can buy with Accrue Savings

Here’s a list of just some of the things you can save up to buy from top brands with Accrue Savings:

• Mattresses and home furniture

• Tires
• Computers and electronics
• Byte aligners
• Eyeglasses and sunglasses
• Watches and jewelry
• Fitness equipment

Instead of buying things with a credit or debit card, consider using a cash-based spending system. You can even set aside groups of cash for different expenses, like rent, utilities, tuition, groceries, dining out, and more.

What are the benefits of using cash?

There are many advantages of keeping and using cash to pay for things, like:

• Being able to visualize your spending. It can sometimes be difficult to see what’s coming out of your account when you’re just swiping a debit card every time you make a purchase. When you pay with cash, you can easily see how much you have and how much you’re taking out with each transaction.
• Having no fees to use. With cash, you won’t pay ATM fees, balance transfer fees, overdraft charges, and other expenses that come with using debit and credit cards.
• Having more bargaining power. It’s often easier to haggle for big purchases in cash, especially when you’re buying from an individual versus a business. With cash on hand, you’ll have better luck negotiating for a lower price on things like used cars and real estate.

Going food shopping while you're hungry can be a big mistake — you'll buy what looks good but not necessarily things you can actually meal prep with. Plus, these items are usually convenience foods, which have very little nutrition and rack up your grocery bill. Make a list of things you can cook with or fit into a meal plan for the week and try to get items you can use for multiple things to help cut down on food waste.

Example of a money-saving grocery shopping list

Here’s an example of a shopping list that can help you save money at the grocery store:

• Sandwich bread
• Generic peanut butter and jelly
• Sliced meat and cheese
• 5 lbs ground beef
• Potatoes
• Frozen peas
• Spaghetti and fettuccini noodles
• Jars of red and white pasta sauce
• Frozen or canned fruit
• Eggs
• Bananas
• Rice
• Chicken thighs
• Jar of salsa
• Hot dogs
• Macaroni and cheese

With these items, you can make two different types of sandwiches, hamburgers, meatloaf with mashed potatoes and peas, spaghetti and meatballs, eggs in a basket, Mexican chicken and rice, chicken alfredo, hot dogs, mac and cheese with sliced hot dogs, and more. Plus, you’ll have fruit for a nutritious dessert.

Buying generic can help keep you from blowing your grocery budget and get you more for the money you spend. It's a common misconception that store-brand items are lower quality — many of them are exactly the same or even better.

Good generic brands with name-brand quality

Here are some great generic brands that offer the same quality as name brands you know and love:

• Great Value
• Kroger
• Simple Truth
• Equate
• Up and Up
• Amazon Basics

Most people are surprised at how many things they buy that they don't actually need. Impulse buying can drain your bank account before you know it, leaving you with nothing but a few trinkets or nothing at all to show for it. Audit your spending habits and look for impulse purchases you can weed out going forward.

Top unnecessary items people buy

Here are some of the top unnecessary things people often buy and things you may be able to do without to make ends meet:

• Magazine subscriptions
• Infrequently used gym memberships
• Lottery tickets
• Cable television
• Manicures
• Cigarettes
• Souvenirs and knick-knacks

Coupon and sale shopping can help you save more money on gifts, surprises, and the things you normally buy. It's a good idea to plan ahead to make your purchases when you know the sales will be going on, like right after Thanksgiving. That way, you can buy more for less.

Sales to look for

Here are some of the best sales to look out for throughout the year depending on what’s in your area:

• Walmart Black Friday
• Bath and Body Works Semi-Annual Sale
• Amazon Cyber Monday and Prime Day
• Small Business Saturday
• Memorial, Labor Day, and President’s Day sales
• After-Christmas sales

Even though it's tempting to upgrade your phone as soon as a new model comes out, this can actually be a huge unnecessary expense that doesn't get you much more than bragging rights.

