One of the smartest ways to save money is to cut expenses that you need to pay for.

Sometimes you can flat out get rid of the whole thing, like cable tv for example, but other times you can reduce the amount you pay each year for it, like insurance premiums for example.

With that said, here are my top expenses you can cut or reduce the amount you pay for, which can save you hundreds of dollars every year.

Lower your home loan payments

A very fast way to save a few hundred dollars per month (or more) is to lower your monthly home loan payment. Your home is likely the largest loan payment you’ll ever pay, and any decrease in interest rate can save you tens of thousands of dollars over the life of your loan.

How do you get lower payments for home loans?

A very popular way is to refinance, which means your old home loan goes away, and you get a new loan with a lower interest rate that will save you money. It comes down to seeing how good of an interest rate you can get. check this link here To see what you qualify for.


Who needs TV today? Well, most of us do actually, lol, but let’s be real. There are soooo many alternatives to traditional cable TV. that’s old news now. You probably have internet service and with that you can stream so many things online. There are many websites to stream free content like YouTube. If you’re looking for movies and TV shows, streaming services like Netflix costs about $10. That’s a hell of a lot cheaper than $100 or so for cable or satellite. When I cut my TV bill, I saved over $100 every month. I never missed it.

Home Phone

Who needs a home phone too? Chances are you have a cell phone. And if you do, do you really need a home phone too? I doubt it. Get rid of it, and it will save you a few hundred dollars per year.

Car insurance

Do you really need to drive? If you do then you do. But if you can get away with taking the bus or riding a bike to work, you will save a ton of money. You could then sell your vehicle, which is a depreciating asset by the way, and put that money towards investments or starting a side hustle.

You’ll also benefit from saving a ton of money in car insurance which usually costs in excess of $1000 every year for most people. If you need to drive, that’s cool. Just make sure you are paying the lowest premiums possible by shopping around and also asking your broker or insurance agent if there is anything you can do to get a lower rate. You can sometimes benefit from the same coverage with a lower rate.

Loan payments

Do you have student loans or any kind of loan, like a mortgage or personal loan? Did you know that you can consolidate them? This means all your qualifying loans can be put into one loan with a lower interest rate.

If you qualify for this, you will not only have the convenience of one payment for one loan rather than paying off several loans, you may also get a better interest rate which means you’ll save money. Yay.

Cut your expenses dramatically by getting rid of the most useless expenses you don't need. Here are the top 10 expenses you probably don't need.

Stop eating out

You’ve heard this one countless times. I don’t want to beat a dead horse. But it’s incredible how much dining out costs. A dinner of pasta and wine could hit $50. Just giving this ONE meal up would save you so much money. I notice when I travel I end up always spending so much more money because I end up eating out for several meals. It adds $50-$100 on top of my travel expenses just for a 2 day weekend get away. That adds up. And it hurts my bottom line. A smart choice would be to pack healthy snacks and eat cheaper out.

Revisit your insurance premiums

Insurance is a cost I hate paying, because it always seems like I’m wasting money. But obviously I’m not because insurance is there to protect me in case something happens, and it gives me a piece of mind. However, what I pay for insurance can dramatically change. Insurance is a competitive business and companies are willing to offer you great rates to acquire your business and switch you over from a competitor.

You should always re-visit how much you’re paying for insurance each year. Check with your broker or whoever deals with your insurance to see if you qualify for a lower rate. Ask about how you can lower your insurance premium. They will come back with some ideas usually. And most importantly, shop around. Don’t get tied to a particular company or broker. I saved a couple hundred dollars by just asking my broker about lowering my car insurance. It was really that easy.

And it isn’t just car insurance you save on. Health and home insurance are two other big premiums you are likely paying for that you could look into reducing premiums.