Feel like there’s not enough money at the end of the month? You’re not alone. Affordability and the cost of living are among most people’s top financial concerns.
Getting more out of your money may seem like wishful thinking, but slashing everyday expenses and putting extra cash in your pocket may be more doable than you think. Finder.com explores 10 ways to lower your costs and save money.
1. Slash unnecessary bank fees
Are all the bank account features you pay for worth the fees? If you rarely use your account for anything other than everyday spending and money transfers, it may be worth looking into no-fee bank accounts.
Spending $5 to $15 a month to maintain your account doesn’t sound like much. But over a year, that’s $60 to $180—enough to cover an unexpected expense or one or two fillups at the gas station.
If you need the features that come with a paid account, see if you can open one that waives the monthly fee if you meet certain criteria, like setting up direct deposits or holding a minimum balance. Keep an eye out for new account offers to score an extra bonus for your savings.
You wouldn’t throw physical cash down the drain, so stop wasting money on unnecessary account fees.
2. Transfer your credit card balance to get a lower rate
Don’t commit to endless credit card interest payments. Lower or eliminate the cost of your debt by transferring your balance to a card with a lower rate.
Credit card interest rates are currently around 21%, and the average cardholder is carrying a total balance of just over $6,500. That means the average cardholder is paying over $113 per month—or over $1,350 per year—in interest alone.
Switching to a card with a low or 0% balance transfer offer helps you pay off debt faster, because more of your monthly payment will go towards slashing down the principal you owe.
But balance transfer offers expire, after which, higher standard rates kick in. So, it may be worth switching to a credit card with a low standard rate instead.
3. Negotiate your existing loan terms
Borrowing comes with a price tag. But it may be easier to manage debt like auto loans, personal loans and mortgages by adjusting factors like the loan term and payment frequency to suit your budget.
Stretching out your loan term will lower your payments and free up room in your budget. However, you’ll pay more in the long run.
One trick for paying off debt faster is to switch from monthly to biweekly payments (that is, every two weeks).
You’d think making two payments per month would mean 24 payments a year. But one year actually contains 26 two-week periods. So, you’re sneaking in the equivalent of an extra monthly payment, which, over the life of a mortgage or car loan, can save you a lot in interest.
Interest isn’t the only cost to avoid. Stay away from other charges that drive up loan costs like optional insurance coverage and fees for late or missed payments.
Whether your goal is lowering your payments or reducing the cost of borrowing, stay focused on your goal and don’t get sidetracked by unnecessary add-ons.
4. Round up your transactions and save or invest the difference
Saving for tomorrow may not feel right when you’re struggling to make ends meet today. Fortunately, there are ways to put aside a little here and there without significantly impacting your budget.
Some banks offer a “round-up” feature that rounds your purchases to the nearest dollar and deposits the difference into your savings. Micro-investing apps do the same thing, but deposit the difference into an investment account instead for potentially greater returns.
If you’re willing to spend $2.49 on a cup of coffee twice a week, why not round up to $3 and put 51 cents into savings? After a year, you’ll have over $53. The effect is even greater if you round up all your transactions, including groceries, gas, online purchases and eating out.
Most banks also let you schedule automatic transfers to your savings to ensure you’re regularly setting aside money. It doesn’t matter how much you transfer—every dollar counts.
5. Streamline your streaming services
Compared to your rent or mortgage payment, the cost of streaming may seem like a mere drop in the bucket.
However, reality paints a different picture. Deloitte reports that the average American household spends $69 per month on video streaming services. That’s a whopping $828 per year.
Setting your subscription payments on autopilot increases the likelihood that you’re paying more than you think. Prices may have risen since you last checked, or you may be shelling out for platforms or multi-user packages you no longer need.
Taking an hour to review your subscriptions could save you hundreds of dollars annually.
You don’t have to bid a permanent farewell to your favorite movies and shows if you subscribe to services on rotation, so you’re only ever paying for what you’re watching right now.
6. Cut down food waste
Food waste adds up more than you think. ReFED estimates that the average American spent over $760 on uneaten food in 2024.
A study by Love Food Hate Waste Canada estimated that Canadian households waste $1,300 worth of food per year. Even worse, the organization estimates that 63% of discarded food is actually fit to be eaten.
Avoid spending money on food you won’t eat by planning your meals and buying only what’s on your shopping list. Cook smaller portions, combine leftovers to create new meals and freeze anything you can’t consume within a few days.
Bottom line
When you need a little breathing room in your budget, free up funds by migrating to lower-cost financial products, shedding wasteful spending and auto-saving when you make purchases. Thinking outside the box may help you balance your budget and make money more easily than you realize.
This story was produced by Finder and reviewed and distributed by Stacker.
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