5 tools to lower your expenses when every dollar counts

If you're looking to cut back on your expenses and create some breathing room in your budget, you're not alone.

Sixty-three percent of Americans are living paycheck to paycheck, according to the CNBC and SurveyMonkey Quarterly Money Survey published in July. Of that group, 20% break even each month and 17% spend more than they make.

Earning more money isn't feasible for everyone but trimming your expenses could provide some relief. While that might sound like a daunting task, there are many tools that can help.

CNBC Select picked the best strategies and products to help you make some extra space in your budget, including ways to cut back on small expenses and where to find extra cash.

Insurance costs, including homeowners and auto insurance, have increased since 2021. Auto insurance costs jumped by 47.5% between 2021 and 2026, according to data from insurance comparison site The Zebra. Premiums jumped 64% between 2021 and the end of 2025, according to data from mortgage lender and servicer Newrez.

One of the best ways to combat these increasing costs is to shop around for coverage. That way, you can be certain that you're getting the best deal on policies for homeowners, auto and renters insurance.

You can work with a broker — who can help you get quotes and policies from several different insurance companies — or comparison shop with insurers that offer quotes online.

If you're going the DIY route, one product could be especially useful for auto insurance: Jerry, an AI-powered shopping tool, can give you quotes from dozens of insurers in just a few minutes and can alert you if it finds a lower price for you in the future.

If you haven't done a thorough audit of all of your subscriptions recently, doing so could help you trim your expenses. After all, the average American adult spends about $21 per month on subscriptions they don't use, according to a survey by technology publication CNET.

Several popular budgeting apps can spot subscriptions that may have fallen through the cracks. Rocket Money is one, and the premium version — which ranges from $7 to $14 per month in price — can also negotiate a refund on your behalf.

While not every bill is negotiable, you may be able to get a better price on your home internet, phone plan, or other monthly bills simply by asking. For example, if you have credit card debt, it may be possible to ask for lower interest rates, which can, in turn, lower the amount of interest you'll pay.

While it's possible to find scripts and templates for these types of bill negotiation online, you can use a service to help. On top of being a comprehensive budgeting app, PocketGuard can help negotiate phone, internet and other bills for you to help lower your monthly expenses. PocketGuard does have a limited free version, but the paid version costs $12.99 per month.

Similarly, Billshark can help with phone, wireless, internet and other utility bills, and boasts a 90% success rate. Instead of a flat fee, Billshark costs equal 40% of your savings, capped at two years of discounts or $9 per cancellation. If you don't save, you don't pay anything.

The average bank account maintenance fee is $13.51, according to a MoneyRates survey. Over the course of a year, that adds up to more than $162. But you can often avoid this by choosing from the dozens of no-fee bank account options.

The best no-fee checking accounts include free ATM access, low or no minimum balance requirements, and possibly interest. CNBC Select likes Alliant High-Rate Checking because it has no monthly maintenance fees or overdraft fees. It also includes ATM fee reimbursement of up to $20 per month and free access to 80,000 ATMs.

There are also plenty of free savings account options. The Capital One 360 Performance Savings account stands out because it has no monthly maintenance fees or deposit or balance minimums.

If you're planning on opening a new bank account soon, taking advantage of a welcome bonus could help you get some extra cash. Bonuses can range from $25 to hundreds of dollars, though larger rewards tend to require larger deposits.

Typically, these bank account bonuses don't require much work: You set up the account, make the required deposits or route your direct deposits to the account, and then get the bonus after a certain period of time. What's more, some of the accounts also have no maintenance or service fees.

Opening a new SoFi Checking and Savings account could help you earn a *$50 cash bonus with a qualifying direct deposit of $1,000 to $4,999.99, or a $400 cash bonus with a direct deposit of at least $5,000. You'll need to keep the account open for at least 14 days to qualify, but there are no account service or maintenance fees in the future.

Make sure to read the fine print before you start the process, since some offers require the money to stay in the account for a certain period or include other terms and conditions. Additionally, this money is typically considered taxable income at tax time.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every personal finance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of personal finance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

* New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/ *SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn up to 3.10% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.10% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. *SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC's regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks. *Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% APY Boost (added to the 3.10% APY as of 5/28/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#4. SoFi Bank, N.A. Member FDIC. *Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet