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Red spells and white spells you cast cost {1} less to cast.
Can never affect the colored part of the cost.
If a spell is both red and white, you pay {1} less, not {2} less.
If this card is sacrificed to pay part of a spell’s cost, the cost reduction still applies.
The effect is cumulative.
The generic X cost is still considered generic even if there is a requirement that a specific color be used for it. For example, “only black mana can be spent this way”. This distinction is important for effects which reduce the generic portion of a spell’s cost.
The lower cost is not optional like with some other cost reducers.
This can lower the cost to zero, but not below zero.
