Every year, it’s the same list of resolutions, including weight loss, debt reduction, stopping smoking, etc. But for the bargain shopper, there should be a new list of resolutions. Here are six money resolutions every bargain hunter should make:
Resolution #1: I resolve to stop buying stuff I don’t need
We’ve all been there. Your favorite store is offering a 75%-off sale on holiday items and you see the most adorable heart frame. What a bargain! You have to have it, even though you have a stack of photo frames at home. What do you do?
Ask yourself if you are going to use it or give it to someone by the end of the year. If the answer is no, keep walking. If you still feel tempted, visualize the frame with a 50-cent price tag on it at your next garage sale, or sitting on the shelf at a thrift store, and then see how much you still want it. If you don’t need it, don’t buy it.
Resolution #2: I resolve to pay cash for my purchases
Studies show that people spend about one-third more when they use credit cards than when they use cash. It’s tempting to use credit cards on bargain purchases, but what kind of bargain is it if you wind up paying 18% interest on the “bargain” price?
To avoid using credit cards, plan your purchases ahead of time or control your spending by buying gift cards or only carrying cash to the store.
Resolution #3: I resolve to think twice before ordering something online
Online shopping is a big convenience and can be a money saver, but it can also be a huge temptation. No need to go out in the snow and ice, just boot up your computer and there are tons of bargains just waiting to be bought!
Here’s a trick if you’re not 100% sure of a purchase– leave it in the website shopping cart and come back to it a few days later. More often than not, you’ll forget about it or decide you really don’t need it– and save money.
Resolution #4: I resolve to limit my stockpiling
If you stockpile and love it, this can be a hard resolution to keep. After all, there are bargains everywhere, even at the grocery store.
There are several reasons to limit stockpiling, especially on food items. First, rodents and pests are attracted to stored food. Your stockpile is an all-you-can-eat buffet waiting for any pests in your home. Second, it can be very easy to buy a product (especially a grain-based item) that already has insect eggs in it which may infest every other package of food you have. There go hundreds of dollars you’ve invested in your food stockpile.
To avoid this problem, limit the grain-type foods you keep on hand, or store them in the refrigerator or freezer. Once a month, check your stockpile for pests and look at expiration dates to see if items should be used up or thrown out. It’s a good idea to rotate your stockpile as well, using the “first in-first out” storage method to ensure oldest items are used first.
Resolution #5: I resolve to not go crazy with coupons
Resolve to use coupons for products you really need and will actually use. It’s OK to use coupons to try new products, but it’s not worth adding to your stockpile of stored food just to save a few cents on something that you might not eat.
Focus on using coupons to spend less on the overall bill, not just to rack up some savings. For example, when the local grocery store stopped doubling coupons, I discovered that the store brand of a product at regular price was often cheaper than the national brand with a coupon. I could spend less by buying the store brand, instead of “saving” with a coupon on a more expensive item.
Resolution #6: I resolve to keep better track of my rebates
Companies love when customers don’t cash in rebates or forget to follow up on them. Don’t let your rebate go unclaimed! Keep track of the date sent, company name, dollar amount, and company contact information. If you are sending away a for a big rebate (for example, over $20), be sure to make photocopies and consider sending it certified mail. That way, you have proof it was received if you have to follow up on it.
Instead of wasting money on unnecessary bargain purchases, put that money into the bank and start collecting interest on it. You’ll get real satisfaction from watching your bank account fill up, rather than your storage closet.
Linda K. Beech is Ellis County Extension Agent for Family and Consumer Sciences.