10 Ways To Save Money

Budgets are tight, jobs are scarce, cost of living is on the rise, all the negative indicators are going haywire. So how can you manage to save in this harsh economic climate? Here are 10 ways to save money:

1. Compare prices – the wise shopper compares prices as well as the quality of goods and services, BEFORE going ahead with a purchase.
2. Buy affordable brands – the same item may cost significantly less based on brand (yes, the same product is often rebranded and repackaged and sold at different prices). Don’t be a slave to brands; go ahead and shop around, be a smart shopper.
3. Car pool – this is an effective way to save on petrol, and by extension, save money.
4. Buy in bulk – grocery bills add up when you don’t shop in bulk. Places like Costco should be your friend.
5. Shop around for the best deals – visit those quaint tucked away stores on the side streets where you’re likely to find bargains that are unlikely to be available at the more prominent stores.
6. Force yourself to save – investigate investment and saving plan options which require compulsory monthly or weekly savings (for e.g. via salary deduction).
7. Ask yourself, “DO I REALLY NEED IT?” – when shopping for clothing, household appliances and personal effects, always ask yourself if the item being purchased is to satisfy a ‘need’ or a ‘want’.
8. Shop wisely – by items that are durable and will last; for e.g. clothing and household items.
9. Know your rights – when buying items, ensure that you’re getting a guarantee/warranty, check for servicing and the availability of spare parts. etc.
10. Demand a receipt – demand a receipt for each purchase, and keep that receipt for as long as possible … supposed you need to exchange or return it … you need the receipt. Money saved right there!