Second, Lower Your Big Monthly Bills
Consider refinancing your mortgage and car loans — typically, the biggest bills a family pays each month — at lower-interest rates. This will increase the amount of money you’ll be able to save.
6. As you gradually pay off your consumer debt, your credit score will rise.
This will make you eligible for lower interest rates on your mortgage. (Check your credit score at no cost through annualcreditreport.com.)
Talk with your mortgage broker regularly to see whether interest rates have declined. Or search for lower rates online. Bankrate.com updates mortgage rates weekly based on data from banks across the country.