When it comes to shopping, it's easy to fall into the same bad habits and end up spending way more than you planned. All You has 10 great tips guaranteed to help you save money on your next shopping trip.
1. Think About the Big Picture
"One thing people do wrong when smart shopping is they save big time
on the basic items they're looking for, but then get roped into
purchasing costly accessories," says Andrew Schrage, co-owner of
Money Crashers Personal Finances.
"Extras for smartphones, tablet PCs, and laptops can all be purchased
at a discount online rather than from a big-box retailer."
2. Overspending For a Deal
Schrage advises against overspending simply because you found a great
deal because "according to Money Magazine, online shoppers spend over
one-third more when free shipping is offered."
3. Comparison Shopping
Comparison shopping is a necessary evil for
smart shoppers that helps curb impulse purchases. "To quickly help with comparison shopping, a good site is
products.google.com, which will rank the product you're looking for by price," says Jana Francis, Founder of
Steals.com.
4. Repress the Impulse
"I don't think people give themselves enough time to see if something
is what they need. We buy on impulse too often. So walk away, give
yourself 24 hours, and if you're not thinking about it, save your
money," recommends Jean Chatzky, finance expert and finance editor for
the TODAY show (whose new online series called
Jean Chatzky's Money School starts in March).
5. Don't Forget: Time Is Money
When shopping around for the best price, Chatzky advises not to obsess. People who can't stop looking for the
next best deal
are never satisfied. You can give yourself a time limit, like 20
minutes, to know what something should cost." Along the same line,
Schrage recommends that factoring time and gas is important as well,
because "if you have to drive across town just to save five bucks,
you're not doing yourself much good."
6. Negotiate
"Not just services, but goods are negotiable these days," says
Chatzky. "Sometimes people are uncomfortable asking, but if you don't
ask the answer will always be no. It also helps to say, 'I was hoping
for less'. You don't have to put a number on it, and you don't have to
say, 'Can you give me a discount?' You can say 'Can you work with me on
this?' which is a little bit softer and more to some people's taste."
Chatzky also recommends doing your comparison shopping homework before
negotiating as many stores have price-matching policies in place.
7. Don't Try It On
"We know from behavioral science that when you try it on, your psyche
takes possession of it and if you don't buy it, it seems like a loss,"
says Chatzky.
8. Free Shipping Isn't Always "Free"
Francis advises to "look at the whole picture; you might be receiving
free shipping on a more expensive product. E-commerce wouldn't survive
if the retailer really were paying for shipping. And that's where
comparison shopping becomes an important tool."
9. Don't Go on an Emotional Shopping Trip
Chatzky has three shopping commandments: don't shop sad, don't shop
angry, and don't shop hungry. "Sadness feels like a void and you'll shop
to feel better. Anger makes you more likely to take risks and you end
up buying things that are above and beyond. If you shop hungry it makes
you buy everything because it gets your juices going."
10. Learn to Love Your Debit Card
Nicole Lapin, editor-in-chief of
Recessionista.com,
advises that "you want to spend the money you already have, so cut back
on credit cards (although you want to keep them and not cancel them for
your
credit score,
instead put a regular monthly purchase on them like your cable bill)."
To take controlled spending a step further, Lapin suggests carrying your
spending money in cash " to keep yourself from spending it once it's
gone."
