Cutting Out These 24 Expenses Will Save You Over $15,000 a Year

John Csiszar   Sun, May 7, 2023

When it comes to living expenses, the truth is that most Americans subsist on a very thin margin, even if their earnings are solid. A recent survey from LendingClub and PYMTS revealed that about 51% of Americans who earn over $100,000, are living paycheck to paycheck.

The good news is that if you take a closer look at how you live, you'll likely find many areas where you can trim expenses and give yourself an extra buffer.

See what expenses you could cut from your budget, how you can save thousands of dollars in the process and how you can better invest the money instead.

1. Credit Card Interest

Monthly Savings: $64.47

Annual Savings: $773.61

Every month that you don't pay your full credit card balance you'll be charged interest. That's essentially money you're throwing away. The average American has a monthly credit card balance of $7,279, according to a recent report from LendingTree. With an average annual percentage rate of 19.07%, many Americans can save big on fees by getting rid of their credit card debt.

Let's assume you've built up the average amount of credit card debt and want to pay it off over the course of a year. By the end of that year, you'll have paid $773.61 in interest, according to Credit Karma's debt repayment calculator.

2. Life Insurance

Monthly Savings: $33

Annual Savings: $430

Life insurance is an essential benefit for many because it provides protection for spouses and heirs in case the primary breadwinner dies unexpectedly. This can be especially important if the family has a mortgage or other debts to pay off. The annual premium for a healthy 35-year-old male for a $500,000, 20-year term policy is about $430, according to CNN.

But if you have no dependents, you likely don't need life insurance and might consider canceling your policy. Another option is to look for a job with employer-paid life insurance.

3. Brokerage Commissions and Fees

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