Use these money-saving tips to generate ideas about the best ways to save money in your day-to-day life.

1. Eliminate Your Debt Start by paying off debt if you're aiming to save money through budgeting. Doubtful? Monthly debt payments will show you soon.

2. Set Savings Goals One of the best ways to save money is by visualizing what you are saving for. If you need motivation, set saving targets along with a timeline to make it easier to save.

3. Pay Yourself First Set up a payroll deduction from your checking to savings account. Don't skimp on a long-term savings plan, whether it's $50 or $500.

4. Stop Smoking No, it's certainly not easy to quit, but if you smoke a pack and a half every day, that amounts to nearly $3,000 a year you can realize in savings if you quit.

5. Take a "Staycation" Instead than spending thousands on overseas flights, check in your own backyard for entertaining vacations.

6. Spend to Save Utility expenses rarely decrease over time, so weatherize today. Call your utility company for an energy audit or identify a certified contractor for a whole-home examination.

7. Utility Savings Lowering your water heater's thermostat by 10°F will save 3–5% on energy bills. Installing an on-demand or tankless water heater can save up to 30% over a typical storage tank.