Let's be honest. Many of us have seen, heard, or read countless pieces of advice on how to save money and be responsible consumers. Yet, even the best of us tend to easily forget, underestimate, or ignore some of the basic ways to practice excellent frugality. And our finances pay the ultimate price for it. That’s why it’s important to remind ourselves of some of the best money-saving strategies.
The truth is that saving money doesn't need rocket science. In many cases, we already know what to do. But, we go on with our day-to-day lives without paying attention to these five money-saving strategies that can easily turn our financial lives for the better.
1. Don't Buy Without a Discount
Many businesses today are competing for customers more than they did years ago. And to attract and retain customers, most of them rely heavily on discounts.
So if you want to save money, never hand over your card or hard-earned cash without a discount. Hunt for discounts like your life depends on it.
For example, if you're buying groceries, electronics, or paying for your next flight, find deals that can save you a few dollars, or earn rewards.
2. Negotiate Like a Pro
Apart from discounts, supersavers know the value of negotiating. Every time you're on the market for a product or a service, remember to ask for any offers. Remember, if you don't ask, you don't get.
When making big purchases, prepare for negotiations like a pro. Gather all the information you need to convince sellers.
For instance, if you're looking for a new insurance policy or an internet service provider, get an estimate of your yearly expenditure. Use it to demonstrate your willingness to switch to other service providers if they don't have better terms. It could be what you need to save hundreds of dollars every year.
3. Use Comparison Shops
Whether you're looking for discounts or negotiating, make use of comparison shops or websites. Once you've established how much you're willing to spend, see what deals are out there for you.
Keep in mind that regardless of what you're buying, different sellers will offer different prices. But they all have one thing in common- they want your custom. So don't hesitate to take the time to find great offers.
Many supersavers say you can save up to $200 a year, by using comparison websites to find vendors with great prices.
4. Watch Your Subscriptions
This is one of the easiest money-saving strategies. When was the last time you looked at your automated payments? Maybe that magazine you no longer read, TV service you don't use anymore, or that old gym membership.
While they may appear minimal, monthly or yearly subscriptions can easily add up to hundreds of dollars going to waste if you don't get value for your money. So take a moment to evaluate all your subscriptions.
If you find any service you never use, cancel immediately. And while at it, don't forget to cancel any free trials you signed up for that you don't want to use in the long term. This will help you avoid getting charged.
5. Use The Right Tools
Saving money is like building a house. Without the right tools, you may never achieve your goals.
And there is no better way to improve your savings like knowing where your money is going, how much you're saving, and what to do to increase your income.
With so many apps today, pick money management tools that work best for you. If you're not sure, talk to a trusted friend, family member, or financial advisor.
Having these solutions closer to you can help you watch your spending, and propel you toward your financial goals faster than you envisage.
As you can see, these are straightforward money-saving strategies that can be easily overlooked for many. Don't be one of them, because supersavers don't take chances with their money. Good luck!