Between an uncertain and volatile economy, fluctuating tariffs, and increasing costs on everything from food to fuel, our dollars haven’t been stretching as far as they used to. As a result, influencer videos and think pieces on money-saving trends have been circulating the internet. But do these hacks actually work?

We’ve explored five currently-trending savings strategies. Which ones will you be inspired to try?

1) The Buy Nothing Movement

Serving as a way to reduce waste and spending, the Buy Nothing Movement is a collection of community-based groups where neighbors offer no-longer-needed items to other participants. Gifted items can range from furniture, electronics, sports equipment, and clothing to more obscure items like forgotten pantry staples, spare craft supplies, and mismatched bedsheets.

While you may not be able to find the exact thing you’re looking for when you need it, checking these groups before making purchases can really pay off. Want to try that new trendy gadget that everyone’s talking about? It’s likely that a neighbor tried it first and is now passing it along in a Buy Nothing group. Sending a child off to live on their own? Buy Nothing groups are treasure troves of kitchen and household supplies that can help keep “leaving the nest” costs low. Growing family? Other parents in your community are likely listing clothing and toys their children have outgrown.

Plus, Buy Nothing groups are a great way to pass along the things you don’t need, and picking up a new-to-you item can help provide the same dopamine rush that comes with buying something from the store, without the price tag.

The rules for each local Buy Nothing group can vary, but they’re typically centered around supporting one another, sharing, and giving as much as you receive. Additionally, some communities have more active Buy Nothing participants than others; less populated areas may have groups that cover the whole county, while bigger cities have multiple groups broken down by neighborhood.

You can find Buy Nothing groups in your area by searching your city or neighborhood name and “Buy Nothing” on Facebook, or you can download and peruse the official BuyNothing app.

2) Shopping Strategies

It’s hard to scroll through social media without coming across a video of someone showing off their under-$50 grocery haul or preparing all their weekly meals with an impressive cost breakdown. While strict meal planning and shopping strategies can be tricky, planning your grocery trips before leaving for the store can help you avoid impulse buys and encourage you to use food before it goes bad.

Consider these ideas before your next shopping run:

• Evaluate your use of grocery delivery services and memberships to stores that sell in bulk. Do the fees outweigh the benefits?
• Plan what you’ll eat for dinner over the next week. Check your fridge and pantry for ingredient inspiration, and factor in whether you’ll be ordering take-out or saving leftovers from certain dishes. List all the ingredients you need to buy before heading to the store.
• Produce is typically cheaper and easier to come by when it's in season. Look for seasonal produce guides for meal planning ideas.
• Check weekly specials and coupons while you plan. If you find a deal for a non-perishable you love, stock up while you can!
• Compare prices at different stores. Splitting your trip across multiple grocery stores may help lower your overall grocery bill.

3) Ingredient Households

Originating as a joke and a prompt for nostalgic stories on TikTok, the term “ingredient household” began as a way to describe homes that didn’t have ready-to-eat snacks available, but did have the staple ingredients to make food from scratch. Whether the lack of pre-packaged foods was a fiscal or health and nutrition decision, those who grew up in ingredient households got creative with making their snacks — think spoonfuls of peanut butter with chocolate chips, melted cheese on tortillas, veggies and dip, and toast with cinnamon sugar.

Switching to ingredients-only may save you some costs, but can also mean sacrificing valuable time and convenience. Additionally, the cost of pantry staples is rising, so your grocery costs may not decrease much, depending on what you buy.

Rather than diving headfirst into swapping your pre-packaged purchases for individual ingredients, consider one or two easy swaps you can make to your routine — trying your hand at homemade granola or bread, whipping up smoothies or coffees at home, or committing to making one or two more from-scratch meals a week. Explore your options, and when you find a new option that you enjoy and can stick to, turn it into a frugal habit.

4) No-Spend Challenges

How long can you go without spending? Find out by trying a no-spend challenge — a commitment to avoid spending money on nonessential goods and services for a set period of time. This trend has become especially popular with millennials and Gen Z, with many documenting their successes and challenges on social media.

No-spend challenges are not only a great way to save money, but they can also reveal insights into your spending pitfalls. They allow you to get creative with using what you already have and taking advantage of free options in your area: “shopping” your pantry, mending and repairing things, and swapping entertainment spending for movie nights at home, staycations, and free community events. Give it a try by committing to a spend-free week or two, or even label one day of the week as your recurring no-spend day.

5) Creative Grocery Swaps

As grocery prices rose this year, so did the number of creative food substitutions, like green pea guacamole in lieu of avocados and dyeing potatoes instead of eggs for Easter. While you may find some substitutions fun and tasty, we don’t blame you if you’re not ready to go all-in on every food substitution trend. Consider starting small with these kinds of swaps:

• Choose generic brands over brand-name items.
• Meat, eggs, and dairy can hike up your grocery bill. Try “Meatless Monday” or another weekday dedicated to more fruit and vegetable-focused dishes.
• Opt for dried herbs in recipes that call for fresh ones. A general rule of thumb is to swap 1 part dried herbs for every 1 1/2 parts fresh herbs.
• Go beyond food for substitutions. Explore your cleaning supply swap options, like vinegar instead of glass cleaner formula, reusable wool dryer balls instead of dryer sheets, or a mix of dish soap, vinegar, or equal parts vinegar and dish soap as an effective all-purpose cleaner.

Do These Hacks Actually Work?

While these saving strategies have become popular, can they help you save? Selma Sarkic, branch manager at Village Bank & Trust, N.A. in Mount Prospect, says that while savings hacks can make a difference, it’s all about sticking to your plan.

“Training your brain to think the way you act — I think that’s the big puzzle,” says Sarkic, “It’s always a good idea to put a plan together, but sticking to the plan and having regular check-ins, that’s the key.”

When customers come to Sarkic for help with their savings, she recommends these financial tips:

• Prepare in advance. Sarkic has observed that many people reach out for financial help when they’re already in a stressful financial situation rather than laying the groundwork for emergency plans ahead of time. She advises her customers to set aside a nest egg that covers three to six months of living expenses that can be used in the event of a worst-case scenario, such as job loss or illness.
• Have multiple bank accounts with clear purposes. Sarkic recommends starting with two checking accounts and one savings account: one checking account where your income flows in, a separate checking account used for bills and expenses, and a savings account that accepts regular automatic transfers from the income checking account. Splitting money across accounts not only protects customers from having all of their money at risk in cases of fraud, but it can also help assign specific purposes for each portion of your funds. 
• Use a credit card instead of a debit card for your everyday charges. “You actually see how much you spend at the end of the month,” Sarkic explains. “It’s less of a fraud risk to you because you’re not losing the funds right away from the debit account, the dispute process is much faster than it is with a debit card, and you have a better look at all of your spending in one monthly lump sum. It’s just easier to balance.”
• Be honest with yourself. “Focus on the need,” Sarkic says. “Ask yourself before your purchases: Is this something I’m going to need? Is this something I’m going to use? Or do I just want it, and that’s why I’m buying it? I always recommend being very true to yourself; that’s where it starts.”

Saving strategies can be incredibly helpful, especially if you’re trying to pay off debts or rework your budget, but you don’t have to strategize on your own. Your local Wintrust Community Bank can help connect you with smart financial products that make your hard-earned money work for you. Talk to a Wintrust banker today to see how taking a different approach to your finances can lead to better financial results.

FIND A LOCATION NEAR YOU