Save More Money in Hawaii with These 50 Tips

Living in Hawaii offers unparalleled beauty and a unique lifestyle, but it also comes with a higher cost of living. At Bank of Hawaii, we’re committed to helping you reach your potential by sharing 50 practical and unexpected strategies to save money in our island home. Let’s dive in!

Around the House

1. Upgrade to Energy-Efficient Lighting

• Consider replacing incandescent bulbs with LEDs. Residential LEDs—especially ENERGY STAR rated products—use at least 75% less energy than incandescent lighting. And they last about 25 times longer, too!

2. Unplug Idle Electronics

• Many devices consume energy in standby mode. Unplugging them can reduce your electricity bill.

3. Conduct Regular Home Maintenance

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

4. Fix Drips

• Water and sewage costs add up. Check and fix all leaky faucets and valves—including those under your sink and in your garden. Your wallet and your aquifer thank you.

5. Use Smart Thermostats

• A programmable thermostat helps optimize energy use, potentially saving 10% annually on heating and cooling.

6. Wash Clothes in Cold Water

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

7. 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—will it make you happy and be used?

8. Resell Your Stuff

• Selling at online sites or local consignment stores can help you turn your gently used items into money you can use.

Transportation

9. Utilize Public Transportation

• Hawaii’s public transit system (including Skyline Rail and TheBus) is an affordable alternative to driving, saving you on gas and parking.

10. Maintain Your Vehicle

• Regular oil changes and tire rotations improve fuel efficiency and prevent costly repairs.

11. Carpool or Rideshare

• Sharing rides can cut fuel costs and reduce wear on your car.

12. Consider a Fuel Rewards Program

• Many grocery stores and gas stations offer fuel discounts based on spending habits.

13. Drive Smarter

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

Food and Dining

14. Prep Meals

• Prepping your meals on the weekend can take the stress out weekday dinners, and save you from spending money on lunch. Too busy? Look for pre-packaged meal kits that make it easy to cook fresh without wasting money on extra ingredients.

15. Create a Shopping List

• Grocery aisles are designed to lure extra dollars out of your wallet. Resist the urge with a shopping list and set budget.
• Bank of Hawaii Tip: Use our financial tools and resources to help manage daily expenses and maximize savings.

16. Find a Bulk-Foods Bestie

• Instead of powering through four pounds of broccoli and storing 30 rolls of TP, split your bulk food purchases with a friend so both of you can save.

17. Embrace Local Markets

• Farmers markets often have fresh produce at lower costs.

18. Host Potlucks Instead of Dining Out

• Invite friends over for a potluck where everyone contributes a dish.

19. Meet for Happy Hour

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

Family and Pet Expenses

20. Choose Reusable Goods

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

21. Make It Meaningful

• The gesture of a gift like simple homemade soap, candles, fresh-baked cookies or furikake Chex Mix in a custom-decorated container with a handwritten note goes above and beyond what you can just buy from a store.

22. Replace Giftbags 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.

24. Research Pet Insurance

• Pet insurance can often help you save on regular appointments and other costs.
• Bank of Hawaii Tip: Make sure you have a line item for fur babies in your budget.

Financial Management

25. 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.

26. Set Up Automatic Savings

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

27. Review and Adjust Insurance Policies

• Ensure you have the appropriate level of insurance coverage for your needs.
• Bank of Hawaii Tip: Use savings from reduced insurance costs to grow your emergency (or fun) fund.

28. 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.

29. 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.

30. 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.

31. Use Cashback Apps

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

32. 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.

33. 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.

34. 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!).

Shopping

35. 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.

36. 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: Goodwill® Goes GLAM! is an annual celebration of sustainability, secondhand fashion, and shopping!

37. Wait for Sales

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

38. 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.

39. Negotiate With Service Providers

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

40. Adopt the 30-day rule on 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.

41. Embrace Senior Specials

• From senior discount days at stores to special meals at restaurants, flash your badge of entitlement and enjoy paying less.

Entertainment and Leisure

42. 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.

43. Borrow Instead of Buying

• In addition to borrowing books, download your library’s app for access to audiobooks, ebooks and magazines.

44. Take Advantage of Loyalty Rewards

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

45. Explore Free Community Events

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

Travel

46. 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.

47. Use Credit Card Travel Perks

• Do you have travel rewards on your credit card 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.

48. Pack Your Own Snacks

• Avoid expensive airport or road trip food by packing your own snacks and meals.

49. Leverage Free Accommodation Options

• Explore options like staying with friends or family, house-sitting, or using loyalty points for free hotel stays.

50. Plan Ahead to Avoid Last-Minute Expenses

• Booking early often gives you access to better rates on flights, hotels, and activities. Planning in advance also helps you avoid overspending due to last-minute choices.

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

Investment and Insurance products are offered and sold by Bankoh Investment Services, Inc., a nonbank subsidiary of Bank of Hawaii and a member of FINRA/SIPC. Investment and Insurance products are NOT FDIC INSURED, NOT BANK GUARANTEED, NOT A DEPOSIT AND MAY LOSE VALUE, INCLUDING LOSS OF PRINCIPAL.