The Vault September 2010: Stretch Your Dollars
You can always have the latest thing…or you can shop smart and save a bundle. In this issue of The Vault, we present tips and tricks for spending less…and getting more!
A penny saved is MORE than a penny earned
If you pay 20% income tax, you have to earn $5.00 to buy a $4.00 sandwich. In that case, every dollar you save instead of spend would be worth $1.25! That’s why smart biz kids make their dollar stretch!

Biz Kid of the Month: Sara Trail
Sara sews quilts, clothes, accessories, and home decor. She also sells DVDs and books filled with cool sewing projects. Check out her Web site!
What kinds of things do you do to stretch your dollar?
I love to use coupons and watch for special sales in the newspaper circulars and on the web.  I also shop at garage sales and use thrift store clothing to “upcycle” into fun, trendy and hip “make-over” wardrobe pieces.Why is it important to get the most bang for your buck, in your business?  
My customers always come back because my prices are the best available!

Do you also try to shop wisely as a teen, outside of your business?
Yes I ALWAYS do! Always look in the local newspapers and online on Craigslist and other sites for bargains. Do research before purchasing expensive items like computers, software, cameras and other machinery. Go to matinee movies, shop at thrift stores, and use coupons! Sometimes, I go online and print out coupons on the items that my mom buys the most. She will usually give me half of the money I save her with my coupons after shopping and helping with putting away the groceries.

Do you really need it?
TV, radio, billboards, friends–everywhere you turn, people are trying to get you to buy the latest thing. It’s easy to just open your wallet every time something cool comes along…at least until your wallet is empty. Don’t be a fashion victim. If you really want something, wait a day or two–or a week or a month-to buy it. A lot of times, you’ll forget all about it. If you still want it, you’ll know it’s worth it.
Find the best deal
The Internet makes comparison shopping a snap. Many phones have apps that let you scan barcodes right in the store to see if you’re getting a good deal. When you’re checking out from an online store, look for discount codes at sites like
When you’re shopping bricks-and-mortar style, remember that you might pay a premium for going to a high-end store. It might be fun to go to the mall in Beverly Hills, but a regular department store might have the same stuff a lot cheaper. Also, consider buying it used. Not only is it good for your bottom line, it’s good for the planet, too.
Buying cheap won’t always save you money
It’s good to save, but the lowest price isn’t always the best deal. Cheap goods that fall apart quickly can end up costing you more in the long run than higher-quality but more expensive items. On the other hand, high-priced stuff can be junk, too.
The best strategy is to do your research. Use sites such as consumersearch.comor product reviews on online shopping sites to give you the scoop from people who’ve been there. While you’re at it, check out their return policies–buying something you can’t use and can’t return is the most expensive mistake of all.Be clever
Think outside the mall. Is this something you really need to buy? Could you borrow it from a friend? Could you make it yourself? Could you earn it a different way–say, in exchange for doing work around the house? If you want to save money, use your brain instead of your bucks.

Posted in Biz Kid$ News