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Want to save a buck? How about a few hundred or a couple thousand?
We took a look at eight spending categories in your budget and identified dozens of ways you can keep more money. Whether you need to plug leaks in your spending, learn where to find the best deals or even trick yourself into shaving expenses, we've got something for everyone.
And here's a bonus tip: Before you even start looking elsewhere in your budget to cut costs, start at the source with your paycheck. If you get a tax refund, that means you're overpaying Uncle Sam from the beginning. Boost your take-home pay today by adjusting your tax withholding with your employer.
In that spirit of not overpaying anyone for anything, browse the sections below and keep more cash for yourself. Here's how to save money on:
- Food.
Save money on investing
Enroll in a 401(k): Looking for a partner in wealth? Your company 401(k) is a smart choice because you defer paying taxes on your contributions, giving you a bigger paycheck now and allowing you to save more.For example, if you contribute $200 per month, you'll see only $150 less in each paycheck if you're in the 25% tax bracket. (This assumes you're investing in a traditional 401(k); if you invest in a Roth 401(k), you get no tax break upfront but all withdrawals can be tax-free in retirement.)
Plus, you'll save even more money if your employer matches your contributions. A 50-cent-per-dollar match, for instance, is like getting an extra 50% return on your money.
(For more, read "7 hot 401(k) trends.")
Open a Roth IRA: Any money you put into a Roth IRA grows absolutely tax-free. You won't owe a dime now, nor when you cash it out in retirement.
If a 25-year-old contributes $5,000 each year until she retires and makes an average annual return of 8% on her investment, she'll have $1.4 million saved by the time she retires at age 65. If she invested that money in a taxable account, however, she'd have only about $1 million if her earnings were taxed at 15% -- that's 28% less money.
(You can find out more by reading "Roth 401(k) brings tax-free retirement closer.")
Look for inexpensive quality: Beating the market's return consistently is a very hard thing to do, and few mutual fund managers can pull it off. So, if you can't beat 'em, why not join 'em? Investing in dirt-cheap index funds and exchange-traded funds can be an inexpensive way to invest wisely.
Index funds simply track broad swaths of the market, and they don't try to pick the best stocks. Yet investors come out ahead of most actively managed mutual funds.
(See "Own the market with index funds and ETFs" to learn more.)
More from MSN Money and Kiplinger
If you don't rely on your broker's recommendations and don't trade often, you can do much better with a discount broker, where transactions cost between $10 and $40 each. You could save hundreds of dollars annually.
(To find out which discount broker is best for you, click here.)
Smooth out the roller coaster: Trying to time the market is often a losing game. Instead, employ the simple strategy of dollar-cost averaging. By investing a fixed dollar amount at regular intervals, you smooth out the ups and downs of the market over time.
Take out all the emotion and guesswork and investing becomes much less stressful and much more successful.
Buy your own gold watch: Working for yourself can be liberating. But don't forget that it's up to you to save for your retirement.
The good news is that self-employed workers can enjoy tax-sheltered benefits just as their 9-to-5 counterparts do. For example, sole proprietors can generally save money in a solo 401(k).
Know when to fold 'em: The right time to unload shares is one of the toughest calls investors have to make. Hold a stock too long and it could become a loser. Sell too early and you could miss out on superior gains.
But if you know the signs to look for, you can boost your chances of making a good decision -- and saving (or making) some serious cash. For example, keep an eye out for a change in the company's fundamentals and how the stock performs relative to its peers.
(For more tips, see "When to sell a stock.")
Video on MSN Money
Tips for supermarket savingsMSN Money columnist Liz Pulliam Weston shows us her favorite tools for cutting your grocery costs and offers a few ideas of her own.
A 4% yield on a muni is the equivalent of a 5.6% payout on a taxable bond if you're in the 28% tax bracket and 6% if you're in the 33% bracket. And these bonds are relatively safe. Muni defaults have been rare over the years.
Save smart for college: Now is a great time to open a 529 college-savings plan. The sooner your money is in an account, the sooner it starts to earn tax-free returns.
Plus, several states and the District of Columbia offer residents a tax deduction or credit for contributing to their state's own 529 plan, saving you even more. Kansas, Maine and Pennsylvania let residents take the deduction for contributions to out-of-state 529s, as well.
(See "How Uncle Sam wants you to save for college.")
Save money on food
Learn to cook: Eating out is a huge budget buster. Even seemingly inexpensive fast food adds up quickly. Cooking your own meals could save you a small fortune on restaurants and groceries (you'll buy fewer pricey frozen and prepared meals).Plus, it could make dating cheaper -- and who wouldn't be impressed by a cozy dinner?
Scour the Web for simple recipes to get your feet wet, or check out beginner cookbooks at a bookstore.
(Save on investing; food; transportation; travel; utilities; phone service, Internet and TV; credit, debt and banking; entertainment.)
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