A May 2025 McKinsey & Company survey found that inflation and tariffs topped the list of concerns for Americans, with 32% of respondents having changed their spending and another 31% planning to.
Whether you need to save money out of necessity or just want to progress more quickly toward a goal, you can do so without giving up the essentials or living an extremely frugal life.
Read Next: 8 Frugal Habits Americans Are Ridiculed for — and Why You Shouldn’t Care
Check Out: I'm a Retired Boomer: 6 Bills I Canceled This Year That Were a Waste of Money
In a recent YouTube video, money expert George Kamel discussed many creative and simple ways to cut costs. Think about which of these strategies might work for you.
Find a Roommate
While you could move to a cheaper place, finding a roommate is an easier cost-saving option. Between splitting the rent and utilities, you could save several thousand dollars each year, with the catch being that you give up some privacy.
Kamel suggested carefully vetting your potential roommate to find a responsible match.
Explore More: 8 Frugal Habits You Should Never Quit, According to Frugal Living Expert Austin Williams
Get Rid of Private Mortgage Insurance
If you bought your house with a conventional mortgage with a low down payment and now have at least 20% equity, you can contact your lender to see if you can stop paying for private mortgage insurance (PMI).
Fannie Mae noted that the typical cost is around 0.58% to 1.86% of your loan amount each year, so you could see significant savings in your mortgage payment.
Bundle Your Utilities
Kamel suggested bundling services through one provider for potential savings. For example, major cable TV companies like Xfinity and Spectrum offer internet, home phone and cellular services in packages. It’s also worth shopping around with a competitor if you already have a bundle that has become more expensive after your promo period expired.
Set Up Automatic Payments
Not only does using autopay help you avoid the costs of late payments, but your provider might even offer a small discount. You’ll often find this perk available for insurance premiums, utility bills and certain loan payments. Just make sure to have the funds available when the payment is due.
Be More Energy-Efficient
According to the U.S. Department of Energy, if you’re willing to keep your house somewhat warmer in summer and cooler in winter, even if just for eight hours daily, you can save on your electric bill.
“You can also use energy-efficient appliances, unplug what you’re not using, and seal up any windows and doors to prevent energy loss,” Kamel said.
Sell or Downsize Your Car
If you’re stuck with an unmanageable car payment, selling that vehicle and getting something cheaper, carpooling or using public transportation could save you a lot of cash. Besides freeing yourself of a large loan payment, you can save on fuel, insurance and other vehicle costs.
Be a Safe Driver
If you get in at-fault accidents or get cited for speeding and other driving violations, your car insurance rates can quickly get expensive.
Kamel explained that your safe driving can lead to discounts, such as those for staying claim-free or enrolling in usage-based programs. Plus, staying safe helps you avoid tickets and fines.
Raise Your Insurance Deductibles
Whether you have a health, auto or homeowners insurance policy, consider whether paying a higher deductible is worth the money you would save on your premiums. Just be prepared for the higher financial risk on your end.
“This could be a great move if you’re out of debt with an emergency fund,” Kamel said.
Have a Health Savings Account
Kamel suggested a health savings account (HSA) for your eligible medical expenses since you won’t have to pay taxes on the money you put in or take out or on any growth.
He said you can also tap into the account for non-medical expenses starting at age 65, but income taxes will apply. However, the IRS requires that you have high-deductible health insurance to qualify for an HSA.
Get Rid of Junk Insurance
According to Kamel, you’re wasting money if you have certain policies, such as credit insurance, cancer insurance and burial insurance. He recommended canceling those and using your term life coverage and health insurance for financial protection.
While you’re at it, you can look for ways to save on your remaining policies through bundling and shopping with competitors.
Rethink Your Grocery Shopping Habits
Kamel had several tips for saving on food, including creating a shopping list based on your planned meals, visiting cheaper stores such as Aldi, opting for generic products, and taking advantage of coupons and sales.
He also discussed how ordering your groceries for pickup helps you resist impulse buys in the store and makes it easier to track your shopping list.
Ditch Some Subscriptions
In June 2025, CNET reported that unused subscriptions were costing Americans about $200 annually. Kamel suggested going through the ones you’re paying for and canceling what you’re not using regularly.
Also, consider whether getting family plans or exploring free options, like library e-books and streaming services, can lower your subscription costs.
Buy Used Items
Whether you want a book, car or gadget, you’ll likely pay less if you buy used versus new. Kamel suggested checking what people are selling on Craigslist and Facebook and using secure payment methods.
You can also shop at thrift stores or check popular retailers like Amazon, Apple and Best Buy, which sell discounted refurbished or used items.
More From GOBankingRates
- 7 McDonald's Toys Worth Way More Today
- 5 Old Navy Items Retirees Need To Buy Ahead of Fall
- 4 Things You Should Do When Your Salary Hits $100K
- 4 Housing Markets That Have Plummeted in Value Over the Past 5 Years
This article originally appeared on GOBankingRates.com: 13 Ways To Save Money Right Now, According to George Kamel
