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

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By Mark B. Huntley, Esq. 
Last Updated 03/31/2020

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Summary: Learn four strategies that won't require you to change anything in your life but could save you thousands of dollars. 

I’ve been reading and watching the news day and night for the past month, and not because I'm worried about running out of toilet paper!

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

I've been looking at four ways I can save a ton of money in my own budget and wanted to share them with you.

The best part?

We won't feel the changes.

We're not cutting cable TV, the internet, Starbucks or anything else we love.

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

When One Door Closes, Another Door Opens

Yes, people are losing jobs left and right.

But as my parents used to say, look for opportunities in every difficulty.

When the Federal Reserve recently cut interest rates to 0%, which means that you can now borrow money for record low APR rates, that gave us all a big opportunity!

This makes it an excellent time to take advantage of low rates by refinancing or consolidating higher-interest debt into lower payments.


We can save money without changing anything else we're doing!

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In this article, I will discuss all four ways I'm currently looking at to help lower my monthly expenses and show you the best companies I've found to help you keep extra cash in your account.

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

Consolidating debt into a personal loan can save you hundreds a month in interest because the rates are so low, and because you can spread out the payments over a longer period of time. 

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. 

Consolidate Debt With Personal Loans And Installment Loans

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#2 - Auto Loan Refinancing Can Save You Big Money

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!

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. 

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.  

#3 - 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. 

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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. 

#4 - Save Money With A Credit Card Balance Transfer

Do you have a credit card balance you're paying on every month?

Chances are you can lower it!

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.  Here's our favorite.

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. 

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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