Amorphous and nanocrystalline soft magnetic alloys have garnered interests in academia and industry due to their potentials for applications, such as power transformers, electric motors, and sensors. To achieve good glass formability, thermal stability, and prevent grain overgrowth, elements such as B, Nb, Ta, and Hf are used in many soft magnetic systems. However, the high price of these precursors results in expensive soft magnetic alloys. Herein, we report on substituting Ta and Hf with TaC and HfC, respectively, to significantly reduce the cost of Fe-based FINEMET and Co-based HTX005 alloys. Soft magnetic properties of these alloys are studied. The effect of thermal annealing and strain annealing on TaC and HfC substituted alloys are also investigated. Lastly, we discuss the cost analysis on these alloys. Using the synthesis route presented here, a cost reduction of up to 74% can be achieved.