Recent data from Bankrate shows that about one in three Americans has more credit card debt than personal savings. On top of that, for the first time in history, we have more than $1 trillion in credit card debt. If you’re one of the many people who contribute to these statistics, check out the following to stop wasting money and start saving more.
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1. Get an Older Phone
The latest and greatest phone models can run upwards of $1,000. If you opt for an older version, you can save hundreds of dollars. Your wallet will appreciate it, and you won’t lose any functionality or ability. Many people are even starting to use flip phones again to simplify their lives and save money, which is another option to consider.
✅ Learn how tiny tweaks to your spending habits can add up to significant savings over time. 10 Small Ways to Start Saving Money
2. Never Pay Full Price
Basically, everything goes on sale at some point. While it may not always be possible to wait for that, with a bit of planning, you can save a lot on bigger ticket items. For example, many stores have great sales around holidays, such as Memorial Day, Fourth of July, and Black Friday. Some retailers run special sales throughout the year that can lead to big savings, such as Amazon Prime Day, Target Circle Week, and Walmart’s Deals Week. There are many options for buying used, more expensive items, such as local thrift stores or online consignment shops like ThredUp. Whether you shop sales or buy secondhand, always compare prices to make sure you are getting the best deal.
👉🏻 Worried about stretching your budget? Secondhand shopping offers surprising benefits beyond just saving money Benefits of Shopping Secondhand
3. Make Yourself Wait
Impulse purchases add up quickly. Set a dollar limit on what you’ll allow yourself to spend on impulse items. Anything over that, wait a few days. Chances are you’ll decide you don’t need it and save yourself some hard-earned cash. Practicing self-control and discretion will pay off in the long run, but it isn’t easy in the moment. If you need accountability in this area, find a trusted person you can talk to about your spending triggers and share openly with them.
🕰️ When you’re short on time, these proven money management rules help you stay on track without overthinking. Rules of Thumb to Manage Your Money
4. Turn Electronics Off
If you’re not using it, turn it off. If it drains the power even when it’s off, unplug it. According to the Department of Energy, the average U.S. household can spend up to $100 per year on electricity for items that aren’t even in use – that’s 5-10% of residential energy costs! Thankfully, there are a few simple tips to minimize the electricity you use, such as using power-saving settings and power strips. Visit EnergySaver.gov for more tricks to save energy and money.
5. Shop in the Off-Season
Clothes and other seasonal items are significantly reduced at the end of the season. While this means you won’t always have the latest trends, if you focus on classic styles, that won’t matter. You’ll be able to spruce up your wardrobe for a fraction of the cost. Look for clearance racks at your favorite stores at the end of each season for discounted clothes, home decor, and other items.
💰 Online shopping can quickly drain your account—see how to set boundaries that actually stick. How to Prevent Online Splurging and Control Your Money Management
6. Use a Programmable Thermostat
By scheduling your heating and cooling based on when you’re home, you can save a lot of money. This is helpful when you’re away from home for long periods, on vacation, or at work for the day. Using a smart thermostat like the Nest Learning Thermostat can save you even more.
🏠 Discover how to set up a realistic home maintenance plan that fits your lifestyle and protects your investment. 9 Tips for Creating a Sustainable Home Maintenance Schedule
7. Invest in a New Fridge
If your fridge is older, you can quickly recoup the cost of a new one with the energy savings. In fact, an old refrigerator uses about 30% more energy than a model that has earned the Energy Star.
Pro tip: fuller fridges are more efficient, so if you’ve got extra space in yours, fill it up with gallon bottles of water.
8. Avoid Shipping Fees
Most online retailers, including Amazon, offer free shipping for a minimum purchase price. If you can add something to your cart that’s less than the difference between your purchase price and that minimum, do it. Also, Target, Home Depot, and similar retailers often offer free shipping if you have it delivered to a local store.
✨ Amazon Prime offers more than you think—these eight surprising perks make your membership work harder for you. 8 Surprising Amazon Prime Perks
9. Pay More Than the Minimum
Over the life of your loan/credit card, you’ll save a lot of money by paying more than the minimum payment. How much more to pay depends on your interest rate and the length of time. Plus, you’ll pay off your debt quicker this way. To get started, organize your finances and add more than your minimum payments to your budget.
👍🏻 Learn how to chip away at debt in a way that feels achievable, not impossible. How to Pay Down Your Debt
10. Take Advantage of Rewards Programs
Most big retailers, and even some local ones, have rewards programs. If you’re a frequent shopper, signing up is well worth the time. Many rewards programs offer larger discounts, exclusive coupons, or reward points that can be used to shop.
🛑 Stop paying full price—find out which retailers, restaurants, and services offer discounts at 50+. The Ultimate Discount Guide: Savings for Those 50 and Over
11. Install Shopping and Savings Apps
Shopping and savings apps make it easy to save money without extra effort. These free browser extensions and mobile apps automatically search for coupon codes, compare prices, and even give you cash back on purchases you’re already making.
Rakuten is one of the most popular options, offering cash back at thousands of stores. Shop through their app or browser extension, and you’ll earn a percentage back on your purchase. Other similar tools include Capital One Shopping, which finds coupon codes and compares prices, and Ibotta, which offers cash back on grocery purchases.
The best part? You don’t have to clip coupons or search for deals—these apps do the work for you while you shop as you usually would.
How many of these money-saving tips will you try this year?
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