Everyone has to make a variety of financial decisions each day and many of us make due with limited funds. Do you go out on Thursday for drinks or stay home? Bring lunch or buy it? Take a cab or the subway? This illustrates the good old concept of opportunity cost from Econ 101 where you have to give up something to get something.
All retailers have websites and you can sign up for email alerts and discounts. Often, the savings could be from 10 to 30%, plus free shipping and that saves you time.
Want to see a show but hate the high cost? Know a student? Student discounts can knock a chunk off the full ticket price. Need shopping therapy? Many retailers offer student discounts, so this may turn into significant savings on large purchases.
Restaurants often offer a deal for lunch. Rather than pay dinner prices, pick up a lunch order and put it in the fridge for later. This can save a good deal of money especially if you are on the run.
If you are shopping for a major purchase like furniture or a car, be sure to get three quotes and then have the salespeople compete for your business. Don't be shy: you can get a deal and most people will negotiate.
Saving money is like making money, but there is one additional consideration: the tax value. To illustrate, let's say you buy $500 worth of merchandise for $400. On the surface that is $100 in savings. With a NYC sales tax rate of nearly 9%, you save even more due to not having to pay sales tax on the higher amount. If you go a bit further, saving $100 is like making $125 at a job where you have to pay 25% in income tax.
Discounts can make a small impact that can end up being huge. A great tip is to take your monthly savings and put it into the bank. After a year, take a vacation with the money and enjoy the rewards of your diligence.