While you may be focused on saving on big ticket items such as a car or a vacation, bargain hunting on your daily expenses can also have an impact on your budget. For many households, the grocery bill is the biggest weekly expenditure, but you can also find ways to save on entertainment, clothing and appliances.
10 ways to save
- Compare prices: You can check the ads for local stores in your area, or try visiting sites such as MyGroceryDeals or GroceryGuide to compare by product name or category. Most grocery stores show unit pricing for on-the-spot comparisons.
- Keep a list: Never shop without a list at the grocery store. Better yet, jot down the prices of things you buy often so you know when something is a bargain.
- Use coupons and rewards cards: You can find grocery store coupons online at www.coupons.com or find them in the local newspaper. Most stores also offer discounts to customers who sign up for a store card. Don't forget to check your receipts for additional coupons.
- Try generic brands: While many people have become accustomed to using generic medicines, you can also save money by purchasing store brands of food items. Often, the quality is exactly the same.
- Get promotional codes for online shopping: Entering a promotional code can save on shipping costs or the actual item, so try searching sites such as CurrentCodes, RetailMeNot, or CouponChief before making a purchase.
- Sign up for online shopping rewards: If you consistently make online purchases, sign up for rewards from sites like MyPoints or Ebates. When you start at these sites before going on to retail sites, you earn points for gift cards or a cash rebate.
- Find a "scratch-and-dent" store near you: These are stores that sell damaged or out-of-season groceries and appliances discounted by 50 percent or more.
- Track down discount tickets for entertainment: Site like GoldStar and TicketLoot often have discount tickets to concerts, sports events and theatre in your area.
- Sign up for group coupons: Popular companies like Groupon and LivingSocial offer discounts by location for restaurants, spa services and even home repairs. Just register for free and get daily emails with offers.
- Buy gift cards at a discount: Search for sites that offer gift cards from recipients who don't want them, at up to 30 percent off.
The money you save while shopping can make it easier to live on a fixed income if you are retired, and can allow you to boost your retirement funds if you are still working.
Reverse mortgage option
If you are concerned about daily expenses and are a homeowner, one option that can reduce your financial pressure is a reverse mortgage. Homeowners, age 62 and older, can use the equity in their home in a variety of ways.
The amount you may borrow is based on a sliding scale depending on your age and the equity you have in your property. Consulting with a reverse mortgage counselor is the best way to find out exactly how much you can borrow and what it will cost in fees.
Once you have applied for a reverse mortgage, you can access your funds through a lump sum to pay off your existing mortgage and other outstanding debt; opt for a monthly income or simply keep an open line of credit for emergencies.
Find out more about your reverse mortgage options by contacting a reverse mortgage lender.
Michele Lerner
Michele Lerner is a freelance writer with twenty years of experience writing articles and web content for newspapers and magazines on topics related to real estate, personal finance and business. Her clients include The Washington Times, Urban Land Magazine, NAREIT's Real Estate Portfolio, and numerous Realtor association publications. Michele's first book, "HOMEBUYING: Tough Times, First Time, Any Time" is available now at Amazon.com or from www.MicheleLerner.com.
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