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By Sia Hasan
Special to the Financial Independence Hub
You work hard for your money, so it makes sense that you would want to stretch your dollar as far as possible. If you are like many other hard working adults, you may splurge here and there on a cup of coffee or a matinee movie. However, most of your take-home pay may go toward everyday or typical purchases. These may include food, gas, clothes and more.
It may seem challenging to stretch your dollar in these essential areas, but rest assured that there are several strategies you can employ to get the most bang for your buck. Before you make another purchase on regular or everyday items, consider how these tips can benefit you.
Choose your payment method carefully
The primary payment methods for standard purchases are cash or credit cards. Cash may be in the form of hard currency, checks or a debit card. Many people believe that paying with cash or a cash alternative is a smart option because it helps you avoid taking on expensive debt. It is true that debt can cost you money.
However, if you use credit cards responsibly, a credit card may be a better payment option. Consider that you can make all your regular purchases with a credit card, and you can pay the full balance off each month. Therefore, no interest is accrued, and there is not a cost for using the credit card. You may enjoy the benefit of bolstering your credit score with responsible use of your credit card. Keep in mind that higher credit scores may qualify you for a lower rate on a mortgage, a car loan, insurance rates and more. Therefore, this payment method can yield tremendous savings over time.
Take advantage of Credit Card Rewards
When you make purchases with credit cards regularly, you may also enjoy the additional benefit of earning rewards points. You can begin by searching for a good credit card for average credit and comparing rewards programs or opting into the rewards program on an existing account. Pay attention to the fine print as you compare programs. Some credit card rewards programs, for example, limit the points that you can earn within a specified period of time. Other programs require you to use the points within a certain period of time. These rewards may essentially give you cash back on your purchases, or the points may be redeemed for other items with financial value.
Shop around
Even when you take these steps to stretch your dollar, there may be other ways to save as well. Shopping around is easier to do than ever because of the Internet. Before you make any purchases, comparison shop online to find the most affordable option available. If you make online purchases, pay attention to sales tax and shipping charges. Remember that it may also be wise to time some purchases seasonally. For example, buying fruits and vegetables in their off-season may result in you paying much more than necessary.
Look for promotions and specials
Some people avoid paying full price for almost everything, and this may be a great strategy to follow. Consider that most things eventually go on sale, or you may find coupons for them. This includes everything from groceries to clothes and even cars. If possible, delay your purchases until the items go on sale. If you are buying items that you can stock up on, do so when the items go on sale.
You can see that there are multiple strategies that you can follow to get the most out of your money, and you may be able to combine multiple strategies together with each purchase to save even more money. Nobody wants to see their hard-earned money fly out the door needlessly. When you follow these helpful money-saving tips, you may be able to reduce regular spending, improve your savings account balance or benefit financially in other essential ways.
Sia Hasan is a tech entrepreneur by day, and a freelance writer by night. Her passion lies in business technology, efficient and sleek programming, and customer relationship management. When she doesn’t have her nose pressed against her computer screen, you can find her spending time with the loves of her life, her two dogs, Pixel and Vector.
