The squeeze is on. Your household budget is feeling the pinch of higher prices at the gas pump. And the domino effect on consumer prices is frightening. Everywhere you turn, higher prices are here to stay.
So, what’s a family to do to keep on the straight and narrow of living within their means? Here are some practical tips that some families are already employing to beat the squeeze, and still have money left over to fund retirement accounts, and pay off credit card debt.
Buy a Sweat-Equity House. Nothing adds more to the value of your house but that extra manual labor that you provide. Along with that comes wise shopping for good prices on items that you need to upgrade it. Paying a low price for a “fixer-upper” will go a long way to help build the kind of equity in the house that, when we finally do pull out of the housing crunch, can be sold and turned into a nice little nest egg.
Fewer and larger laundry loads. This has a direct impact on your water and electricity bill. You would be amazed at how much your utilities will go down by managing this properly.
Shop Smarter. Become a bargain-aholic. Most clothes can be bought for a fraction of their new prices by watching what goes on sale and when. Learn where the clearance racks are located and check them often. Frequent your local Good Will or other local thrift shop. Yeah, I know, it stinks in there, but you can find great bargains on clothing and other household items.
Buy Seasonal After the Season. Look for decorations and gifts AFTER the holidays are over. And, keep in mind that 50% is just the beginning. Lots of places deep-discount this stuff after a few weeks just to get rid of it. Take advantage of this and don’t be afraid to ask for a lower discount in order to help them move out-of-season merchandise.
Look for Trial Memberships. Most member stores have good prices, but if you cannot bring yourself to pay the annual membership fee, then watch for trial memberships in the mail. Then, use these to go stock up on non-perishable items.
Make Friends With Other Bargain-Hunters. The power of multiplication in having a larger number of bargain-hunters with feet to the pavement can help spread the news of good buys happening all over your locale. Share your successes and help each other out when you see something that you don’t need but someone else might, call them right away to let them know about it.
Search and Research. If you make it a point to be research oriented, it will prevent you from being an impulsive buyer. Look for prices all over from various sources to see who has the lowest price. Call them and find out if the items will be marked down soon. Or ask them to match a competitors lower price. Go to your local library and read product reviews to find out which product is the best for your money. Use the local library to search the Internet for good bargains if you do not have a computer at home.
Shop for Better Insurance Rates. Insurance companies are in a battle for business right now, and you can save some serious money by shopping around. Just be aware that some savings comes with a price. No local agent, higher deductibles, etc.
Stop Eating Out. Eating at restaurants is expensive. Even with coupons and specials, you can buy food from a local grocer and make it at home while saving a bundle.
Make your buying decisions based on information, not knee-jerk reactions to something that looks good. The more you do this, the better you will become at it. It takes time and effort, but you will be amazed at how much you can save.
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