Every dollar saved is money that someone can put toward a financial goal — whether that’s building a retirement nest egg, saving for kids’ college, or buying a home. Everyone could use some more tips on stashing away a few more dollars, so here are five tips on how to save money in 2021.

1. Track Spending

Tracking spending is a similar tactic to creating a budget but can be easier to learn and start doing. People can use a simple spreadsheet to record expenses or track them in budgeting apps by linking their bank information.

These tools can make it easy to monitor every penny spent for a couple of weeks or even months. From there, people might discover easy expenses to cut. For example, they might see they’re going out to lunch four days a week at work. Scaling that back by making lunch at home creates some easy savings.

2. Audit Subscription Services

Subscription services have exploded in popularity. Consumers can subscribe to anything from streaming sites to monthly skincare boxes and more.

The problem is that people sometimes lose track of all their subscription services. They may not use them as much or stop using them altogether, yet they’re still paying for those services every month.

In this case, people should run through their bank statements, make a list of every subscription service they’re paying for, and think hard about how much they use or need each service. Chances are, many will be able to cut one or two subscriptions (or at least downgrade their plan) and save a good chunk of change every month.

3. Refinance Debt

High interest rates that borrowers have to pay can add up. Fortunately, borrowers can often refinance their debts to a lower rate and save every month.

Many borrowers use personal loans to do this. Some also rely on balance transfer credit cards, which let the borrower move balances onto the card and pay them off interest-free over a defined period (such as 12 months).

Regardless, borrowers should make sure the new debt has a lower interest rate than the weighted average interest rate of their old debts. Homeowners can also refinance their homes to a lower interest rate and potentially save hundreds on monthly payments.

4. Take Advantage of Cashback

People rarely have to pay full price nowadays for much of their shopping, thanks to cashback rewards credit cards and websites. Cashback rewards cards allow cardholders to accumulate points for their everyday spending on cards, then spend those points or convert them into cash or a statement credit every month.

Rewards sites and apps work similarly. Consumers visit their favorite stores through the rewards site’s link, make purchases, and earn points redeemable for money. Shoppers who combine these methods can earn a substantial amount of cashback without altering their spending habits.

5. Score a Higher Interest Rate on Savings

Traditional savings accounts pay interest, but not much. Thanks to high-yield savings accounts, consumers can earn more on their savings.

These accounts are excellent for emergency funds. Consumers working toward fully stocking their emergency funds can use high-yield savings accounts to get there a bit faster. Then, they can use the extra interest earned on their fully-stocked fund to put toward other savings and investing goals.

Save More Money This Year

Saving money doesn’t have to be complicated. It comes down to people monitoring personal finances and being consistent. Applying the tips above might be small changes, but they add up to substantial savings over months and years — helping anyone who follows them to create more wealth and strengthen their financial security.

Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.

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