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How to Save $10,000 a Year

Tips for finding big savings around the house

  • Clothes line

    Air It Out

    En español | If you launder your clothes in larger loads (which saves water and energy), use only cold water and dry on an old-fashioned clothesline instead of with an electric dryer, you'll end up with a fatter wallet. Bonus: Your clothes could last up to 50 percent longer. Estimated savings: $200 per year

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  • grill in back yard

    Cancel Your Reservations

    Dining out is hard on the wallet as well as the waistline. Fire up the backyard grill and skip the drive-through. If you eat at a restaurant or get carryout meals half as often as you usually do for one year, you'll save money in the four figures. Estimated savings: $1,000 per year

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  • thermostat

    Watch the Thermostat

    To save energy, keep your house three degrees colder than usual in the winter and three degrees warmer in the summer. Insulate your water heater, set its thermostat to 120 degrees and install an automatic timer to turn it off when it's not in use. Estimated savings: $500 per year

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  • millennials drive a quarter less than counterparts did 8 years ago (Getty Images)
    Getty Images

    AARP Offer: Protect your money, grow your nest egg

    Take advantage of great information and tools to help build your future and prevent your money from going down the drain. Join AARP and start saving for your dreams today.

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  • Various plugs connected to power strip
    Getty Images

    Kill the Vampires

    Household appliances like TVs and microwaves suck electricity even when off. These vampires account for 5 to 10 percent of total household electricity costs when not in use. Unplug them or attach them to a single power strip that can be flipped off. Estimated savings: $200 per year

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  • Feet of woman mopping kitchen
    Getty Images

    Scrub Up

    Americans spend about $1,350 each year on cleaning supplies and services. Roll up your sleeves, make your own eco-friendly home-cleaning products and get busy. Pick up a copy of The Naturally Clean Home by Karyn Siegel-Maier at your local library. Estimated savings: $1,000 per year

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  • Red lawn mower on green grass
    Getty Images/Tetra images

    Save Some Green

    The lawn-and-garden-care industry rakes in $80 billion a year from American households, each of which spends about $1,100. Roughly half goes to labor. Do it yourself and get a workout: Yard work burns about 330 calories per hour. Estimated savings: $550 per year

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  • Business man on bike
    Getty Images

    Rethink Your Commute

    Walk, ride a bike or use mass transit to get to work: You'll save thousands, based on AAA estimates of the cost of owning and operating a car and the length of the typical American commute, which is about 32 miles round-trip per workday. Estimated savings: $4,000 per year

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  • drink on bar
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    Go Cold Turkey

    If you smoke one or more packs of cigarettes, buy six or more lottery tickets, drink at least one alcoholic beverage at a bar or restaurant or buy a candy bar, bag of chips and a soda from a vending machine daily, stop at least one such habit. Estimated savings: $2,000 per year

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  • Getting Money Back from Government

    Get Extra Credit

    The often overlooked saver's credit (aka the Credit for Qualified Retirement Savings Contributions) is designed to help lower-income taxpayers save more. Requirements depend on income and filing status, but basically, if you put money into a 401(k), 403(b), IRA or 457 plan, the federal government will hand you a tax credit for as much as 50 percent. For details, see IRS Form 8880. Estimated savings: Up to $1,000 for a single filer, or $2,000 for a household

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  • Money End Slide
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