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Keeping track of spending is tough with plastic, but
making each dollar count is easy when you wave goodbye to each one
individually. That might be why die-hard budgeters like cash.
Merchants like it, too. It costs retailers less than
dealing with credit transactions. Plus, there's just something about
having a wad of bills that says "money."
The winner of the Frugal $ense contest for the month of September, Megan McKeever, uses that to her advantage when shopping and asks for a discount when paying with paper instead of plastic. Often she gets one. Congratulations, Megan!
Bankrate: How did you come up with the idea?
Megan: Well, I'm cheap
to begin with. I've always been a big coupon clipper and user of
the "Entertainment Book." But I got the idea from a friend
of mine who was taking a money course. She thought with my outgoing
personality, I was the kind of person who could go into stores and
ask for a discount for paying with cash. So I tried it. I figured,
what's the worst that they can say.
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| Frugal $ense winner: Megan McKeever of Bellmawr, N.J. |
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Megan McKeever of Bellmawr, N.J., won $100 for submitting the following tip:
Don't be afraid to bargain
I've recently learned to open my mouth a little more and for an extra couple of words, I have saved a couple hundred bucks! I always used to just throw purchases on the card -- credit of course -- but recently I found that when I offered to pay cash people are willing to budge on the price.
My husband bought
new tires, and just by the outright offer
of a cash transaction the priced dropped
$75. Who knew just saying "And if I give
you cash?" could be a coupon in itself!
Our second experience was in a furniture
store buying a dresser. Of course we were
attacked by salespeople upon walking in
the door. I pulled out a wad of cash --
all $10 bills, but it looked big -- and
said, "I want that dresser." It was marked
$175, and I just said, "Sir, I got $110
with me right now for that dresser, or I
can just run down to another store and see
what prices they have."
And I'll be darned
if after a quick "check with the manager,"
we didn't walk out with a dresser for $110!
So do yourself a favor, speak up. The worst
that happens is nothing and you pay what
you were going to anyway!
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It's a win-win situation; I make sure I carry it in
small bills, so it looks like a lot because $100 in $5 bills looks
like a lot of money. You open a wallet stuffed with bills and people
are like, "Whoa, this person has money." For instance,
at flea markets I always go with a wad of singles. When people see
cash, they are absolutely more willing to work with you.
Bankrate: How did you start being frugal?
Megan: It is a trait that I've gotten from my mother, who is now wealthy in her older age. I believe that she is wealthy because she is frugal. I picked up ideas from her, for instance the belief that it would be silly to spend $40 on a sweater when, if you can wait one more month, it may be 75 percent off because it's the end of the season. Don't be silly and get your heart set on something; always shop for the bargain and always make your money work for you, that kind of thing.
I do have my guilty pleasures though. There are certain
things I won't skimp on, for instance Charmin toilet paper. That
is one thing that, whether I have a coupon or not, please, I'm getting
it.
But other things, like bigger purchases, are thought out. For instance, it is amazing how cheap you can get a kayak in January. People are willing to work with you if you get conscious of when people buy things. If someone has a boating store, in the dead of winter, they're getting desperate so they're willing to work with you more than on a gorgeous July day when they know you're going to want to kayak all summer.
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