Since I got a request to do a part 2 of my saving money tips article, I decided to write one. This one is focused on compound savings. What I mean by compound savings is that, rather than just buying an item on sale, also use coupon codes, cash back websites, and any other deal you can compound so that you get the lowest possible price. These compounded savings purchases have been the reason I can buy designer items at a fraction of the price, and it’s one of the questions I get asked about a lot.
Here’s where to start: find an item you like online. If it’s full price, try waiting a few weeks for it to go on sale. Shops like Anthropologie, Banana Republic, American Eagle and the Gap have a relatively high turn-over rate for their clothes, so things go on sale very quickly. Once the item is on sale, check for any coupon codes for that website (and check that they apply to sale items!) Once you’ve done that, check cash back websites like Ebates.com or Ebates.ca. What these websites do is get a commission from your sale when you go through their website, and then they give you a cut of that commission in the form of cash back. You can get anywhere from 2-15% cash back depending on the store, and they will send you a cheque every quarter with your savings.
When you combine all these elements, that $200 pair of shoes you were coveting all of a sudden can become much more affordable. From personal experience, using compound savings, I bought a $600 dress for just over $100, a pair of $400 boots for $150, and a pair of $200 designer heels for $72 and those were just the most recent purchases. Compound savings is truly the best way to save online, and it’s a great way to buy luxury items at a fraction of the cost.
If you have any more article requests, or general questions/comments, feel free to post a comment and I will get back to you. Happy shopping!