Economic downturns aren’t ever especially fun, but as Adam Smith observed centuries ago, these cycles of paucity and plenty are a fact of life. Though none of us can say for sure when this latest slump will reverse, there are at least sure ways of stretching your cash in the meantime. Here are some penny-preserving ideas tailored to our 21st-century lives:
1. Plenty of people are in the habit of cutting out paper coupons, but even though many of us do some of our shopping on the Web now, not as many of us seem to have gotten into the habit of coupon-hunting on the Internet. Sites such as CouponCabin.com, CouponMountain.com, and DealofDay.com list thousands of current offers at merchants all across the Net.
2. Use price-comparison websites like Pricegrabber.com, Shopping.com, mySimon.com, and Google Product Search to find the best online deals.
3. When you’re at a store, send a text message to 46645 (Google’s text number) and enter the letter “f” followed by the name of the product you’re interested in. Google will reply with a text quoting its online prices. To compare prices at stores near you, use ShopLocal.com.
4. If you don’t already belong to one, consider joining a warehouse club like Costco or Sam’s and buying things in bulk. This can be especially helpful if you have a large family.
5. Buy generic instead of brand-name products. A lot of the difference is often in the marketing hoopla and not the product itself, anyway.
6. Withdraw your money from surcharge-free ATMs, which can be found on AllpointNetwork.com and MoneyPass.com.
7. Buy locally-raised food at farmer’s markets or stores that sell local produce. Prices are usually lower there because the food doesn’t have to be transported far.
8. Shop at dollar stores. You should have an easy time finding one since they’ve been turning up all over the place in the recent past.
9. Buy discount prescription drugs from online pharmacies. You’ll often end up paying well under half as much for the generic medications available at these discount prescription drug stores than you would for the same brand-name pills at brick-and-mortar pharmacies.
10. If your car is seven or more years old and/or worth less than $2,500, consider dropping comprehensive and collision from your insurance. Your deductible may be approaching the worth of your vehicle anyway, in which case a major collision would send your car to the junk dealer and you to the dealership.
11. Keep cell-phone costs under control. Today’s kids love to send text messages, so save yourself from unexpectedly high bills by paying the flat monthly fee for unlimited text messages.
12. Use online classifieds to find used items. Sites like CraigsList.org and Kijiji.com are great resources for finding everything you need, from pre-owned furniture to baby gear. By buying from local sellers, you can save on shipping costs too.
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