Start My Answer

5 Expenses You Can Cut to Save Money and Pay Off Debt

Deevra Norling | March 15, 2024

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: If you’re struggling with debt, here are some expenses you can cut down to save money and pay off your obligations: cut energy costs, eat out less, cancel unnecessary subscriptions, shop around for cheaper insurance, and review interest rates. If you’ve been sued for a debt, SoloSettle can help you settle the debt before going to court.

A new year inspires new goals, and for many, reducing debt is one such goal. If you feel like you’re drowning in a sea of debt, it can seem nearly impossible to surface from it.

One way to tackle overwhelming debt is to pay more than the minimum monthly premiums. To do that, you may need to free up extra cash to put toward paying off debt. This means cutting down on expenses. But where do you start, especially in a tough economic climate? Here are five ways to reduce expenses and free up money for debt repayment.

1. Cut energy costs

The average American spends around $315 a month on utilities, including electricity, natural gas, water, trash and sewer services. That amounts to $3,780 per year.

In 2022, rising inflation and supply chain pressures impacted energy prices globally. By August, the cost of powering the average American home rose by 15.8% compared to August last year, reaching the highest levels seen in 15 years.

Unfortunately, there’s more grim news as prices are expected to increase further in 2023. The U.S. Energy Information Administration forecasts that residential electricity prices will likely increase from 15.02 cents per kilowatt-hour (kWh) to 15.39 kWh.

Soaring energy costs are putting a tighter squeeze on household budgets, making it harder to keep up with debt repayments. So what can you do to reduce your energy use? Here are some ideas:

  • Keep your air conditioning and heating at a moderate temperature.
  • Lower your water heater temperature.
  • Use energy-saving light bulbs.
  • Unplug unused appliances. Phantom energy (energy drawn by appliances on standby) adds around $165 to the average household’s energy bill.
  • Hang laundry on a line instead of using the dryer.

2. Eat out less

Most of us don’t think twice about grabbing something to eat on the go. But at the end of the month, $2 here and $5 there add up to more than you think. Want to know just how much you’re spending on eating out? Start tracking how every coffee, smoothie, lunch or dinner you buy in a month. The results may astound you.

It’s a habit that can be hard to break, but if you’re committed to getting rid of debt, swap the takeouts for a home-cooked meal and pack a lunch for work. Cooking meals at home usually works out cheaper than eating out.

3. Cancel unnecessary subscriptions

A survey conducted by C+R Research found that most consumers underestimated how much they spent on subscriptions by $133. On average, most respondents pegged their monthly subscription costs at $86 but discovered the actual cost was closer to $219.

That’s because many people forget about some of their subscriptions. As many as 42% of consumers surveyed said they forgot about recurring subscriptions they no longer use.

When was the last time you reviewed your list of subscriptions? Do you watch all of the TV services you’re subscribed to? If not, cancel the ones you don’t use. The same goes for subscriptions to magazines, music streaming services, websites, and health and fitness clubs.

4. Shop around for cheaper insurance

Many people adopt a set-and-forget approach to insurance. But shopping around for cheaper insurance at least once a year is a good practice.

While home, health and life insurance are optional, car insurance is mandatory in most states. You may think cheap car insurance is hard to find, especially if you have factors working against you, like a bad credit rating or traffic violations.

But by comparing car insurance companies, you could strike it lucky with a lower-priced policy, especially if there’s been a change in your circumstances. For example, if you now work from home and drive less, you could switch to mileage-based insurance. According to The Zebra, low-mileage drivers in California (a state with high auto insurance rates) could save up to 32% compared to high-mileage drivers.

5. Review interest rates

In 2022, the Federal Reserve raised interest rates seven times. If you have a mortgage or car loan, you’re probably paying significantly more on these loans than you did a year ago, making it harder to reach your goal of being debt-free.

