If you’re trying to work up a game plan for how to boost your bank account, think about creative ways that you can save some extra cash.
Saving money is a great goal to have, but there are good and bad ways to save. But steer clear of these foolish ways to keep some money in your wallet.
If you’re over 50, take advantage of massive discounts and financial resources
Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.
How to become a member today:
- Go here, select your free gift, and click “Join Today”
- Create your account (important!) by answering a few simple questions
- Start enjoying your discounts and perks!
Important: Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $12 per year with auto-renewal.
Buying cheap stuff
![broken stiletto heel on the shoes](https://cdn.financebuzz.com/filters:quality(75)/images/2023/01/31/broken_stiletto_heel_on_the_shoes.jpg)
You may think inexpensive stuff is always the best way to save cash, but that might not be the answer in all cases.
Cheaply priced items may not be made well and could easily break down or have to be replaced on a regular basis compared to higher-priced items that might be of better quality.
Think about spending a little more on items like dress shoes and business clothes or sturdy pots and pans for your kitchen.
Skipping health insurance
![upset man suffering from pain with bill payment](https://cdn.financebuzz.com/filters:quality(75)/images/2023/01/31/upset_man_suffering_from_pain_with_bill_payment.jpg)
Health insurance can be a costly addition to your budget, but it could cost you big time if you don’t have it.
Besides the consequences to your health, skipping doctors' appointments or not having a problem tended to immediately could make health issues worse. It could cost you much more money than if you saw a doctor promptly.
Putting off home repairs
![woman calling plumber while holding bucket under the ceiling](https://cdn.financebuzz.com/filters:quality(75)/images/2023/01/31/woman_calling_plumber_while_holding_bucket_under_the_ceiling.jpg)
Your home can be an important part of your financial portfolio, so don’t put off repairs and other issues. A small leak could become a huge repair bill if not treated quickly.
Regular home maintenance is also a good time to find and address problems and get them handled on a timely basis before they ruin your investment.
Resolve $10,000 or more of your debt
Credit card debt is suffocating. It constantly weighs on your mind and controls every choice you make. You can end up emotionally and even physically drained from it. And even though you make regular payments, it feels like you can never make any progress because of the interest.
National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.1
How to get National Debt Relief to help you resolve your debt: Sign up for a free debt assessment here. (Do not skip this step!) By signing up for a free assessment, National Debt Relief can assist you in settling your debt, but only if you schedule the assessment.
Not contributing to your 401(k)
![poor woman having financial problem](https://cdn.financebuzz.com/filters:quality(75)/images/2023/01/31/poor_woman_having_financial_problem.jpg)
Your employer may offer a matching contribution for your 401(k) retirement plan, but you might decide that you would rather not match the full amount and save money in other ways.
Not only are those matching funds an employee benefit, but they are tax-free. Meeting the match is a great way to earn extra cash for your retirement accounts. So try and match up to the maximum to help you reach your retirement goals.
Clipping too many coupons
![calculate how much we save by clipping coupons](https://cdn.financebuzz.com/filters:quality(75)/images/2023/01/31/calculate_how_much_we_save_by_clipping_coupons.jpg)
Clipping coupons can be a great way to save a little extra money, but there's a point when you could go overboard, which could end up costing you.
Save coupons for things that you plan to buy anyway but don’t buy something you’ll never use just because you had a coupon.
And limit your coupons to non-perishable items so you don’t have to worry about wasting money on rotting food.
Ignoring your debt
![upset couple contemplating in home kitchen](https://cdn.financebuzz.com/filters:quality(75)/images/2023/01/31/upset_couple_contemplating_in_home_kitchen.jpg)
Try to crush your debt as soon as you can to get it off your balance sheet and stop accruing interest.
Look at things in your life that are adding to your debt — like credit cards, student loans, or a car loan — and consider ways to get rid of them before you start thinking about other savings options.
Forgetting an emergency fund
![man talking on the phone asking for help](https://cdn.financebuzz.com/filters:quality(75)/images/2023/01/31/man_talking_on_the_phone_asking_for_help.jpg)
It’s a good idea to add contributions to an emergency fund to your budget. An emergency fund can help you when you have an accident or a surprise health cost, without having to dip into the savings you’ve been working hard to build.
It’s also a good idea to set guidelines for yourself when you start your emergency fund so you’re not tempted to dip into it for a vacation or new clothes. Make sure that cash is only for emergencies and leave it alone otherwise.
