We study whether information leads voters and donors to "waste" fewer votes and donations on candidates who do not finish in first or second place. Examining U.S. primary elections featuring more than two candidates, we compare voting and contribution behavior across offices with varying levels of information. We find that voters and donors are more likely to support the top two candidates, and less likely to waste votes or donations on lesser candidates, when information levels are higher. In addition, we find that donors consistently act more "strategically" — i.e., waste fewer donations on lesser candidates — than voters. To supplement these analyses, we isolate the causal effect of information by leveraging adjacent U.S. counties that differ in their access to politically relevant information from the media. We again find that information helps voters avoid wasting votes on candidates who are unlikely to win. The results are relevant for understanding the behavior of voters and contributors, for understanding the role of information in elections, and for the evaluation of policies like runoff primaries designed to facilitate strategic voting outcomes.