hand drawn frugality illustration on how to save money

How to Slash Your Bills: 42 Genius Ways to Save More Money

Housing

Let’s be real—cutting housing costs isn’t as easy as skipping your daily coffee, but it’s one of the biggest ways to free up cash. Whether you rent or own, there are ways to lower those monthly expenses without sacrificing your quality of life.

Rent

  1. Downsize Smartly. Moving from a three-bedroom to a two-bedroom apartment could save you hundreds per month, depending on where you live. Sure, it might mean sharing space or saying goodbye to that guest room, but the financial trade-off can be huge.

  2. Find a Roommate (Or Two). Believe it or not, upgrading to a larger place could actually lower your share of the rent—if you split it. For example, in Pittsburgh, the median rent for a two-bedroom apartment is about $1,364. Sharing it with a roommate means paying around $682 each, which is way cheaper than living solo in a one-bedroom for $1,120.

  3. Negotiate Like a Pro. If moving isn’t an option, talk to your landlord. Offer to sign a longer lease, handle minor repairs, or even pay upfront for a discount. Landlords value stability, and if they know you’re a reliable tenant, they might be willing to lower your rent.

Mortgage

  1. Refinance for a Better Rate. A lower interest rate means smaller monthly payments. Run the numbers with a refinance calculator and check your credit score before applying. Lenders give the best rates to borrowers with solid credit, so if yours needs a boost, work on it first.

  2. Drop Private Mortgage Insurance (PMI). If you put less than 20% down on your home, you’re likely paying PMI. The good news? Once your loan balance hits 80% of your home’s value, you can request to drop it. With PMI costing anywhere from 0.46% to 1.5% of your loan amount annually, that’s money back in your pocket.

  3. FHA Loan? Know Your Options. Mortgage insurance for FHA loans works differently. If you’ve built up enough equity or improved your credit score, refinancing into a conventional loan could eliminate that extra cost altogether.

Homeowners Insurance

  1. Shop Around for the Best Deal. The average homeowner pays about $160 per month for insurance, but rates vary widely. Get quotes from multiple insurers to ensure you’re not overpaying.

  2. Bundle and Save. Many insurance companies offer discounts if you bundle your home and auto insurance—sometimes slashing up to 30% off your premiums.

  3. Take Advantage of Discounts. Insurers often offer price breaks for simple things like installing a security system, opting for electronic payments, or paying your policy in full. Ask what discounts you qualify for—you might be surprised at how much you can save!

Happy family buying their first house

Utilities: Simple Tweaks for Big Savings

Your monthly utility bills are a goldmine for quick savings. A few smart changes—like adjusting your thermostat or switching up your internet plan—can add up fast.

Cable and Internet

  1. Bundle Up and Save. Combining your cable and internet with the same provider can cut costs. If you don’t need lightning-fast speeds, switching to a lower-tier internet plan can save you even more. Also, consider buying your own modem instead of renting one—it pays for itself within months.

Cell Phone

  1. Go Paperless and Automate. Big carriers like Verizon, AT&T, and T-Mobile offer discounts if you enroll in autopay and paperless billing. Bonus? You’ll never miss a payment again.

  2. Rethink Your Phone Insurance. Premium insurance plans are pricey, and many standard protection plans offer enough coverage. Check with your provider to see if you’re overpaying.

  3. Switch Your Plan or Carrier. Prepaid plans are often cheaper than traditional ones. Review your data usage—if you’re not maxing out your plan, you might be able to downgrade and save.

Electricity, Heat, and Water

  1. Adjust Your Thermostat. Lowering the temperature at night or when you’re not home can cut heating costs. Dropping the setting on your water heater can also reduce your gas or electric bill.

  2. Unplug Energy Vampires. Use a smart power strip to cut power to electronics when they’re not in use. You can also request a free energy audit from your utility provider to identify waste.

Transportation: Drive Down Costs

  1. Refinance Your Auto Loan. A better interest rate or a longer loan term could lower your monthly car payment. Just make sure the long-term savings outweigh the extra interest.

  2. Sell Your Car and Downsize. If your car payment is eating your budget, selling it and switching to a cheaper, used vehicle can free up cash. Aim to keep your total car expenses (loan, insurance, gas, and maintenance) under 20% of your take-home pay.

  3. Ditch Your Car Altogether. If you don’t truly need a vehicle, selling it can eliminate car payments, insurance, fuel, and maintenance costs. Public transportation and rideshares may be a much cheaper alternative.

Auto Insurance

  1. Raise Your Deductible. A higher deductible means lower monthly premiums. Just make sure you have enough in savings to cover it if needed.

  2. Drop Unnecessary Coverage. If your car is older and worth less than your deductible plus a year’s worth of premiums, consider dropping collision and comprehensive insurance.

