With the average American spending nearly $4,500 on groceries and $1,900 on clothing, ways to save are a priority. Waiting for Black Friday, shopping online seasonal sales, and joining rewards programs are among the most common ways to trim your costs. But the savings do not have to stop there. Before you pull out your credit card for your next purchase, take a look at these shopping tips and savings strategies to save money. These actions are practical, convenient, and apply whether you are on a shoestring budget or not.
Here are five smart strategies to cut your retail spending and start saving big today:
Comparative Shopping
We often shop in a hurry, sometimes with little to no preplanning. This is certainly convenient and quick, but it is not a good way to save money. You might love buying shoes from your favorite spot because you know the place and it is just down the street. You see a pair of shoes for $50. But what if the department store just a little further out is offering a discount, lowering your price to $30? By only driving a few extra minutes, you have saved yourself $20. "A good way to save money is to compare prices," recommends the Federal Trade Commission. Spending a little bit of extra time is definitely worth it and there are even digital tools that can help.
Buy Used or Refurbished Goods
Buying new often means you get top quality products which can include other benefits, such as a product warranty. But the money you might be able to save on buying a used kitchen table from your local thrift shop versus a new one at a big-box retailer, for instance, can make up for these advantages. Plus, many thrift stores are non-profits whose proceeds go toward supporting commendable causes such as domestic violence shelters. Buying used instead of new can be a decision your conscience – and your bank account – can feel good about.
Here are some other notable considerations to help you make the right choice:
Buying Used Products | Buying New Products |
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Buying Used Products
Savvy consumers can find items in almost-new condition
Lets you practice your refurbishing or refinishing skills
You may have to haul bulky items yourself
May not come with a return policy
No customer support
Buying New Products
Brands often offer expert assembly and customer support
Money-back guarantees means you can buy products that are free of defects or get your money back
Adding on expert assembly or delivery can cost extra
The return policy might be complicated based on the product and retailer
Couponing
Coupons have come a long way from merely clipping out paper from the Sunday newspaper. Many more offers are now available at your fingertips via online coupons and shopping apps. If you are itching for some old-school money-saving action, many retailers publish weekly fliers, which you can usually find online or inside brick-and-mortar stores. To plan out your shopping trip and avoid any surprises, visit the store's app or website to find savings before your next shopping trip. Check out our helpful guides to get tips on using coupons for your everyday shopping or learn how to become an extreme couponer.
Browser Extensions and Apps
In 2020, online shopping grew worldwide by 24%, while in-store shopping dropped by 7%, according to a report by Euromonitor International. Fortunately, it's easy to save money online, thanks to browser extensions and shopping apps. Many of these let you quickly compare prices from multiple retailers so you can find the lowest price. Some automatically search for and apply available promo codes as you put items in your cart, while others scour for cashback offers.
For instance, Amazon Assistant is a browser extension that offers a side-by-side comparison of prices. It can also notify you about the hottest deals or send you personalized recommendations for products you may like.
Budgeting
For many, budgeting is a struggle. Previous studies by Pew Charitable Trusts indicate that 55% of Americans spend as much money as they take in each month and sometimes more. Some expenses are hard to control, but creating a budget for costs you can control (called discretionary spending) can keep your spending in check.
Budgeting doesn't have to be painful or complicated. Take a look at these simple and free budgeting tools, which include both high-tech and old-school methods, to get started.
