Everyone has suffered in one way or another with debt, and while some individuals have found their way out of the hole, others seem to be digging deeper. There are ways to get out of debt; you just have to sacrifice some luxury items to help save money to tip the teeter totter in the opposite way.
Here are some ways to cut your spending and save money on a daily basis. Average savings varies but can range in hundreds of dollars saved every month. If you were able to save $100 each month for a year, you would have an extra $1,200 to pay off your old debt, college loans or maybe just take a vacation with the extra cash you have saved.
1. Price Match – Wal-Mart prices matches other food stores in your local area. Wait to go shopping until the day after you receive all the free ads in the mail. Make your grocery list based off of other grocery store specials, take your list to Wal-Mart and price match. You can save hundreds of dollars each month if you can get good at this.
2. Compare Unit Prices – Most times purchasing the larger items will save you money per unit, however, this is not always the case. I have come across smaller items that have better unit prices than larger items. If you do not have a smart phone, take a calculator to the store with you. It gets tricky sometimes when a smaller item is on sale because the unit price shows the regular pricing but can now actually be better than the bigger item.
3. Buy off-brand – this is mainly for food items but can also be taking into consideration when purchasing clothes or other items. Typically off brand food items are identical or almost identical to the name brand. The only different is the packaging and you are not paying for that company’s advertising costs. As far as clothes, I do not typically buy off brands but do wait for sales.
4. Save your leftovers – simple as that. If you don’t finish your meal, save it for later; it helps you save money if you get hungry in a few hours. Or pack it for lunch tomorrow.
5. Limit your eating out – If you are someone who likes to eat out, limit yourself to eating out to once or twice a month. After several months you should find that you have saved a generous amount of money.
6. Go old school – Don’t go to the movie theaters and forget Blockbuster and OnDemand. You have plenty of entertainment at home with older movies or unbeaten video games. Don’t waste your money going out to see a movie when you know in a few months it will be available to rent at Redbox which charges less than $1.50 for non-blu ray movies. Sure beats $10-12 for a movie ticket, which doesn’t even include popcorn and a drink!