This is a special guest post by author Andrea Woroch. She is a consumer and money-saving expert for Kinoli Inc. Read more about her after the article.
It seems like in every neighborhood there’s at least one family that’s unfazed by the sluggish economy. Perhaps they have some money stashed away, but it’s more likely they utilize smart shopping habits. Changing the way your family shops can add up to some serious cash in just a few months. If you’re looking for new savings strategies, try a few of these tips commonly used by financially fit families.
Comparison Shopping
Comparing prices is the foundation of any smart shopping strategy. Buying from online merchants means you have access to review price options from multiple retailers all from the comfort of your couch. What’s more, the internet provides access to product reviews to help you make better buying decisions when it comes to cost and quality. If you’ve been struggling to find the best deals on groceries, checking unit prices in-store will guide you to the lowest price.
Shopping List
Are you stopping at the store almost every day to pick up something you forgot? Making a list before you head out can cut down on both extra trips and impulse buying. Post it on the refrigerator and the whole family can add what they want.
Buy Used
There’s no shame in shopping used; in fact, it’s become a major trend. Garage sales and thrift stores keep kids in clothes for cheap, and household items like furniture and dishes are abundant. Get a better idea of which products are best bought used with these 40 recommendations.
Lessons in Budgeting
It’s never too early for kids to start learning about shopping smart. Begin by giving them an allowance and helping them figure out how to save for items they really want, like a new video game or bike. The same goes for holiday shopping. Instead of having an open ended gift budget, establish a spending ceiling; then the kids can decide if they want to ask for one big present or several smaller items.
Never Marry a Brand
We all have our favorite brands, but sometimes compromises have to be made. Some generic products are made by the same manufacturers as the brand-name products — often in the same manufacturing facility. The only differences are the label and a lower price tag.
Smartphone Savings
Your smartphone could be your best bet for finding good deals. The RedLaser app allows you to scan barcodes and compare prices instantly while you shop. If you forgot to print out your coupons before heading to the store, the CouponSherpa app lets you find mobile coupons and have the cashier scan them right from your phone. Cellfire.com is a useful tool for those without smartphones. You can add coupons directly to your store loyalty card so there’s no need for clipping.
Buy Before You Run Out
When you’re taking care of a whole family, it’s hard to believe how fast essentials run out. Instead of waiting until you’ve used up the last roll of paper towels, shop while you still have some supplies left. If a sale starts in a few days or a coupon is issued, you’ll have enough to hold you over instead of having to buy at a higher price out of necessity.
Shop Off-Season
Ignore the advertisers leading us to believe we’ll miss out forever if we don’t buy the latest products NOW! School supplies like binders, notebooks and pencils are pretty standard. Purchase them after the back-to-school rush to cut costs and stock up for next year. Shorts, sandals and winter coats are other items you can easily find at reduced prices in off-seasons.
Stop Paying Full Price
You can find coupons in more than 50 places, including online, attached to products, on your bank statement, and even on your smartphone. As a result, paying full price is a thing of the past. One study shows families who spend just 20 minutes per week looking for coupons can save up to $1,000 or more a year.
Watch Closely
Monitoring prices on the shelves and in ads is important, but it’s also important to keep track as the cashier is ringing up your purchases. Don’t be afraid to ask the cashier if you find prices on your receipt that aren’t what you expected.
Become a Follower
Follow your family’s favorite stores on Twitter and Facebook and you can get exclusive coupons and special offers. For instance, Old Navy recently posted an exclusive 30% off coupon code on their Facebook wall for their fans to use on new arrivals.
Family Night at Home
Going out on the town for family night makes for great bonding time, but comes with a big price tag. Instead, let the kids decorate the living room in their own theatre style. Then, rent a movie, pop some popcorn and pick up some special candy treats. For dinner, plan a picnic at a nearby park or cook a meal with each family member contributing a portion. Being creative can go a long way when it comes to keeping money in the bank.
Andrea Woroch is available for in-studio, satelite or skype interviews and to write guest posts or articles. As a nationally recognized media source, Andrea has been featured on NBC Today Show, FOX & Friends, MSNBC, ShopSmart Magazine, Kiplinger Personal Finance, CNNMoney and many more.