  3. Ask About Discounts. Good student, safe driver, and multi-car discounts can lower your premiums. Bundling your car insurance with home or life insurance can also save money.

Food: Eat Well, Spend Less

Groceries

  1. Shop with a List. A grocery list keeps you on track and prevents impulse buys. Use apps to find coupons and price compare.

  2. Go Generic. Store-brand items can be just as good as name brands—sometimes, they’re even made by the same manufacturers.

  3. Join the Loyalty Club. Sign up for your grocery store’s membership program for exclusive discounts and coupons.

Dining Out

  1. Look for Deals. Happy hours, Taco Tuesday, and burger specials can cut your restaurant bill significantly.

  2. Split the Entree. Share a meal or opt for an appetizer instead of a full dish to save money.

Debt: Crush It Faster

Student Loans

  1. Apply for Income-Driven Repayment. Federal loans offer options that cap payments at 5-20% of your discretionary income.

  2. Defer or Forbear if Needed. These options pause payments, but interest may still accrue. Consider an income-driven plan first.

  3. Refinance for a Lower Rate. If you qualify, refinancing with a private lender can lower your payments—but you’ll lose federal protections.

Credit Card Debt

  1. Negotiate a Lower Interest Rate. A strong payment history can work in your favor.

  2. Transfer Your Balance. A 0% APR balance transfer card can help you pay off debt interest-free for a limited period.

  3. Consolidate with a Personal Loan. Lower interest rates on personal loans can make repayment easier and cheaper.

Learn more on how to manage your debt ℹ️
Manage your credit card payments efficiently

Memberships: Cut the Costs Without Sacrificing Perks

Monthly subscriptions are like stealthy little ninjas—sneaking into your budget in small amounts but piling up into a serious expense. That $9.99 here and $12.99 there? It adds up fast. Here’s how to trim those costs without missing out on what matters.

Streaming Services

32. Trim the Fat on Subscriptions
Not every streaming service is a must-have. Instead of juggling five different platforms, pick one or two that offer the best value. Have a show you love on a niche service? Binge-watch during a free trial, then cancel before you’re charged.

33. Go All-In-One
Why pay separately for music, TV, and shipping perks when you can bundle them? Amazon Prime, for example, gives you free shipping, Prime Video, and Prime Music in one package. Similarly, Apple One combines Apple Music, TV, and cloud storage into a single plan—potentially slashing your overall costs.

34. Leverage Family Plans
Most streaming platforms—like Netflix, Spotify, and Apple Music—offer shared family accounts, which can cut your monthly fee in half (or more). Grab some friends or relatives and split the cost.

Gym Memberships

35. Negotiate Like a Pro
Gyms are businesses, and they want your money—but that doesn’t mean you can’t haggle. Ask about discounts, corporate rates, or seasonal promotions. If another gym offers a lower price, use it as leverage.

36. Skip the Membership & Gym-Hop
Before committing to a gym, take advantage of free trials. Many fitness studios offer complimentary classes, and platforms like ClassPass let you hop between gyms without a long-term contract. Plus, YouTube is packed with free, high-quality workout videos—so why pay at all?

Magazines & Newspapers

37. Ditch Subscriptions You Don’t Use
If your magazine stack looks like an unread to-do list, it’s time to cut back. Cancel the ones you don’t read regularly and keep only the essentials. Most publications offer discounts when you come back, so you won’t pay full price if you resubscribe later.

38. Go Digital & Save
Many newspapers and magazines offer cheaper digital subscriptions. If you’re holding onto print because you love the Sunday edition, consider switching to a digital weekend package to save money while still getting your fix.

Smart Shopping: Save Big on Everyday Purchases

From clothes to household essentials, smart shopping can shave a surprising amount off your budget.

Clothing

39. Shop Secondhand Without Sacrificing Style
Thrift stores, consignment shops, and online resale platforms can save you big bucks. Many also offer discounts for donations—so clear out your closet and score deals in return.

40. Turn Your Closet Into Cash
If you have quality clothing you no longer wear, sell it! Apps like Mercari, eBay, and Facebook Marketplace make it easy to list and sell items. Local consignment shops are another great option for quick cash.

41. Find Free & Discounted Clothes Locally
Neighborhood Facebook groups, Buy Nothing groups, and community clothing swaps are goldmines for free or super cheap clothing. Some swaps are even theme-based—perfect if you’re looking for maternity wear, kids’ clothes, or business attire.

Household Purchases

42. Master the Art of Online Discounts
Before clicking “buy,” check for promo codes. Browser extensions like Honey and Rakuten automatically apply coupons, while price-comparison tools like Google Shopping ensure you’re getting the best deal. Want cashback? Use a credit card that offers rewards on purchases.