For most people the next biggest expense next to their mortgage is their automobile.

Do you own too much vehicle for your personal needs? Do you have a large equity in a car that you no longer use frequently? Could you honestly downsize and save money, not only in monthly payments but also in maintenance, insurance and other operating expenses?

No car should be without a tire pressure gauge. Soft tires take more energy to move. You could save $300-$500 over every 12,000 miles driven by proper tire pressure.You get 0.4 percent lower mileage for every drop in PSI tire pressure. Air is a gas which contracts as temperatures get colder. A 50 degree change in temperature is equal to 5 PSI.

With the vehicles that you do own, are you making sure the tires are fully inflated, air filters cleaned and are you getting the best deal on your repairs, maintenance and insurance?