Not tailoring your bulk buying
![Costco Kirkland brand of Canola Oil](https://cdn.financebuzz.com/filters:quality(75)/images/2023/01/31/costco_kirkland_brand_of_canola_oil.jpg)
Shoppers love warehouse stores like Costco because they let them buy items in bulk and save money. But you also may not be using your membership to your full advantage, which could lead you to miss out on savings.
Balance out the advantages and disadvantages of a membership before deciding if buying in bulk is right for you.
Pro tip: One genius Costco hack is to buy products from the in-store Kirkland Signature brand. The products may be just as good as name brands but cost less.
Cutting your coffee run
![man selling coffee to a consumer in a coffee shop](https://cdn.financebuzz.com/filters:quality(75)/images/2023/01/31/man_selling_coffee_to_a_consumer_in_a_coffee_shop.jpg)
There are some great ways to save money both big and small, but you don’t have to worry about every little purchase.
It’s OK to buy that cup of coffee every morning and enjoy it without feeling guilty. There are other places — and maybe better places — for you to save than something that gives you a little bit of happiness each morning.
Earn cash back on everyday purchases with this rare account
Want to earn cash back on your everyday purchases without using a credit card? With the Discover®️ Cashback Debit Checking account (member FDIC), you can earn 1% cash back on up to $3,000 in debit card purchases each month!2
With no credit check to apply and no monthly fees to worry about, you can earn nearly passive income on purchases you’re making anyway — up to an extra $360 a year!
This rare checking account has other great perks too, like access to your paycheck up to 2 days early with Early Pay, no minimum deposit or monthly balance requirements, over 60K fee-free ATMs, and the ability to add cash to your account at Walmart stores nationwide.
Don’t leave money on the table — it only takes minutes to apply and it won’t impact your credit score.
Getting cheap paper products
![man suffers from diarrhea holds toilet paper roll](https://cdn.financebuzz.com/filters:quality(75)/images/2023/01/31/man_suffers_from_diarrhea_holds_toilet_paper_roll.jpg)
You may think getting cheaper paper products like paper towels, toilet paper, or paper plates can save you money, but pay attention to your use of those products.
You may be surprised to realize that the cheaper and thinner paper products mean you have to use more.
Grabbing sale items just for the sale
![man shopping for new clothes in store](https://cdn.financebuzz.com/filters:quality(75)/images/2023/01/31/man_shopping_for_new_clothes_in_store.jpg)
Purchasing sale items instead of picking them up at full price has some savings potential, but don’t go overboard with sales.
It’s OK to leave something behind that’s on sale if you’re never going to use it anyway. So while there may be a great deal on a shirt on the sales rack, skip it if you’re never going to wear it.
Saving everything in a checking account
![financial advisor talking to customer](https://cdn.financebuzz.com/filters:quality(75)/images/2023/01/31/financial_advisor_talking_to_customer.jpg)
Interest rates are going up, which could work to your advantage if you’re saving money in a savings account — even better if it’s one of the top high-yield savings accounts.
But a checking account won’t have your money working for you in the same way. So as you start your savings journey, check with your bank or financial institution to find ways you can make your money work for you.
Bottom line
![woman manages household budgets on laptop](https://cdn.financebuzz.com/filters:quality(75)/images/2023/01/31/woman_manages_household_budgets_on_laptop.jpg)
If you’re trying to stop living paycheck to paycheck, there are plenty of ways to stick with a budget and save money.
But it’s a good idea to remember to save wisely in order to maximize the cash you’re able to keep. Some “deals” may sound good, but won’t really save money and may even cost more in the long run.
And remember to check back on your budget on a regular basis to update or adjust it as you save money.
Lucrative, Flat-Rate Cash Rewards
FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.
Wells Fargo Active Cash® Card
Current Offer
$200 cash rewards bonus after spending $500 in purchases in the first 3 months
Annual Fee
$0
Rewards Rate
Earn unlimited 2% cash rewards on purchases
Benefits
- Low spend threshold for its welcome offer — $200 cash rewards bonus after spending $500 in purchases in the first 3 months
- Cell phone protection benefit (subject to a $25 deductible)
- Can redeem rewards at an ATM for literal cash
Drawbacks
- Foreign transaction fee of 3%
- No bonus categories
- Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
- Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 20.24%, 25.24%, or 29.99% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don’t expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.