15 Easy Ways to Save Money on Your Monthly Bills

If you’re short on time and energy but long on a desire to save money, these tips are for you.
Updated May 8, 2024
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Saving money is rarely fun when it feels like you’re depriving yourself. But what if you could save money without impacting your lifestyle?

As it turns out, keeping more cash in your wallet and building long-term wealth might be easier than you think. Following are 15 ideas for how to save extra money each month.

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Rethink your insurance

Konkapp/Adobe businessman holding car and piggy bank on table showing saving money concept

Raising your insurance deductible might help you lower premium costs. This can be a great way to save, but only if you have enough cash to cover a higher deductible without going into debt.

If that is not your situation, there are still ways to save on insurance. Call your agent and discuss possible discounts. 

Many insurers offer price breaks for being a careful driver, a good student, or having more than one car insured with the company, for example.

Drop cable for a streaming service

ronstik/Adobe hand holding tv remote at smart tv with programs in background

If you still have cable TV service, it might be time to switch to streaming.

To make this change cost-effective, it helps to be selective and only subscribe to one or two streaming services that carry most of the channels you like to watch.

If you are not careful, you could end up subscribing to multiple streaming services that leave you paying roughly the same amount — or more — as you did for a complete cable package.

Switch your cell phone carrier

A_B_C/Adobe woman touching mobile screen of smartphone

Shopping for a cheaper cell phone provider is a great way to save. This change won’t impact your daily life, as you will still have access to a cell phone just as you did before.

As you compare prices, make sure to ask about senior pricing and student discounts if you fall into either of those categories.

Resolve $10,000 or more of your debt

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Become a single-car household

anekoho/Adobe asian family posing for picture in suv trunk ready for vacation with suitcase in garage

If you’re a two-car family, it might be time to change.

The average annual cost of owning a car is $12,182, according to the most recent data from AAA. That means you might save a lot of money going from being a two-car household to a one-car household.

You should net some savings even if you use public transportation or other ways of getting around from time to time.

Buy generic products

Karanov images/Adobe man standing in supermarket buying chocolates from shelf with shopping basket in hand

Opting for generic items over name-brand equivalents can be a great way to save money.

If you’re worried you won’t like the generic options as much, think of it as an experiment: Try each generic product once, and see what you think. You can always switch back if you don’t like it.

Split restaurant entrees or order appetizers

Davide Angelini/Adobe friends sitting at table in restaurant with food and red wine glass

Few things are more enjoyable than dining out at a favorite restaurant with people you love. However, the cost of eating out can add up quickly.

Instead of eliminating restaurant expenses, try splitting an entree or ordering an appetizer rather than a main dish. You might also find great deals on food during weekday happy hours.

Transfer debt to a 0% interest card and pay it off

tete_escape/Adobe man holding card and smartphone for online shopping with zero percent interest rate 3d sign

If you have high-interest credit card debt, consider seeing if you qualify for a balance-transfer credit card with a 0% introductory interest rate.

Once you transfer the debt, your monthly payment will decrease, thanks to the lower interest rate. That buys you some time during the promotional period to cut down your debt before the interest rate on the card jumps.

Make ‘copycat’ meals at home

rawpixel.com/Adobe senior couple standing in kitchen at home cutting vegetable holding glass of champagne

Copycat recipes aim to replicate restaurant meals at home.

Search for your favorite restaurant recipe’s name and the word “copycat.” You might find recipes that can taste just as good as the original for a fraction of the price of eating out.

Shop online instead of driving to the store

Bussarin/Adobe man using smartphone and laptop at home for online shopping with 3d cart online shopping concept

The price of gas can add up. A great way to beat pain at the pump and make your dollar stretch further is to order items and groceries online.

You’ll save on fuel, and you can comparison shop from home to ensure you get the best deal. It’s a win-win.

Earn cash back on everyday purchases with this rare account

Want to earn cash back on your everyday purchases without using a credit card? With the Discover®️ Cashback Debit Checking account (member FDIC), you can earn 1% cash back on up to $3,000 in debit card purchases each month!2

With no credit check to apply and no monthly fees to worry about, you can earn nearly passive income on purchases you’re making anyway — up to an extra $360 a year!

This rare checking account has other great perks too, like access to your paycheck up to 2 days early with Early Pay, no minimum deposit or monthly balance requirements, over 60K fee-free ATMs, and the ability to add cash to your account at Walmart stores nationwide.

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Apply for a Discover Cashback Checking account today

Shop at discount stores

sas/Adobe shops after christmas having sale huge banners

Shopping at discount stores can cut your costs. For example, if you love shopping at Nordstrom for clothes, try Nordstrom Rack instead. You’ll enjoy a similar shopping experience at a lower price.

Think of stores you love and try to find a similar store with lower prices.

Make your cleaning products

STUDIO GRAND WEB/Adobe dishes placed with home made detergents in glass jar and pestle with soap bar

Cleaning products often have a high price tag. Some of these products can be worth the cost, but you can make others at home for significantly cheaper.

And in many cases, a mixture of warm water and soap does just fine as a cleaning solution.

Look for used items

wifesun/Adobe african american girl sitting at table in kitchen using laptop for online shopping

Sites such as Facebook Marketplace and OfferUp provide great ways to get items you need for a low price.

With these sites, you find an item you want, message the seller and arrange a time for pickup. Plus, there are options to pay for shipping if that works better for you.

Use a rewards credit card

originalpunkt/Adobe close up of one hundred dollar note on top of card

When used responsibly, the best rewards credit cards offer a great way to save. Find a card that suits you and use it to pay for regular purchases. You’ll accrue points you can redeem for travel, cash, or other perks.

Paying your balance in full each month is the key to making this tip work. If you don’t pay the bill in full, you might pay more interest fees than you earn in rewards.

Grocery shop once each week

Mediteraneo/Adobe happy family doing grocery at supermarket

If you’re guilty of stopping by the grocery store a few times a week, planning a single weekly grocery stop might help.

Preparing a weekly menu and committing to shopping once per week can save you money on fuel. Reducing the number of times you are in the store also might help save money on groceries by curbing opportunities for impulse purchases.

Check for coupons before you buy

Stephen Coburn/Adobe Woman using scissor to cut discount coupons

It only takes a few minutes to search online for coupons before you buy, but it can save you a lot of money each year.

So use your phone and take a moment to search for coupons before you head to the checkout lane. This is an easy way to lower your monthly shopping bill.

Bottom line

mavoimages/Adobe african american couple with laptop at home discussing utility bills

The best part about saving money using these strategies is that they help you grow your wealth with relatively little effort.

Life is hectic, and finding time to complete your daily to-do list is hard. The last thing you need is more tasks to complete.

Choose the strategies on this list that work for you, implement them, and keep going about your day.

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