Growing up, many of us were instructed on the values of saving money and being responsible consumers.
Even the best of us, however, tend to forget some of the best ways to exercise excellent frugality, and our bank accounts end up suffering for it.
Below are just a few money-saving tips to keep in mind before you head to the checkout counter.
As you read, you may notice that you knew some of these tips already but just forgot about them.
1. Buy used items
We remember to buy used items with some purchases, like cars and video games. But we usually forget to shop for used items when looking for clothes, electronics, or even furniture. Obviously, this doesn’t apply to perishable items, but utilizing websites and social media platforms can lead to huge savings for you.
2. Wait a day before you make a purchase
This is crucial for big purchases. Impulse buying is a major contribution to why our bank accounts aren’t where they should be, so If you really want to buy something, wait a day or longer and see how you feel then. Chances are that you’ll be less tempted to make the purchase, unless it is something you really need.
3. Buy in bulk
The guideline for this is simple: if it’s something you know you’ll be using, like toiletries or food items, then save yourself some money by purchasing in bulk. Toilet paper, tissues, toothpaste, and other essential items are great for bulk because you’ll be saving money in the long run without buying things you’ll never use.
4. Treat yourself once in a while
The psychology of impulse buying and over-spending is quite complex and interesting, but a lot of it can be curbed by positive reinforcement. Rewarding yourself, sparingly, is a great method for maintaining control of your finances without going overboard. Set rules for yourself, but don’t be afraid to give yourself a break when appropriate.
5. Shop around
This is a given for some people, but you may be the type of person who falls in love with the first option they see for a purchase. Exercise some financial discipline and visit other stores (or even online) to compare prices and features. You may find that what you were about to drop significant funds for can be found way cheaper, or better, somewhere else.
6. Use cash
Credit cards, while gloriously convenient, can be exceptionally deceitful. We tend to use them flippantly, not considering the impact they’re really having on our personal finances. If you use cash, however, your subconscious is more likely to feel the pain from losing that money, resulting in a more conscious effort to curb your spending.
7. Borrow (or buy) from your friends
Ask around! Friends are a great resource for borrowing essential items such as furniture, kitchen accessories, and more. You may also get a great deal if you buy from your friends, seeing as they’re motivated to help you while also getting a form of compensation, and they may even offer some items for free that they don’t need. Just remember to return the favor.
8. Cook instead of eating out
We forget this when we opt out of planning our meals. Organize your week by determining when you’ll have time to prepare a meal and stick to it. You can then purchase your groceries for that meal and save a ton of money. If time isn’t on your side, try cooking a lot of food on a day with more free-time. You can use this food for dinners and lunches, as long as you freeze what you’ve cooked.
9. Unplug electronics when you’re not using them
This is a great tip for saving money on your electric bill, especially during winter. Remember that certain electronics can take up a lot of energy, even when they’re turned off. While you’re sleeping and/or at work, make it a habit to unplug the nonessentials, which include kitchen appliances, televisions, and video game consoles. The money you’re saving over the course of just one year can be a staggering amount.
