Four Strategies To Lower Your Monthly Expenses (Without Changing A Thing)

By Mark Huntley, J.D.

Real estate investor, lawyer, personal finance writer, and Co-Founder of Credit Knocks

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Summary: The latest economic slowdown has forced many people to look at ways to lower their monthly expenses. Read about four strategies that won't require you to change anything in your life but could save you thousands of dollars. 

I know that you probably have a living room full of toilet paper and water because I have can’t find them anywhere… but how much cash do you have in savings to pay next month’s bills?

(If one of you has extra toilet paper in San Diego, I probably bought way too much-canned chicken at Costco that I’d be willing to trade.) 

I’ve been reading and watching the news day and night for the past month, and I am not worried about our toilet paper supply running out

What I am worried about is how I am going to pay rent and my bills if the Coronavirus does slow down the economy.

My savings account is dwindling quickly with another $650 going out, just today for all the non-perishable food I could find in town. 

coronavirus quarantine shelter in place lock down slow down CORONAVIRUS ECONOMIC SLOW DOWN CASH FLOW SAVE MONEY LOWER EXPENSES

I am going to need to start hoarding and saving money everywhere possible if I am going to weather the Coronavirus affects on my bank account. 

I wanted to go over some financial strategies that will help you lower your monthly expenses without having to change anything in your life.

The Federal Reserve recently cut interest rates to 0%, which means that you can now borrow money for record low APR rates. 

This makes it a good time to take advantage of these low rates by consolidating higher-interest debt from credit cards into one low monthly payment with a personal loan

Consolidating debt into a personal loan can save you hundreds a month in interest because the US rates are so low. 

An easy way to improve your monthly cash flow could be to get a balance transfer credit card with an introductory 0% interest rate and transfer your high-interest rate card balances.

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Did you know that you can refinance your car loan? 

Right now, you can refinance your auto loan for some of the lowest interest rates we have ever seen.

Another incredible once in a lifetime opportunity is to refinance your home mortgage or get a home equity line and save possibly thousands of dollars a year in interest. 

In this article, I will discuss all of these ways to help lower your monthly expenses and the best companies to help you keep extra cash in your account.

Lower Your Expenses by Consolidating or Refinancing High Interest Loans 

Since the Feds lowered interest rates down to next to nothing, it opens up a lot of opportunity for people with any type of credit score to consolidate their higher interest debt into new credit cards or loans. 

Fortunately, there are multiple options you can consider based on your present situation. 

Generally, if you have high-interest credit card debt, you have two options:

  1. Credit Card Balance Transfer

  2. Consolidate Credit Card Debt Into A Personal Loan

We discuss the pros and cons of each option in detail below.

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#1 - Save Money With A Credit Card Balance Transfer

A balance transfer credit card will allow you to transfer the balances of high-interest rate credit cards to a new low APR credit card. 

Many balance transfer credit cards will offer a 0% APR introductory rate for 6 to 15 months if you have good to excellent credit.  

The best balance transfer cards will offer a long introductory APR rate of 0% and will not charge you balance transfer fees. 

Once you make the transfer, your monthly payments will immediately go down because you will no longer be paying any interest on the credit card balance for your introductory period. 

Top Rated Balance Transfer Credit Card

chase freedom unlimited card

on Chase secure website

Chase Freedom Unlimited® Credit Card


Annual Fee

0% for 15 months

Credit Needed 
660 - 850

#2 - Personal Loans Give You A Lot Of Savings Options

Generally, personal loans can be used for just about anything, so long as you qualify, the lender will transfer the agreed-upon amount into your bank account. 

What you do with that money is up to you, which means you have a lot of options to help lower your monthly expenses. 

One of the best options would be to consider consolidating your higher interest loans, such as credit cards, retail store cards, and payday loans into one low-interest personal loan. 

Because the interest rates are so low right now, you should be able to qualify for a low rate personal loan or installment loan to pay off higher-interest loans. 

Even if you do not have a lot of high-interest credit cards or loans to consolidate, you can still take out a personal loan to help you pay your bills when you are short. 

It sounds like the Coronavirus may affect the US economy for an extended period, having a nest egg of money that you can use to get by sounds like a safe plan. 

Consolidate Debt With Personal Loans And Installment Loans

Personal Loan Credit Score Categories

Excellent Credit Score (760-850)

Good Credit Score


Fair Credit Score


Bad/Poor Credit Score


#3 - Auto Loan Refinancing Can Save You Big Money

Have you ever considered refinancing your car loan?

Many people are under the impression that they have to use the dealership financing when they buy a car. 

Dealership financing tends to be the worst financing you can get because the dealerships make the majority of their profit off overcharging you for your loan, not the sale of the car. 

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This means that there is a really good chance you could save 1000’s of dollars by refinancing your automobile loan today.

To find out if refinancing makes sense for you, click on the view rates button below and enter your basic information. 

You can then enter the amount of money you owe on your car, and they will give you the best monthly payment amount available. 

If the amount is lower than the amount you are presently paying, then your present auto loan is charging you a much higher interest rate, and you can save money by refinancing.  

#4 - Refinance Your Home Mortgage Or Get A Home Equity Loan

I spent ten years as a commercial and residential real estate attorney, and I have NEVER seen home interest rates this low

If you have a home mortgage and you haven’t looked into refinancing your home, then you are doing yourself dirty. 

I know it can be a pain in the butt to provide all the documents and sign all the papers, but we are talking thousands, if not tens of thousands of dollars in potential savings. 

Another great option is to consider taking out a home equity mortgage if your home is worth more than what you owe on the first mortgage. 

coronavirus quarantine shelter in place lock down slow down CORONAVIRUS ECONOMIC SLOW DOWN CASH FLOW SAVE MONEY LOWER EXPENSES

One advantage of taking out a home equity mortgage is it allows you to access the equity in the home for super-low interest rates. 

Equity taken from a home equity loan can be used to consolidate debt into much lower monthly payments. 

The same principles used when you choose a balance transfer credit card or take a personal loan to pay off your higher-interest loans are at play with a home equity loan. 

However, because home equity loans are usually offered at the absolute lowest interest rates, they can save you even more money in interest in the long run. 

Take Action

Hopefully, you found these Four Strategies To Lower Monthly Expenses article informative, and you have some good ideas on how to lower your monthly expenses. 

If you are in a hurry and don’t want to make much effort, applying for a new low-interest balance transfer credit card is a great option. 

Consolidating debt or starting an emergency savings fund with a personal loan or installment loan makes a lot of sense for most people looking to weather an economic slowdown. 

Don't forget to consider refinancing your auto loan and possibly save thousands in interest. 

If you own a home, you should be looking into refinancing or getting a home equity loan to improve your chances of getting through the next couple of months financially unscathed. 

There are a lot of options available for you to save money by lowering your interest payments through any of these ideas discussed. 

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