Strategies For Saving Money
Moved by the rice crisis and the never ending oil price hike, I was able to write this post on practical money saving tips to help ordinary people from different walks of life. Many have been crippled financially as our economy begins to feel the impact of the global economic crisis. Rice shortage and increasing oil prices are just some the financial woes of Filipinos nowadays.
Here are three Practical money saving tips, which I know works base on my experience.
1.) The Bigger are sold Cheaper – While the phrase is not absolute, you will notice that many of our household items can be bought cheap when we choose the bigger package over the smaller one. This is sometimes called buying in bulk or wholesale. If you have been to a grocery store, you will notice that printed on the bigger packages are “Save P 15” or “Save 20”. Also if you will compute the prices of a larger package and smaller ones, such as one 500 gram and two 250 grams detergent soap, you can easily see what I mean. Bigger items are usually sold cheap compared to the repacks. Do make full use of this tip and you will see how much money you will be saving instantly.
2.) Buy directly from industrial suppliers – Another great money saving tip is to know where to buy directly from industrial suppliers. The reason why I am encouraging this is because, industries either make their own product or buy in bulk and therefore get cheaper supplies. I was able to explore this avenue because of the principle of “buy in bulk”. I was trying purchase a sack of washing machine detergent when I found out that grocery stores do not sell per sack. However, I was able to learn that laundry shops who manufacture their own detergents sell it at a lower price. Thus a kilo of detergent in a grocery store which is worth Php. 300.00 is only worth Php. 80.00 at these laundry shops. Not only that, a friend of mine also told me that he could also get me a kilo of detergent at a much lower price. Though this tip cannot be applied to all day to day items, it is however worth doing in many of our household items.
3.) The Right Supplier Sells Cheaper – Though this tip may seem similar to the one I posted previously, it is important to not that the previous post talked about not buying in a convenience store while this tip is concerned about choosing the right supplier who can offer the cheapest price for certain goods. For example, the wet market sell cheaper when it comes to vegetables, fish and meat products because vendors bought it direct from farmers and fishermen. On the other hand, grocery stores offer the cheap can goods and other dry goods because the are able to buy in bulk from industrial suppliers.
What are some of your money saving strategies?