Retire Well

Try downsizing to save money fast

Downsize and save

Trying to figure out how to downsize and save money fast?

1. Consider selling your home. It may be your biggest asset — but it's also the biggest drain on your finances.

Even if your home is fully paid for, think about how much you pay in annual property taxes, utilities, insurance and repairs.

Renting or buying a smaller place will likely bring you huge savings.

2. Get rid of your car. Another way to drive more money into your bank account is to unload your vehicle.

If you're no longer working full time, you may not need it. Sharing with your spouse or taking mass transit could save you thousands of dollars a year.

Downsizing can add up to big savings and help ensure you can 'retire well.'

If you can't live without your own wheels or live too far from public transportation, trade in your current car for a more inexpensive and fuel-efficient model.

3. Cancel subscriptions you never use. Whether it's a gym membership, a bunch of magazines or Netflix, if you don't use it, don't pay for it.

Websites such as Trim and Truebill will look through your bank transactions to find subscriptions you forgot about — and help you cancel them.

4. Have a yard sale or sell your stuff on sites such as eBay. If you have too many clothes to fit into your closet, an exercise bike that just sits in your bedroom or dozens of books you'll never read again ... sell them!

You may not make a ton of money, but you'll get rid of the clutter — and make a few extra bucks, to boot.

Downsizing can add up to big savings and help ensure you can "retire well."