Economic downturns are never especially fun, but as Adam Smith observed over two centuries ago, these cycles of paucity and plenty are a fact of life. Though none of us can say for sure when this latest slump will reverse, there are at least sure ways of saving your money in the meantime. Here are some penny-preserving techniques tailored to our 21st-century lives:
1. Plenty of people are in the habit of cutting out paper coupons, but even though many of us do part of our shopping on the Internet now, not as many of us seem to have learned to coupon-hunt on the Web. Sites such as CouponCabin.com, CouponMountain.com, and DealofDay.com list thousands of current offers at retailers all over the Web.
2. Use price-comparison sites like Shopping.com, Pricegrabber.com, mySimon.com, and Google Product Search to find the best online deals.
3. When you’re out at a store, send a text message to 46645 (Google’s text number) and enter the letter “f” and then the name of the product you’re looking at. Google will reply with a text message quoting its online prices. To compare prices at stores in your area, visit ShopLocal.com.
4. If you don’t already belong to one, consider joining a warehouse club like Costco or Sam’s and buying things in bulk. This can be especially helpful if you have a sizable family.
5. Buy generic instead of brand-name products. A lot of the difference is often in the marketing ballyhoo and not the product, anyway.
6. Withdraw your money from surcharge-free ATMs, which can be located on AllpointNetwork.com and MoneyPass.com.
7. Buy locally-raised food at farmer’s markets or stores that sell local produce and meat. Prices there are usually lower because the food doesn’t have to be transported far.
8. Shop at dollar stores. You should have an easy time finding them nearby since they’ve been turning up all over the place recently.
9. Purchase discount prescription drugs at online pharmacies. You’ll often end up paying considerably less than half as much for the generic medications sold at these discount prescription drug stores than you would for the same brand-name pills at brick-and-mortar pharmacies.
10. If your car is seven years old or older and/or worth $2,500 or less, consider dropping comprehensive and collision from your insurance. Your deductible may be closing in on the value of your vehicle anyway, in which case a major collision would send your car to the junk yard and you to the dealership.
11. Keep cell-phone costs under control. Kids today love to send text messages, so save yourself from unexpected high bills by paying the flat monthly fee for unlimited text messages.
12. Use online classifieds to buy used items. Sites like CraigsList.org and Kijiji.com are great resources for finding everything you need, from used furniture to baby gear. By buying from local sellers, you can save on shipping costs too.
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Category: Wealth Building