Three Ways To Save Money You Didn't Even Know You Were Spending
Posted on: 24 February 2015
When people think about saving money, their thoughts often turn to setting aside a defined amount each month in a savings account. While that is a wise principle, there is much more to saving money than depositing a lump sum on a monthly basis. Instead, saving money should be a principle and habit of daily living. The truth is that most people fail to think in those terms, and thus their everyday lives cost them much more than necessary. Below are three ways that you can tighten up your wallet and slow down the hidden spending that can cost you a bundle:
If you use a lot of it, buy a lot of it at the same time
You should always buy in bulk whenever you consume a product on a regular basis. This may not seem like much of a secret, since everyone knows about warehouse shopping clubs. However, when you step back and look at the items you buy repeatedly, you may be surprised at just how much you can purchase in bulk. Here are a just a few of the possibilities:
- Paper goods - towels, plates, toilet and facial tissue
- Toiletries - razors, shaving cream, shampoo, soaps, hair products
- Pantry staples - canned soups, pasta, sugar, flour
- Household items - garbage bags, light bulbs, pet food
Avoid convenience purchases by planning ahead
Another area that might be surprising to you, if you look at your bank statement, is learning how much money you spend on convenience purchases. Convenience purchases are best defined as those things you buy because you didn't make plans ahead of time to buy them at a better price. Convenience stores cover the United States; there are literally tens of thousands across the landscape to draw you in. These stores make money from your lack of foresight; in most cases, purchases could have been made elsewhere for less money.
The best way to save money is to evaluate your daily habits. For example, do you drink coffee in the morning? Is it your habit to stop at your local convenience store and grab a cup to go? Do a little math exercise and add up the cost of your daily coffee purchases, then go to the grocery store and take a look at the aisle where coffee is sold. That same amount of coffee could be brewed at home for a fraction of what it costs at the convenience store. As a challenge, keep a listing of your convenience purchases minus gasoline in a notebook for one month. At the end of the month, add them up, and you will almost certainly find ways to save several dollars.
Buy used items that are just as good as new items
Yard sales are a national passion as nearly 700,000 Americans per week buy something from a garage sale. Thrift stores are also popular with the buying public. If you aren't one of these shoppers, you should make a decision to become one. In many cases, used items are an absolute bargain when compared to buying new, and they are just as good at doing their jobs. Below are several things that you should strongly consider purchasing used:
- Sporting goods - golf clubs, practice balls, tennis rackets, baseball gloves and bats, bicycles
- Hardware - hand tools, power tools, lawn and garden equipment
- Kitchen items - pots and pans, small appliances, utensils
- Entertainment items - books, video games, movies, board games, toys
- Children's clothing - shoes, pants, shirts, shorts, coats, jackets
- Furniture - wooden desks, dressers, chests-of-drawers, hutches
Saving money doesn't have to mean going without things that you need or enjoy. It mainly involves making wise daily spending choices and thinking ahead about how and when you should buy something. Developing new spending habits can be a process. If you still find yourself short on funds while you're making these changes, a payday advance loan can help you meet any unexpected costs.
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