Smart Money-Saving Tips

It’s 2010 and we’re still in a recession. Two years later, the economy still hasn’t really improved, but perhaps something else has. For many, the sharp downturn became a much-needed jolt meant to impart a hard lesson on what corporate greed and living beyond one’s means can lead to.

Forced to take a step back, laid-off professionals are embarking on new passionate ventures, consumers are becoming a bit wiser, banks and creditors are thinking twice when handing out loans and a larger number of the wealthy are shopping at discount stores to save a buck or two.

In fact, rich consumers seemed more embarrassed to flaunt a Hermès shopping bag than a branded discount store’s plastic bag. During the height of the recession, more asked for unmarked bags when purchasing from luxury retail stores. And to everyone’s surprise, the 99 Cents Only Store next to Beverly Hills (Wilshire Blvd) is the number one buying location among all the other stores.

Saving money is now in vogue, even for the well off. And here are a few tips to help you spend wisely and save for the unexpected.

1) Find good deals at your local 99 Cents Only Store.

During a 2009 interview with Fox Business news, Eric Schiffer, CEO of the successful discount store chain shared what the five top items people were purchasing time and again: bananas, eggs, tomatoes, bottled water and cantaloupes—products that can cost double or triple the price at regular grocery stores. Be on the lookout for some serious finds because organic and gourmet are also available. Other purchases that can save you big include regular essentials such as tape, tissue, pens, gift bags, zip-lock bags and liquid soap.

2) Use mobile coupons.

Maybe you don’t use coupons because it’s a hassle and adds more clutter to your wallet. Or maybe it’s that you fear looking cheap since you have an image to keep. Whatever the reason, there’s a simple and convenient solution that allows you to save sans the clipping and the printing. Yowza.com is the best mobile coupon site for iPhone owners, which sends discount deals from stores and restaurants in your area, and Cellfire.com is great for all phones with data plans. All you have to do is flash your phone to the cashier and look cool. If you’d rather go the old-fashioned route, select and clip coupons from CouponWinner.com, CouponBug.com or SmartSource.com and print them out before going shopping.

3) Save with lower gas prices.

GasBuddy.com allows you to search for the cheapest gas prices around by typing in your zip code. The prices are reported and updated by different contributors, which can be you too. The incentive? Members can rack up points through gas price submissions and updates, become “points leaders” and receive prices such as pre-paid gas cards. Also mobile-device friendly, Gas Buddy was touted as one of the most useful websites by PC World magazine and one of the best websites in Time magazine.

4) Think ahead.

A recent survey conducted by CareerBuilder revealed that 61% of U.S. workers live from paycheck to paycheck. This number used to be 43% in 2007—before the recession. Make it a habit to set aside at least 10% of every paycheck and automatically put it into savings. No one can predict layoffs or medical emergencies so it’s best to prepare for the worst. Try practicing self restraint and cut back on shopping, eating out or dining at restaurants that make it impossible to dine under $15. Save enough money to last you for at least three months and you’ll be in good shape.

And by the way, don’t just make it a habit of reading things and forgetting about it. Put it into practice today. You won’t be sorry.