6 Old-School Savings Tricks Are Back

It s no secret that consumers have grown more frugal: Excessive spending is out and saving is in. It s become chic to talk value, says Julie Winskie, the chief client officer at marketing firm Porter Novelli, which tracks consumer behavior for retailers.

Like fashion, spending trends often cycle in and out, but what s interesting about this go-round at frugality is how it s playing out. Old savings strategies are seeing a resurgence, and some of the most popular tactics couponing, layaway and haggling date back to prior recessions.

Will those practices someday go the way of padded shoulders and track suits? It may take years or even decades, but the larger population will eventually end up back in the greed is good mentality, says Scott Testa, an assistant professor of business administration at Calibri College in Radnor, Pa. Forty-five percent of adults now spending less than they were a year ago say that if their financial situation were to improve over the next year, they would go back to their old spending habits, according to the National Foundation for Credit Counseling s 2009 Financial Literacy Survey.

Still, consumers looking to develop good savings habits for the long haul can jump on the bandwagon now with these six old-school thrifty behaviors:

Clipping coupons

Americans avidly clipped coupons through the 1980s, but by the '90s, their popularity began to wane. Last year was the first year since 1992 that coupon use didn t decline. And so far this year, shoppers have used 20% more of issued manufacturers coupons, according to the Promotion Marketing Association, which tracks coupon redemption. This trend is likely to persist because of efforts by manufacturers and retailers to make coupons more easily available online, says Stephanie Nelson, the founder of CouponMom.comFor a list of some of our favorite coupon sites, click here

Haggling

For more prime haggling opportunities, click here

For tips, click here

Price comparison

For the best online price comparison sites, click here

Bartering

For tips to effectively barter, click here

Group buying

Many frugal consumers not only share deals with their peers, but also band together to get a better value, Winskie says. It s mothers, neighbors, buying in bulk and splitting the cost to save, she says. New sites like GrouponFor details, click here

Layaway and Christmas clubs

Thanks to the credit crunch, retailers and consumers are looking at these old options, which had faded with disco. They went away as people bought things on credit and found other ways to pay, Testa says. Last year, Sears and Kmart heavily promoted their longstanding layaway programs. This year, they introduced a new Christmas Club that matches 3% of consumers savings.

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