12 Common Money Mistakes You Don’t Even Know You’re Making

These days, most grocery stores have apps that offer digital-only coupons. Taking 5 minutes to check your shopping list against the online offers could save you hundreds per year. You can also check for deals on items you frequently buy and stock up on, such as non-perishable foods or alcohol.

Estimated potential savings: $2 - $50 per week.

You may think that your health insurance will get you the lowest price on prescriptions. But you could be paying a huge markup vs a lower price available at a different pharmacy or by using an app like GoodRx.

“It doesn’t matter if I’m prescribing a generic or brand name medication to my patients, I always have them look up the GoodRx price before calling it in to the pharmacy,” explains Tucson-based psychiatrist Chandan Nayak, MD. A quick check can save you hundreds or thousands on prescription costs throughout the year.

Estimated potential savings: $10 - $2,000 per prescription.

“Many employees don’t realize just how much money they’re leaving on the table by not fully utilizing their workplace benefits — it can add up to thousands of dollars a year,” says Greg Ward, CFP® and Think Tank Director for Financial Finesse.

Employer 401(k) matches, wellness incentives and tuition reimbursement can be powerful perks. Take the time to understand your benefits and how to use them — it's "one of the simplest ways to maximize your total compensation and build long-term financial security," says Ward.

Estimated potential savings: up to $1 million through your whole career, according to experts

Do you have a high-yield savings account? If you’re keeping thousands in an account earning less than 1% interest, you’re leaving hundreds or thousands of dollars of interest on the table.

It's a good idea to keep a small savings balance in an account tied to your checking to safeguard against overdrafts. But switching to a high-yield savings account to house your emergency fund or other goal-based savings is an easy way to boost your earnings.

Estimated potential savings: $350+ per year for $10,000 balance at current interest rates

We've all been there: Those veggies are purchased with the best of intentions, then are forgotten until it's too late.

"The average American spends $700+ a year on food they don't eat; we've all discovered wilting produce in the back of the crisper, right?” says Sarah Von Bargen, marketing professional and money-saving guru.

Cutting down on food waste doesn't have to be hard. Just toss produce nearing the end of its life into the freezer, and use it later in sauces, soups or smoothies.

Estimated potential savings: $700 per year

If you’re paying a monthly maintenance fee to keep your checking account open, it’s time to switch banks or change the type of account you’re using.

Pretty much every bank offers a free checking option. You are less likely to earn interest on this account, but your checking should mostly be used for paying monthly bills, with the rest of your money housed in savings. Because of this smaller account balance, the difference in interest versus a free account likely does not offset your monthly maintenance fee.

Estimated potential savings: $25 per month

Many short-term rentals on Airbnb or VRBO are run by hosts that you can book with directly, saving yourself hundreds in fees.

Jenn Eddy, host and owner of Vacay In Tucson Luxe Vacation Rentals offers, “You can save anywhere from 10-20% on your reservation by finding the host’s website and booking directly with them. In 2024, our guests saved over $14,000 in fees by booking directly on our website rather than the big platforms.”

Tip: Paste an image from the listing into Google image search. Most hosts use the same pictures across platforms, enabling you to find everywhere they list and book the best deal.

Estimated potential savings: $100 up to $2,500 depending on length of stay

Just because you have money in your HSA doesn’t necessarily mean you should spend it. If you have enough savings, use those to pay for medical expenses instead and keep the tax-free money growing in your HSA.

That lets HSA funds grow through investing. You can use them for expenses in the future or ideally to help pay for healthcare in retirement.

No matter what, just make sure you’re keeping your receipts so you can make future tax-free withdrawals.

Estimated potential savings: thousands in taxes if you optimize the account

It’s one thing to rent a storage unit as a temporary solution. But keeping a unit long-term to store stuff you’re probably not using anyway can be a huge waste of money.

Paying $200 a month to keep your old CD collection or the camping gear you haven’t used in 5 years quickly adds up to way more than it would cost to buy all those items new. It might be time to donate and keep the nostalgia for those items stored in your brain, free of charge.

Estimated potential savings: $60 - $500 per month, depending on the size and location of your unit

Missed your credit card payment? You don’t necessarily have to accept the late charge.

First, correct the mistake and make your payment ASAP. Once the payment and late fee posts, call the card company and plead for mercy. If you have a history of on-time payments, you may be pleasantly surprised at how quickly they say yes.

Don’t forget to also request a reversal of any interest charges assessed, especially if you pay your balance off each month.

Estimated potential savings: $30 - $200 in fees and interest

One call to your internet or phone provider with a threat to cancel service could slash your monthly bill by up to a third.

Research what other options and prices are out there, then check if your current provider is offering sign-on deals to new customers. A simple call to request they extend the same deal to keep you as a customer could be all it takes.

You’ll be most successful if you call with a specific number to request in mind, along with competitors’ offers to back you up.

Estimated potential savings: up to $40 per month

If you haven’t increased your retirement contribution in over a year, this is your sign to up it by at least 1%.

It’s a common misconception that the maximum amount you can put in is whatever your employer will match. In most cases, the actual IRS limits are a lot higher. For 2025, you can put in at least $23,500, more if you’re age 50 or older.

Most plans also offer an "auto-escalator" that automatically increases your contribution by 1% or more each year. It’s a relatively painless way to help secure your retirement sooner and more comfortably.

Estimated potential savings: six figures by the time you hit retirement