Tips to Save More When Banking or Buying

Regardless of your income or social status, almost everyone appreciates a good bargain. Be it a special sale at Macy’s, or a two-for-one in canned soups at your supermarket or a month-end closeout sale at the Ford dealership, savvy buyers are always on the hunt for a deal to save them money.

This attitude applies to find savings at the bank, savings, and loan or financial institutions where you have your money on deposit.

Here are tips on how to save more when you buy or bank:

Buying Tips 

1. On-line shopping - By now, everyone should be familiar with the phenomenal rise of Amazon and its impact on the retail industry. Shopping and buying online is a great way to stretch your shopping budget as well as save money in gas for your car. Other retailers like Walmart have geared up their online presence to match the Amazon surge, so broaden your online shopping search to save even more money.

2. Coupons- Merchandise coupons have long been a way to save money at the checkout stand at the grocery store. In recent years, the number of coupons offered in magazines and newspapers has fallen off. But coupon clippers needn’t despair. The internet is bursting with coupon offers at various websites and individual stores. Most grocery chains offer special coupons. Some stores have even coordinated the coupons to their in-store goods so that the lower coupon price will be rung up as you check out.

3. Buy Quality Items- Buying the cheapest items doesn’t always produce a saving. The quality of the products matters too. Take shoes for instance. A quality pair of shoes might last you a year or two whereas a cheaper pair might wear out in six months. Even though the quality pair cost more initially, your cost of buying multiple cheap shoes is higher in the long run.

4. Thrift Stores - Have you been in a Goodwill Store lately? If not, you’re in for a surprise. In many areas, the national chain of thrift stores had cleaned up their act and remodeled stores to the point you’d think you’re shopping in a regular retail store. Best of all, the great savings are still there.

5. Holiday Sales – Some of the best bargains you’ll ever find are at the after-Christmas sales at department stores. Want some new ornaments for the tree? Shop December 26th and you can load up for next year for usually 50 percent off or higher. And if you don’t mind standing in crowded lines and shopping at midnight, take advantage of the door-buster sales all retailers throw at you at Thanksgiving time. The savings can be incredible.

Bank Saving Tips

Banks need customers to deposit money with them in order to make loans to other customers. Keep this in mind when you go to select a bank to do business with. In many cases, they need you more than you need them. Here are several ways to save when making banking decisions:

1. Buying a House – If you’re looking for a mortgage to secure a loan to buy a house, shop around. Get quotes from several banks to get the lowest rates. And if you’ve served in the military, be sure to check out the Veteran’s Assistance (VA) loan program. Many people who are qualified over-look this program that offers no-down payment and low-interest loans.

2. Bank Service Fees - If you’ve ever been charged $30 by your bank for overdrawing your account, you remember how angry you were. When looking for a bank, ask to see their list of service fees to see if they seem fair. Banks have become notorious for increasing their profits by padding their income with customer fees that in many cases are arbitrary and out of line.

3. Credit Cards – Banks issue credit cards to their customers and make huge profits on the interest cardholders pay. Fierce competition has forced many small banks to offer low or even zero interest credit cards to draw customers. Shop around for the best rates. You can also deposit money in a secondary bank simply to take advantage of low-interest rates and keep the majority of your funds in a large regional bank.