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Facing an Economic Downturn the Cheapskates Way
No matter what your current economic situation, it's important to know how to save money. If you know how to save money on your regular purchases, you will be in a much better position if you come upon hard times, such as after a job loss or when facing unplanned expenses, even rising prices. What's more, frugal practices are often better for the environment and so are a good lifestyle choice at any time, not just during a financial crisis.
Here are ten tips to get you started living the Cheapskates way.
1. Buy things used instead of new.
If it's not a safety hazard, you should buy things used as often as possible. You can save a lot of money if you buy your children's clothes used instead of new. They're going to outgrow the clothes in a few months anyway so you may as well save money on your purchase. You could put the money you save towards their education costs or to debt repayment. Buying used also helps keeps usable items out of landfills.
Make op shops your first port of call when shopping and always check out local trash and treasure markets before you head for the shops.
2. Buy store brands.
A lot of times there is very little difference between the store brand product and the national brand. If you're unsure about a store brand, buy one to try. If you don't like it you can go back to your regular brand. If you do like it, you will save some money.
3. Look online for free items.
Sometimes people have various reasons to give perfectly good things away. Maybe they've moved or are divorcing or their kids are moving out. Maybe they're the type that upgrade their phone or computer every time a new one comes out. Check Freecycle regularly to see what free things you can find. There's no better price than free! This is another way to keep good products out of the landfills.
4. Use coupons.
Yes, we do have coupons in Australia. Coupons can be an effective way to save money if you’re careful about their use. Always compare prices – sometimes a store special is cheaper than using a coupon. You can also find printable coupons and coupon codes online. Search for your favourite products in a search engine along with the words “coupon” or “discount code”. You would be amazed at the results that can show up.
5. Eat at home instead of eating out.
A lot of times you'll come out spending way less if you eat at home instead of eating out. For example if you're feeding a family of 4, you could easily spend $30 for one meal. If you took that same money and spent it on groceries you could cook several meals. Also, your family will eat far healthier. It’s tempting to eat out when you’re tired so be sure to plan ahead. Spend some time each week in menu planning so you always know “what’s for dinner”. Cook double on some nights so you can reheat leftovers on busy days. And have a repertoire of super easy, no fail meals that you can throw together in minutes.
Penny Pinching Pizza
6. Form a hand me down system with your family and friends.
You probably have nieces and nephews that are older than your kids. You also probably have friends with kids that are younger than yours. You could all form a system whereby the oldest kids pass down their clothes to the younger ones. This way everyone saves money on kid’s clothes. Try putting on a mum swap in your neighbourhood! You could do it for all kinds of necessary items, from kid stuff to clothing for yourself and even school books and furniture.
7. Buy things out of season.
Most stores start running clearance sales when the seasons are changing. This is the best time to buy clothes so buy your summer clothes in the winter and your winter clothes in the spring. If you're buying clothes for children, remember to buy them a few sizes too big so the clothes will fit your kids the next year.
8. Make things instead of buying them.
If you know how to sew, crochet, knit, or make soaps, you have another way to save money. Instead of buying clothes, blankets or soap, you could make them. The clothes you make will fit your family better because they will be tailored to their measurements. If you make soaps, you can control exactly what ingredients you use. There are thousands of recipes online for homemade beauty products, spice mixes, baking mixes, health remedies, even cleaning products. You can also check out fantastic books at the library with all kinds of do it yourself recipes.
9. Look for opportunities to barter.
If you go online, you'll find bartering opportunities at bartering sites and places like Craigslist. This is another way for you to save money. Instead of spending cash on what you need, you can trade a service or something else of value.
10. Be a frequent garage sale shopper.
Usually when people hold garage sales, they are trying to get rid of their stuff quick and get cash. This is a good opportunity to haggle and get good deals on the things that you need for your family for just a few cents on the dollar. The trick with garage sales is to be organized, since the availability of items is unpredictable. You might have to buy things ahead of time and store them for awhile. Try to anticipate what your family will need in the upcoming seasons and keep running lists in your purse so you can remind yourself quickly. You can even partner up with a garage sale buddy. If you need a bread machine and your friend needs a new printer, you can scout for each other.
