We are always hasty in spending money and then tormenting ourselves for doing so. There is always not enough money. As a result, we keep wondering about “How to save money and become a smart consumer?”

The word “economy” does not mean that you will become poor and live on streets. Being economical means living within your means and cutting all the extra expenditure. Saving funds means being a smart consumer who spends smartly. This will give you an idea about spending less and saving more.

One of the main social problems in consumers is the financial illiteracy. They do not know how to spend wisely. We are capable of earning but we waste our earnings irresponsibly making unnecessary purchases.

Learning to save a chunk of money is everyone’s desire but it becomes difficult to implement it sometimes. Do not worry. It is a difficult task but not impossible one. Just learn a technique to save money. We are offering few valuable tips on saving money intelligently.

How to save money?

First of all, you should understand the meaning of saving money. It does not mean to save cash only. It means to have a discipline and motivation to work for it. Earning is everyone’s cup of tea but not everyone can save money. You need a power of will for effective savings. Try to adopt a mediocre way. Do not spend too much and do not save too much. Spending too much causes damage to your home budget. And saving all is not wise either. First you need to know why you want to save money and for what purpose.

People have different goals. They want to save money for different purposes. Someone wants to go on a vacation, someone wants to buy a new laptop or a tablet, and someone intends to buy a new home or an apartment. Maybe you need money for a long-term goal i.e. for your children’s education etc. When you have a clear vision of what you are collecting, the process will be much easier to follow. Instead, make a deadline and start saving. For example, you have to buy a computer, set a deadline of one year. After one year, you will have enough savings to buy a new computer. Everyone has a different vision. Everyone can choose what suits him more. It is said that 20% should be set aside for savings every month, 50% for the items you need in daily life and 30% for your personal use.

After you have saved enough money to buy your desired product, now you can buy easily. But here is the trick, do not get fooled. This is a test of your smartness. A smart consumer will have a thorough plan to buy his desired product. We have gathered here few important ways to make you a smart consumer.

  • Good reputation of store

Buy from a well-reputed place. Reputation is important when it comes to businesses. Whether it is just a small-scale shop or a big renowned business, if you have a good reputation, people will trust you and recommend you to others too. Everyone wants to buy an authentic and a good quality product. Therefore, have your research with you when buying a product.

  • Get recommendations

It is wise to get recommendation from people you know about the product you want to buy. If you are shopping online, read comments on their page, get feedback from the people and try to communicate with them. Also you can ask your own people, family and friends to give you suggestions.

  • Research thoroughly

Before buying any product, complete your research first. Try to find out the reputable store, a good quality product and genuine price. Research the features of the product and its alternatives before putting any money.

  • Buy only what you need

Do not become an impulse shopper. Make a list of things that you need as well as what features you are looking for. This way, you only buy what you need and consume what you can. Do not go for your wants as there will be many. Focus only on your needs and you will be a smart consumer.

  • Check warranty and exchange or return policy

Warranties and guarantees are important before making your final purchases. You should be fully aware of what to do and where to go if you encounter any problem after the purchase. Ask right away the store about the return policy or exchange offer of the product. It is best to keep the sale receipt in case you need it afterwards.

  • Read product reviews

Product reviews are one of the ways that can help you in buying what you need exactly. This will be helpful to decide whether the product is right one for you and if it will suit your needs. You can compare prices, brands, features as well as read about the product’s good and bad points. It will also give you information about the kind of company you are dealing with, their customer service, technical support and other details.

  • Be an early bird

If you have your research and you want to buy your desired product, then do not be late. Try to buy it as soon as possible. Maybe prices become too high after few days. You should have a sharp sense of timing. Have you ever noticed how the prices of cinema tickets tend to be cheapest in the morning and most expensive at night? Go early and you will be paying less for the same quality of service, and be able to skip the crowds too.

  • Record your expenses

Make a special notebook or use your phone to write all the expenses that you have made. This will help you keep the detail of your spending and you will be able to cut-off if you have wasted your money.

A smart consumer is always a responsible shopper. Doing your research will help you in deciding. Because sometimes, a good deal is more than just a price tag, it’s the company, the service, environmental impact, and even the shopping experience. All it takes a little more time and effort and, and sometimes some observation to become a smart consumer.