20 Ways to Increase Your Savings and Retire Rich

Downsize Before Retirement

“A lot of people live in a myth that they should buy as much house as they can afford,” Tresidder said. But a big house often comes with a fat mortgage payment and high insurance, utility and maintenance costs. “All these things take away from your savings capability,” he added.

If you have a bigger home than you need, don’t wait until retirement to downsize. Cut your costs now, and save the difference.