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How to Build Savings by Cutting Back


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Housing and Utilities  

•   To get a lower rate, refinance your mortgage, or switch from a 15-year to a 30-year loan.
•   To save money on taxes, challenge your property tax assessment.
•   Investigate whether bundled services (phone, cable, internet) could save you money, or whether you can do without some of these services. Many people are replacing landlines with cell phones and swapping cable for significantly cheaper online streaming services.
•   Be more efficient with your energy usage by washing only full loads of dishes or laundry.
•   Lower energy bills by turning off lights and electronics when not in use, and turning off heat or A/C when no one is home.
•   Install a programmable thermostat for more control over your heating and cooling costs.
•   Weatherproof your house and seal all cracks and openings to maintain insulation to save on energy costs.


If you’re struggling with your mortgage or rent payment, moving to a cheaper location is not always an option. Consider ways to lower your household costs, such as finding a roommate to share costs with. 

Personal Insurance and Retirement 

•   Consider refinancing your term life insurance. Rates have dropped in the past decade, so you may qualify for a lower premium.
•   If you have a long-term disability policy, investigate the savings if you opt for a longer waiting period to reduce premiums (as long as you have an emergency fund).
•   Suspend contributions to annuities and other accounts that don’t offer matching funds or tax breaks.
•   At a minimum, contribute the amount your company will match each month to your 401(k). 

You might be tempted to cut back on your 401(k) contributions to pay
off debt, but avoid it if possible. Most companies with 401(k) plans offer matching funds, so failing to contribute means you’ll miss out on free money.



•   Bring lunches and snacks to work. Also bring your own morning coffee.
•   Check your fridge for items to use before they go bad.
•   Give up unhealthy vices such as soda, candy, salty snacks, etc.
•   Use the weekly grocery store circulars to find sale items and shop accordingly.
•   Prepare a meal plan for the week and stick to it when grocery shopping. This also helps avoid last-minute take-out orders.
•   Seek protein in cheaper alternatives to meat such as eggs and beans. 


Dining out utilizes nearly half of the average family’s food expenditures, so eating at home is one of the simplest ways to trim your food budget.


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American Consumer Credit Counseling (ACCC) is a not-for-profit agency that offers credit counseling, housing counseling and other financial services to individuals and consumers nationwide. ACCC also offers a home buyers class and first time home buyer guide that provide help for first time home buyers as well as consumers getting back into the real estate market. ACCC's homebuyer education course provides comprehensive education and home buying tips on everything from choosing a realtor to closing on a new home. Available online and on mobile devices, ACCC's first time home buyer course provides a certification necessary to qualify and close on certain types of mortgage loans. ACCC also offers reverse mortgage info, including details on qualifying for a reverse mortgage and answers to questions like "What is a reverse mortgage?" and "How do reverse mortgages work?"

American Consumer Credit Counseling - Consolidate Debts - Better Business Bureau American Consumer Credit Counseling - Consolidate Debts - Mass Housing Approved National Industry Standards for Homeownership Education and Counseling American Consumer Credit Counseling - Consolidate Debts  - Council on Accreditation American Consumer Credit Counseling - Consolidate Debts  - NFCC Member