Wouldn’t it be great to have some money to save? Or even to have some financial freedom? These days it is hard to do that right now, let alone think about being financially secure in the future. Yeah retirement. Experts say most people would need a million dollars to live with financial freedom after retirement. Money Magazine’s September issue focused on taking a page from the millionaires out there to reach your own financial goals.

So how do you save money for the future when making ends meet today seems impossible?

Per Money.com magazine, to free up money to save you should concentrate on your big spends – Home, Food, and Car.


First  – Don’t buy a house bigger than you can afford and buy a keeper home not a starter home. So you buy a house you love, can afford (which means it is easily within your current budget), and then as the years go by you don’t sell and get a bigger home. Instead you remodel. Maybe a room at a time, maybe just paint. But the point is love what you have and make it great.

Next – Refinance your mortgage. This is presuming you have a good credit score (i.e. 740 and up). If you stay in your home for three years or more, even a half-percentage rate point can pay off in the long run. If you are like most people you may not have that great of a credit score. So you may need to first work on your score – pay bills on time, don’t over spend, make a budget and use it, don’t max out your credit cards, and ensure your debt to income ratio is low (under 43%).  Once you can show your mortgage creditor you can responsibly use credit and pay your bills then it is time to refinance.

See Money.com magazine, September 2016.