How can I save money while shopping? 6 easy tips to follow if you need to cut costs (2024)

After a year of sky-high prices, you might be looking for ways to stretch your budget.

Inflation has finally slowed, but pricesremain high.If you've been to the grocery store lately, you've likelynoticedeye-popping prices for a carton of eggs, which have more than doubled over the past year.

And, if you're like most folks,you're worried about paying the bills amid spiking prices (or stretching your check to cover rent),let alone trying to save.

While these tips won't likely pay off student debt, cover a mortgage down payment or fund your retirement, they can help you build up an emergency stash of cash.

Here's where to start if you're looking for ways to save some dollars when you shop.

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Combat soaring prices:12 ways to save money amid rising prices due to inflation

Make a list

Before you head to the store, take inventoryof what you already have. Make a list of what you need (and stick to it) to avoid impulse purchases.You know, like the buy-one-, get-one "deal"onsomething you didn't need one of, let alone two.

"I always recommend going to the store with a list before you do anything else because your list is what's going to keep you focused," saidAthena ValentineLent, personal finance writer and author of the upcoming book Budgeting For Dummies. "It's going to remind you and let you know exactly what you need to get."

You can also keep a running list on your phone of items that are getting lowwith apps like TickTick or Notes.

"Let's say you see a great deal or you're shopping online and younoticed that the thing that you've kind of been meaning to buy is on clearance," saidKristin McGrath, editor atRetailMeNot. "You're not making impulse buys, you're consulting a running list that you have of things that's worth buying when it's on sale."

Frozen food, deals and memberships:How to save money on groceries by shopping strategically

How can I save money while shopping? 6 easy tips to follow if you need to cut costs (1)

Earn cash back

Cash back shopping,McGrath said, is a great alternative when prices are high and deals on a product you need, especially if it's a big ticket item,are scarce.

When you use a cash back offer, you get back a percentage of what you spent– but only for a future purchase, unlike often under utilizedcoupons (bothold-school paper and digital). More on those in a bit.

Here are a few popular cash back apps:

  • Ibotta
  • Fetch Rewards
  • Rakuten
  • Receipt Hog
  • RetailMeNot

Buy in bulk

Buying in bulk is often cheaper per unit and can help reduce shopping trips. It can be particularly convenient when shopping for householdproducts like paper towels and toilet paper, Valentine Lent said.

You can buy in bulk at stores likeSam’s Club, Costco and BJ’s Wholesale Club.

Don't have the space to store 30rolls of toilet paper or 12 cans of soup?Consider enrolling in asubscription service for items you regularly need. Retailers like Amazon and Staples offer discounts on automatic deliveries.

Search for coupons andoffers

Look for stores' weekly ads to see what's on sale and shop strategically,McGrath said.

If you're shopping online, you can use browser extensions to compare prices and find coupon codes you can apply on your purchase.

"Right before you hit checkout, you can tell it to find all of the applicable deals for you and stack them in the best possible way so that you save the most,"McGrath said of RetailMeNot'sDeal Finder extension.

And make sure to look for free-shipping promo codes to avoid that extra cost when shopping online,McGrath said.

Retailers' loyalty programs can also give you access to members-only coupons and promotions.Valentine Lent recommended signing up for loyalty programs at stores you already frequent.

Shop store brands

Store-brand foods are cheaper alternatives. And Consumer Reports found many store brands taste just as good as namebrand items.

You can also save by buying at discount stores and grocers.

Wait (if you can)

The retail industry is seasonal. You can save some big bucks on clothing, for instance, if you wait until the end of aseason,McGrath said.

Outdoor or patio decor will typically go on sale as summer turns into fall, and holiday decorations will be discounted after the season ends.You can also score deals on appliances and furniture during three-day weekends,McGrath said.

It's not always possible to time your purchases, but "if you can't afford to wait, wait till those strategic times,"McGrath said.

How can I save money while shopping? 6 easy tips to follow if you need to cut costs (2024)

FAQs

What are the 6 tips for saving for the down payment? ›

  • Set a goal for how much money to save.
  • Tighten your budget.
  • Save raises and windfalls.
  • Earn extra money.
  • Automate your savings.
  • Keep your savings in the right account.
  • Resist dipping into your other savings.
  • See if you qualify for first-time home buyer assistance programs.
Jul 10, 2024

How can I save shopping? ›

But there are still some ways you can save money on your weekly grocery bill - it just requires a bit more planning and preparation.
  1. Meal plan. ...
  2. Buy seasonal produce. ...
  3. Use supermarket rewards programs. ...
  4. Avoid recipes that use a special ingredient. ...
  5. Don't be a brand snob. ...
  6. Check your fridge and pantry before going shopping.