It’s time to review interest rates on your home and car loans. Compare lenders and refinance to a lender with a better rate. If you have credit card debt, try to eliminate this as soon as possible, as they tend to attract the highest interest rates. You can tackle this in two ways, with a debt consolidation loan or by setting up a debt management plan with a credit counseling agency.

There’s no denying that 2022 has been a tough year financially for many people. If you want to improve your financial situation in 2023, start by ruthlessly slashing expenses to free up money to redirect toward debt. Every cent you can put toward paying off debt moves you closer to debt freedom.

Settle your debt and move on with your life

If you’ve fallen behind on a loan or credit card payment, chances are your credit score has taken a hit. Debt collectors may start calling non-stop to discuss paying off the debt. You might even get sued for the debt you owe. It can feel draining and hopeless.

But you’re not alone. SoloSettle, powered by Solosuit, can help you settle your debts and restart. Here’s how.

Debt settlement involves paying off a debt at a discounted rate. It is a form of debt forgiveness that benefits both creditors and consumers. The average consumer can settle a debt for 50% of the original debt amount, so settling can save you money and give you a new financial start.

If you’ve been sued for a debt, you can settle before going to court. Follow these three steps to settle a debt after being sued:

  1. Respond to the debt lawsuit.
  2. Send a settlement offer to start the negotiation process.
  3. Get the settlement agreement in writing.

To learn more about these steps, check out this video:

What is SoloSuit?

SoloSuit makes it easy to fight debt collectors.

You can use SoloSuit to respond to a debt lawsuit, to send letters to collectors, and even to settle a debt.

SoloSuit's Answer service is a step-by-step web-app that asks you all the necessary questions to complete your Answer. Upon completion, we'll have an attorney review your document and we'll file it for you.

Respond with SoloSuit

Get Started

>>Read the FastCompany article: Debt Lawsuits Are Complicated: This Website Makes Them Simpler To Navigate

>>Read the NPR story on SoloSuit. (We can help you in all 50 states.)

How to answer a summons for debt collection in your state

Here's a list of guides for other states.

All 50 states.



Guides on how to beat every debt collector

Being sued by a different debt collector? Were making guides on how to beat each one.


We have answers

Join our community of over 40,000 people.


You can ask your questions on the SoloSuit forum and the community will help you out. Whether you need help now are are just look for support, we're here for you.


Get Started

Win against credit card companies

Is your credit card company suing you? Learn how you can beat each one.

Going to Court for Credit Card Debt — Key Tips

How to Negotiate Credit Card Debts

How to Settle a Credit Card Debt Lawsuit — Ultimate Guide

Get answers to these FAQs

Need more info on statutes of limitations? Read our 50-state guide.

Why do debt collectors block their phone numbers?

How long do debt collectors take to respond to debt validation letters?

What are the biggest debt collector companies in the US?

Is Zombie Debt Still a Problem in 2019?

SoloSuit FAQ

If a car is repossessed, do I still owe the debt?

Is Portfolio Recovery Associates Legit?

Is There a Judgment Against Me Without my Knowledge?

Should I File Bankruptcy Before or After a Judgment?

What is a default judgment?— What do I do?

Summoned to Court for Medical Bills — What Do I Do?

What Happens If Someone Sues You and You Have No Money?

What Happens If You Never Answer Debt Collectors?

What Happens When a Debt Is Sold to a Collection Agency

What is a Stipulated Judgment?

What is the Deadline for a Defendants Answer to Avoid a Default Judgment?

Can a Judgement Creditor Take my Car?

Can I Settle a Debt After Being Served?

Can I Stop Wage Garnishment?

Can You Appeal a Default Judgement?

Do I Need a Debt Collection Defense Attorney?

Do I Need a Payday Loans Lawyer?

Do student loans go away after 7 years? — Student Loan Debt Guide

Am I Responsible for My Spouses Medical Debt?

Should I Marry Someone With Debt?

Can a Debt Collector Leave a Voicemail?

How Does Debt Assignment Work?

What Happens If a Defendant Does Not Pay a Judgment?

How Does Debt Assignment Work?

