Save More Money with These 50 Tips

The cost of everyday life seems to be taking a bigger bite—especially here in the islands. But higher prices don’t have to mean less control. With the right habits and a few smart adjustments, you can stretch what you earn, reduce waste, and put yourself back in the driver’s seat. With the money you “find,” open a savings account and you could earn even more.

Around the House

1. Install Motion Sensors for Lighting

• Now that most homes use LED bulbs, go one step further by adding motion sensors or automatic schedules to turn off room lights when not in use.

2. Upgrade to Smart Plugs

• Use smart plugs and outlets to eliminate “vampire” power consumption, which occurs when appliances use energy while turned off. Or, manually unplug them when not in use.

3. Install Energy-Efficient Appliances

• Look for energy ratings when purchasing new appliances. If possible, schedule your appliances to run when electricity rates are lower.

4. Use Smart Thermostats

• Automate energy-intensive tasks by installing a programmable thermostat to optimize energy use, potentially saving 10% annually on heating and cooling.

5. Perform Regular Home Check-Ups

• Detecting problems early—especially ones like termite damage, missing roof shingles and clogged gutters—can prevent costly repairs later on.

6. Fix Drips Early

• Water and sewage (as well as water damage costs) can add up. Once a year, check for leaky faucets and valves—including those under your sink and in your garden.  

7. Choose Reusable Goods

Cut waste and ongoing costs with reusable options like cloth napkins, beeswax wraps and silicone resealable bags.

8. Wash Clothes in Cold Water

• Switching to cold water washes reduces energy consumption by up to 90% compared to hot water washes.

9. Tidy Your Home

• Declutter to create a more serene, positive environment. This will also help you be more selective when you’re tempted to shop—ask yourself, will it make you happy and be used?

10. Sell Your Stuff

• No longer need those items? Sell them on online sites or consignment stores to free up space in your home—and add to your wallet.

Transportation

11. Maintain Your Vehicle

• Regular oil changes, maintaining the right tire pressure, and scheduled tire rotations can improve fuel efficiency and prevent costly repairs.

12. Carpool or Rideshare

• Sharing rides can cut fuel costs and reduce wear on your car. Got co-workers heading in the same direction? Save money together.

13. Consider a Fuel Rewards Program

• Many grocery stores and gas stations offer fuel discounts based on spending habits. Others include links to airline miles or even food perks.

14. Be a Smooth Driver

• Avoid aggressive driving (speeding, rapid acceleration and braking), which can lower fuel efficiency by up to 30% on highways and 40% in stop-and-go traffic.

Food and Dining

15. Meal Prep

• Scroll social media or online sites for delicious ideas on how to meal prep for breakfast, lunch, dinner, kids, and even pets.

16. Keep to Your Shopping List

• Instead of seeing your grocery list as limiting, think of it as empowerment over those impulse buys tugging at your wallet.
• Bank of Hawaii Tip: Use our financial tools and resources to help manage daily expenses and maximize savings.

17. Find a Bulk-Foods Bestie

• From broccoli to bags of rice, split your bulk food purchases with a friend so both of you can spend smartly and save.

18. Embrace Local Markets

• Look for farm-fresh produce which may be better priced, fresher and last longer. If buying imported, shop according to the shipping schedule.

19. Host Potlucks Instead of Dining Out

• Invite friends over for a potluck where everyone contributes a dish. Need a yummy idea? Try Lono’s super ono Mac Salad recipe.

20. Meet for Happy Hour

• Early bird, happy hour and late-night menus often offer similar foods at better prices.

More Than Money

21. Make It Meaningful

• The gesture of a handmade gift like earrings, candles or fresh-baked cookies with a handwritten note goes above and beyond what you can just buy from a store.

22. Replace Gift Bags with Activities

• Potting plants, painting pots and rocks, decorating cupcakes, or making jewelry or other crafts are great ways to engage kids—and provide them with something special to take home.

23. Make Saving Kid-friendly

• Get your kids into the savings habit with financial apps designed for kids, where they can be rewarded for doing chores, track their allowance, and learn the importance of savings goals.

Financial Management

24. Create a Budget

• Track your income and expenses to find areas for saving.
• Bank of Hawaii Tip: Try our online banking tools to easily manage and adjust your budget.

25. Set Up Automatic Savings

• Automating savings ensures consistent contributions toward your goals.
• Bank of Hawaii Tip: Set up automatic transfers to a savings account.

26. Stop Paying for Unused Subscriptions

• Remove automatically recurring payments for apps and other subscriptions you no longer need.
• Bank of Hawaii Tip: Check out your Bank of Hawaii mobile and online insights to learn more about your spending habits.

27. Start an Emergency Fund

• Cash on hand can help you avoid using a high-interest credit card for unexpected expenses. If you prefer to earn miles or rewards, use your emergency fund to pay off your card.

