Written by Katherine Hobson
Published Oct 02, 2026 | 6 minute read
Key Takeaways:
Most people pay attention to the broad strokes of their financial lives, such as earning, investing and budgeting. But optimizing your money often happens in the details.
From idle cash and forgotten benefits to outdated insurance policies and underused tax strategies, even financially savvy households can overlook opportunities to make their money work harder.
Case in point: As of 2025, there were an estimated 31.9 million forgotten 401(k) accounts holding a collective $2.1 trillion in assets.
Conducting a money audit can help you identify money-making or saving opportunities that don’t require big lifestyle changes.
Saving is important, but where you keep your cash can have just as much impact on your financial progress.
“You want to use your money to make money,” says Alexis Boccanfuso, a certified daily money manager and professional coach. “That means looking for opportunities to maximize the interest rate on your savings.”
Some simple ways to do that include:
READ MORE: CD vs. High Yield Savings Account: Which Is Right for You?
Your total compensation often extends well beyond your paycheck. Employer-sponsored benefits can add up to thousands of dollars in value each year—so make sure you’re taking full advantage of them.
Review these commonly overlooked benefits:
“In addition to asking your HR department what’s available, review your pay stub and benefits elections to understand exactly what you’re already enrolled in,” says Allison Sanka, an accredited financial counselor and founder of Journey Financial Wellness.
If something no longer fits your needs, ask whether you can change or cancel it during your next open enrollment period—or sooner, especially if you experience a qualifying life event.
READ MORE: 8 Important Workplace Benefits To Help Moms Thrive
Insurance coverage is not one of those set-it-and-forget-it things. Your needs evolve over time, so it’s important to check in regularly to make sure your coverage is still appropriate and that you aren’t over- or underinsured.
Review your homeowners, auto, umbrella liability, life and disability insurance needs every year when the policies are up for renewal, as well as when you undergo life transitions such as retirement or moving.
“It’s also worth asking an independent insurance broker to look at your coverage and compare quotes, particularly if you haven’t shopped your policies in several years,” says Boccanfuso. “Bundling certain policies may also reduce your premiums.”
READ MORE: 5 Types of Insurance To Help Protect Your Wealth
Tax-saving opportunities arise throughout the year, not just as April 15 approaches. Because the right strategy depends on your income, investments and broader financial plan, consider discussing the following options with a qualified tax professional.
Selling an investment that has declined in value may allow you to use the loss to offset taxable capital gains and, within limits, some ordinary income. Before selling, consider your long-term strategy and be mindful of the wash-sale rule, which can disallow the loss if you repurchase the same or a substantially identical investment too close to the sale date.
Contributions to workplace retirement accounts and traditional IRAs may reduce your taxable income, depending on your account eligibility. If you are 50 or older, catch-up contributions can help you save more for retirement while potentially lowering your current tax bill.
Converting pretax retirement funds to a Roth account generally creates taxable income in the year of the conversion, but qualified withdrawals can be tax-free later. A conversion may be worth exploring during a lower-income year or before required minimum distributions begin, but consider the tax implications carefully.
Rather than just writing a check, consider whether donating appreciated securities, bunching several years of gifts into one tax year or using a donor-advised fund could increase the tax benefit of your giving.
READ MORE: Tax-Planning Strategies To Help Grow Your Wealth
Lowering your debt burden can free up cash to save or invest. Make a list of your debts, including the balances, interest rates and minimum monthly payments on all.
Be sure to include:
READ MORE: Want To Be Debt-Free? Start With This Checklist
Review the systems you’ve placed on autopilot and make sure they still reflect the life you are planning now.
READ MORE: How To Diversify Your Portfolio: A Guide to Asset Allocation
A good money audit should leave you with more than a list of canceled charges. It should give you a clearer view of what you own, what you’re paying for and whether each part of your financial life still serves a purpose.
Synchrony helps you get the most out of everyday life. Explore our financing and savings products, plus deals and offers from the brands you love. Learn more.
Katherine Hobson is a Brooklyn-based freelance writer who specializes in personal finance, psychology and health. She is a former senior writer for U.S. News & World Report, and her work has appeared in The New York Times, The Wall Street Journal, AARP and Kiplinger.
We include links to other websites in this article for your convenience. We do not endorse any content on these sites. All product names, logos, and brands are property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, logos, and brands does not imply endorsement. This content is subject to change without notice and offered for informational use only. You are urged to consult with your individual advisors with respect to any information presented. Synchrony and any of its affiliates (collectively, “Synchrony”) make no representations or warranties regarding this content and accept no liability for any loss or harm arising from the use of the information provided. Your receipt of this material constitutes your acceptance of these terms and conditions.