It has been a long and hot summer in Montreal. Whether you have taken a few weeks of vacation or worked your first summer job, you probably changed your consumption patterns for food, clothing and entertainment. Unfortunately, in a few weeks, we will be heading into the fall months in which some of us will have to invest in such things as tuition and other school fees, transportation and school supplies. This being said, it is never too late to start saving money for items that will be needed in a few weeks or the months ahead.
Here are 6 tips to consider.
1. Tax Yourself
If you have a summer job and will be ending it in the next few months, considering imposing a monetary tax on yourself. By taxing yourself, you can set aside money when you get paid for upcoming expenses. This requires you to be discipline in terms of not spending the money that you have saved until the right time versus buying an item on an impulse.
2. Start Couponing Shopping
With the variety of couponing sites on the internet, you are able to save money on certain items for the fall months. From clothing to school supplies, e-couponing requires finding the right site and clipping the coupons for your future needs. (For a list of e-couponing sites, please visit the Monnaie Money website.)
3. Research What You Need
An informed shopper can always save money with the right approach. Primarily, you should take stock of what you need and then use the web to research such things a price, quantity and other consumers’ opinions. If you are a student preparing to go back to school, you may want to use a variety of sites such as Kijiji, eBay, and Amazon to beginning looking for things that you will need during the fall. In addition, start looking into second-hand text books that you will be using for classes if you know the courses that you will be taking. If you decide to wait until the first day of the class, there is a small chance that the book will be available at a reduced price and in turn, must be purchased at the regular bookstore price.
4. Buy In Groups
If you know a group of friends that are interested in the same item, why not buy as a group. Using websites such as Groupon and Teambuy, you can benefit from discounts on clothing, beauty products, household items and restaurant deals. Keep in mind that offers that are available on these websites have an expiring date attached to them.
5. Buy Now and Save Later
Need a laptop computer? A new backpack? Although it is the middle of August, you should start to identify stores that are going to have “back to school” specials. Some stores will attempt to get ahead of their competitors by offering sales weeks before the official “back to school” date. If you are shopping around for electronics, do not be shy to ask if a store will be having a sale before school opens and what price will the item be offered at and for how long.
6. Make A Few Sacrifices
Being aware of what you have to buy in the fall months, you might have to make a few sacrifices in terms of curbing your late summer expenditures. This might entail not going out with friends as much as you wish to or waiting until a certain piece of clothing is on sale. The sacrifices that you will be making might be difficult to manage especially if it affects your social life, however; they will pay off in the future when you have to make the necessary expenditures in the fall.
As the weather changes, so does buying patterns. In order to deal with spending for the fall, individuals must be prepared to find the means to save money as summer comes to a close.
Do you have other tips to share? Why not create a video and participate in the 2013 Monnaie Money Financial Literacy Video Contest?