Let’s face it-we live in tough and uncertain economic times. You may have just lost your job or are unsure if you will have a job in the near future. Regardless of your job standing, it makes a lot of sense to develop spending habits that will help you weather whatever current or future economic storms your household might face.
Keep the following tips in mind so you can squeeze as much value out of your hard-earned dollars.
Buy In Bulk
If you truly want to save money, you need to buy in bulk. That’s right – head out to the biggest big-box discounter in your city or area and buy dry goods in bulk. You can also do this for toothpaste, shampoo, and other consumable items. Your per-unit cost is decreases quite dramatically if you buy in bulk. Manufacturers are able to sell stuff at a huge discount because they make money faster and are able to move more volume by selling at a discount. Keep in mind that this won’t work for items that are perishable or spoil easily once opened. You have to pick out dry goods and other stuff that can last quite a long time.
Be Frugal, Not Cheap
There is a big difference between being cheap and being frugal. Many people confuse these two terms and this is quite sad because they are actually very different from each other. A cheap person just doesn’t want to save money. Regardless of the great value an items offers or the quality of an item, cheap people just don’t want to spend money. They want to hang on to every red cent.
The frugal person, on the other hand, doesn’t mind spending money but he or she expects the most value for every cent spent. See the difference? If you want to save money for future investments or for future emergencies or you just want to protect your household finances from any economic crunches in the future, it makes sense to be frugal.
Buy More Expensive Items That Last Longer
To make the most of your money, buy high quality and more expensive items but make sure they last longer and provide better value. When you factor in the life and usefulness of the item, chances are you save more money spending this way than automatically buying only the cheapest stuff.