Final thoughts To truly maximize your savings, you must direct the conserved money to the areas of your finances that need the most attention. If you've found a way to save $100 per month but are in significant credit card debt, use this cash to pay down your debt. And if you don't have an emergency fund set aside, start one now. Saving money is always great -- just be sure to use the money you save wisely. What are you doing to cut your monthly bills? David Bakke is a contributor for Money Crashers, an online resource dedicated to personal finance education including topics such as frugality, money management, investing and retirement.