28. Pay Buy Now Pay Later Loans on Time

• If you use Buy Now Pay Later (BNPL) loans, check the contract terms. You could incur fees, end up with interest charges and even negatively affect your credit if you’re late or miss a payment.

29. Avoid Impulse Purchases

• Curb your impulse purchases and establish both short- and long-term goals, such as saving for a vacation or buying a home, to better stay on track.

30. Pay Off High-Interest Rate Debt(s)

• Focus on reducing high-interest rate debts, like credit card balances, to save money on interest payments. Start with the snowball or avalanche method to systematically eliminate debt.
• Bank of Hawaii Tip: Learn how to deal with debt and create a stronger financial foundation.

31. Start a pet savings fund

• Set aside a small amount each payday in a separate savings account (or a dedicated “bucket”) for routine pet care and surprise vet bills.

32. Review and Adjust Insurance Policies

• Ensure you have the appropriate level of insurance coverage (including for your pets) for your needs.

33. Use Cashback Apps

• Earn cashback on everyday purchases using certain credit cards, bank accounts, or apps.

34. Avoid ATM Fees

• Use in-network ATMs to avoid unnecessary fees when withdrawing cash.
• Bank of Hawaii Tip: Locate a Bank of Hawaii ATM near you.

35. Plan for Taxes Early

• Prepare for tax season by setting aside funds for any expected payments or exploring deductions. If you get a tax return, put it in a high-interest savings account to earn more!
• Bank of Hawaii Tip: Open a dedicated savings account to earn more on your tax return.

36. Learn About Employee Benefits

• Find out if your company offers a 401(k) plan and if available, take advantage of matching contributions.
• Some companies offer educational incentives, free personal improvement opportunities, and goodies like free tickets to concert performances or sporting events (Bank of Hawaii does!).

Shop Smart

37. Buy Generic Brands

• Opt for store-brand products, which are often cheaper and comparable in quality to name brands.
• Bank of Hawaii Tip: Track your daily expenses to help you stay within your shopping budget.

38. Shop Second-Hand

• Purchase clothing, furniture, and other items from thrift stores or online marketplaces. Better still, check out sites and organizations where people post things for free.
• Bank of Hawaii Tip: In Hawaii, Goodwill® Goes GLAM! is an annual celebration of sustainability, secondhand fashion, and shopping!

39. Schedule Around Sales

• Plan major purchases around sales events, such as holiday or year-end clearances.

40. Use Price Comparison Tools

• Utilize apps and websites to compare prices before making a purchase.
• Bank of Hawaii Tip: Add your savings from price comparisons to a dedicated savings account.

41. Review Service Plans Regularly

• Contact service providers to negotiate lower rates on utilities, phone plans, or internet services. Some plans may offer incentives to stay.
• Bank of Hawaii Tip: Use the extra savings to pay down debts or build your emergency fund.

42. Adopt the 30-day Rule For Buying

• On the fence about making a particular purchase? One good way to save money is to wait 30 days before you buy something. If you haven’t thought about it, chances are you didn’t need it.

43. Embrace Senior Specials

• From senior discount shopping days to special meals at restaurants, if you’re a senior, flash your ID and enjoy paying less.

Entertainment and Leisure

44. Enjoy Free Outdoor Activities

• Our beautiful island home offers abundant free entertainment, from beach outings to hiking trails. Don’t forget to care for our land and pick up after yourself when you’re out!
• Bank of Hawaii Tip: Keep track of your outings and related expenses with our mobile banking tools.

45. Borrow Instead of Buying

• In addition to borrowing books, download your library’s app for access to audiobooks, eBooks and magazines.
• If you have young ones, take advantage of online “toy libraries” or share among friends.

46. Take Advantage of Loyalty Rewards

• Sign up for rewards programs at stores you frequently shop to earn points and discounts.

47. Explore Free Community Events

• Attend free concerts, festivals, or workshops in your area for affordable entertainment.

Travel

48. Use Flight Alerts

• Set up flight alerts so you’ll know when prices drop on your desired route.

49. Travel During Off-Peak Seasons

• Book flights and accommodations during non-peak periods to save significantly on travel expenses. For example, airfare and lodging are often cheaper in the fall or in the middle of the week.
• Bank of Hawaii Tip: Use our savings tools to plan ahead for your next trip.

50. Use Credit Card Travel Perks

• Do you have travel rewards on your credit cards that lets you use points instead of cash? Many credit cards offer travel benefits like free checked bags, travel insurance, or rewards points. Take advantage of these perks to save on travel costs.

Take the Next Step and Reach Your Possible

Now that you have extra money to save, where should you put it? Take advantage of savings offers and high-yield savings accounts to make the most of your hard-earned money. If you’re saving for a long-term goal, consider a Certificate of Deposit (CDs) for consistent growth.

Saving money can feel overwhelming, but by making small changes and choosing the right savings account for your goals, it’s easier to reach your possible.