Save it, sister

Recently I participated on panel at the Central Valley Women’s Conference that was focused on surviving in this economy. Being experts only in our own tiny lives, we panelists could only speak to our individual triumphs in clamoring through a penny-by-penny lifestyle. We gathered close to 100 ideas for saving, scrimping and getting it done cheaply and effectively—whatever that “it” may be. We then categorized those ideas and pulled them into a packet, along with general “thriftiness” suggestions and a list of the area’s thrift stores.

Some of our Savings Rules to Live by:

* NEVER pay full price if you can avoid it. How do you avoid it? Sales, coupons, research and planning ahead. It will take a about an hour or so per week to stay on top of your game, but once you’re there, you really can save hundreds.

* COUPONS: Imagine you have a $10 gift certificate, which you must use by a certain date. Would you let it expire without using it? Or go to the store and buy an item, and not use the gift certificate? Stupid, right?

The important thing here is to think of coupons as gift certificates for specific items. Each coupon assigned a cash value. Stores actually treat coupons like cash; in fact, manufacturers reimburse stores for the face value of a coupon, PLUS 8 cents for every coupon submitted. The upshot: Stores WANT you to use coupons.

* DON’T be brand specific. If you’re after savings, then savings must be the biggest priority. You may not find sales or coupons for your favorite brands, so let your attachment go. And for household items like toothpaste, shampoo or laundry detergent: being open to different brands is the way to save big.

* WORK the system and get the most out of a store’s policies. Example: I recently went into a store specifically because they ran a “$10 same-as-cash when you spend $25 or more” coupon in the Friday paper. At the store, I noticed that they were honoring the discount with every transaction. Thus, I broke my $75 purchase into 3 transactions, and tripled my $10-off discount.

* ALWAYS ask for a reduction. If you have to pay a fine or a fee, see if you can get it reduced. Always be polite, but don’t be ashamed to talk to a supervisor. If you’re buying the floor model or the last of an item, ask if you can get a discount. Most stores offer 10% off the floor model.

* When sensible, DIY (Do It Yourself). Is it necessary that you have a store-bought card? Is that necklace one of a kind, or could you make something similar? Creativity is the key to cheap.

* KNOW your store. Find out the markdown schedule of your favorite stores to get first pick among the clearance items. Example: Target marks down women’s clothing on Tuesdays.

Our packet includes these ideas and more, and is available for download here. Be sure to check it out, and share ideas of your own.