SHOP SMARTER
As you adjust to life on a budget, you're going to have to learn to shop smarter. Here are some tips and strategies to help you become a clever consumer.
Think, think, and think some more: Before you make a purchase, take some time to think about it. And that doesn't mean thinking while you're waiting on line for an available cashier. If you see something you want, take note of the price and walk away. When you're at home, away from the pressure of the store, think about whether the item is a want or a need. If it's a want, ask yourself how much you want it, and if it's worth paying less on your credit cards this month because you had to own it. If you decide you really must buy it, at least wait for a sale. Shop around. Compare prices. Find the best deal you can before you spend your money. Cash, cash, and more cash: If you can't pay cash for an item, forget it. No plastic. No more debt. Check your budget again: Suppose that the item you want is a jacket that costs $75. If you've budgeted only $25 a month for clothes, you'll have to wait three months before you can afford the jacket-and then you shouldn't buy anything else. Make a list and check it twice: When you go shopping, make a list of what you intend to buy and stick to it. Buying unplanned items will bust your budget. These unscheduled impulse purchases aren't going to help you reach your long-term financial goals. Buy in bulk: You can save substantial money when you buy everyday items in bulk. For example, most families use paper towels. At a store I went to recently, a single roll of paper towels cost $1.39. But if you bought a package of 15 rolls for $15.99, you would have only paid $1.07 a roll. That's a saving of 32 cents per roll, or $4.80 for the 15 rolls. You might ask, what's five bucks? Well, if you can find similar savings on other items you buy regularly, you'll significantly lower your grocery bill. Shop online: Some online stores have better prices than local shops. Because these companies don't have a storefront, they have a lower cost of doing business and they can pass the savings on to you, the consumer, in the form of lower prices. But remember if you find a great deal, don't click your order until you find out the cost of shipping. The cost to ship your items could bring the total price up to a higher amount than the items cost in a local store.