5 Tips That Will Help You Save While Spending
Saving money while spending it might seem like a conflicting idea but there is so much truth to this. Nothing is impossible and that includes saving while spending — as long as you know how to spend your money wisely.
Spending is inevitable. We live in a world where we exchange money for goods in order to survive. This includes shelter, food, clothing, water, and sometimes, our wants. If spending is unavoidable, then we should, at least, make sure that we are doing it the right way. It is not enough to ‘just’ meet our basic needs. We must also be smart about how to spend for our needs. Part of it is figuring out how to save while spending.
Step up your shopping game by applying these tricks that will help you save while spending:
Quality over quantity:
Buying cheaper goods doesn’t mean that you already saved money. Ironically, buying cheap goods may result in spending more in the long run. For example, buying a P300 backpack will wear out easily and will only last a few months but spending for a P3000 backpack might last for years.
Sometimes, buying quality, long-lasting products will save you from having your money going down the drain. It might cost you more in the short term but perceive it in a long-term and determine which is a better deal.
Buy used but in good condition items:
Sometimes, buying used items is a better deal over buying in brand new condition. Buying used items doesn’t mean you are going to get the worn out ones. For example, you have a friend or relative that is moving out and they are selling some of their furniture. Buying used furniture would help you save a lot compared to buying new ones in malls. Another example is a used car. The value of new cars depreciates the moment you started driving it. When buying a used car though, make sure you bring along your trusted mechanic to see if the car is still in good condition.
The bottom line is, buying used items means scoring a good deal provided that the items are still in good condition.
Buy items in bulk:
Buying items in the smallest quantities are so common in the Philippines. That is why sari-sari stores are thriving and are everywhere in the country. Buying items in the smallest packaging are also known as ‘tingi’ or retail. Some people argue that buying items in small pieces is cheaper compared to buying in bulk. Sad to say, that is not always the case.
Buying items in bulk are one of the smart strategies to save money. Take a look at it this way: the cost per piece will be smaller if you buy 10 pieces of a product contrary to buying a single one. When buying in bulk, make a list of the things you regularly use and buy it in large quantities. Household staples like shampoo, soap, detergent, toilet paper and dish soap are good options as these items are nonperishable. On the flip side, if you are going to use this approach to perishable items, make sure you consume everything before they expire. Otherwise, you will just lose money and not save anything.
Make a comparison:
As human beings, it is already our nature to compare. We do a lot of comparison in our existence — be it a person, experience or objects. We compare things to almost everything. That’s why it’s not new to us already to compare items or prices before we shop.
One of the best ways to save while shopping is to compare prices. Before you make the final decision to buy an item, make sure you have made a price comparison and determine where you can get the greatest deal. Aside from comparing prices, you should also compare the quality of each product. Remember, it is not just about buying cheap products. Sometimes, buying cheap items but can easily be destroyed can end up paying more than what’s necessary. So make sure you are getting the items worthy of its price.
Be on the lookout for discounts and deals:
Another way of saving while spending is to meticulously keep an eye on discounts and deals being offered by retail or online stores. It won’t hurt if you will have a keen eye on discounts or offers. In fact, being a meticulous shopper might just land you to a greater deal.
One of the easiest ways to get a discount is to sign up for your favorite brand or retail store’s newsletter. Some establishments do this to grow their pool of customers into their database in exchange for the discounts given to their customers when doing so. Signing up for their newsletter also enables you to get an “inside scoop” on their latest deals and offers. Another method is to follow your favorite brand’s social media pages like Facebook, Twitter or Instagram. Most of them use social media as a channel to interact with their customers, build their brand, announce their new products, promoting their discount sale and giving out coupon codes to their customers. Make sure you take advantage of this benefit and for sure, you will save a good amount of money.
Saving money doesn’t have to be a chore as long as you are equipped with the best practices to gain savings effortlessly. It takes some finesse to win into the shopping game so step up your game by beginning to hone your skills by learning how to save money while spending.