In a struggling economy, it can be difficult to save extra money when finances are stretched and the bills continue to build. With added debt that has acquired overtime, it can be even more difficult to set aside extra money to save. Although it can feel impossible to save, there are a number of ways to ensure that you make room for extra cash that you may need for a rainy day fund.
1. Cut Coupons
Coupons are essentially free money for items that you may already be purchasing on a consistent basis. For household items and groceries, it’s possible to cut the cost in half by obtaining the right coupons and doubling them. This works well when pairing them with store discounts for a great way to stock up and never buy items for full price.
An increasing number of websites and blogs are becoming popular for ways to stay updated on daily sales, promotions, and coupons currently available. The blogs can easily send you emails on when the highest savings are available and even when certain stores are doubling coupons.
Studies have proven that when paying for goods or services with cash, people naturally tend to spend less money because it’s easier to see how much money they really have instead of trying to guess. Handling cash instead of relying on a credit card will make it easy to be more aware of how much money you really have instead of overspending. It will also prevent you from spending more by forcing yourself to only rely on that cash until your next payday.
To ensure that you stay within a budget, use different envelopes to put the cash in and use until you get paid next. You’ll quickly learn how to stretch the money and prevent spending more than you really need. This will also help you to make a list of items you need before visiting the store.
3. Buy in Bulk
Purchasing food, paper items, or household supplies in bulk will ensure that you save more in the long run instead of paying up to double the price for a single item that is sold individually. Buying in bulk from wholesale retailers will ensure that you’re still able to obtain the same types of products without having to compromise on the quality or brand.
4. Buy Generic Brands
Generic brands are a simple and easy way of saving more money for products that use the same ingredients as the big name brands. Generic brands are sold at a fraction of the cost and often work or taste the same. Although the packaging may not be as attractive, it’s worth the savings you’ll obtain for an easy way to save extra money and not pay any more than you really need to.
5. Compare Prices
Whether refinancing your home or shopping for a credit card that has a low interest rate, there are a number of ways to obtain the most affordable services and tools through websites like RateSupermarket.ca. You’ll be able to review the latest products and services, which includes savings accounts, GIC rates, insurance quotes, and mortgage rates for a great way to ensure that you’re consistently getting the best offers available.
It will provide peace of mind by reading a number of different reviews and choosing the right services that fit your financial needs and overall lifestyle. Several different tips and advice is also available for a great way to stay organized and in control of your life with free access to the website.