6 Simple Ways to Save Time and Money

We often hear “time is money,” and it can seem like saving money – shopping for lower prices, negotiating the price of a big ticket item, or reviewing your budget – can cost us time. But in this article, we highlight a few simple steps to save both money and time—a true win-win.

One of the easiest ways to save both time and money is to proactively protect your financial information. Millions of Americans become victims of identity theft every year, often as the result of financial scams. Being a victim of identity fraud and theft costs both time and money: In 2023, almost six in 10 people (59%) subject to identity theft lost between $500 and $9,999, while 10% lost $10,000 or more. For 38% of victims, it took a week to three months to resolve the theft. For 10%, it took more than three months, and for another 10%, the issue was never resolved.

Keeping your financial information safe by using secure passwords and taking advantage of tools such as multi-factor authentication and biometric authentication to access financial accounts can go a long way toward thwarting potential scammers. Stay informed about new scams by visiting the Consumer Financial Protection Bureau or Better Business Bureau.

Another easy way to save both time and money is to automate regular financial tasks. For example, in our recent customer survey, 68% of respondents said they autopay bills. This saves them money by avoiding any potential late fees, and it also saves the time they would spend manually paying monthly bills.

In addition to automatic bill payment, 43% of respondents also automate savings by setting up recurring transfers. “I direct deposit a portion of every paycheck to savings,” says Jenny T., a Growth Savings customer.

It may seem counterintuitive, but with some items, you can save time and money by making a higher-end purchase that will last a long time.

For example, Growth Savings customer Phil K. says he saves time and money by purchasing a nicer lawnmower. “I can mow in two hours instead of three and I am not repairing it like my old one, so I have more time to do other things on the weekends,” he says.

When you plan your errands in advance, you can minimize travel time and optimize your route, allowing you to save time as well as transportation costs. In our recent customer survey, 32% of responding Growth Savings customers said they save time and money by designating a full or half day to run errands.

“Combine trips with destinations in the same area or reschedule,” recommends Growth Savings customer Jen K.

Planning ahead for meals can help you save time on daily shopping and meal prep. With meals planned in advance, you may also save money because you’ll avoid wasting food and be less likely to get takeout at the last minute.

Growth Savings customer Nishi P. recommends “cooking on weekends and meal planning for the coming week helps during the work week, so that I have time for a walk or the gym during weekdays.”

When you shop with a list, you can save money by purchasing only the items on your list and avoiding the temptation to buy other items you may not need. This practice also saves time by allowing you to make a quicker shopping trip to get only the items you need and avoid browsing.

Growth Savings customer Carl saves money and time by avoiding the store altogether. “[I use] grocery delivery for $98 a year,” he says. With the annual subscription, he saves money by avoiding transportation costs to the store, and he saves time by having groceries delivered.

Disclaimer: This article is for general information and education only. It should not be considered financial or tax advice.