The Top 12 Ways to Save Money in a Down Economy

Economic downturns are never especially fun, but as Adam Smith observed over two centuries ago, these cycles of paucity and plenty are a fact of life. Although none of us can say for sure when this latest slump will reverse, there are at least sure ways of saving your money 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 part of our shopping online now, not as many of us seem to have learned to coupon-hunt on the Web. Sites such as CouponCabin.com, CouponMountain.com, and DealofDay.com list thousands of current offers at retailers all across the Web.

 

2. Use price-comparison sites such as Shopping.com, Pricegrabber.com, mySimon.com, and Google Product Search to find the best deals online.

 

3. When you’re out at a brick-and-mortar 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 shopping for. Google will reply with a message quoting the online prices. To compare prices at local stores, visit ShopLocal.com.

 

4. If you don’t already belong to one, consider joining a warehouse club such as Costco or Sam’s and buying 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 usually in the marketing hype and not the products, 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 and meat. Prices are often lower there since the food doesn’t have to be transported very far.

 

8. Shop at dollar stores. You shouldn’t have a difficult time finding one since they’ve been turning up all over the place recently.

 

9. Buy discount prescription drugs at online pharmacies. You’ll often end up paying well under half as much for the generic pills available at these discount prescription drug stores than you would for the same brand-name medications 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 nearing the value of your vehicle anyway, in which case a major collision would send your car to the junk yard and you to the dealership.

 

11. Keep cell-phone expenses under control. Kids today love to text message, 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 excellent 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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