With the economy taking a toll on consumers’ lifestyles, it is now considered
chic to be more frugal with your money. Today’s consumers are spending less
frivolously and more sensibly. Consumer spending is shifting the same way it
did during past recessionary periods with consumers being more cost-conscious
and spending less in an effort to get the best value from every dollar and save
more. Here are some ways you can spend less and save more:
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Use cash, checks, or debit cards to pay for things instead of using credit
cards. The “buy now, pay later” mentality is less desirable, and using credit
will most likely increase your debt rather than help you save more money and
better manage your finances.
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Buy in bulk. There are many stores that carry bulk products and offer discounts
on bulk items—especially seasonal items. Food and general care items are ideal
to buy in bulk because not only do you get more for your money by paying less
per item, you end up making fewer shopping trips.
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Clip coupons and track your savings. Taking the time to clip coupons is well
worth the savings you accumulate over time. Some stores even accept
competitors’ coupons. Seek out and take advantage of double coupon promotions.
With this type of promotion, stores match a coupon’s face value, which means
the amount of money off is doubled so you get twice the discount and save even
more money. Some stores double coupons every day, while others run special
double coupon promotions certain days of the week or times of the year.
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Purchase used and second-hand goods instead of over-spending on items with high
mark-ups. Search online for discount stores or stores with promotions in your
surrounding area. From clothing to furniture, there are many good deals right
now.
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Dine out less, and cook at home more often. This is a great time of year to
cook at home because you can cook a wide range of inexpensive foods on the
grill. Eating with family and friends at home makes for a fun event. If you
invite guests over for a barbecue, ask each guest to bring an item so the meal
is less expensive and more enjoyable for everyone.
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Make small improvements to your home. Consider replacing light fixtures and
painting rooms that could use an update. Even smaller investments will help
increase your home’s value and pay off in both the short- and long-term.
This shift in consumer spending shows that a recession can have a positive
impact on consumer behavior. It can teach you to make smarter purchase
decisions, and as a result, help you spend less and save more.
