How to Lower Your Bills: 41 Ways to Save

1. Refinance your mortgage. If you're able to lower your existing interest rate, you could save money on your monthly mortgage payment.

Our mortgage refinance calculator can help you understand how much you could save.

Get your free credit score and make sure it’s in good shape, so you can get the best rate possible. Then shop around and compare rates and fees from multiple lenders.

2. Drop your private mortgage insurance. If you put less than 20% down when you purchased your home, you likely had to get private mortgage insurance. Your lender should drop the PMI requirement once the balance on your mortgage dips to 80% of the home’s original appraised value or its current market value.

The average annual cost of PMI is based on the loan amount and the borrower’s credit score, among other factors. It’s generally between 0.46% to 1.5% of the loan amount, according to a December 2023 report from the Urban Institute's Housing Finance Policy Center. Borrowers with excellent credit get the lowest PMI rates. (Learn about credit score ranges.)

3. Downsize. Moving your family from a three-bedroom apartment to a two-bedroom unit could lower your rent by hundreds, depending on the city. It may, though, mean doubling up on bedrooms or losing a guest room.

4. Get a roommate. It seems counterintuitive, but you can lower your rent by upgrading to a larger apartment — so long as you share that apartment with a roommate who contributes to the rent.

In Pittsburgh, for example, the current median rent for a two-bedroom apartment is $1,364, according to the website Apartment List. That’s about $682 per person if split between two people, compared with  $1,120 median rent for a one-bedroom place by yourself.

5. Negotiate. If moving isn’t an option, try negotiating with your landlord. They may be willing to lower your rent in exchange for a longer lease or handling your own repairs.

6. Shop around for the best rate. Homeowners insurance costs an average of $160 per month, according to a NerdWallet analysis of the average cost of homeowners insurance. Get several quotes before settling on a policy.

» Get started: See home insurance quotes

7. Bundle your home and auto insurance. This could potentially lower your insurance premium by up to 30%, depending on the insurer and your location.

8. Look for discounts. Ask your insurer about available discounts. For example, you may be able to save money on your homeowners insurance by paying in full, signing up for electronic payments or having a home security system.

10. Sign up for automatic and paperless payments. Many wireless carriers, including Verizon, AT&T and T-Mobile offer monthly discounts on select plans when you sign up for paperless billing and automatic payments, which also help ensure you pay your bills on time.

Like with all automated payments, track your money to make sure you have enough to fund these bills without overdrafting.

11. Change or remove your insurance. Check with your cell phone provider to see if it offers a less expensive protection plan. Standard insurance may provide enough coverage and is often less expensive than premium options.

12. Switch your plan or carrier. Take inventory of your plan and data use, then see if you can get a better deal with your carrier or another one. Keep in mind that the cheapest phone plans are typically prepaid.

13. Dial down your thermostat. Dropping the temperature degrees at night or when you’re away can lower your heating bill. Doing the same on your water heater can also help lower your heating or gas bill.

» How do you compare? Here’s the average gas bill

15. Refinance your auto loan. You might be able to lower your car payment by qualifying for a better interest rate or extending the length of your loan. You’ll need a track record of on-time payments spanning six to 12 months.

» Learn how to refinance a car loan

16. Sell your car. Look into selling your car and using the proceeds to pay off all or most of your current car loan. Then, buy a less expensive model — preferably a used car, which won’t lose value as quickly as a new one.

Whether you opt for new or used, aim to keep your total costs — gas, insurance, car payment, registration and repairs — below 20% of your take-home pay, or net income.

» Learn what is net income?

18. Increase your deductible. A higher car insurance deductible will bump up your out-of-pocket costs if you’re in an accident, but will lower your monthly insurance premium.

19. Reduce your coverage. Full coverage may not be necessary for an older car. Consider dropping collision and comprehensive coverage, which cover damage to your vehicle, if your car is worth less than your deductible plus a year’s worth of premiums.

20. Ask about discounts, such as good student, safe driver and multi-driver, or bundle your car insurance with your home or life insurance.

21. Make a grocery list. You’re less likely to overspend if you have a plan. Plus, you can look for coupons and save money on groceries. (Learn more about how to coupon.)

22. Opt for the store brand. Generic labels and store brands are a surefire way to save money, even if you’re shopping at pricier stores.

24. Scope out specials. Take advantage of happy hours or other specials, like burger nights, Taco Tuesday deals and game-day promotions.

26. Apply for an income-driven repayment plan. Federal loans have several income-based options that cap your monthly payments at 5% to 20% of your discretionary income.

An important note: These income-driven repayment plans, as well as the SAVE repayment plan and student loan forgiveness, may disappear during the Donald Trump presidency. Learn what borrowers can expect in 2025 and beyond.

27. Ask for a deferment or forbearance. These halt your payments for a time. However, interest may still accrue, increasing your overall balance. It’s wise to first apply for an income-driven repayment plan. Private loans don’t come with the same protections, but your lender may work with you to reduce or temporarily suspend your payments.

28. Refinance your student loans. If you qualify for a better interest rate, you can lower your payments by refinancing student loans with a private lender. With this option, you’ll lose any federal protections.

29 Ask for a lower interest rate. Your card issuer is more likely to give you a lower interest rate if you have a solid payment history and good credit score.

30. Transfer your balance. Take advantage of a balance transfer offer with an existing card, or open a balance transfer card with a 0% interest rate. Moving your balance to either will allow you to pay it off interest-free for a designated length of time — after that period ends, you’ll face interest on your balance. This move generally requires an excellent credit score.

31. Consolidate your credit card debt. Personal loans often have lower interest rates than credit cards. If you qualify for one, you can consolidate your credit card debt with a personal loan to lower your monthly payments and save on interest charges in the long run.

32. Limit the number of services to which you subscribe. If there’s a service that provides just a couple shows you enjoy, consider binging them, then canceling the service. Also take advantage of free trials to watch what you want in that time period, without committing to the expense.

Finding a service that can provide multiple benefits can also save you money in the long run. Amazon Prime members, for example, get free streaming on hundreds of movies and shows and free shipping. (If you’re choosing just one, learn the best streaming service for you.)

33. Look into family plans. Popular music streaming services such as Spotify and Apple Music also offer family plans, which allow multiple people to share one account and save big.

34. Negotiate for a lower monthly membership rate. Come to the conversation armed with competitors' rates and the gym’s own new customer promotions to get the best deal.

36. Cancel any publications you don’t read regularly. You can always resubscribe later when you see a discounted rate. Or, better yet, pick one up at your local library.

38. Shop secondhand. Thrift stores are good for more than donating items. Thrift stores and other stores that allow you to shop second-hand are a great way to help you cut costs, and in a sustainable way. Keep in mind that some thrift stores and consignment shops often have special discount days or allow you to save even more money when you donate.

39. Sell your clothes. You can sell your gently used clothing at brick-and-mortar secondhand stores like Buffalo Exchange and local consignment shops. Or, try a virtual secondhand retail site like thredUP, where you can both sell and shop for items. With thredUP, you receive a bag and shipping label, so you just bag up your items and ship them, and receive a payout for the items that are accepted.

» Learn where to sell clothes