What are the 5 steps to save money? ›

5 simple steps to start saving
  • Set one specific goal. ...
  • Budget for savings. ...
  • Make saving automatic. ...
  • Keep separate accounts. ...
  • Monitor & watch it grow. ...
  • 5 Common Budget Busters (and how to combat them)
  • 3 easy steps to organize your finances.

How to save money fast? ›

Canceling unnecessary subscriptions and automating your savings are a couple of simple ways to save money quickly. Switching banks, opening a short-term CD, and signing up for rewards programs can also help you save money. Making a budget and eliminating a spending habit each day can help lead to long-term savings.

How to save up money as a teenager? ›

8 tips for teaching teens how to save money
  1. Emphasise that saving has a purpose. ...
  2. Set a savings goal. ...
  3. Work out a percentage. ...
  4. Make a 'fun money' budget. ...
  5. Track their spending. ...
  6. Think twice before spending. ...
  7. Help them job hunt. ...
  8. Shop second hand.

How to reduce spending habits? ›

Here are some ideas to help you stop spending money and build healthier financial habits:
  1. Create a Budget. ...
  2. Visualize What You're Saving For.
  3. Always Shop with a List. ...
  4. Nix the Brand Names. ...
  5. Master Meal Prep.
  6. Consider Cash for In-store Shopping. ...
  7. Remove Temptation.
  8. Hit “Pause"
Jul 10, 2024

How can I save and control money? ›

7 steps to start saving money: A comprehensive guide to saving, budgeting, and investing for a better financial future
  1. Understand your income and expenses. ...
  2. Reduce your expenses. ...
  3. Increase your income. ...
  4. Automate your savings. ...
  5. Manage your debt. ...
  6. Build an emergency fund. ...
  7. Invest in your future.

How can I save money and spend less? ›

These five steps can help you save more and work toward your bigger financial goals.
  1. Step 1: Map your income and spending patterns. ...
  2. Step 2: Budget for “essentials” and cut back on “extras” List. ...
  3. Step 3: Enroll in Direct Deposit and turn on activity alerts. ...
  4. Step 4: Automate with Bill Pay and never miss a payment.

How can I do good shopping? ›

Top Ten Shopping Tips
  1. Shop with a list. ...
  2. Set a budget. ...
  3. Pay with cash. ...
  4. Set a timeframe. ...
  5. Pick the best time for you. ...
  6. Shop alone. ...
  7. Don't shop when you are tired, hungry, lonely, bored or upset. ...
  8. Ask “where will I wear this?” Too many of us buy impulsively with no thought to what we'll do with the things we buy.

How to spend money on yourself? ›

How to Spend Money on Yourself Guilt-Free
  1. GAIN CONFIDENCE AND CLARITY IN YOUR FINANCES. ...
  2. SWITCH YOUR MINDSET. ...
  3. YOU ARE NOT YOUR PARENTS. ...
  4. BUDGET FOR SELF-CARE SPENDING. ...
  5. MAKE ALTERNATIVE INVESTMENTS. ...
  6. GET A RAISE. ...
  7. MATCH YOUR SPENDING WITH YOUR PRIORITIES. ...
  8. SEPARATE THE DOLLAR VALUE FROM YOUR VALUE.
Apr 20, 2023

How to not pay 20% down payment? ›

4 home loans that require little or no down payment
  1. FHA loans. FHA loans are loans insured by the Federal Housing Administration and provided by traditional lenders. ...
  2. VA loans. ...
  3. HomeReady loans. ...
  4. Conventional 97 loan.

How to save for a house down payment in 6 months? ›

How to save for a down payment: 8 ways
  1. Park the savings somewhere you can earn more money. ...
  2. Automate your savings. ...
  3. Explore additional sources of income. ...
  4. Look for down payment assistance programs. ...
  5. Reduce your expenses. ...
  6. Request a raise. ...
  7. Ask for a gift. ...
  8. Reprioritize your savings goals.
May 20, 2024

How do you solve for down payment? ›

The formula looks like this: Down Payment = Purchase Price × Down Payment Percentage. Down Payment = $200,000 × 10%

How do you have an ideal down payment amount? ›

It's better to put 20 percent down if you want the lowest possible interest rate and monthly payment. But if you want to get into a house now and start building equity, it may be better to buy with a smaller down payment—say five to 10 percent down.

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