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Money Saving Tips for the Savvy Spender

20140916 - savvy spender dressesSmart shoppers know that the key to savvy spending is that the deal they see today is probably not the deal of the century. Just because something is 25% off does not mean that one should buy it. Instead, the savvy shopper must first consider their needs, and then wait until those needed items are on sale for a ridiculously cheap price. Instead of a new dress (that truly isn’t needed, let’s face it), your need might be a less-pricey and better coverage car insurance. Instead of just choosing the first policy you see on TV, the savvy spender will review many policies from many different companies, using each one as a price goal for the other until his/her premiums are lower than they have ever been, all while providing adequate coverage for their automobile. Now THAT is a savvy spender.

Doing simple money saving measures can also give you a lot of extra pounds at the end of the year (for my UK friends out there). Filling up your car on a weekly basis instead of every time you head out is more cost-saving, and there are also some supermarkets that offer 5p per litre of fuel for every £40 worth of groceries. There are hundreds of other ways for you to save up—you’ll be amazed to realise that a penny saved here and there can quickly add up to £100 when you’re not looking.

Smartphone apps

There’s an app for everything these days, and savvy spenders know that the best ones are free! If you enjoy connecting with friends and playing games with your smartphone, why not download money-saving apps as well? There are many apps that can help you keep track of your spending and show you how close you are to your goal. There are apps that allow you to indicate a spending limit for the day, and make you put in what you’ve spent on to see if you’ve saved money or overspent it (oops). There are also apps that can help you compare prices among different products and apps that help you find the best deals.

Food and medicine

Probably the household’s biggest expense on a weekly basis is food, especially for a large family. Save money by dropping brands from the food you buy and even for the vitamins and prescription medicine you get. Generics are often overlooked because they don’t advertise, but these contain the same formulation and ingredients as branded ones. You can also get great deals and discounts on your necessities by looking for grocery coupons that let you have up to 50% off per item.


We can forgive getting the basics, but if you are only buying something “because it’s in”, think about this: a discounted piece of clothing is still an expense, and impulse buys on trendy items will make you regret them later on when they’re not so trendy anymore. Instead, invest in quality, timeless clothing. If you must get new clothing, do so at the end of the summer and winter seasons so you can stock up on classic pieces, as this is when stores typically put their entire stock of merchandise on sale.

You can also go online and find clothes for swapping or trading. Many savvy spenders also go to thrift shops to look for one-of-a kind pieces that they can wear and even sell. Lastly, if you have a favourite pair of shoes that have worn out insoles but you don’t have the heart to replace them, then don’t. Get them new shoe insoles instead.

There, that wasn’t so hard! If you feel tempted to buy something just because it caught your eye at the store, turn away, take out your phone, and launch the app where you’ve put in your goals and track your savings. Knowing how far you’ve come can help you stay focused on your long-term goal, and will make it easier for you to walk away from unnecessary expenses.

Are you a savvy spender? Or are you a reckless spender?



My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.

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