These are just ten ways you can save money, there are lots of other ways to save on your everyday purchases. You just have to be creative and observant. Make saving money a priority and keep your eyes open for sales and other opportunities to save and before too long living the Cheapskates way will be second nature and you'll wonder how you ever lived before.
Here are ten tips to get you started living the Cheapskates way.
1. Buy things used instead of new.
If it's not a safety hazard, you should buy things used as often as possible. You can save a lot of money if you buy your children's clothes used instead of new. They're going to outgrow the clothes in a few months anyway so you may as well save money on your purchase. You could put the money you save towards their education costs or to debt repayment. Buying used also helps keeps usable items out of landfills.
Make op shops your first port of call when shopping and always check out local trash and treasure markets before you head for the shops.
2. Buy store brands.
A lot of times there is very little difference between the store brand product and the national brand. If you're unsure about a store brand, buy one to try. If you don't like it you can go back to your regular brand. If you do like it, you will save some money.
3. Look online for free items.
Sometimes people have various reasons to give perfectly good things away. Maybe they've moved or are divorcing or their kids are moving out. Maybe they're the type that upgrade their phone or computer every time a new one comes out. Check Freecycle regularly to see what free things you can find. There's no better price than free! This is another way to keep good products out of the landfills.
4. Use coupons.
Yes, we do have coupons in Australia. Coupons can be an effective way to save money if you’re careful about their use. Always compare prices – sometimes a store special is cheaper than using a coupon. You can also find printable coupons and coupon codes online. Search for your favourite products in a search engine along with the words “coupon” or “discount code”. You would be amazed at the results that can show up.
5. Eat at home instead of eating out.
A lot of times you'll come out spending way less if you eat at home instead of eating out. For example if you're feeding a family of 4, you could easily spend $30 for one meal. If you took that same money and spent it on groceries you could cook several meals. Also, your family will eat far healthier. It’s tempting to eat out when you’re tired so be sure to plan ahead. Spend some time each week in menu planning so you always know “what’s for dinner”. Cook double on some nights so you can reheat leftovers on busy days. And have a repertoire of super easy, no fail meals that you can throw together in minutes.
Penny Pinching Pizza
6. Form a hand me down system with your family and friends.
You probably have nieces and nephews that are older than your kids. You also probably have friends with kids that are younger than yours. You could all form a system whereby the oldest kids pass down their clothes to the younger ones. This way everyone saves money on kid’s clothes. Try putting on a mum swap in your neighbourhood! You could do it for all kinds of necessary items, from kid stuff to clothing for yourself and even school books and furniture.
7. Buy things out of season.
Most stores start running clearance sales when the seasons are changing. This is the best time to buy clothes so buy your summer clothes in the winter and your winter clothes in the spring. If you're buying clothes for children, remember to buy them a few sizes too big so the clothes will fit your kids the next year.
8. Make things instead of buying them.
If you know how to sew, crochet, knit, or make soaps, you have another way to save money. Instead of buying clothes, blankets or soap, you could make them. The clothes you make will fit your family better because they will be tailored to their measurements. If you make soaps, you can control exactly what ingredients you use. There are thousands of recipes online for homemade beauty products, spice mixes, baking mixes, health remedies, even cleaning products. You can also check out fantastic books at the library with all kinds of do it yourself recipes.
9. Look for opportunities to barter.
If you go online, you'll find bartering opportunities at bartering sites and places like Craigslist. This is another way for you to save money. Instead of spending cash on what you need, you can trade a service or something else of value.
10. Be a frequent garage sale shopper.
Usually when people hold garage sales, they are trying to get rid of their stuff quick and get cash. This is a good opportunity to haggle and get good deals on the things that you need for your family for just a few cents on the dollar. The trick with garage sales is to be organized, since the availability of items is unpredictable. You might have to buy things ahead of time and store them for awhile. Try to anticipate what your family will need in the upcoming seasons and keep running lists in your purse so you can remind yourself quickly. You can even partner up with a garage sale buddy. If you need a bread machine and your friend needs a new printer, you can scout for each other.
These are just ten ways you can save money, there are lots of other ways to save on your everyday purchases. You just have to be creative and observant. Make saving money a priority and keep your eyes open for sales and other opportunities to save and before too long living the Cheapskates way will be second nature and you'll wonder how you ever lived before.
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