Can You Serve Someone with a Collections Lawsuit at Their Work?

What Is a Warrant in Debt?

How Many Times Can a Judgment be Renewed in Oklahoma?

Can an Eviction Be Reversed?

Does Debt Consolidation Have Risks?

What Happens If You Avoid Getting Served Court Papers?

Does Student Debt Die With You?

Can Debt Collectors Call You at Work in Texas?

How Much Do You Have to Be in Debt to File for Chapter 7?

What Is the Statute of Limitations on Debt in Washington?

How Long Does a Judgment Last?

Can Private Disability Payments Be Garnished?

Can Debt Collectors Call From Local Numbers?

Does the Fair Credit Reporting Act Work in Florida?

The Truth: Should You Never Pay a Debt Collection Agency?

Should You Communicate with a Debt Collector in Writing or by Telephone?

Do I Need a Debt Negotiator?

What Happens After a Motion for Default Is Filed?

Can a Process Server Leave a Summons Taped to My Door?

Learn More With These Additional Resources:

Need help managing your finances? Check out these resources.

How to Make a Debt Validation Letter - The Ultimate Guide

How to Make a Motion to Compel Arbitration Without an Attorney

How to Stop Wage Garnishment — Everything You Need to Know

How to File an FDCPA Complaint Against Your Debt Collector (Ultimate Guide)

Defending Yourself in Court Against a Debt Collector

Tips on you can to file an FDCPA lawsuit against a debt collection agency

Advice on how to answer a summons for debt collection.

Effective strategies for how to get back on track after a debt lawsuit

New Hampshire Statute of Limitations on Debt

Sample Cease and Desist Letter Against Debt Collectors

The Ultimate Guide to Responding to a Debt Collection Lawsuit in Utah

West Virginia Statute of Limitations on Debt

What debt collectors cannot do — FDCPA explained

Defending Yourself in Court Against Debt Collector

How to Liquidate Debt

Arkansas Statute of Limitations on Debt

Youre Drowning in Debt — Heres How to Swim

Help! Im Being Sued by My Debt Collector

How to Make a Motion to Vacate Judgment

How to Answer Summons for Debt Collection in Vermont

North Dakota Statute of Limitations on Debt

ClearPoint Debt Management Review

Indiana Statute of Limitations on Debt

Oregon Eviction Laws - What They Say

CuraDebt Debt Settlement Review

How to Write a Re-Aging Debt Letter

How to Appear in Court by Phone

How to Use the Doctrine of Unclean Hands

Debt Consolidation in Eugene, Oregon

Summoned to Court for Medical Bills? What to Do Next

How to Make a Debt Settlement Agreement

Received a 3-Day Eviction Notice? Heres What to Do

How to Answer a Lawsuit for Debt Collection

Tips for Leaving the Country With Unpaid Credit Card Debt

Kansas Statute of Limitations on Debt Collection

How to File in Small Claims Court in Iowa

How to File a Civil Answer in Kings County Supreme Court

Roseland Associates Debt Consolidation Review

How to Stop a Garnishment

Debt Eraser Review

Do Debt Collectors Ever Give Up?

Can They Garnish Your Wages for Credit Card Debt?

How Often Do Credit Card Companies Sue for Non-Payment?

How Long Does a Judgement Last?

​​How Long Before a Creditor Can Garnish Wages?

How to Beat a Bill Collector in Court

Not sued yet?

Use our Debt Validation Letter.


Out Debt Validation Letter is the best way to respond to a collection letter. Many debt collectors will simply give up after receiving it.


Let's Do It

It only takes 15 minutes.

And 50% of our customers' cases have been dismissed in the past.


"Finding yourself on the wrong side of the law unexpectedly is kinda scary. I started researching on YouTube and found SoloSuit's channel. The videos were so helpful, easy to understand and encouraging. When I reached out to SoloSuit they were on it. Very professional, impeccably prompt. Thanks for the service!" - Heather



Get Started

Contents