10 Resolutions That Can Save You Real Money This Year

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HAPPY FRUGAL NEW YEAR!

Small, routine expenses and paying too much for major monthly bills can add up quickly over time. A few extra dollars misspent here and there can easily turn into a few thousand dollars each year. Resolve to adopt at least one of these attainable money-saving strategies, and your bank account will thank you.

Related: 11 Ways to Put Your Family on a Budget in the New Year
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QUIT SMOKING

There's no better time than the new year to kick this expensive habit. Obvious health benefits aside, quitting could mean estimated savings of $1,900 to $4,600 a year if you smoke a pack a day, depending on location. Plus, becoming a non-smoker can lower your life-insurance rates.
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CONSIDER REFINANCING YOUR HOME

Check in periodically with a mortgage broker to find out if refinancing your home makes financial sense. The amount you could save on a 30-year, fixed-rate mortgage varies depending on the terms and current interest rates, but many people end up saving an average of $100 or more on their monthly payments.
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INCREASE YOUR RETIREMENT CONTRIBUTION

Sign up for a small, but impactful, annual contribution increase of at least 2 percent to your employee 401(k) plan. For someone earning a salary of $50,000, that's an extra $1,000 a year (or more if your employer has a company match plan) that will go toward your golden years.
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PLAN MEALS

If you're throwing out spoiled food every week, you're basically tossing money into the garbage, not to mention contributing to the country's food-waste problem. Here's a simple fix: Look at grocery store circulars to see what's on sale, plan weekly meals ahead of time, make a grocery list, and stick to it. Trimming the weekly food budget by just $20 will net savings of $1,040 a year.

Related: 50 Smart Ways to Slash Your Food Budget
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SHOP SMARTER

Making certain purchases, especially major ones, at the right time of year can save big money. January is a good time to look for deals on furniture and many electronics. Get in the habit of shopping for clothes and shoes, as well as seasonal items such as a snowblower or lawn mower, at the end of the season, when they're on deep discount. For instance, a best-selling patio set regularly listed for $1,500 through Walmart and other retailers is going for the off-season price of $700, a savings of $800.

Related: The Best Time to Buy Almost Anything All Year
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CREATE (AND STICK TO) A BUDGET

Take a few moments to track and analyze how much you're spending every month and identify areas where you may be overspending. Try allotting a certain amount of money to entertainment and fun purchases only after you've accounted for rent and bills. If you're able to shave just $100 from your monthly budget, you'll pocket $1,200 by the end of the year.
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TRANSFER MONEY INTO SAVINGS REGULARLY

This might sound too easy, but it really works: Every week, move $10 to $20 into a savings account. Even better, set up an automated transfer. You likely won't miss the small dollar amounts and at the end of the year you'll have squirrelled away almost $1,000.
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SWAP A VACATION FOR A STAYCATION

Skip the pricey flight and accommodations to explore nearby areas that are easily accessible by car or train. You'll be surprised at how much fun you can have in the next town over -- and how much money you'll save.

Related: Cheap Must-See Attractions in All 50 States
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SHOP AROUND FOR BETTER INSURANCE RATES

It's a smart idea to look around for better insurance rates every few years. Oftentimes, bundling auto, home, health, and life policies can lead to big savings, too. There are plenty of online tools to get you started, and many companies offer free quotes.

Related: Save on Auto Insurance: 18 Discounts to Ask About
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DITCH THE CAR

With a monthly car payment, insurance, and trips to the gas station, the average car owner is spending about $8,500 a year to drive 15,000 miles. Instead, ride a bike, take the bus, or join a carpool to get where you need to go. If you aren't ready to go completely car-free (or live somewhere it's unrealistic), consider selling one vehicle if you live in a two-car household.

Related: 10 Cities Where You Can Live Without a Car