Extra groceries
Obviously, you need food to survive but do you really need everything that’s in your shopping cart? I bet that with a closer examination, you can easily live without half of what’s in the cart. “A lot of consumers buy food on impulse and some of the excess groceries end up going to waste,” says Andrea Woroch, savings expert and contributor to Today and CNN. “It’s so crucial, especially during a recession when you need to tighten your budget, to meal plan effectively. Ideally, you look for recipes using similar ingredients to reduce what you buy even further. Reference your ingredient list with what you have at home already, both in your pantry and fridge, so you don’t double up. Then, stick to your shopping list to deter from unnecessary grocery items, including that package of Oreos.”
For more grocery-related tips, see also 5 Simple Steps to Avoid Being Cheated at the Grocery Store.
Name-brand products
Some name-brand products are worth every penny. Others, on the other hand, not so much. Instead of spending tons of dollars on expensive items why not opt for store-brands that are similar to their pricier competitors and save some money in the process? In times of economic turmoil, every penny counts.
You can start with food. “There are plenty of great-tasting generic and store-brand options available, and the markup on brand names can be astronomical,” Woroch says. If you’re in the habit of buying expensive clothes, you could also try to curb your enthusiasm and switch to cheaper items. “You can find a great selection of very affordable kid’s clothing at stores like Walmart or on sale at Old Navy,” Woroch says. “Kids grow quickly, and they will be out of those name-brand clothes and sneakers in a matter of weeks for toddlers and months for school-aged kids. Even better, shop used … and sell items they’ve already grown out of to supplement whatever items you have to buy to replace them.”
Speaking of going generic, here are 15 Items You’d Better Start Buying Generic From Now On.
