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According to a Bankrate report in 2024, over 35% of Americans have more credit card debt than they do 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.
1. Get an Older Phone
The latest and greatest phone models can run upwards of $1,000. If you opt for one version older, 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 simply their lives and save money, which is another option to consider.
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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 little 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 have their own special sales throughout the year that can lead to big savings, like Amazon Prime Day and Target Circle Week. Check out our post on what to buy when. There are may options to buy more expensive items used, such as local thrift stores or online consignment shops like ThredUp. Whether you shop sales or buy things second hand, always compare prices to make sure you are getting the best deal.
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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 is difficult 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.
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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 National Resource Defense Council, the average US household spends $165 a year on electricity of items that aren’t even being used! Thankfully there are a few simple tips to minimize the amount of electricity you’re using, like power saving settings and using 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.
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6. Use a Programmable Thermostat
By scheduling your heat and cooling based on when you’re home, you can save a lot of money on those costs. This is helpful while you’re away from home for long periods of time for a vacation or when you are at work for the day. Using a smart thermostat like Nest can save you even more.
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7. Invest in a New Fridge
If your fridge is older, you can quickly earn back the cost of a new refrigerator 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.
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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.
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 rewards points that can be used to shop.
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11. Install Honey
Honey is a web browser extension that scours the web and finds discount codes for you. When you check-out, Honey automatically applies them to your cart to save you money. Honey helps you search for coupons, track prices, and you can even earn rewards as you use it. You don’t have to do any extra work to find the discount because Honey does all of the work for you!
How many of these money-saving tips will try this year?
