Savvy spending is the trend in today’s economy.

A recent survey conducted by Bank of America and behavioural economist Dan Ariely reveals that Americans are now looking for ways to save and stretch their dollars everyday – they are becoming savvy spenders. Before making any purchase, they do comparison shopping, seek advice before making a purchase and take advantage of discounts and rewards programs. These behavioural changes obviously came about as a result of today’s tight-fisted economy.

In order to achieve savings goals, consumers are increasingly trying to make smarter purchasing decisions. Those found to be successful at saving are the ones who take the time to pause and think before they buy anything, from clothes and food to home appliances. Based on the survey, they use the following tools and strategies to help them stretch their dollars:

 Research

How to save and where to get the best deals involves research. Savvy spenders check the newspapers and their mailboxes for upcoming or ongoing sales. They go online, search for the items they need and compare prices from various stores. 45 percent of survey respondents say they only buy items that are on sale, and 70 percent researched and compared products before making a purchase. The money-smart American even makes a checklist to determine based on his research which items and stores will give him the most for his money.

Internet and Banking Tools
The web has indeed revolutionized the way people spend and make buying decisions. The survey also reveals that most Americans use the Internet to locate discounts and coupons. 45 percent of those who are able to save more in today’s economy take advantage of their bank’s online and mobile tools to make payments and to manage their day-to-day expenses. Almost half of those surveyed also take advantage of centralized shopping websites that offer savings on shopping at major retailers’ sites.

Friends, Family and First Hand Information
More than half of those surveyed said that they often look for advice from friends, neighbors and family members before making big purchases. Indeed, other savvy shoppers are a great resource for consumers looking for discounts and product recommendations. Taking the time to listen to other people’s advice on where to find the best deals greatly help them make wise money moves and contribute to bigger savings.

Home Resources
The trend in savvy spending has seen more people dining in than eating out. In fact, more Americans are looking for ways to entertain at home. Instead of going out, they would rather host parties, hang out and stay at home during vacations in order to minimize spending. They make home-cooked meals instead of dining out, cut coupons and take advantage of deals at their local grocery store.

In order to address the needs of these savvy spenders, MiCash has pioneered a unique approach in the prepaid services industry. They offer general purpose reloadable, prepaid debit cards that have remittance capability.

Just like credit cards, you don’t need to bring cash to pay for your purchases. You simply have to store money in your MiCash prepaid card and spend the money you actually own. Unlike credit cards, there is no interest to pay or late charges to stress you out!

True to its ideals of providing the ‘underserved consumer’ access, security and convenience when it comes to financial services, MiCash provides fairly priced, value-added services to prepaid cardholders, enabling them to conduct every day transactions smoothly. They definitely make purchases at the point of sale online or by phone as well as paying bills and sending money to other countries safe, convenient and secure.

Learn more about MiCash’s prepaid cards by logging on to MiCash.net today.