Guy Penn, principal of G.M. Penn Wealth Management in O'Fallon, Mo., says one of the quickest ways to save money is by reducing investment fees.
"If you have a 401(k) sitting idle at an old employer, it may be time to roll that over into a self-directed IRA," Penn says. "New laws being enacted in 2012 require 401(k) providers to now disclose the fees and expenses within their plans. Most employees might be surprised just how much they are paying in such fees."
Penn says by reducing investment fees by just 1 percent on a $100,000 balance, you can save $1,000 per year.
"That savings impact has much larger implications over time," Penn says.