I recently learned of Opus (audio codec) and it's amazing. If you've been using mp3, ogg, speex, aac, or any other lossy format: time to upgrade. Opus is freely licensed and I'm blown away by the quality per bitrate. Released in 2012 and I don't see anyone using it yet! Device support is good nowadays and you can either have smaller files or better quality in the same amount of space.
Last night I re-encoded a lot of my audio books (they were mainly mono mp3 64kbps with a few exceptions) and it takes like half the space. One of the larger books went from 1.5GB to 350MB and I can't tell the difference in quality at all.
What I used is apt install opus-tools && opusenc --bitrate x --framesize 60 in.flac out.opus; or choose the Opus export format in Audacity if you're more GUI-inclined.