Stretching That Dollar During Tough Times

We all have to cut back at times and make each dollar stretch as much as possible. Below you’ll find 5 tips that will help you do just that… making due with less.

Whether it’s utilizing online coupons or cutting coupons from the Sunday newspapers, canceling magazine subscriptions, buying groceries in bulk, growing your own fruits and vegetables, buying clothes at consignment or thrift stores, or conserving energy costs by going “green,” there are many ways you can stretch the dollar.

Here are five ways that may also be helpful.

1. Shop at dollar stores. Believe it or not, the neighborhood Dollar Tree stores have seen a boon in consumer spending.

According to AARP, “Dollar Tree merchandisers work with food suppliers to help them develop products at a cost low enough to allow the company to make some profit. Sometimes, a manufacturer has excess inventory that it’s willing to unload at a discount. That closeout merchandise provides some of the brand names that Dollar Tree carries. In other cases, a brand-name manufacturer might make a special size that Dollar Tree can sell for a buck. The stores have a “freshness guaranteed” policy and pledge to sell no items past their expiration dates.”

2. Trading. In the November 17, 2008 “Your Money” section of the New York Daily News, Jean Chatsky and Arielle McGowen wrote an article entitled “Hard Times Call for Creativity.” They make the case for trading, renting, borrowing, and taking that which you need but can’t afford. They cite a number of websites such as Book Mooch and Swaptree.

If you have books that have already been read or DVDs that you no longer have use for, you can go to either of these two sites and trade them for other books or DVDs you might like to own. It is estimated that “Swaptree users received approximately $30,000 worth of free media every day by trading.” All is required is the cost of shipping; however, sending items via media mail is the most affordable.

In addition, another website mentioned in their article is Zwaggle.com. This is a site for parents whose toddlers “grow out of clothes and shoes.” Here you can trade the items no longer worn by your toddler for things you need such as high chairs, strollers, and other necessary wear.

3. Renting. Another unique idea is to rent an ensemble for that special occasion. Avelle and From Bags to Riches rent out designer handbags while Borrowed Bling rents out jewelry. This is designed for a one-time event and not for an item that you will be wearing more than once.

4. Borrowing. “Neighborhood and Lending Circle” are two sites where you can borrow items online. This network is comprised of individuals in your city who prefer to lend/borrow items instead of purchasing them outright.

5. Taking. Taking unwanted items is another way to stretch the dollar. This has become the most popular method as evidenced by the website “Freecycle.” Whether you need furniture, appliances, toys, coupons, or anything else you can’t afford, this site enables its members to post items they want to give away. You can log on to determine if there is anything you would like and if so, you can make arrangements to pick up the items. There is no fee required. Three other websites are mentioned in this article as well: Freesharing, Sharing is Giving, and FreeUse.

Note that if you find any websites offering to give away items, but they ask for a fee, it is a scam. Also, do not, under any circumstances, give out any financial information. Just ensure that the website has an email address, telephone number, and address.

Finally, re-examine your household budget. Where can you make additional cuts? When you find them, add that extra money to your savings account. If necessary, write down every expense made in a week. Make the necessary modifications to the budget. Hard times call for hard measures. Above all, pay down credit card debt; put the card away for emergencies, and begin paying for anything you buy with cash.