Most people have a technique or two that they use to save money. Some people shop during end-of-season sales, while others will set a budget and stick to it. Even the most frivolous shoppers will have a money-saving trick, even if they don’t realise that’s what it is.
While most of us do at least something, the vast majority don’t do enough to cut their spending.
When times are tough, either because an unexpected bill has landed at your feet or your work has fewer hours for you, it’s important that you save as much as possible. It’s also good to save money in the good times so that you have a bigger cushion to fall back on.
Here are some simple techniques you might not have thought of.
Vouchers & Promotions
While we’ve also used vouchers at some point in our lives, there are a lot many more you haven’t taken advantage of. You can find discounts, vouchers, and promotions available from most businesses and for almost any product and service. So, as long as you were going to buy it anyway, taking advantage of the discount will save you some cash.
You can find vouchers for everything from supermarket groceries to electronics. You can even find great promotions for free sports bets and discounted entry to theme parks.
Switch to Non-Branded Items
Companies spend a lot of money investing in their brands as they help them to differentiate from their competitors. However, it costs a lot of money to cultivate and maintain a brand, and this is passed on to the consumer through higher prices.
When you go shopping, especially for grocery items, non-branded or the supermarket’s own-brand products are typically much cheaper. Doing so could save you as much as £500 per year.
Buy in Bulk
Buying in bulk can generate a lot of savings for your household. Just remember to only buy what you’ll use, don’t let products expire, and don’t use more just because it’s in your house. You can buy in bulk from wholesalers like Costco, or online from sites like Amazon. You can even do it in supermarkets when they run discounts on non-perishable goods.
Cut Down on Waste
Waste of any kind is just the same as you throwing money straight into the bin. Cutting back on the waste you produce can save you a lot of cash over the long run. For example, Brits throw away almost £500 million worth of food each year because they let it expire.
You may be wasteful in many other areas too: leaving lights and other electrical devices on when they’re not being used, driving your car with a heavy right foot, and buying new clothes when you have some in the wardrobe already.
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