Savings chic: Savvy shoppers setting the trend for ever ...
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Published : July 31, 2009
Category : Education & Careers | Total Views: 152
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(ARA) - Savvy shopping is the latest trend for Americans looking for thrifty ways to save every day and stretch their dollars as far as possible.
According to recent survey conducted by Bank of America and Dan Ariely, Duke University professor of behavioral economics and author of "Predictably Irrational,"
comparison shopping, seeking advice prior to making purchases and taking advantage of discount and reward programs are some of consumers' biggest behavioral changes as a result of today's economy.
"We're seeing consumers increasingly trying to make smarter purchasing decisions in order to achieve their savings goals," Ariely says. "What we also see is that consumers who are successful at saving are the ones who are taking the time to pause before they shop and taking advantage of tools available to help them save. What is somewhat puzzling is that not all consumers are taking what seem to be very simple steps toward saving."
Consider the following strategies and tools to help stretch your dollar further:
* Research options:
American consumers are becoming more responsible when it comes to shopping, comparing prices and seeking discounts and promotions. In fact, 45 percent of survey respondents say they only buy items that are on sale and 70 percent researched and compared products before making a purchase. Check out the fliers that come in your newspaper and mailbox. Go online and search for the items you want at different stores. If the item you want is made by several different companies, make a checklist to determine which brand will give you the most for your money.
* Helpful online tools:
The survey found that 37 percent of Americans are turning to the Web to locate discounts and coupons. Forty-five percent of those who are able to save more in today's economy are taking advantage of their bank's online and mobile tools, like alerts and online bill pay to manage their day-to-day expenses. Nearly half of those surveyed would likely take advantage of a centralized shopping Web site that offers routine savings for shopping at major retailers' Web sites. Bank of America offers a secure online shopping portal, Add it Up, that allows enrolled customers to earn up to 20 percent cash back on their purchases made at more than 300 online retailers. Customers with a current check or credit card enrolled in online banking can register for free at www.bankofamerica.com/additup.
* Trusted sources:
Other savvy shoppers are one of the best resources for consumers looking for price discounts and product recommendations. More than half of those surveyed said they look for advice -- often from friends, family members and through online chat rooms -- before making big purchases. Taking the time to do research can really help in turning a good deal into a great deal.
* Resources close to home:
More and more Americans are looking for ways to entertain at home, which includes hosting parties, dining in and staying at home during vacations. According to the survey, 79 percent of those currently saving more than they could three months ago are dining in more often. By cutting coupons and taking advantage of deals at your local grocery store, you can save on making homemade meals versus dining out at restaurants.
* Sweat the small stuff:
Little things count, and leftover change can add up. Many people throw this change into a jar to save for a rainy day. But some banks also offer programs that offer electronic versions of change jars that work to help you earn interest and building savings.
Bank of America's Keep the Change program is a savings account feature tied to a check card that rounds up all purchase amounts to the nearest dollar and transfers the difference from your checking account to your savings account. This has allowed customers to accumulate more than $2.2 billion in savings since October of 2005.
Bank of America is a member of the FDIC.
Courtesy of ARAcontent |
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