We all know by now that the economy has seen better times so we are all trying to find ways to stick aside a few extra dollars each month in case times get really bad. We are trimming back to essentials and avoiding doing things like eating out, or buying fancy toys that we don’t need. The one thing that jumps out at us is that saving money isn’t really all that difficult as some of us make it out to be. If you want to save money here are a few easy tips to save money.
First, when you’re reading your local newspaper, clip out the coupons. Most coupons will save you between 30 cents up to two or three dollars or more. That doesn’t sound like a lot of money now, but each week you can save around $10, which is $520 over the course of the year! I don’t know anybody who wouldn’t be interested in saving an extra five hundred dollars, do you?
Next, do compare prices in one store to prices in another store. I know, you’re probably thinking you’re too busy to comparison shop, but when you go downtown how often do you see a Target next to Walmart or Home Depot across the street from Lowes? Shopping around really only takes a few extra minutes of your time but can save a lot of money over the long term.
How many of you are impulse shoppers that run out and buy something as soon as you want it? I admit I am too, but it’s a terrible habit if you’re looking to save some money. As I mentioned in the previous paragraph, comparison shopping is a great way to save money, but impulse buying pretty much ensures that you aren’t comparing prices at all. If you don’t need something, wait until you see it on sale somewhere and buy it then. A little patience can go a long way in keeping money in your wallet.
Next, whenever possible substitute the generic product for the name brand. More often than not, companies who sell generic products sell the exact same product, just in generic packaging. I don’t mean a similar product, or a comparable product, I mean the exact same product. You didn’t think your supermarket really had a manufacturing plant did you? Buying generics instead of name brands will give you a 20% discount on what you buy and a 20% discount on your grocery bill as well.
Lastly, don’t spend every penny you make. I know this sounds like common sense but the credit card industry would beg to differ with you. Every day people spend way more money than they make, and its turned in to a national epidemic. Have a credit card balance higher than your savings account balance? If you said yes, then you’re guilty of this too. Understanding how much you have and how much you can spend is very important when trying to save money. Wouldn’t you rather spend that money on goods and services than credit card interest? I would too!