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If you used small cans of foam you'll spend a ton of money insulating the tank, you'd be better off leaving the insulation on and building a small box around it and filling that with cellulose insulation, you'd get a higher R-value and spend less.
To spend even less, put your water heater on a timer so depending on how much hot water you need it's either turning on for an hour before you need water then turning off so any hot water you are using is not being reheated, or at the very least have it turn off while you are at work and while you are sleeping.
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