- Personal Finance»
- Frugal Living
Personal Cost Management
In managing personal costs, there are some things that we do look at such as the Usage of Coupons (or rather, when not to use them)
I just had a local food stall pull this on me, as they recently gave out coupons reducing prices by 50 cents per food item, but then also increasing their usual price of the food item if you purchased it without a coupon. Something that was $4.95 usually became $5.50 before using the coupon and $5.00 after that. It was pretty cunning of them, and now I eat less from that stall.
Coupons have also grown in market these days with Groupon and Groupon clones really turning up the heat. It might be good to check in to those sites once in a while and see if there is a Groupon discount that suits your needs, but take care not to get sucked in!
Usage of Home Printer Ink
Generally, because mom and pop printing shops that you see around in the area purchase paper and ink in bulk, their cost per page can sometimes be significantly cheaper than if you were to use your own home printer and purchased ink.
If your printer cartridge shows the average number of pages that it can print out, you can easily do the sums:
(Cost of cartridge / Number of Pages) will be the cost per page
which you then compare to your local shop's printing prices
These days it might be a smarter idea to buy office printers at about 100-200 as they print out more pages per dollar you spend on the ink.
Usage of budgeting software
such as on the phone, laptop or personal computer
There are many free budgeting solutions and software/programs out there available, as well as certain free ones. Even an excel spreadsheet can serve in a crunch, before you go out to purchase or download a proper software package. I've found the iphone budget software to be pretty good in checking expenditure on the go, at least until I reach home where I can transfer the data.
By paying careful attention to budget expenditure, and smart budget management, you'll be able to keep track of how much you spend a week and see which are really not necessary and can be removed!
Usage of patience and time
In many areas, if you have time on your side, it can result in great savings. Most easily can this be seen in the field of electronics, all those new gadgets and computers. They rapidly drop in prices a few weeks to a few months after they are first released. Like the iphone, that went for almost 600 a pop, have dropped to but a 100 or 200 now for the older models.
If you seriously will not require all those newfangled doo-dads you won't need to buy them when they come out, but you can wait till they have been replaced by up and coming models which are only slightly better in processing power and etc. This way you'll save anyway from 25% - 75% the original purchase price, especially with coupons and discounts as time passes
Then again, sometimes patience has a certain value, that you might want to consider time as an expense for some additional info.
You might also want to check out my other hub on savings costs here!