Want to know why your clothes are fading fast? Or how to save a few extra dollars a year on doing the wash? Then here a few tips that may enhance your next load of laundry:

• Always read the labels of your clothes. (they are there for a reason)
• Garments labeled "Dry Clean Only" can be safely hand washed using mild soap like Woolite and cold water.
• Use the warm or cold setting to save money. Set your rinse on the cold setting. Washing in cold water can save the typical family over $120 a year!
• Wash and dry clothes inside out to prevent fading. Washing and drying clothing is rough on the outside of your clothing. Turning garments inside out will reduce puling which dulls the look of the fabric. Turn clothing inside out when you hang clothes outside to dry. While the sun is an excellent and efficient drying tool, it will zap the color right out of your clothing.
• To prevent sour smelling towels: Use bleach when washing towels. If this is not possible (for colored towels), pour a cup of white vinegar into the washer with the towels and detergent. Never overload the washer with too many towels (or clothes, for that matter), as they will not have room to agitate and clean thoroughly. Never let a washed, wet load of laundry of any kind sit in the washer for long; dry as soon as possible. For a towel you are currently using, hang it in a fashion that will allow it to dry completely between uses; if thrown on the floor in a ball or folded over a towel bar, it can quickly mildew and the smell is hard to get rid of.
• Run the machine on hot water, normal cycle, and add a bottle of vinegar to clean the soap film and scum that's built up inside.
• When washing dark clothes for the first time use cold water and put salt in the water. The salt helps set the color. To brighten dark clothes after they have been washed several times, repeat the procedure.

Sources:

The Frugal Shopper

About.com: Housekeeping