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Penny Pinching 101
Penny pinching is the act of scrutinizing everything you spend down the pennies. The US is in a major recession. So, it is even more important in today’s economy. The following is a list of the ways to pinch pennies:
1. Buy off brand products
A good amount of the off brand products are just as good as brand name products. In some cases, the brand name products sell excess products to the no name brands to package. A couple of products for example are: canned products, spices, pastas, and rice.
2.
Save Your Change
It is possible to save hundreds of dollars a year by saving your change. At the end of each day, you should put all your loose change in a container. Each year, I go on a vacation thanks to all of my loose change.
3.
Use Cash vs. A Credit Card
I am sure you have heard this a thousand times. Interest accrues on credit cards on a daily basis. So, if you pay off your credit card at the end of the month, you will still be paying more. You should pay off your credit card the day you make the purchase.
4.
Buy in Bulk
Buying in bulk can have a significant positive
effect on your bottom line. Please, buy products
in bulk that you will eventually use. It is
always more efficient to by the large tube of toothpaste for example
instead of the smaller tube. You will eventually
use the entire product. There are hundreds if not
thousands of ways you can implement this into your life.
5.
Use Coupons
Sign up for various deals online and at your local restaurants. Go through your local paper for various coupons. It is a great idea to purchase an Entertainment Book and utilize the coupons in the book.
Written by: Marc Damien