How to Save Money on Just About Everything
Money doesn’t grow on trees. So there is no upside in spending more of it than you have to when there is an option to spend less. Of course, it is never as simple as looking at the price tag. In the strange math of making every penny count, sometimes $100 is less than $50.
There is a reason the caution of being a penny wise and pound foolish still applies today. Much money has been wasted in the interest of saving it.
The idea that the big number on the price tag as the sole arbiter of saving money is one of the biggest money-saving myths out there. Another myth is that only poor people need to save money and stick to a budget. Another is that discount shopping will make you socially disadvantaged.
The first rule for saving money on just about everything is to overcome these pernicious myths, beginning with the following:
You Can Save on Name-brand Items
There is no reason to assume that you have to pay MSRP on your next purchase of branded items such as Wiley X safety sunglasses or Bowers & Wilkins speakers or even Armani suits. All branded items can be found at a discount, even if it is not one specifically marketed by the manufacturer.
The internet makes it easier than ever to find those discounts. Your local store may not be discounting them. But someone in the world is. And they would be glad to sell you that high-end item that they are having a hard time moving for whatever reason.
Not only can you find high-end items at a discount, you will often get free shipping in the bargain. Over time, all items go on sale, if not officially, unofficially.
Furthermore, you don’t have to wait until items are no longer new before the discounts begin. Just released smartphones hit BOGO on day one as an incentive to switch from one carrier to another. Retail stores offer brand new items on discount as loss leaders so that they can ring you up for a larger overall purchase.
Never pay full price because you believe that this brand or that never discounts. They do. And when they don’t, someone else will do it for them. There is always an avenue for paying less than MSRP, sometimes on day one.
You Can Save on Travel
Visiting a popular, luxury destination like Cabo San Lucas will probably not cost as much as you think as long as you practice budget travel techniques.
- Plan ahead
- Use airline price comparison websites to book your trip
- Don’t upload your photos to the internet until after you return home
There are hundreds of dollars of savings to be found. Like using coupons at a grocery store, it takes a little work. But the payoff is undeniable.
You Can Save by Spending More up Front
There are times when the name brand actually represents the best product. And that product is going to be more expensive than the budget offering. However, if you calculate the total cost of ownership, the product that is initially more expensive might be the real budget deal over time.
This is easily demonstrated if you are buying something like a car for work. A new car might have a higher price tag. But it could have lower monthly payments and better financing terms. It will not need to be services for a while. And when it does, that bumper to bumper coverage kicks in. Plus, you get to work on time every day.
With a used vehicle, financing is going to be a bit more challenging because no one wants to finance a car for 5 years that is going to break down in three. Insurance might actually be higher. An older car probably gets worse gas mileage. And there will be times when you can’t make it to work due to necessary car repairs.
Saving money is not a one-time decision. It is a lifestyle choice. You can start by internalizing a handful of simple yet unintuitive rules:
- You can save on name brand items.
- You can save on luxury purchases such as travel.
- You can save by spending a little more up front.
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