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Upgrade: The No. 1 thing people with fat savings accounts scrimp on that you likely don’t

Go ahead, have that latte.

That’s probably not the thing that’s breaking the bank for you.

When Matt Kelly and his wife Cheri faced debts of roughly $65,000 in 2005, they decided something must be done. So they cut food costs from about $500 to $300 a month, and pared down entertainment and extras from their budget. But the big thing that tipped the scales in their financial favor: Slashing their housing costs, the Portland, Ore.-residents tell MarketWatch.

The Kellys, who lived in Colorado at the time, moved from a three-story condo to an 850-sq.ft pad. That cut their monthly housing costs from $1,300 to $685, allowing them to save more than $7,300 a year.

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