How to Save Large Sums of Money

If you want to save some money form your daily spending, most people will advice you to cut down on your shopping, drink less coffee and reduce the number of TV subscriptions.

Of course, this could save you a few hundred dollars by the years end. However, it may not be enough to accomplish your goals. Let’s find out what you need to do to save a lot more cash.

1. Carry cash

I know this might sound contradictory but research shows that people tend to spend less when paying on cash than while using their credit cards.

Your plastic cards are more likely to cause you to impulse buy compared to if you had a limited amount of cash with you. You know you need to use it well otherwise you will not have any money left.

The money that you would have otherwise spent on impulse shopping can go straight to your savings. Over the course of one year, this could be in the thousands of dollars.

And if you need to use your credit card, ensure that you are paying for costs that will not cause you to end up impulse buying. These are fixed costs such as rent, subscriptions or the gym membership.

2. Stock pile on food and grocery

But you need to ensure you can store them for long enough without them going bad. This means less trips to the grocery store which means less spending on fuel.

Think of those trips you make every week and end up spending thousands of dollars a year on just grocery shopping. By making just two trips a month, you can save a significant amount by the time the year is over.

Buying food in larger quantities will also allow you to take advantage of discounts as well as make less trips to the market.

If you have a freezer, then you can store it and ensure it is all completely gone for you to make your next trip to the store. Between trips, you will end up saving a significant amount which translates to thousands of dollars a year.

3. Compare prices

While you are out shopping, it is a good idea to compare competitor’s prices and pick the lowest of the bunch.

This method works well if different stores are selling the same product that you are interested in. The less money you use on your shopping trips, the more money you have remaining that could be sent to your savings account.

Moreover, look for a shop that uses Smart Retail Solutions to manage its inventory. Search about them online and see if they use something of the sort. Why, you ask? Consider this scenario. You visit two shops and select one that offers the lowest price. You might have talked to the shopkeeper already and are in the process of checking out the product. However, the product comes out to be faulty. The worst thing would be if it is the last piece available in that shop. This would result in a wastage of your time. Remember, time is money. Plus, what about the money that you spent on travelling to the shop? Won’t that get wasted? You might go out for wool and come home shorn.

However, this would not be the case if the shop that you selected uses something like the Smart Retail Solution provided by firms similar to Vantiq (vantiq.com/smart-retail/). By using the above-mentioned solution, the shops could utilize edge computing capabilities and event-driven architecture and ensure products are always fully stocked. Hence, you would never have to worry about your time, energy, or money being wasted.

4. Buy second-hand vehicles

If you are planning to buy a car, then you should be aware of the fact that they depreciate quite fast. However, the fact they are built better than the much older models means that they will remain functional for a long time.

Secondly, used vehicles are, much more affordable than new models and can save you thousands of dollars. The money you end up not spending can be sent to savings.