Look at the deductibles on your auto and homeowners insurance policies. Many people have deductibles that are much too low given their claims history and could save hundreds or even thousands of dollars annually on premiums if they increased their deductibles. Also, consider eliminating collision insurance if your car is older. Your insurer may issue a prorated premium refund. Redirect that money (and the additional premiums you would have paid in the future) into your emergency fund. -Evelyn Zohlen, President of Inspired Financial, Huntington Beach, Calif.