13 Smart Ways to Save Money Today with George Kamel

Understanding the Financial Concerns of Americans

In May 2025, a survey conducted by McKinsey & Company revealed that inflation and tariffs were among the top concerns for Americans. The data showed that 32% of respondents had already adjusted their spending habits, while another 31% planned to do so in the near future. These findings highlight the growing need for individuals to find ways to save money without sacrificing essential needs or living an overly frugal lifestyle.

Whether you're looking to save out of necessity or simply want to accelerate your financial goals, there are numerous strategies available to help you achieve your objectives. One expert who has shared valuable insights on this topic is George Kamel, a money expert who discussed various cost-saving methods in a recent YouTube video.

Practical Tips for Saving Money

Kamel emphasized that earning passive income doesn't have to be complicated. He outlined several practical approaches that can help you reduce expenses and increase savings. Here are some of his key recommendations:

Find a Roommate

Moving to a cheaper place might seem like a drastic step, but finding a roommate can be a more manageable option. By splitting rent and utilities, you could potentially save several thousand dollars each year. However, it's important to carefully vet potential roommates to ensure a responsible and compatible match.

Eliminate Private Mortgage Insurance (PMI)

If you purchased your home with a conventional mortgage and now have at least 20% equity, you may be able to stop paying for PMI. This can result in significant savings on your monthly mortgage payment. According to Fannie Mae, the average cost of PMI ranges from 0.58% to 1.86% of your loan amount annually.

Bundle Utilities

Kamel suggested bundling utility services through a single provider to maximize savings. For example, major cable companies often offer packages that include internet, home phone, and cellular services. If you already have a bundle, consider shopping around for better deals, especially if your promotional period has ended.

Set Up Automatic Payments

Using autopay not only helps you avoid late fees but can also lead to small discounts from service providers. This feature is commonly available for insurance premiums, utility bills, and certain loan payments. Just make sure you have sufficient funds in your account when payments are due.

Improve Energy Efficiency

The U.S. Department of Energy recommends keeping your home slightly warmer in summer and cooler in winter, even for just eight hours daily, to save on your electric bill. Additionally, using energy-efficient appliances, unplugging devices when not in use, and sealing windows and doors can further reduce energy costs.

Sell or Downsize Your Car

If you're struggling with an unmanageable car payment, selling your vehicle and opting for a cheaper alternative, carpooling, or using public transportation can save you a significant amount of money. This approach can also help you cut down on fuel, insurance, and other vehicle-related expenses.

Practice Safe Driving

Accidents and traffic violations can lead to higher car insurance rates. Kamel noted that safe driving can result in discounts, such as those for maintaining a claim-free record or participating in usage-based programs. Staying safe on the road also helps you avoid tickets and fines.

Increase Your Insurance Deductibles

Raising your insurance deductibles can lower your premium payments. However, it's important to be prepared for the increased financial risk associated with higher deductibles. This strategy may be beneficial if you're debt-free and have an emergency fund in place.

Utilize a Health Savings Account (HSA)

An HSA offers tax advantages for eligible medical expenses, as the money you contribute and withdraw is not taxed. Additionally, you can use the funds for non-medical expenses after age 65, although income taxes will apply. To qualify for an HSA, you must have high-deductible health insurance.

Cancel Unnecessary Insurance Policies

Kamel advised canceling policies such as credit insurance, cancer insurance, and burial insurance, which may not provide significant value. Instead, rely on term life coverage and health insurance for financial protection. You can also look for ways to save on remaining policies through bundling or switching providers.

Adjust Grocery Shopping Habits

To save on food costs, Kamel recommended creating a shopping list based on planned meals, visiting budget-friendly stores like Aldi, choosing generic products, and taking advantage of coupons and sales. Ordering groceries for pickup can also help you avoid impulse purchases and stay on track with your shopping list.

Eliminate Unused Subscriptions

According to CNET, unused subscriptions cost Americans approximately $200 annually. Kamel suggested reviewing your subscriptions and canceling those you don't use regularly. Consider family plans or free alternatives, such as library e-books and streaming services, to reduce costs.

Purchase Used Items

Buying used items can save you money on a wide range of products, from books and cars to gadgets. Kamel recommended checking online marketplaces like Craigslist and Facebook for available items, as well as exploring thrift stores or retailers that sell discounted refurbished or used goods.