Experts will often tell you to cut down on your spending in order to save yourself some money, and this is sound advice… but not always. In a bit of news that will be music to the ears of shopaholics everywhere, one of the most novel ways of saving money is to spend it. It may seem a bit odd, but here’s a few tips on spending to save:
Bringing the Sales Home
There are good deals to be had everywhere – whether you need those four identical designer jumpers now or not is irrelevant – it was a great buy with an 80% discount, thereby saving you a bundle, rather than costing you the 20% (x4) that you paid.
There are plenty of deals to be found online. Promotional codes are available all over the place, which means there are literally thousands of savings to be made. The best thing to do is shop around these deal sites and find the best deal for whatever it is you need. Instead of spending £50 on a meal out for someone’s birthday, why not find a deal on one of these sites to cut the cost in half?
Why Rent, When You Can Buy
This applies to many things, including furniture, appliances and even homes. Research by Barnardo’s (PDF) shows that low-income families are paying much more than they otherwise would by renting rather than buying a number of different household electronics.
The Beko washing machine apparently costs £780 less to buy than it does to rent in weekly payments. In addition, it costs £1074 to rent a standard fridge-freezer with retail price of £430 over a three year period. Wait until you have enough money and buy the product out-right, it may take a little time but this will definitely save you more money in the long run.
Compare the Market (not the website)
Why pay £1,000 for insurance when you can pay £600? Why spend more on electricity bills then you need to? The key thing here is to compare the prices of what you pay on sites like compare the market. You really could save yourself a lot of cash just by switching service providers, you may have to pay a little to switch over initially but in order to find the best deal you need to be willing to put a little bit in to get a lot out.
There are certainly a great number of ways to spend and actually save money, although it is never wise to spend money just because you appear to be getting a bargain. Shopping around for the best deals and paying for things out right instead of renting them is always a better option.
Have Some Fun…
A study by the Journal of Psychology and Marketing has shown that buying things make you happy. According to the study, treating yourself to nice things has a ‘positive impact on mood’ that lasts, and is likely to have few, if any, negative side-effects on your emotional state. The study showed that 63% of those questioned said that they bought something to cheer themselves up.
So, in essence, instead of eating that chocolate that you have in cupboard to give you a little boost of serotonin, go out, get some retail therapy and save money on losing those extra pounds from the chocolate you avoided eating in the gym. It is advised not to go too mad though!