Consider this: You have a day off work, and instead of going shopping, you choose to stay at home and try to reduce your expenses.

This may not sound like an exciting way to spend your free day, but financial experts believe that dedicating just a few hours to manage your spending could save you thousands of dollars over the coming year.

Here’s a list of activities you can do to cut costs, based on advice from various financial specialists.

Examine Your Bank Statements

It’s all too easy to click “subscribe” for a new streaming service, an interesting article subscription, or a gym with a tempting promotion.

And it’s even easier to forget you signed up for these services. Unfortunately, they will continue to bill you each month.

The positive side? Canceling unwanted subscriptions is fairly simple. Many of these services have monthly fees, which can be identified easily in your bank or credit card statements.

“Take a look back over the last month to see what surprises you may find,” suggested Kimberly Palmer, a personal finance expert from NerdWallet.

Reflecting on her own bills, Palmer admitted, “I’m aware I’m paying for two separate music subscriptions and haven’t found the time to cancel one.”

Palmer also remembered a sports streaming package she signed up for during the Olympics, which she forgot to cancel after the games ended.

In a recent article for the October/November issue of AARP The Magazine, financial journalist Diane Harris shared her experience of a day spent slashing her budget by targeting regular charges.

Harris discovered “two streaming services I had forgotten about, several magazine subscriptions I rarely peruse, and an unidentified monthly charge from Apple.”

“In total,” she noted, “I was overspending by about $100 a month on these services than I had previously estimated.”

Fortunately, canceling subscriptions is about to simplify: Recently, the Federal Trade Commission announced a “click-to-cancel” rule. This rule mandates sellers to “make it as straightforward for customers to cancel their subscriptions as it was to sign up,” according to a statement from the agency.

Manage Your Regular Charges

You can take simple measures to safeguard yourself against unwanted subscriptions in the future.

One method suggested by certified financial planner Catherine Valega from Boston is to charge all your subscription services to a single credit card. This strategy can make tracking these payments much easier.

If you sign up for a subscription you don’t wish to keep, consider canceling it right away. Often, subscription services let you cancel while still allowing you to utilize the service for the time you’ve already paid.

In a recent announcement, Capital One launched a subscription management tool designed to help users. This tool “provides a straightforward way for customers to block and cancel recurring charges with just a few taps,” according to their press release.

If You Can’t Cancel, Renegotiate

Palmer from NerdWallet recounted that she previously subscribed to New York Magazine but stopped using it. However, she is considering keeping it to support quality journalism.

You don’t always have to cancel to save money. Instead, consider negotiating your current subscription.

Determine your current rate and check the website for specials offered to new subscribers. These deals are often better than what you’re currently paying.

To receive these offers, experts recommend contacting the company directly. Ask if they can provide the new customer rate to you as well.

Harris used to pay $51 each month for a subscription to The New York Times. After spotting a promotional rate of $20 monthly, she decided to call the newspaper and successfully negotiated her fee down to $12.40 for the first six months and $24.80 for the following six months.

According to Harris, you can also negotiate better rates on services that you’re not planning to cancel, such as cellphone and internet plans.

Research Insurance Options

It’s always wise to compare home and auto insurance, as Palmer from NerdWallet suggests.

Insurance policies usually renew every six or twelve months, so it’s beneficial to periodically review your costs. “Every year or so, it’s useful to reassess those quarterly or annual or semiannual expenses,” she noted, “to avoid automatic renewals and to ensure you’re actively shopping around.”

There are consumer websites that provide advice on saving on car insurance, such as opting for a higher deductible, which is the amount you pay before your insurance kicks in.

Alternatively, you can call various insurance companies and ask them to compete for your business. This approach also applies to homeowners insurance.

Utilize a Budgeting Application

Budgeting apps, like YNAB or Goodbudget, are excellent tools for managing expenses effectively over the long term, according to Valega.

These apps allow users to monitor and classify their spending, enabling them to clearly see where their money goes.

“Recording your expenses and categorizing them can be an eye-opening experience for many,” Valega remarked.

Using a budgeting app helps consumers recognize how much they’re actually spending on dining out, travel, and online shopping.

“I find it fascinating how keeping track of every expense impacts behavior,” Valega added.

For instance, having to log every $3 coffee purchase in your budgeting application might discourage you from buying that coffee altogether.

Collect Your Gift Cards

Many of us have leftover gift cards from past holidays. According to Bankrate, 43% of shoppers have at least one unused gift card, voucher, or store credit.

“Gather your gift cards and check their current value. Then, add them to your total,” suggested Bobbi Rebell, a certified financial planner and personal finance expert with CardRates.com.

This collection can also include spare change, unused public transit cards, and even those small checks you received in the mail but never cashed.

Save Money at Home

Turning off lights and unplugging devices in your home can help you cut costs, say specialists, particularly as the weather changes.

Walk through your living space, switching off and disconnecting gadgets that aren’t in use to conserve energy, Rebell advised.

“Also, think about making a slight adjustment to your thermostat,” she suggested, to minimize heating expenses.

Autumn is an excellent time to have your heating and air conditioning system serviced, according to Palmer, “to ensure everything is functioning properly and nothing is close to malfunctioning.”

Find Savings in Your Closet

Sorting through your closet can help you declutter while also contributing to savings, Rebell stated.

“Take everything out of your closet and try on each piece before putting it back,” she advised. If you find anything missing a button, sew it back on. Items you no longer wear can be donated; don’t forget to keep a receipt for tax purposes.

If you come across any clothes with tags still attached, Rebell noted that they are likely impulse purchases. “If possible, return them for cash,” she urged. “If not, return them for store credit to use towards your holiday shopping.”