6 strategies for cutting costs and boosting your savings | Personal Finance

Check that you’re not overpaying or paying for monthly items that aren’t being used. Go through your budget — or monthly expenses if you don’t have a budget.

It’s easy to start a budget, and it can help you maximize your savings. See if there are areas of opportunity, such as cutting back on dining out or on coffee or other spending, that adds up over time. Also, go through your budget and try to renegotiate items, Crystal Rau, certified financial planner at Beyond Balanced Financial Planning, says.

“I check our insurance just to make sure we’re still getting the best rate for the coverages that we’re carrying,” Rau says. “It’s just about doing a reset every year, just to make sure you’re getting the best deal and you’re taking advantage of all those things that are offered to you.”