A Shoe-string budget enables anyone with a low income to spend only on the basic necessities. He or she is aware of the low income and therefore needs to have a clear plan on his or her expenses.
If you don’t know what a shoe-string budget is? Perhaps you should know about it. Shoe-string budget is the sparse resources that are just enough to suit your needs.
Dealing with a shoestring budget isn’t that easy; [Hint: it needs a little humility]. You need to be smart with the resources available.
Let’s take a look on ways to shop on a shoe-string budget.
1) Make a Shopping List
Having written down your shopping list means that you’ve already planned on what you’re going to buy.
Estimate how much you need and then check what’s still in store. Cross off what’s in the list that you already have.
This process of preparing a shopping list may seem viscous but it will help you shop just enough.
2) Do not Shop on Impulse
Planning your shopping helps you stick to your plan.
Shopping on impulse will make you incur unnecessarily loses because you will end up buying things that you may never use.
At times, impulse buying may tempt you to pick items on offer. Prefer foodstuff on offer instead. Shoppers will always give in to impulse buying when their stomach rumbles.
3) Buy Basic
Branded items might be costly compared to ordinary ones. Therefore, compare prices of similar products on the shelf that you want to buy before reaching out for the most familiar products.
If what you want to purchase is expensive, some supermarkets may offer you home brand items at a fair price that replaces your regular choice. This will help you avoid spending much on expensive items.
4) Buy Items On Sale
Sales on items can offer you incredible discounts making you buy more than you need and never use it. Therefore, if you need the product, buy it but only if the manufacturers’ and retailers’ storage conditions are suitable. This is because sometimes they do not put up their products on genuine sale. Instead, refrain from spending your money on products that you may never use.
5) Use Coupons and Discounts
Some supermarkets offer discounts once in a week and join forces with a credit card company to offer shopping vouchers if you attain enough points.
You never know. It might be a good fortune. So, you’ll have to be sharp and shop on your necessities at a lower price or even free.
6) Scout Around for the Best Buys
Don’t be deceived that expensive items command high prices – that’s just a perception.
Expensive items can be replaced with the most valuable items within your locality. So, here you’ll have to be smart.
Check on advertisements that offer great deals and compare prices of the advertised items to giving you a stand on which supermarket to shop.
You can also talk to your friends about the offer, they can have an idea on the same or know some of the cheapest offers. After all, it’s all about the economy, right?
Factor in transport to see whether it’s worth traveling to get the most economical deal or just shopping within your locality.
Planning your expenditure enables you to prepare a shopping list. This will enable you to manage your expenses and scout for the most economical deal.
Shop smartly keeping an eye for greater deals. Save more by reaching out for your regular choices, buying in bulk and purchasing items on sale.