100 Ways to Improve 1% – Part 7
This post will be another part of my series “100 Ways to Improve 1%”.
If you are on the FIRE journey, then chances are you have already modified the “big-ticket” items when it comes to your expenses, this is looking at exploring some more fine-tuning touches you can make to your everyday life.
This list has been derived from the people at ChooseFI
Below are the links to the other sections that are part of this series:
Part 1 – Exercise and Personal Growth
Part 2 – Debt
Part 3 – Emergency Fund Savings
Part 4 – Home Expenses
Part 5 – Transportation Expenses
Part 6 – Groceries and Dining Out
Part 7 – Shopping and Services
Part 8 – Internet, Phone and Entertainment
Part 9 – Travel and Sightseeing
Part 10 – Earning Extra Money
Part 11 – Investing and Retirement Planning
Part 12 – Job and Career
Part 7 – Shopping and Services
54) Utilise Coupons/Vouchers
The only problem with using coupons is that if you initially do not need the item, then just because you get it 25% off, it might seem like a discount, but you essentially paid 75% for something you didn’t need in the first place.
But if you are going to buy the item anyway, you may as well look around for a coupon/voucher to get the item cheaper. A lot of retailers now have apps which let you know the discounts they have throughout their stores from time to time.
55) Shop Off Season
Buying school supplies, Christmas wrap, winter supplies, summer supplies as a season ends is much cheaper if you have the space to store things. After a particular season ends, retailers do not want to be bothered holding stock or throwing it away, so they discount the items heavily as it is cheaper than storing them.
I remember a couple days after Easter in 2020 I was able to buy 10-Pack of Easter Eggs for 10c, they still tasted perfectly fine and it is not like chocolate can only be eaten on a certain day, although I may have eaten more than I should have.
Another example is fan heaters, we quite often use them at work but due to the conditions they do not last too long (they get quite dusty/overloaded), but as we entered Spring in 2020 I was able to pick up 4 of them for $10 each (instead of the usual price of $25), we didn’t need to use them for 6 months but we had plenty of space to store them and I was able to save 60% instead of buying them in peak season.
56) Build a Minimalist Wardrobe
This can also be called a “Capsule” Wardrobe, and the concept is that you buy clothes that can be mixed and matched together instead of unique pieces for every occasion. By reducing the number of clothes in your wardrobe, it will allow you to carry out some use de-cluttering, and by mixing and matching it will avoid the necessity to buy new outfits regularly.
57) Shop at Goodwill of Thrift Stores
This can be a tough one for people to take on, because they might not feel they need to “stoop so low” to shop at a thrift store. Also, there could be a feeling that you might be taking items from people who are needier than you. But the fact is, thrift stores receive a multitude of items, and a lot of it never reaches the shelves. By shopping there you provide them with a bit of income and save yourself money as the items can be significantly cheaper.
Back at University, my friends and I used to shop at Thrift Stores if there was a fancy dress party, and as soon as the party was finished, we would wash the clothes and donate them back anyway. We would get an outfit at a bargain price and the store could then sell it again, giving them more money in the long run anyway.
58) Abstain from Shopping (Except Food/Essentials) for One Month
No spend challenges can be great to break a cycle of needlessly shopping. It takes 28 days to create a new habit, so if you abstain from shopping for a month, then you will create a new habit of not shopping just for the sake of it.
Taking a full month off from shopping can help you to re-learn how to make do without non-essential purchases.
59) Host a Clothing Giveaway Party
This can be a great way to get a new outfit without paying anything, as well as providing a nice social atmosphere. Organise a bunch of friends to come over and bring over all the clothes they no longer want or need, and then you all go through them and see if there is anything you might be able to make use of.
You will be able to update your wardrobe without spending anything, and instead of your own clothes wasting space in your own closet, you can give it a new home to someone who is more appreciative.
60) Learn How to Cut Hair or Do Basic Hairstyling
If you, or a friend or family member is able to cut hair it can really save you a lot of money. Not only will it save money, but by visiting a friend/family to get a haircut it can create some much-needed social interaction with close ones.
61) Ask About Cash Discounts
If you are shopping at small businesses, they quite often have significant fees for someone to use a debit or credit card. Some of your service providers may be willing to offer a reduced rate if you paid with cash. Often the card fee may be around 2.00%, so if they could pass the discount on to you, they do not end up out of pocket either and you have saved yourself some money. The only one who misses out are the banking institutions (I am sure they have enough money anyway).