The Top 10 Ways to Save Money

We're all looking for ways to save money. And everyone has their own method of saving, whether it's depriving yourself of that $4 mocha latte once a week or deferring an exotic family vacation.

Use these money-saving ideas to come up with new methods to save money in your everyday life.

1. Pay Off Your Debts
   Start with the debt if you're trying to save money through budgeting but still have a lot of debt. Are you still not convinced? You'll quickly realise if you add up how much you spend each month on debt service. When you're no longer paying interest on your debt, you can easily put that money into savings. A personal line of credit is one way to consolidate debt and make it easier to pay it off.

2. Establish Savings Objectives
   Visualizing what you're saving towards is one of the most effective strategies to save money. Set saving goals and a timeline to help you save more easily if you need incentive. Want to buy a property with a 20% down payment in three years? You now have a goal in mind and know how much money you'll need to save each month to reach it.

3. Take care of yourself first.
   Set up a monthly automatic transfer from your checking account to your savings account. Don't cheat yourself out of a healthy long-term savings strategy, whether it's $50 every two weeks or $500.

4. Give up smoking
   No, quitting isn't easy, but if you smoke a pack and a half a day, you'll save about $3,000 a year if you quit. For the first time since the mid-1960s, the percentage of Americans who smoke cigarettes has fallen below 20%, according to the Centers for Disease Control.

5. Take advantage of a "Staycation"
   Though the word is fashionable, the concept is sound: instead of spending thousands on international flight tickets, look for entertaining vacations close to home in your own backyard. If you are unable to travel the distance, seek for inexpensive flights in your area.

6. Spend in order to save
   Because, let's face it, utility expenses rarely decrease over time, now is the time to take action and weatherize your home. Request an energy audit from your utility company, or identify a licenced contractor who can perform a whole-home energy efficiency assessment. It might be as simple as sealing windows and doors, or as complex as installing new insulation, siding, or ENERGY STAR high-efficiency appliances and goods.
   retirement plan or pension plan

7. Spend in order to save

Because, let's face it, utility expenses rarely decrease over time, now is the time to take action and weatherize your home. Request an energy audit from your utility company, or identify a licenced contractor who can perform a whole-home energy efficiency assessment. It might be as simple as sealing windows and doors, or as complex as installing new insulation, siding, or ENERGY STAR high-efficiency appliances and goods. Over time, you might save tens of thousands of dollars in utility bills.

1. Cost-cutting measures

Lowering your water heater's thermostat by 10 degrees Fahrenheit will save you 3-5 percent on energy bills. When compared to a traditional storage tank water heater, installing an on-demand or tankless water heater can save you up to 30%.

1. Bring a Lunch
   Finding everyday savings is a simple money-saving strategy. If eating lunch at work costs $7 but bringing lunch from home costs only $2, you can save $1250 in an emergency fund or contribute significantly to a college or retirement fund over the course of a year.

2. Open a Savings Account That Pays Interest
   Keeping your savings account separate from your checking account helps most of us avoid the temptation to borrow from our savings account from time to time.

3. Calculate Your Spending on a Year-by-Year Basis
   Do you spend $20 a week on snacks from the office vending machine? Every year, you're cutting $1,000 from your budget for soda and snacks. Suddenly, that little habit adds up to a lot of money.