I read an interesting article this summer that spoke of consumers changing their shopping habits in light of the economic woes that many, if not most, Americans are suffering. There was another article written by the AP today that speaks of more middle class Americans doing their shopping at thrift stores than ever before because the amount they spend on clothes is really one of the only costs that the consumer can control.
Though Jonathan and I live in a ridiculously overpriced area thanks to our vicinity to D.C., we have always lived our lives in a thrifty way. Curiously though, I haven't noticed many of my neighbors making any of the above mentioned changes to their spending habits. I still see numerous Hummers driving our streets in spite of through-the-roof gas prices. The brand-new one bedroom condos built behind our twenty year old condo community are selling for well over $500,00 and they have practically the same view and amenities as ours!
The mall down the road is thriving, even with stores such as Burberry, Louis Vuitton, Versace and Saks in it's corridors and the parking lots, or shall I say the valet parking lines, at Morton's and Shula's are remarkably crowded even on a Tuesday night. There is some serious money around here and I'm starting to get the feeling that my neighbors are not feeling the same belt-tightening crunch that everyone else is.
As I mentioned though, living a frugal life is nothing new for the two of us. Jon and I are fortunate in that we're only feeling a slight economic pinch and that's mostly due to the unexpected dental costs thanks to my mutant tooth. I'm guessing that many of you are feeling the pinch too so I thought it would be helpful to share some of our money-saving tips to help your dollar stretch a little farther. These tips seem fairly obvious to me, but I think that's just because it's my way of life, so hopefully there will be something new on this list to help you get through these tough times!
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1. Clip coupons and use them in conjunction with your grocery store's sales.
Yes, it's time-consuming. Yes, you might get some glares from the person behind you in line. But the savings are well worth it. Rather than buy a newspaper for the coupons, we have our moms save their coupons for us and additionally we sign up for online coupons. Kraft Foods always send us great ones for their new products and some of their coupons give you the item absolutely free. Our grocery store doubles coupons up to 50¢ which may not seem like a lot, but those little cents can really add up to big savings. Case in point: Our grocery bill came to $116.22 last night. After our bonus card savings (which are grocery store sale items) and coupons, our total came to $82.01. That's a savings of $34.21 just from using coupons and buying sale items!
2. Stock your pantry and freezer.
This tip goes along with Tip #1. Most of the groceries we bought last night are things that we won't use right away. However, if the item was on sale this week and I had a coupon for it (and it's something we'll use, obviously) I bought it to stock in my pantry or freezer. Jon and I could probably live for months off of all the food we have stored in our pantry and freezer! This saves us money and gas and time spent going to the grocery store.
3. Use reusable shopping bags.
Again, this tip goes hand in hand with Tip #1. Not only is this good for the environment, but our grocery store gives us 5¢ back for each reusable shopping bag we use. It's not much, but it adds up when you use four grocery bags per trip over the span of a year.
4. Never pay full-price for anything.
This can mean waiting for that certain item you just have to have to go on sale or it can mean buying second-hand at garage sales, Craigslist, thrift stores or Ebay. The former is where I do a majority of my shopping and really, you would be none the wiser. I've been tagging along with my mom to yard sales since I could walk and all those years of observing her bargain hunting has really paid off. When I say I don't pay full price for anything, I mean it and that includes second-hand shopping. Most people are willing to bargain with you; you just have to ask.
Believe it or not, you can bargain at retail stores too. Just last week I bought a pair of pants from Old Navy that had a minor malfunction with the pocket, something that can easily be fixed with a quick snip and stitch. I brought it to the attention of the cashier and I got the already reduced pants discounted for an additional 50% off. I ended up paying $3.97. Also, look for "open box" deals at electronic stores or 50% discount days at your local Salvation Army. Oh, and did I mention that my Salvation Army sells brand-new items from Target? It's a total win-win situation!
5. Plan your menus wisely.
Jon and I rarely go out to eat anymore and make our own meals instead. We plan inexpensive, yet delicious homemade meals that we know will generate leftovers or can easily be transformed into another dish. Case in point: We have potatoes and vegetables leftover from last week's chicken pot pie. We have a half-eaten oven roaster chicken in the refrigerator from dinner last night. Voilá, we have all of the ingredients for a big pot of homemade chicken soup, something that will feed us for dinner and lunch this week! Planning your menus in advance not only reduces waste but it also saves you money.
6. Reduce your dependency on plastic.
Try to use reusable containers where you can rather than buying expensive Ziplock bags, Saran wrap and bottled water. Invest in a Brita filter and Nalgene bottle and start using reusable food storage containers rather than using plastic baggies and wraps for your food. Yet another tip that's friendly to Mother Nature and saves you money in the long run.
7. Cut back on the amount of detergent you use.
This goes for both laundry and dishes. Your things will still get clean, but it's actually better for them if you reduce the amount of harsh detergent that they're exposed to. It will also make your detergent last a lot longer! Also, try line-drying your clothing to cut back on wear and tear on your clothing and to reduce your energy usage. Not only will your clothes last longer, but it will save you money!
8. Switch to compact fluorescent light bulbs.
If you haven't already done so, make the switch! Compact fluorescents (CFs) use much less electricity which translates to a lower electric bill and less global warming. Jon and I have finally used the last of our old light bulbs and are now an all-CF household. Both our checking account and Mother Earth thank us!
9. Install a programmable thermostat.
Like Tip #8, this also helps to keep your gas and electric bill down, while lessening global warming. We program our thermostat to lower the temperature when we're at work and during the night while we're sleeping. In that same regard, try to do without heating and cooling for as long as you can stand. Keep your windows open in the spring and summer until it gets unbearably hot and put on socks and a sweatshirt in the fall and winter before you automatically turn the thermostat up. Even 1° can mean huge savings for your wallet.
10. Do your own home improvements.
I'm not saying to do your own plumbing or something else that requires years of training, but try to take on small projects that you can handle. Jon and I saved a lot of money last year by doing our own demo for our kitchen remodel and by buying our granite wholesale. We've already saved a lot of money on our bamboo floors by waiting for it to go on sale at Home Depot and by purchasing a 20% off total purchase coupon from Ebay, but we'll save even more by doing the installation ourselves. All it takes is the willingness to learn and get a little dirty. Plus, isn't it more fun and rewarding to do the work yourself?
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Obviously, there is a lot more you can do to save money during hard times, but I thought I would stop at ten since I was starting to get carried away! What other money-saving tips do you have that can help pinch pennies during times of economic hardship? Please share!
