Shopping for a used car, household items or sports equipment can help consumers wind up with thousands of dollars in savings.
“From furniture to clothing, this can save hundreds of dollars per item,” said Bruce McClary, spokesman for the National Foundation for Credit Counseling, a Washington, D.C.-based non-profit organization. “Even better, stop buying things that you can get for free. Books and movies are available at no cost in local libraries, and an antenna can give you access to free television, potentially saving more than a hundred dollars each month.”
One of the easiest ways to save some money is to buy a two or three year old car rather than a brand new vehicle, said Ron McCoy, a portfolio manager with Covestor, the online investing company, and founder of Freedom Capital Advisors in Winter Garden, Fla.
“It will really cut down on your car payment and save you paying a chunk of the early depreciation on the car since cars last much longer than they did years ago,” he said.
Consumers can easily boost their cash flow by hundreds of dollars per month by shopping for household items and food in bulk, said Ulin. “Many people get sucked into buying prepared meals for dinner which can add up,” he said. “You could buy three pounds of raw chicken breasts for the cost of one stop at the Whole Foods prepared food section.”
7. Negotiate your Cable/Internet/Cell Bills