The pandemic has led many Americans to save money. However, it can be particularly tricky, especially if you haven’t done much money management your entire life. Furthermore, many things seem more essential today when compared to previous years. For example, laptops weren’t as important before as they are now if you think about it. This can lead to confusion among many shoppers today.
Saving money doesn’t have to mean that you have to constrict your funds to the extreme necessities for survival. It’s all about knowing to buy things and when to buy them. Here are some simple tips that will help you save money this year.
Buy Things in Bulk
You might have seen this as a tip coming from many millionaires and billionaires out there. For example, Mark Cuban, a billionaire and owner of the Dallas Mavericks, subscribes to this thought, especially when it comes to toothpaste. But how does this principle of saving work, exactly?
What makes you save when you buy in bulk is the transportation required to purchase the same items weekly. But, unfortunately, transportation costs are something that people tend to forget when calculating their expenses every week. This is because it’s tough to do so unless you devote a decent amount of time doing it.
Another way to save money by buying things in bulk is to buy them while they are on sale. Amazon and other online sites tend to sell many discounted items in bulk, especially if you part of their prime membership. This can lead to you saving a decent amount of money. However, you shouldn’t buy perishable goods in bulk because it can lead to waste if you don’t consume them before their expiration date. One of the most important things you should concentrate on when purchasing bulk is non-perishable goods such as toiletries.
A lesser-known category of item that you should consider buying in bulk is medical supplies. Medical supplies tend to be non-perishable. Medicine can last way after their expiry date as long as you keep them in storage properly, and first-aid kits can last for a long time. Medical supplies bought in bulk, such as ones meant for mobility and rehabilitation, can also go on sale on various e-commerce sites. These things can be quite expensive when you don’t buy them on sale. They’ve become essential during this pandemic.
Use Your Reward Points
Reward points are a way to get you to buy more from a specific company. Once these points have accumulated, you can get free items or ridiculous discounts from that particular shop. So using your reward points at the right time can help you save money.
Some banks also offer reward points when you use your credit card. Although it isn’t really wise to keep using your credit card, especially if you don’t pay the total price of what you borrow, the reward points can help you purchase needed items in the future. As long as you pay back what your borrow, your reward points will be more cost-efficient in the future, hence, saving you a decent amount of money in the long run.
Sign Up for Online Payment
Now that we’re talking about paying back what you borrow, did you know that most debts accumulate because people lack the payment options to pay for them? Forgetting to pay your credit card can lead to increased penalties. Worse of all, they can damage your credit score, which can stop you from borrowing money ever again.
Financial experts believe that by simply signing up for online payments, you can avoid this problem. Many online payment options can remind you to pay for your credit card debt. There are also some that reward you with points if you pay on time. Once the points have accumulated, you can usually get some monetary reward in return. It’s certainly worth it during this pandemic when physical payment options are lacking.
Sell Unwanted Items
We consider this the best way to save money during the pandemic while earning some for yourself. Many unwanted items tend to clutter our homes, and you might have noticed some during this pandemic. Some of these unwanted items may come in the form of appliances, which actually consume more of your money in the long run because of their energy consumption. Selling them and getting smart devices for your home is your best option.
Saving money can be quite challenging during this pandemic, especially now that there are more necessities than ever. But by following some of these tips, you can save a decent amount of money which you can use for your investments in the future.