With businesses closing and people out of work, now is the most important time to save money and make the most out of your limited income or savings. Whether you were one of the lucky ones still receiving your paycheck while on stay-at-home orders, filing for unemployment, or completely left without work we all need to think about how to save money. There are many ways to cut your expenses, make your money go further, and even save more money for future expenses. Here are just 4 ways you can stretch your dollars further while on lockdown.
1. Buy generic products.
You may think that brand names are better but that is pretty much always not the case. Most generic products have the exact same ingredients as the more pricey brand name product. You can save quite a bit by selecting your local store brand versus the brand you saw on TV. You can find out exactly how much you can save by switching to generic with this handy calculator I found online: https://calculator.me/savings/brand.php
This calculator will show you how much money you’ll save over the course of your lifetime when permanently switching from a high priced brand name product to its functional, less expensive equivalent (generic or store-brand). Plus, it will also show you how much interest you could earn if you were to invest all or part of those savings as you realized them. As you’re about to see, “a penny saved” can REALLY ADD UP!
2. Use coupons and cashback apps.
It may seem like a lot of work to gather coupons prior to going to the store, but it’s actually not as difficult as it may seem. There are a lot of new apps available that make it fast and easy to get cashback and save some extra $$ on your everyday purchases online and instore.
Prior to going to the store, make a list of the items you need then use a coupon matchup site to find if there are available coupons for that product. Some coupons may be printable online or available digitally.
3. Stop buying unnecessary items.
I know, I know…I’m addicted to shopping as well! It’s hard to pass up that item in the store that looks cute or is on sale even though you really don’t need it. In times like these, however, now more than ever we need to stick to the essentials. If you could add up all the little purchases you make every year, you’d be surprised at how much money you could actually be saving. You can find out exactly how much with this handy calculator: https://calculator.me/savings/periodic-opportunity-cost.php
4. Sell items you no longer need.
Like the saying goes, “One man’s trash is another man’s treasure.” Did you know that you could potentially earn a full-time income by selling your gently used goods or new unwanted items on resell apps?!? And most make it super easy to ship directly from home without even paying for postage or having to go to the post office. It’s simple, list your item on one of the sites listed here and then request a free USPS pick-up at your house! BAM! More money in your pocket.
Piggy Bank Photo by Fabian Blank on Unsplash
