Financial Risk Manager

Ways of Financial and Risk Management

How to Save Money While Shopping?
Friday, November 13, 2009

Have you already squeezed every last penny out of your budget? Maybe not. Thanks to free market capitalism, we can choose from a wide variety of products at a wide variety of prices pretty much any time we want to buy something. Unlike investing, saving money on purchases doesn't require any specialized training and is an easy way for anyone to stretch their budget a little farther.

No matter what your income level, you can give yourself more breathing room by becoming a savvy shopper. Here are five tips to help you get started.

Tip 1: Make the Store Your Last Choice

Most people's default response is to go to a store anytime they need something, but that's not the only way to obtain a needed item. Ask yourself these questions:

Can I get it for free?
Can I borrow it?

Tip 2: Negotiate When Possible

Some prices are set in stone, and it's a waste of time trying to negotiate with someone who won't budge. However, when you think there's some wiggle room, consider these strategies:

Can I negotiate a lower price?
Can I barter?

Tip 3: Time Your Purchase

If you wait to purchase something until you really need it, you're likely to pay the sticker price, but with a little advanced planning, you can save big bucks.

Will this item go on sale?
Might there be a coupon for this item somewhere?
Can I get a better price somewhere else?

Tip 4: Substitute

If the item you want to buy doesn't quite fit into your budget, think about similar but less expensive alternatives.

Is there something that doesn't cost as much, but does the job I need it to?
Do I really want this?

Tip 5: Expand Your Shopping Universe

If you normally head straight to your favorite website, specialty store, or the mall when you need to buy something, consider these other shopping options that can save you a great deal of money: