If you're fortunate enough to have done well economically, here's a tip for you that can make you even better off.

Consider refinancing your home to a shorter term mortgage. For example, if you own a $200,000 house with a 6.2% interest rate on a 30 year mortgage and you refinance the loan to a 15 year term, you will save over $200,000 in total cost. That's huge. It also will have a monthly payment that's $300 a month higher than the 30 year loan.

Another way to save money is to make bi-monthly mortgage payments. It works like this. On the first day of the month you pay half your payment. Two weeks later you make the other half. This results in a huge long term savings because you are making the equivalent of 13 monthly payments in a year instead of 12. The extra payment goes to retire principal.