Sometimes the best money advice comes from the most unexpected places.
My friend and I handle our finances very differently. He’s one of those ultra-frugal types (actually, sometimes he strays more into cheap territory). I’m more of a go-with-the-flow spender — as long as I’m saving enough, too.
Anyway, over the years I’ve picked up a few of his money habits, and they’ve actually saved me thousands.
1. Every penny in interest counts
I used to keep all my extra cash in a regular checking account. I knew that high-yield savings accounts (HYSAs) existed, but always brushed them off because the interest rates seemed small. Like, what’s a few extra percent really gonna do?
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But then I ran the math, and…whoa!
With my old checking account earning 0.01%, a $10,000 savings would earn just $1 in a whole year. But by switching to a high-yield savings account at 4.50% APY, now we’re talking $450 in earnings.
I made the switch a couple years back, and it’s paid off big time. In fact, in all of 2024 I earned $798 from my HYSA interest.
2. Subscriptions are silent killers
Did you know the average American spends $32.84 every month on subscriptions they’re not even using!? That’s almost $400 a year wasted on nothing.
I used to be one of those wasteful spenders. Until my friend got me into the habit of checking my monthly transactions like a hawk. Now I scrutinize anything on my statements I don’t recognize, no matter how small.
Pro tip: You can also use one of these top budgeting apps to track expenses easily and spot things to cut.
3. The 48-hour rule for spending
Another cool money hack I learned from my friend is the 48-hour rule. Basically, anytime I want to buy something spontaneously — especially online — I now wait a full two days before pulling the trigger.
Nine times out of 10, my desire fades and I never actually end up buying the thing.
I can’t tell you how much I’ve saved from this single rule alone. Probably in the tens of thousands over the years.
This stuff all adds up!
Cutting a subscription here, avoiding an impulse buy there, earning a few hundred in interest — all these seemingly small activities have made a huge difference in my financial life.
And I have my frugal friend to thank for it.
While I won’t be adopting all his money habits, I’m certainly glad I paid attention to these ones.
And you should, too. If you’ve got cash just sitting around, make it work harder for you. Check out our list of the best high-yield savings accounts and earn up to 4.40% APY on your money.
