How to save your hard earned money

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By Carol S
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save your hard earned money

As America struggles with a weakening economy Americans are trying to strategically save money and reduce debt. By saving money on small things you can save a large amount over time. Here are some simple tips that will help you save money.

Difficulty: Easy

Instructions

Step 1

Home-energy audit will save you money

Simple things such as running your washer, dryer and dishwasher at night rather than during the day could cut your utility bill by 40%. Running these appliances during off-peak times can save you over $100 a year.

You can visit www.hes.lbl.gov to get a free home energy audit online.
Step 2

Find the right bank and save money

Look for banks that offer free checking and no ATM fees. Have your paycheck directly deposited into your bank account and some banks will waive their monthly fees.
Step 3

Buy generic prescriptions and save money

Buy generic drugs instead of name brands and cut your prescription bill in half.
Step 4

Pay off your credit cards and save money

Pay off your credit cards! A $1000 credit card balance at 18% costs you nearly $200 a year in interest.
Step 5

Skip the extended warranties on electronics and save money

According to Tom Garman, a Virginia Tech professor of consumer affairs, most product breakdowns occur in the first year and are covered by the manufacturer's warranty. The extended warranties that the stores offer on electronics are rarely a good deal. Say "No thank you" to those extended warranties next time you shop for electronics and save money on your purchase.
Step 6

Buy in bulk and save money

Items you use a lot, such as paper towels, toilet paper and diapers, are cheaper when you purchase them in bulk. You can save an estimated $200.00 a year by purchasing toilet paper in bulk as apposed to in single packages. It doesn't seem like much but add to that your paper towels, toilet paper etc... and you are saving a nice chunk of cash in a year.
Step 7

Pay cash for gas and save money

You pay more for gas when you use your credit card. Next time your at the pump pay cash for your gas. Many gas stations have designated days when gas is cheaper. Ask your gas station attendant what days their gas station discounts their gas.
Step 8

Combine all of these tips with clipping coupons, shopping sales, carpooling and more... and you will save money even when the economy is causing you to spend more.