Looking to Save Money? Here are 5 Expenses to Cut

By Lauralynn Schueckler

Saving money is a valuable financial skill, but it’s one that many of us haven’t quite mastered yet. In 2025, Americans save less than 4% of the income they have left over after taxes are deducted from their paychecks.

Why do we save so little? One of the main reasons is that saving is a financial skill that has to be learned through practice and commitment. On top of that, saving money can be challenging when you’re on a fixed income or you have dependents to care for.

But if you’re ready to defy the odds and increase your savings, even on a tight budget, here are a few sneaky expenses you can cut. 

1. Cable and streaming

Do you know how much you’re spending on streaming services each month? Chances are, it’s more than you think. You may even be paying for services you haven’t used in months or years.

Cable can slowly eat away at your savings, too. Sure, cable TV is far less popular than it used to be. But in 2025, nearly 70 million U.S. households still subscribe, and the average monthly bill is almost $90, which comes out to $1,080 a year.

Here are a few ways to cut monthly expenses for TV:

• Cancel subscriptions: Review your financial statements to find and cancel streaming services you don’t use.
• Choose one: Choose one streaming service and use it to replace your cable or multiple streaming subscriptions.
• Free alternatives: Many libraries provide free streaming services. If you have a library card, you might get free memberships with Kanopy, Hoopla Acorn TV and more.
  

2. Dining Out

According to the latest Consumer Expenditures data (2023) from the Bureau of Labor Statistics, each American spends an average of $504 a month, or $6,053 a year, on food away from home.

This category can feel particularly tough to cut back on if you rely on fast food or take out for convenience, or if you socialize over restaurant meals. In other words, you’ll really need to focus on changing your habits if you want to save money in this area. Here are a few things you can do:

• Make a weekly meal plan and buy all the necessary groceries once a week.
• Cook in batches and take pre-made meals to work with you.
• Look up easy, quick recipes that can feed your whole family in a pinch.
• Start by replacing a few fast-food meals with homemade meals each week, and work your way up from there.
• Plan social activities that don’t involve dining out, like game nights or hiking.
• Set up a nice coffee station at home and skip out on trips to coffee shops.
• Pick just one night a week to go out for dinner as a treat.

3. Gym membership

Working out is a great way to invest in yourself and save money on healthcare expenses. Unfortunately, having a gym membership doesn’t necessarily mean you workout.

According to one study, Americans spend over $1B per year on gym memberships they don’t use. In part, that’s because big gyms are built to sign you up for recurring charges and then discourage you from coming in.

Instead of burning money on a gym you don’t visit, choose free or low-cost physical activities, like following a YouTube workout video at home, walking, running, or swimming at a public pool. 

4. Unplanned purchases 

When you visit big-box stores, do you stick to buying what you came for, or do you throw a few extra items into your cart? Do you have a habit of buying snacks while you’re in line at the register?

When you’re trying to find extra cash in your monthly budget, another place to look is these unplanned expenses. Ultimately, they’re bad habits that add up and kill your savings.

Here are a few ways to cut back on impulse buys:

• Make a shopping list and stick to it when you’re at the store.
• Research the cost of your desired item before visiting the store, and just take the amount of cash you need.
• Order items for curbside pickup so you don’t have a chance to browse.

5. Overused utilities

Yes, water and electricity are essential. However, you may still have an opportunity to save on utilities.

Check your utility bills for the last few months and see how much you are spending on electricity, water and gas. Have you been running the A/C when you didn’t need to? Leaving the heater on overnight?

You might be able to save money by having the whole family take shorter showers or turning off lights when not in use. If money is particularly tight, check to see if your utility companies offer income-based discounts or assistance.

Other budget killers to avoid

Looking for even more ways to save money? Perhaps you can get creative to cut back in other areas. Here are a few extra budgeting tips to try:

• Create a household budget or update your budget. Review your financial statements to see what expenses are missing.
• Track all of your spending for two weeks and then check to see what you can cut.
• Avoid using credit cards to make purchases. Stick to cash or debit instead. 
• Set up an automatic deposit to go to your savings account every pay day. 

As you can see, saving money doesn’t have to mean depriving yourself of joy. But it does mean getting creative about when and how you spend, and working to develop money-saving habits. 

Still not sure how you can make the financial changes you want? You can always reach out to an NFCC-certified credit counselor for professional guidance!
Saving doesn’t have to be scary or feel like you’re sacrificing all the fun in life. Start with one or two places to cut back and see how good it feels to have money in the bank for a rainy day fund. Just by making small cutbacks, you can watch your savings grow!

Lauralynn Schueckler is the Online Marketing Specialist at Advantage Credit Counseling Service. She is the author for Advantage CCS’s Blog called Dollars & Sense. Advantage Credit Counseling Service is a member of the National Foundation for Credit Counseling. Contact Advantage Credit Counseling at 866.699.2227, or visit Advantage Credit Counseling online.

Views expressed are the personal views of the author, and do not represent the views of the National Foundation for Credit Counseling, its employees, its members, or its clients.