How do you start saving money? How can you cut costs or save? Almost everyone asks this question at some point, whatever their income. Unless you are so rich that even counting money bores you, you are probably always looking for a way to meet your needs at the lowest possible price.
Money saved is either time saved that you would otherwise spend earning it, or a chance to satisfy more of the needs you believe you have. People with money can focus on whatever they want, not on earning money. Simple, isn’t it?
“Since I was a millionaire and I liked doing it, I cut that grass for free.”
Forrest Gump
Table of contents
How to learn to save money and how to save from your pay
Few people suddenly say out of nowhere: I want to start saving! The first impulse is usually a desire for something we do not have enough money for, or something we can afford but which would leave us short for other things that matter to us. Each of us saves differently. Some people save 10% of their pay, others 40%, and some find their pay or income too small again and again throughout their lives. They often end up in debt and borrowing.
For example, you might want to buy your own house because you are tired of living in a block of flats. At that point you start working out how to save for a house. Motivation is the best help when saving money. The key is to set a goal and the amount you need to reach it, and then move step by step towards that goal.
It is always a good idea to set aside a fixed amount from your pay as your savings, which will lead you to a bigger goal.
Saving is a skill like any other. You have to learn it. The basis is to think carefully about every expense. In some areas, saving simply does not pay off. As the well-known saying goes: “Even free can be expensive.” Do not save in the wrong places, where it could seriously backfire.
How to save money from your pay?
Once we know what we want and how much we need for it, we have to work out how to actually save. Or rather, where to save. The first important condition, however, is having something to save from at all. There can be countless sources, but the most common one is income from your pay or wages.
It helps to realise that your pay is an amount meant not only for monthly spending but also for reaching long-term goals. You can then save on every expense item, to the extent that cutting your current spending is worth reaching that long-term goal.
It is always important to make a rough breakdown of your income and expenses. This analysis often shows that you pay much more than others for things like housing, your car or energy. With the right optimisation, you can save as much as 30% on energy. You can then optimise these expenses. Most people’s problem, however, is that they buy consumer goods they do not need. They then do not use these things and throw them away.
How to save more generally
If you do not want to limit your spending, the alternative is extra income, for example working from home. You could, for instance, start working online in IT or marketing in the evenings. Today there are countless options for earning money online fairly easily. However, if you do not want to give up more of your time to work, it is time to sort out your expense items and start thinking about where you can save. To get a clearer overview, a mind map may help.
Today’s fast-paced, consumer-driven world tends to favour working more = spending more. It is often enough to ask yourself whether you need a 130 CZK (about 6 USD) lunch every day or whether twice a week will do. Do you need a car, two cars, a motorbike? All these assets usually lose value over time, and you also have to keep putting money into them. So it seems more rational to start from the other end and ask: Do I really need this?
Besides cutting your spending, you can also try to buy goods with the best possible value for money. Comparing prices on price comparison sites such as Heureka is the obvious choice, but you can also use various sales (such as Black Friday), discount coupons or cashback. You can get cashback, for example, on kuponer.cz, a service that gives you back a few percent of the price of every purchase you make in selected shops. This way you can try to keep your purchase price as low as possible, whether you are buying electronics, food or anything else.
Saving as a more sustainable lifestyle
Although the first motivation is usually to save money, you can also see consumption as a lifestyle choice. What is kind to your wallet is often kind to the environment too. Adopting a new approach to life is harder than buying cheaper options in a shop, but it is worth it, and as well as more money you may also gain a calmer and happier life.
Do I really need it?
Many of the things you own you do not actually need. A car spends most of its “life” parked, children get bored of toys after a while, and you need tools for a specific job and then never again. For all these and similar things you can find rental services. You can sign up with a car-sharing company, find a toy library near you, and the same goes for tools.
Another option is to look for second-hand items, especially if you know you will only need something for a limited time. You can buy other things together with family members (a car, for example) or with neighbours you get on well with. You then just need to agree on how you will share it. If you decide to buy something, you can also find out straight away where you could sell it once you no longer need it.
Single use or reusable?
When buying things, try above all to avoid single-use items. Although they may seem cheaper at the time, in the long run it is much cheaper to invest in something you can use again and again. This applies to nappies, tissues and food containers. Look around your home and replace single-use items with something of better quality that will last you several years.
What brings you joy?
Think about what brings you joy in life and whether you can add things to your life that make you happy and cost nothing. Instead of going out with your partner for coffee or a beer, go for a walk together. It is healthier and will not cost you any money. Time spent in nature or meditation is one of the best investments in your inner peace and health, and it will also keep you fit. You can also spend your time exercising at home or painting. This way you can avoid many bad habits that also hurt your wallet.
Where and how to learn to save money
Time needed: 30 minutes
How and where can you save? Read our 8 tips and ways to start saving, perhaps as soon as tomorrow.
- Save on food
We all eat, and we all spend money on food. Spending more does not always mean eating better. Are your food expenses under control?
- Save on household expenses
Whether we live alone or share a home, the costs of furnishing, running and maintaining a household certainly affect our wallet . Here it definitely pays to watch for discounts on long-lasting items and to do big shops, saving both time and money. Energy is a whole topic of its own.
