4 Ways to Save Money You May Not Have Thought Of

Finding more money to put into savings can be a real challenge. This is especially true right now due to the post-COVID inflation surge that seems to cause money to disappear from our bank accounts faster than ever.

The good news is, there are almost always some modifications you can make to reduce your expenditures. You sometimes just have to think outside of the box to find them. Here are four money-saving techniques you may not have thought of.

1. Turn down your hot water heater temperature

Having hot water is nice, but you don't need scalding water. Unfortunately, many people have their hot water heater set to a temperature that's much higher than it needs to be -- and this comes at a cost.

Manufacturers typically set the default temperature on water heater thermostats to 140ºF but most households are fine with the heater being set at 120ºF unless they don't have a dishwasher with a booster heater.

If you can reduce your hot water temperature to 120ºF, you could cut your electric bills by $36 to $61 annually or more just by avoiding standby losses. Since you'll be using cooler water for things like showers, laundry, and washing dishes, you could end up saving more than $400 a year by making this one simple change that will have virtually no impact on your quality of life.

2. Join a "buy nothing" group

The Buy Nothing project aims to help people save money and reduce waste. You can find groups in your local area, ask for anything you want, and give away anything you don't want.

In my local Buy Nothing group, people have given away everything from Halloween costumes for kids to entire dining room sets. It's often possible to get a need met by posting a request (as long as you're reasonable), and you can satisfy your urge to "shop" by browsing these free items instead of a store that you'd have to spend money at.

It's free to join the group, so why not give it a try to see if it could save you money?

3. Barter for goods and services

Trading with friends and family for goods and services can also be a great way to reduce spending. For example, in my local mom's group, we regularly trade off babysitting. Taking turns watching each other's kids can be a lot cheaper than paying for a babysitter and it also means the kids get a playmate, which is fun for everyone. We also trade baby clothes and toys our kids have outgrown instead of buying new.

You may be able to barter for all sorts of goods and services with friends and with professionals in your social circle, if you have a talent or skills to share.

4. DIY cleaning products

Finally, making your own cleaning products is another way to reduce your costs. Most DIY cleaners can be made for under $1 with simple ingredients that you may already have at home, while cleaning products can cost $5 to $15 in the store -- and those store-bought products are often full of chemicals.

There are tons of recipes online to make products that can clean everything from a bathroom to granite countertops to stainless steel appliances. Check them out by searching sites like Pinterest and see if you can DIY.

Try as many of these tips as you can today and you may be surprised at just how much you save.