Wasting your money

There are thousands of ways that you can waste your money. The most serious wastes of money are sometimes the least obvious and a part of what has become the social norm. The truth is that everyday, everyone is just wasting money without thinking about it and that is the problem. Here is one way we frivolously waste money.

Brand names versus Generic

You can save quite a bit of money purchasing the generic brand over a brand name. Usually the only difference between a brand name item and the generic brand is the packaging and the company’s advertising budget.

Companies pay big money to a team of people who breathe their products and constantly think of ways to build brand awareness and when their budgets are big they usually always succeed. Think of the brand Pampers, Mr. Christie Chips Ahoy Chocolate Chip cookies or Huggies baby wipes and compare to a generic brand that doesn’t have flashy packaging. When we are purchasing these brands, we are telling the company that we love the artwork, the quality of printing, the colour, their magazine and television commercials so we’re willing to pay more money for the product. This doesn’t necessarily mean that the product is better. Most of the generic brands are just as good if not better. Read labels first to make sure that the ingredients are the same.

This is not only true when it comes to food items. Drugs, clothing and electronics also come into play here. Many of the generic and brand name electronics are manufactured the same way, using the same parts and the only minor difference may be options or accessories that may not be worth the extra pay.

Most of us live by if it’s not a brand name then it’s simply no good, the “you get what you pay for” rule. The question which is better a brand name or generic has been in play for a long time so it really comes down to personal opinion. It doesn’t cost to try the generic brand, actually it will only cost you less!

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Painless ways to save you money

Let’s face it, we all need to save more money but it seems to be more difficult than it really is. By simply incorporating more and more of the following tips into your life, you may find that you could save thousands of dollars by the end of the year!

Saving money doesn’t need to be painful so here are just a few painless tips that will save you money:

Skip the Lattes –Avoiding the extra trips to the Starbucks or Tim Hortons will definitely help the burn in your pocket in the long run. You don’t have to cut it out all together however you should try to drink the office coffee or make your own coffee at home and take your morning coffee to go.

Make your own lunch – Lunch times can be a great networking opportunity for you and could improve your career and your social life but try to find a balance between making the connections and saving money. You may try making your own lunch 2 or 3 times a week and eating out the remaining times.

Cook at home – If your life is extremely busy and you’re finding it easier to just eat out for dinner then you may want to start off slowly by cooking a home meal once a week until it becomes habit. You can also try to make precooked meals for the week to make it more convenient for you.

Hold a garage sale – Go through all the stuff you have around your home that you haven’t used in over a year and could do without. You may just come up with about $1000 worth of stuff you can sell through a garage sale. You may also want to collaborate with neighbours and hold a street garage sale. If you don’t have many items you can sell, check with family who is not really interested in holding a garage sale and are interested in getting rid of any junk around their house. Remember: One mans junk is another mans treasure.

Buy used – Think of all the things that you can use that has been pre-owned such as a bicycle or baby stroller. Saving money on used items can potentially save you half of what you consume a year simply by buying second hand. There are many stores including online that will BUY and sell used items in great condition for half the price of a new item.

Watch for less – If you’re into watching movies at the theatre, try watching matinees as they are substantially cheaper than evening/night rates. Avoid renting movies from your cable provider or a Blockbuster. Try renting from your local library instead for little to no money. You’d be surprised at the selection they have..really!!!

Unplug – Unplug, unplug, unplug. Get into the habit of unplugging any appliance or lamp that you are not using. Keeping it plugged in whether it’s being used or not is actually consuming electricity and costing you money.

Bundle services – If you have your service providers scattered, you may want to consolidate for a better deal. Having your cable, internet, phone with one service provider will get you a better deal. You may even want to consider disconnecting your landline and using a cell phone if it’s feasible for your family.

Bottle your own water – You may want to buy bottled water every once in a while because it’s convenient but be rest assured that the drinking water in Canada is among the safest in the world. Maintaining clean drinking water is a priority for the Canadian Government so refill those empty water bottles using your tap as often as you can.

With a little imagination you can find more ways to reduce spending without making huge changes to your lifestyle. For more valuable information, visit www.prudentcreditrepair.ca