If you can save just $5 a day, you will have a cool $150 by the end of the month. Saving money on your everyday purchases is one of the best ways to take charge of your financial life and build an emergency fund. Just use these five tips to get started.
1. Take a Look at Used Products
There is no need to buy new when used will do. Gently-used furniture, tools and even toys can save you a lot of money. Whether you hit the local consignment store, check the classifieds or swap with neighbors, you can save a lot of money on items you use every day.
2. Be a Smart Shopper
When you do buy new, be sure you are getting the best deal. Savvy shoppers always seem to get the best deals, and you can become one of them. Make a list of the items you want to buy, then research prices before you head out to the store. If you have a smartphone, take advantage of price comparison apps and other tools to save even more money.
3. Choose Checks Instead of Credit Cards
With credit cards charging 18% interest and more, it is easy to get in over your head. Before you whip out that plastic, think about the real cost of what you are buying. Paying by check instead of credit card can help you avoid costly interest charges and resist the urge to overspend.
4. Embrace Generic Items
From grocery items to prescription drugs, generics can save you a lot of money. Generic grocery items often contain the very same ingredients as their name brand counterparts, and generic drugs are governed by the same strict regulations as traditional medications. Generics have a lot to offer, and using them can save you a lot of money.
5. Start a Coupon Club
Clipping coupons can save you a lot of money, but couponing is no fun alone. Starting a coupon club at work is a great way to maximize your savings and connect with your similarly thrifty coworkers. Starting a coupon club is easy. Just bring your unwanted coupons to the office and encourage your coworkers to do the same. Everyone can then choose the coupons they need and save money on every trip to the grocery store.
Saving money on everyday items is one of the best ways to cut your expenses and build long-term wealth. Even the smallest daily expenses can really add up, and reducing them now will give you more money later.
We also recommend reading very interesting article called “Fatten your wallet by ditching these money wasters“