Not surprisingly, there are few differences between new phones and the previous model when they’re compared side by side. You might end up spending a lot of extra money on a slightly bigger screen or only a few more megapixels on the camera only to find out that the functionality of the device is essentially the same. In most cases, unless your phone has operational or mechanical issues affecting use, it’s better to save up and buy it later.

The real cost of upgrading

According to a recent Forbes Magazine article, instead of buying a $1,000 iPhone, you could put that money into a savings account and it would likely reach $17,000 in value in 30 years.

Renting gently used, second-hand items that you'll only use once or a couple of times can be a clever way to save money while still getting access to the things you need. For example, instead of buying a tuxedo that you'll wear once to a wedding, you can rent from a store and return it for a much lower price than if you purchased the outfit outright.

Examples of things you can rent instead of buy

Here are some good examples of things you can rent instead of buying yourself:

• Boats
• Recreational vehicles
• Vacation homes
• DVDs and video games
• Formal wear
• Yard equipment
• Furniture
• Appliances
• Camping gear
• Wedding decor

Did you know you can actually save a ton of money by price matching with other retailers? If a store participates, price matching allows you to pay the lowest price for an item from another store at the store you choose. Instead of shopping at multiple places, you can bring your ads in and get the lowest price in your area for everything you buy at one store.

How does price matching work?

Not all retailers offer price matching, but many do. If the store you’re at does, and you’ve found an item cheaper somewhere else, ask the checkout clerk or a customer service representative if they can price match it. Bring the ad or a picture of it that shows the item's brand, price, and any other relevant information. Sometimes, a store will even beat the price you find somewhere else instead of just matching it.

Whether you own or rent your home, your energy bills count for a significant amount of your expenses each month. Finding ways to cut your utility bills, like turning down your thermostat at night or while you're away from home, can help you cut the cost of paying for things like electricity or heating and cooling.

More money-saving home hacks

Here are some more helpful money-saving home hacks you can try today:

• Wash your clothes in cold water and line dry them outside. The amount of energy it takes to heat your water and dry your clothes can be expensive. Try using detergent that’s specially formulated for cold water and hang your clothes outside to dry on a line or fence on a nice day.
• Grow herbs and vegetables instead of buying them. Fresh herbs and vegetables like tomatoes are expensive at the store but easy to grow in planters, even if you have limited space. Plus, they’re usually a lot tastier.
• Change your air filter frequently. A clogged air filter can make your HVAC system work harder, which puts premature wear and tear on your unit and costs more money to operate. If you have pets, your air filter probably gets clogged pretty quickly. Change it out frequently to keep your system running efficiently.

Not only is cable TV outdated — it's expensive. You pay a lot of money for shows and content you'll never watch. Instead of keeping your cable subscription, you can opt for streaming services like Hulu or Netflix that give you media on demand. They're cheaper and you won't have to flip through channels anymore or wait until something comes on to watch it.

Other ways you can save money on entertainment

Here are some other ways you can save money on entertainment:

• Plan a movie night at home. Instead of paying high theater prices, get some popcorn and candy at the store and tuck in for a movie night at home. Turn down the lights and turn up the sound for a more authentic theater experience.
• Go to the library. Public libraries often have movies, music, and other media that you can check out for free. And if you’re an avid book reader, even better.
• Have a picnic instead of eating out at a restaurant. Part of eating out is enjoying the atmosphere and dining in a different space. You can do this cheaply by having a picnic at the park instead. You can make it fancy with a homemade charcuterie board and a bottle of wine, or if you have kids, you can pack PB and J’s and let them run around outside until they’re tired.

Hack your savings today with Accrue Savings

Accrue Savings offers a new and innovative way to save money for the big purchases you want and need without taking out a credit card or incurring interest. Instead, you choose the items you want to start saving for and open an account. You get cash-back incentives from product manufacturers as you deposit money, and you can also share the account with your friends and family who can donate too.

Hack your savings with Accrue Savings — browse our available partners and start working towards your financial goals today.