Money Saving Strategies.

Do you ever look at other people’s lives and think, “I wish I could afford that?”

The truth is, if every person had the same amount of money to spend, the same thought would cross most people's minds.

Consumer theory suggests that people spend money based not only on budget but on individual preferences. This means that people spend in many ways. Some prefer to put more funds toward cars, while others choose homes. Some people care nothing about fashion but take elaborate vacations.

Do you want to save a little? You need to get a better understanding of your (and your family's) individual taste. Only then can you determine how to cut costs.

Are you a coffee junkie?

Consider investing in a coffee maker and skip the drive-thru. Even a $400 coffee maker will pay for itself after the 50th cup of coffee! For a one-a-day person, it pays for itself in two months. For multi-cup caffeinators or more than one java junkie in a home, you can multiply the savings.

Fashion tip!

Do you love a particular pair of designer jeans? If you know your style and size, you can shop on sites like Poshmark for new, with tags items and save over 50% off retail.

Make your car last longer…

Do you hit up the car wash once or twice a week to get the grime and winter salt removed? Consider a monthly pass and it pays for itself after the second wash, typically resulting in five or more “free” washes per month. For some, adding a daily wash to the commute can result in savings that far overshadow the results of an all-you-can-eat buffet, as it relates to food and no weight gain to boot.

Photo by Tifney L Fields, MA

Where do you shop?

Many people love the idea of bougie name-brand grocers like Whole Foods, due to the perception that their offerings are better, healthier, and more beneficial for the consumer. However, their pricing is significantly higher than some of the alternatives which have equal, if not better, quality. Check out Trader Joe’s and Aldi for foods free from high fructose corn syrup, artificial colors and flavors, and many allergens. Both of these stores have adopted money-saving strategies that are passed on to the consumer. You might have to bring a bag, return your cart, and shop in an environment that feels less destination-like but results in three times the number of groceries for the same amount of spend.

How do you shop?

Everyone has certain things that they MUST buy name brand. My non-budge items are toilet paper and tissue. I only buy Charmin and Puffs with Lotion. I will pay more for those, but for other items, I will buy store-brand items to save. Did you know that the store-brand items are manufactured in the same facility, and simply branded differently? Yup. Same product, different name. Some with a premium price. Sucker! Want to save? Turn that ketchup over and compare the label.