- Save on clothes
Do you have to have the latest collection, and from the most expensive shop? Clothing is certainly a special type of expense. Setting a spending limit is a good first step.
- Save on transport and travel
If you own a car and enjoy company, it is a good idea to share your journeys with someone whenever possible. You can, for example, use car-sharing services, or offer or look for lifts on social media.
- Save on bad habits
Alcohol, cigarettes, or even sweets: it is always worth asking how far you really need to consume these items. It helps to realise that by cutting back on a bad habit you can eventually treat yourself to something you really want.
- Save as a student
If you are under 26, it is definitely worth considering enrolling at a school or university, even if you do not plan to study. In many countries, student discounts on public transport, trains and buses can be substantial (in the Czech Republic they are really generous). Once you enrol, just get an ISIC card or a local student card and you can enjoy discounts for at least a year.
- Save time
Spending time on a supermarket leaflet is not necessarily a bad idea if you are planning a big shop. But saving 2 CZK (about 0.092 USD) on a yoghurt after spending an hour between the aisles actually costs you the money you could have earned in that time.
- Save on electronics
Mobile phone, laptop, TV… These days we cannot imagine the world without them. You can save a lot of money when buying electronics. Choose not only your laptop wisely, as time spent researching the market pays off.
How to save money at home, energy
Energy is a major household expense. Start with lighting: no home can do without it, and it is not a small expense. If you want to be thorough, replace your bulbs with LEDs, which use up to ten times less energy while doing the same job. This also ties in with the habit of switching off lights. Teach your children to do it too.
If you think you are stuck with 8 to 10-year-old “energy-saving” bulbs and there is nothing more you can do about it, take a look at what the shops offer today. Today’s bulbs give up to twice the brightness and number of lumens of the energy-saving bulbs from 10 years ago. What’s more, they use half as much electricity.
Economical heating, for example, can also save you thousands a year. It should not happen that the heat is stifling when you go to bed while you are freezing during the day. Every degree of temperature plays a big role and affects your wallet. Don’t try to save in the wrong place. Get good-quality heating controls, thermostats, door or window insulation (which is generally recommended as the first place to tackle, as that is where heat escapes from the home), and so on. At the moment you can use, for example, the New Green Savings Light programme (Nová zelená úsporám light, NZÚ light) for this. It pays off.
Solar panels can also save you money in the long term. However, don’t let a subsidy rush you into solar panels that won’t pay off for you. Study carefully who solar panels are suitable for.
How to save money on food
Make a meal plan and a shopping list. Sounds tedious? Yes, it may take a little effort and time to write down what you will cook during the week and at the weekend, but it will definitely help you with your shopping. What’s more, over time it will only take you a few moments. Only take from the shelves what is on your list. That way there will be no unnecessary items in your basket, and food you won’t use will not go off in your fridge.
Do you like going out for dinner and coffee with friends? Do you eat in a canteen or restaurant at work? Unless you get really big discounts on food, try preparing lunch at home at least a few times a week. It’s not as convenient as popping out for a set lunch at the nearest place, but you will save a huge amount. Try keeping track of your food spending for a while and see. Here is one tip for you: potatoes with chicken and vegetables. All three ingredients are healthy and filling. You can easily cook the dish in the oven, and the big advantage is that you can make 8 to 10 portions at once.
If, for example, just once a week you swap lunch for a walk and have a banana for 5 CZK (about 0.23 USD), you can feel good in two ways. Over time, a lunch like this will only do your body good, and it costs next to nothing.
Saving
Once you have saved some money, it is a good idea to make it grow. The two most common options are investing or saving. Find out how to invest, or how best to save. Remember that almost all successful people invest their money. They don’t save up for things. When they want something, they are happy to borrow for it because they know it will pay off. If you spend a long time saving up for that dream million, inflation may eat up a large part of the money you have saved.
“Money leaves more easily than it comes.”
John Amos Comenius (Jan Ámos Komenský)
Another difference between cutting costs and saving is that saving is usually done for precautionary reasons, over such a long period that it may not be entirely clear what specific purpose the money will be spent on.
Loans and borrowing money
You need to be careful with borrowing. Many people have very decent incomes that would now be enough for them, but in the past they ran up heavy debts through senseless loans. Many people have loans, and these people often include those who later end up facing debt enforcement by bailiffs or collection agents (in the Czech Republic: exekuce).
However, loans and credit don’t have to be condemned outright. The rule is that it is not wise to borrow for consumer goods, experiences or travel. A car is also very often a bad investment. However, you can certainly borrow for a business plan you believe in or for an investment in property. When choosing a loan or credit, don’t forget to compare everything properly and use a comparison tool for the best-value loans.
Saving time is sometimes worth more than saving money
Almost everyone knows that time is money, but not everyone lives by it. If, for example, you run your own business as a tradesperson or work as a freelance programmer, you have to organise your time.
In employment it is not so striking, but even here there is a chance to create something extra, for example. Think about whether you spend your time efficiently. You may find that there are activities you don’t enjoy and that don’t earn you any money either.
USD amounts are approximate, converted at the Czech National Bank rate of 21.75 CZK per USD on 9 October 2026.
