Shared Reading: Five Saving Tips

Before heading to the store, there are a few factors you should consider. This article's title says five tips, but each tip is broken down into even more tips. I have posted a small sampling of the article, but I highly recommend reading the entire article, 5 Money-Saving Shopping Tips.

Can I borrow it?
This tactic can be a great money-saver for any item that you use infrequently or will only need to use once. For example, if you only need to use a drill once a year when you change apartments and have to reinstall your curtain rods, you can get by with borrowing a drill from someone else. Many home improvement stores even have tools you can rent. Likewise, instead of spending money on the newest bestseller novel that you will probably only read once, head down to your local library and see if you can borrow the book.

If you don't like to worry about due dates, try buying your books used or using an online swap site like Paperback Swap. It will cost you more than the library (which is free), but still less than buying new books all the time.

Can I negotiate a lower price?
While you probably can't negotiate the price on many items, like new DVDs or a package of gum, there are plenty of situations where you can negotiate, even in a retail store. For example, if an item is cosmetically damaged, a store may be willing to offer a small discount because that blemished items tend to be more difficult to sell. If a salesperson wants you to buy a bunch of extras with a new computer or cell phone plan, ask for a discount - the salesperson they may be allowed to offer discounts in order to close the deal on big-ticket purchases.

When I want to haggle over the price, I try to find the highest ranking salesperson possible. Supervisors are more likely to be able to offer you that extra discount than a teenage stockperson.

Can I get a better price somewhere else?
It's usually a bad idea to buy an item at the first place you see it because it's very likely it is cheaper somewhere else. For expensive purchases where you have a lot to gain by comparing prices, and for situations, like online shopping, where it's extremely easy to compare prices, the savings you'll achieve are worth the extra time and effort.

Don't let a salesperson convince you that you won't find a better deal, because you very well can. This goes back to the other tip I quoted about trying to haggle. If you've done your research and can confidently say "Well, store A offered me the following deal..." the store will try harder to gain your business.


Read the full article on Investopedia.