sparen
to save
To not spend money, but set it aside for a later purpose or deposit it into an account.
Wir sparen jeden Monat einen Teil unseres Gehalts für den Hauskauf.
We save part of our salary every month for buying a house.

to save
Loading your saved state.
to save
To not spend money, but set it aside for a later purpose or deposit it into an account.
Wir sparen jeden Monat einen Teil unseres Gehalts für den Hauskauf.
We save part of our salary every month for buying a house.

'Sparen' does not mean 'retten' like English 'to save someone'. It only refers to setting aside money or saving resources. To save a person, you use the verb 'retten' (to rescue/save).
Ich spare Geld für eine lange Reise.
I'm saving money for a long trip.
The verb 'sparen' (to save) forms a family with the adjective 'sparsam' (frugal, someone who spends little) and the noun 'die Ersparnisse' (savings, the money saved).
Sie ist sehr sparsam und hat schon hohe Ersparnisse.
She is very frugal and already has substantial savings.
The preposition after 'sparen' (to save) changes the meaning. With 'für' (+ accusative), you name the goal of saving; with 'an' (+ dative), the area in which expenses are being cut.
Er spart für ein neues Fahrrad.
He is saving for a new bicycle.
When it comes to resources, 'sparen' (to save) is very often combined with 'Energie' (energy), 'Strom' (electricity), 'Wasser' (water), or 'Zeit' (time).
Durch kürzere Duschzeiten kann man viel Wasser sparen.
By taking shorter showers, you can save a lot of water.
The expression 'sich etwas sparen' (to spare oneself something) is reflexive. The person is in the dative ('sich'), and the unnecessary thing is in the accusative. It is often used in colloquial speech and can sound slightly rude.
Den Kommentar hättest du dir sparen können.
You could have spared yourself that comment.
to give up / to do without
'sparen' and 'verzichten' can both mean that you do not use or do something. But the focus is different. 'sparen' is used when you set money aside or use less of something, such as water, electricity, or time. The goal is usually to keep something or not waste it. 'verzichten' means that you voluntarily do without something, even though you could have or do it. It emphasizes the conscious act of giving something up, not collecting or preserving something. Learners may confuse the words because by giving something up, you often save something. But you 'spart Geld' or 'spart Energie' (save money or energy); you 'verzichtet auf Süßigkeiten, Alkohol oder eine Reise' (give up sweets, alcohol, or a trip).

Du sparst jeden Monat etwas Geld für den Urlaub.
You save some money every month for your vacation.
Wegen seiner Gesundheit verzichtet er seit Januar auf Zucker.
For the sake of his health, he has given up sugar since January.