Matthew Coffin, CEO of www.LowerMyBills.com, is an expert on saving money. Here are his top five tips.

1. Review your bills and the rates you're paying. By changing companies, most people can get instant savings on car insurance, mortgage rates, and long-distance and wireless phone service. "We find that the typical person can save $400 a year on long distance alone by switching to a cheaper service," says Coffin.

2. Make a list before you go shopping. Whether it's school supplies or groceries, write down what you need. "Most people who don't have a list tend to overbuy," says Coffin.

3. Dedicate yourself to eliminating late fees. Credit-card companies have raised late fees to as much as $30.

4. Check your credit report at least once a year. According to Coffin, 80 percent of people have mistakes on their credit reports, which leads to higher credit-card and homeloan rates.

5. Pay off high-rate cards first. Paying off the credit card that charges you the most interest first sounds like a no-brainer, but many people with multiple cards pay a little on each card every month, regardless of the rate.