In the past,we sometimes stock up on an item when there is a good sale. During this recession, we have been consciously working on reducing our inventory as a strategy to save money. I had already committed to using my current clothing inventory in 2008. We are now applying the reduce inventory philosophy to other areas such as paper goods, canned goods, frozen foods, and toiletries.
With the exception of my clothing, reducing inventories will only reduce expenses for several months. In addition, we will still occasionally make purchases when there is a really good sale. However, we have still noticed some savings, with the side benefit of a bit less clutter in our storage areas.
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This is not financial advice. Please consult a professional advisor.
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