Inductors are critical components in power electronic converters, determining their efficiency and size. A converter's performance is limited by the losses associated with inductors. In lower power applications, commercially available off-the-shelf inductors are usually used, but their losses are often difficult to predict solely based on datasheet values. Therefore, a direct measurement is typically required; here, a separate measurement of the dc and an ac loss is proposed to simplify the measurement process. This paper presents a low-cost setup based on affordable equipment, such as a self-built current probe, and uses simple compensation methods that allow developers to efficiently and cost-effectively measure losses in inductors. The setup is designed to emulate conditions comparable to real-world applications. The proposed procedure and setup are validated through experimental results, and potential sources of error and methods for compensation are discussed.