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1. Eliminate your debt
If you are trying to save money but still have debt, pay off the debt first. Not convinced? Add up how much you spend per month on debt, that money can be easily saved instead. Don’t make the minimum payment! 😛 .
2. Establish savings targets
One of the best ways to save money is to visualize what you are saving for. Do you want to buy a house in five years with a down payment of 20 percent? Do you want to open your own business? Do you just want $1000 or to just be debt free? It’s important to have a vision.
3. Pay yourself
Set up an automatic debit from your checking account to your savings account each payday. Whether it’s $50 or $500. Put this money away into a savings account until you invest it – or until you retire.
4. Save on the electricity bill
By lowering the thermostat on your water heater by 10 ° F, you can save 3 to 5 percent on energy costs. And installing a water heater on request or without tank can save up to 30 percent compared to a standard water heater with storage tank. You can save hundreds a year just by doing this!
5. Skip the frequent treats
How frequently do you *treat* yourself? By this, I mean buying a coffee or other little pick me ups throughout the day. Even buying a Kit Kat bar in the checkout aisle. All of these little expenditures add up as each day goes by. By the end of the year, if you drink a $4 mocha frappe coffee everyday, you will of spent nearly $1,500! It’s important to treat yourself, but don’t spoil yourself either.