Ways to Increase Saving


Longmont and Boulder Financial Planner

It’s all well and good to talk about saving more money, but in reality, it is difficult to save when you don’t have anything left after the bills are paid. That means that when you really need to save, you’ll have to look for the cash in some unexpected places.



  • Refinance your mortgage if the current interest rates are favorable. A general rule of thumb is that it is worth refinancing if you can secure a rate from ½% to 2% below your current rate.

  • Revert to a 30-year mortgage if you have fewer than 20 years left on your current mortgage and need to free up extra cash.

  • Make sure you are taking advantage of all savings perks with a 401(k) plan or IRA and any employer matching contributions offered.

  • Use employer-sponsored benefits, like a pre-tax flex savings account for out-of-pocket medical expenses.

  • Get rid of nonessential, recurring expenses. If you pay for an unused gym membership, cancel your contract. The same goes for any subscriptions you can do without.

  • Buy off-brand products. Most generic products are just about identical to the name-brand, but with different packaging. You’ll save a significant amount just switching.

  • Use coupons. Most stores have digital apps for their weekly ads and coupon clipping.

  • Repair expensive items instead of replacing them if it’s not too expensive to fix.

  • Review your insurance premiums every few months. Companies are competitive and may offer you lower options to lure you away from their rivals. Make sure you get every discount applicable to your situation, and see if bundling different types of insurance will lower your price even further.

  • Cut out an expensive habit, like premium coffee beverages. At the very least, reduce the number of times you make purchases related to this habit per week and keep track of the money you save.

  • Secure lower interest rates on your credit cards if you have a good credit score…or better yet, don’t carry a balance on your credit cards at all.

  • Utilize auto-pay for reduced rates, especially on student loan payments. You can also set up automatic payments for other fixed expenses, to ensure that you never have to pay a late fee for missing a payment.

  • Keep up to date on your bank accounts to avoid overdraft fees.

  • Make your home more energy-efficient to save on utility costs and make it more marketable when the time comes to sell.

  • Conserve gas by driving slower. It’s not exciting, but it works. Maintain the proper tire pressure, avoid hard braking, and use cruise control on highways to improve your gas mileage.