NEW HAVEN, Conn. (WTNH) — As we get into a busy time of year for shopping- from back to school to the holidays- prices and interest rates are expected to go down.
But experts say it’s still important to maintain frugal shopping practices, especially if you’re saving up for something special. We are stretching your dollar with how to shop smarter.
After months of high costs we are finally seeing some relief with retailers like Target, Walmart and Ikea announcing they’re slashing prices.
“Right now we are seeing a number of larger national retailers announcing that they’re reducing prices on certain items, especially essential items. So ultimately our shopping will be less expensive than it’s been,” said Smart Shopping Expert with truetrae.com Trae Bodge.
We are also expecting an interest rate reduction by the end of the year, but Bodge said we should still stay mindful of our spending habits.
“Many shoppers have become very good at saving. And so what I hope is that as prices come down, consumers will still continue to utilize those frugal shopping practices. You can save even more for a rainy day, for a vacation, for retirement, college education,” Bodge said.
Bodge recommends temporarily forgoing what she calls “little luxuries.”
“Things like manicures or if you’re paying for someone to clean your home, mow your lawn, clean your car. If you are physically able, you could forgo those for a little while, and you will save up very quickly for that thing that you’re saving for,” Bodge said.
She said opting for generic instead of brand names, or buying second hand items can help save money. Also keeping an eye out for special deals that apply to certain groups like students, teachers, or seniors.
