Saving on Household Expenses

These are certainly tough times for people all over the world. Everyday we hear about the recession and about people being kicked out of their homes and people loosing their jobs. It is important more than ever to be able to manage our household finances. Expenses generate by the household after all comprises a big chunk of our overall expenses. I would discuss some tips on how we could be able to achieve this.

First try to buy store brands. Store brands are at times manufactured by the same people who make the national brands but are priced lower. This is because of the lesser costs for advertising and distribution. Examples of store brands are Sam’s Choice, Great Value, Kirkland Signature and American Fare.

Second find your latte factor. David Bach, author of “Start Smart Finish Rich” says that we waste small chunks of money on little things. It could be anything from soft drinks to bottled water to Starbucks coffee to pastries. I know these items may only costs a few dollars but they all add up.

Third is to use accounting software. There are a lot of good software programs out there that track your expenses and notice trends in them. This would help you show where your money is going. This would help you cut down on unnecessary expenses.

Fourth is to use coupons. There are many sites right now that have coupons. There are also coupons in magazines and newspapers. These will help you save a lot when you go to the grocery. Use the coupons only for stuff you really use. Sometimes they have coupons for items that are not very sellable. Do not be tempted by the low price.

Fifth is to use generic drugs. Generic drugs are priced at a fraction of branded drugs. This is because branded drugs spend a lot in terms of advertising and marketing. Just make sure to get the drug’s generic name.

Sixth is to buy when there is a sale. This is especially true when buying non-food items such as clothes or appliances. Why pay full price for something when you could get them from ten to fifty percent off? Just be patient and do not impulsively buy them.

Seventh is to not go to the grocery on an empty stomach. Doing so will increase your food bill because you would tend to pack-in more food since you are hungry. Make sure you have eaten first before venturing to the grocery store or supermarket.

Eighth is to buy the paperback version instead of the hardbound version. Oftentimes books have a paperback version which is several dollars cheaper than the hardbound version. If you are only after the content then this would be good for you.

Ninth is to eat at home. It is really tempting to eat at your favorite restaurant or fast food outlet but you have to pay for the service, ambience and other frills. Eating home prepared meals are cheaper. This applies to bringing packed lunches to work as well.

Tenth is to buy in bulk. Buying in bulk is oftentimes cheaper than buying smaller sizes. Use this when buying stuff you normally use anyway such as soap, shampoo or cleaners. This also applies to cereal and foodstuffs.

Eleventh is to canvass. Do not buy impulsively. Scout first before buying anything. You might find the exact same item cheaper somewhere else. It always pays to shop around.

Twelfth is to go to the dollar store. There are tons on dollar stores out there. These stores carry a wide array of products from shampoos to shaving cream to food. At times there are also nice bargain items you could buy there.

I do hope you were able to learn something from these tips. I personally use this to save money. This is important especially with today’s skyrocketing prices and slow economy.