There are literally dozens and dozens of ways to save money – from cutting your energy costs costs to reducing your food bill. But there are also some easy, everyday ways to save money.
22 Everyday ways to save money
Never make a purchase for the sake of just “keeping up with the Joneses.” In other words, don’t buy stuff you don’t really need just to impress people.
When shopping, use the “sleep on it” principle. When you see something in the store that you think you want, go home and sleep on it overnight. The odds are that when you wake up in the morning you won’t want to make that purchase – if you can even remember it at all.
Pay with cash. There’s just something psychologically tougher about handing over $50 in cash than putting $50 on a debit or credit card.
Don’t be afraid to unleash the power of “no.” It’s not being impolite when you tell someone that you’re just not interested in what they have to sell.
If you’re feeling emotional, stay away from any website or retail store. If you’re not careful, shopping can become emotional which can lead to shopping irrationally. This can then lead to impulse purchases and buyer’s remorse.
Forget the idea that if you buy something it will make you happy. Things that you buy don’t bring you happiness. What will bring you happiness is becoming free from financial stresses.
When you look at the original pre-marked down price, don’t think that you’re getting a really good deal. As an example of this, if you saw jeans that had been originally marked $150 and are now priced at $100 are you really getting a deal? Not really because you just spent $100.
Never tell yourself “it’s just a little expense.” Many little expenses quickly add up.
Understand if you make something yourself or just make do, there’s about a 100% chance it’s going to cost less than if you were to go out and buy it or pay someone to do it for you.
Keep a picture in your billfold of something you really, really want to buy. Whenever you open your billfold, you’ll see the picture and be reminded of why you’re saving money, which will help you keep on track and probably stop you from making that purchase.
Go shopping by yourself; don’t make it a social experience. When you shop alone it goes faster and you won’t be subject to making any purchases due to peer pressure.
Always comparison shop, especially for those big-ticket items. There are dozens of websites and smart phone apps available that can help you quickly compare the prices of just about everything. There’s no reason why you couldn’t take five minutes, comparison shop and find the best deal.
When you buy the cheapest item, don’t assume that it really is the cheapest item. When you buy something think about its quality and useful life. Most experts say it’s much better to pay $500 for something that will last 10 years than to spend $200 on something that will last just five years.
If there are some items you don’t need immediately, go shopping online. This way you should avoid having to pay your state sales tax, which can save you several percent of the purchase price. For example, where we live the state sales tax is about 7 ½%. This means when we buy something online for $100 we save $7.50.
Make sure you’re getting free or reduced price shipping when you shop online. If you don’t need the item right away, choose standard shipping instead of overnight or 2-day shipping.
Never be afraid to bargain even in a retail store. While many retailers will not give you any discounts, some will give you 10% if you just ask.
If there is something you purchased with which you are dissatisfied, take it back. Request a full refund and a discount on a future purchase because of your inconvenience. Many stores will agree because they know it’s easier to keep a current customer happy than to go out and get a new one.
Never purchase extended warranties.
Have a “no spend” weekend during which you buy absolutely nothing. You might be surprised at how many free things you can find to do when you can’t spend any money.
If you do most of your shopping online, think about signing up for an eBates.com account. This could save you up to 25% on purchases from big stores like Barnes & Noble and Target.
Try to make saving money a game. Challenge yourself and your family to see if you can save more this month then the past month. Or try to set a new record for the percentage of money you save the next time you go to the grocery store.
Be a late adopter and not an early adopter. Things, especially electronics, are always the most expensive when first released. Wait three to six months and you’re likely to see the price drop fairly substantially when the new “next best thing” is released.
Pay off debt
One of the best ways to save money is to pay off your debts. If you are typical, you’re probably carrying $6000 or more in credit card debts with an average interest rate of 19% or even higher. If you paid $300 monthly on that debt, it would take you 35 months to pay off your balance and cost you $1271 in interest. Just think what you could do with that $1271 if you didn’t have to send the money to those credit card companies.
Here’s a helpful video showing what one woman did to pay off $12,712.65 in debts in just a year.