8 - Best Methods for Saving Money

1 . Get Rid of Your Debt

Start with the debt if you are trying to save money through budgeting but still have a significant amount of debt. Still unsure? You can simply determine this by adding up the monthly cost of debt servicing. You can easily put that money into savings after you are no longer required to pay interest on your debt. One choice is a personal line of credit.

1. Make savings objectives
   Imagining what you are saving towards is one of the finest methods to save money. Set saving goals and a deadline if you need some inspiration to start saving. Want to put 20% down on a home purchase in three years? Now that you've set a goal, you know how much money you'll need to set aside each month to reach it.

2. Put your own needs first.
   Set up an automatic transfer each payday from your checking account to your savings account. Don't cheat yourself out of a sound long-term savings plan, whether it's $50 every two weeks or $500.

3. Quit smoking.
   No, it's not simple to stop smoking, but if you smoke a pack and a half a day, you might save almost $3,000 a year if you gave it up. Join the club: the Centers for Disease Control reports that the percentage of Americans who smoke has dropped below 20% for the first time since at least the middle of the 1960s.

5 . Go on a "Staycation"
The concept is sound: instead of spending thousands of dollars on expensive international flights, explore in your own backyard for enjoyable vacations close to home. Look for inexpensive flights in your area if you can't drive a long distance.

1. Spend to Save
   Let's face it, utility costs seldom go down over time, so take charge now and weatherize your home. Call your utility company and ask for an energy audit or find a certified contractor who can give you a whole-home energy efficiency review. This will range from easy improvements like sealing windows and doors all the way to installing new insulation, siding or ENERGY STAR high-efficiency appliances and products. You could save thousands in utility costs over time.
   7 . Utility Cost Savings
   You can save 3-5 percent on energy bills by lowering the water heater's thermostat by 10°F. Additionally, installing an on-demand or tankless water heater can result in savings of up to 30% when compared to a conventional storage tank water heater.

2. Bring a lunch.
   Finding regular savings is a clear money-saving technique. If purchasing lunch at work costs $7 but bringing lunch from home only costs $2, you can accumulate a $1250 emergency fund or significantly increase your commitment to a retirement or college savings plan over the course of a year.

3. Open a Money-Giving Account
   For the majority of us, keeping your savings separate from your checking account helps lessen the propensity to occasionally borrow from savings. For even better savings if your goals are more long-term, have a look at products with higher yield rates like a Regions CD or Regions Money Market account.

4. Make Your Expenses Annual
   Do you spend $20 every week on snacks at the office vending machine? You are taking $1,000 a year out of your budget for soda and snacks. That habit suddenly adds up to a sizable cost.

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