Saving money in this economic downturn can be challenging but is necessary as many individuals are feeling the pressures of this current recession. However, at times like these, minor changes in how you spend your money can result in significant savings and some pleasant rewards as well.
So here are 3 money-saving tips and ideas which you can almost effortlessly implement.
1. Compare Supermarket Prices
You probably have a supermarket where you like to shop and the chances are that your choice of preferred supermarket is not governed by cost alone. However, if you are feeling the pinch now may be a good time to review that choice and to consider other supermarkets where you can still enjoy purchase quality goods but at a lower price.
When choosing your main supermarket to shop at take into account how far away the supermarket is. And, if you’re shopping at different supermarkets just to take advantage of lower priced goods, then evaluate if the additional time you’re spending shopping and travelling is actually worth the savings you’re making on your purchases.
Often people think that buying in bulk is cheaper. This is not always the case in supermarkets. So make it a habit to check the unit price of the item you are buying. Sometimes it is less expensive to buy several smaller packages than it is to buy one larger package.
2. Use Loyalty Cards
Many stores offer free loyalty cards but many people don’t use them. Yes, the store is going to use the card to monitor what you buy but one of the reasons they do this is so as to create more enticing offers for you while of course aiming to persuade you to try new items and or increase the amount you spend. However, as long as you’re wise to this you can use this to your advantage.
The best loyalty cards allow you to collect points which can be used to save money off your bill, actually purchase the items you’re seeking to buy or can be used to access other perks. Some cards also offer you the opportunity to save AirMiles(TM) which allow you to “turn your everyday spending into free flights” and who wouldn’t like a free trip?
So if you’re not using a loyalty card you are literally throwing money away every time you shop. Using a loyalty card could be a way to make the treats you desire more affordable.
3. Cancel Subscriptions
Often people forget about some of the subscriptions they have and this can be easy to do because some companies don’t notify you when they take your subscription. The debit simply appears on your financial statement.
Make a list of all your subscriptions and decide whether or not you’re getting value for money. Sometimes what you’re being offered for the money is fantastic but if you’re not making use of it then it is a waste of money.
So the bottom line is to critically examine how each of your subscriptions provides value to you. If it isn’t providing value cancel the subscription and put the money towards reducing any debts you may have or put it towards increasing your savings or investments.