Saving money doesn’t have to be complex. There are all sorts of plans that financial advisers give for particular situations but if you simply want to save without the professional advice, there are some simple ways of doing so. These methods lie in a number of different areas and pertain to various parts of living.
Savings and Investments
Savings Accounts: It is easy to open a savings account and in fact you no longer have to leave your home to do so. You can open one online if you would prefer to. Having a savings account allows you to put away money for the future. There are many types of savings accounts. If you have the extra money to cover the required minimum, having a high interest savings account is more beneficial.
Term Deposits: The interest rates on term deposits or GICs are generally quite high. These are available from banks and other financial institutes. These funds have to stay in the bank for the predetermined period but the money collects much more interest. Not only that, but often the minimum required amount is less than the high interest savings account.
Change Jar: Having a change jar around the home doesn’t collect interest but it can prevent unnecessary impulse spending due to having extra change in the pocket or purse. It can also be a good way to save because once there is enough change you can store it in change rollers and deposit it into your bank account.
Groceries and Household Items
Cooking: Instead of using frozen items or prepackaged foods, buy the individual ingredients and cook from scratch. You get much more from the ingredients therefore saving you money. If time is an issue, make these recipes in bulk and store extras in the fridge or freezer.
In-Store Brands: If you haven’t done this already, stop and compare the prices between in-store brands and the bigger name brands. Items that are President’s Choice, Our Compliment’s or other such in-store brands can be as low as half the price of the more popular brands.
Coupons: You don’t have to spend a lot of time clipping coupons to find some that are useful. They are in magazines, newspapers, websites and other such places. Companies are making it easier than ever to find these coupons and you can save money if you take advantage of this.
Bulk Food Stores: The stores that stock foods in bulk vary in their appearance. The Bulk Barn has various goods such as candy, flour, pasta, pet food and many other items. These are often cheaper than buying the packaged form in the grocery store. At the same time, there are stores such as Costco that offer bulk packaged foods for lower prices as well. Shopping wisely at such locations can stand to save you a lot of money.
Department and Dollar Stores: There are many grocery items and household items at department and dollar stores. Kmart, Wal-Mart, Zellers, Dollarama, A Buck-or-Two, and other similar locations have these items for lower prices than found at the grocery store. There is everything from pasta sauces to drain cleaner available and you can save as much as 50% on these items.
Clothes
End of Season Sales: There are plenty of sales to be found at the shopping mall when you visit at the end of the season. These items are of very high quality but have 90% taken off of the price tag. The discount depends on the item and the store but it pays to shop around.
Outlet Stores: These stores hold good brand names but are trying to get rid of extra stock. They therefore take a large amount off of the price. This guarantees that you can save money on these items.
Second Hand Stores: Even if you don’t like the idea of wearing someone else’s old clothing, you are still recommended to try these stores. There are clothes that still have the price tags left on them from their original purchase but are now marked down to $2 or less.
Dollar Stores: While they might not be the first place on the list, if you have children, they are an ideal place to buy play clothes. These pieces sell for only $1 or $2, they still look good but if they get torn or stained, it doesn’t waste as much money.
Department Stores: These companies are working harder to have their clothes looking fashionable and it seems to be working. There are shirts selling at these stores for $12 that look just like another shirt selling at the more popular store for $69.
Utilities
Lights and Appliances: Turn off the lights when you are not in the room. The same goes for the applicable appliances as well. If you haven’t already converted to LED lights in your home, now might be the time. They are more expensive to purchase but they pay for themselves in the long run.
Faucets: Turn off the taps when they are not being used and fix any taps that are leaking.
Computers: It is not always practical to turn off the computer when you are not looking at it. Instead, put the computer on the sleep or hibernation mode.
Entertainment
Movies: Going to the theater every now and then is nice but it is cheaper to rent the movie. It is even cheaper to download them or to borrow them from someone else. If you want to have a friends’ night out, it might be a nice idea to agree on a movie that someone already has and to make some snacks instead.
Video Games: Swapping video games online is becoming more popular. These games are expensive to purchase but it only costs between $3 and $5 to swap online.
Books: Swapping books is also becoming a trend. BookMooch.com is a great place to start. You only have to pay the shipping fee and you can swap books with anyone in the world that is participating. There is also the option of visiting second hand book stores and garage sales for those who like to go bargain hunting.
Miscellaneous Items
Online: There are a lot of deals online that you can take advantage of. In fact, some of the deals from stores that have local retail outlets offer deals available only on their website. There is the potential to save a lot of money when shopping using this method but take care to check the shipping fees.
Choosing the Saving Lifestyle
Saving money is a change of lifestyle for many. It is matter of changing the thinking patterns and considering every purchase before making it. After some effort to save in various areas of life, you can really start to see the savings add up.