How To Make The Most Out Of Your Money Whenever You Shop
By Space Coast Daily // May 9, 2021
Being frugal with your money is a great way to develop a sense of financial responsibility. Everyone wastes money. It’s not just about splurging on things you don’t need that will reduce the balance in your bank account.
We often waste money by shopping inefficiently. We’ve put together a guide that points out some of the ways we can optimize our shopping so that you spend the least amount of money necessary while getting the most value possible.
When retailers stock a new product, they’re given a recommended price from the manufacturer. This price may or may not include the retailer margin along with other expenses. More importantly, this price is merely a suggestion in most cases. When you go shopping for an item, say a graphics card for your computer, chances are you’ll find three different prices at three different retailers.
The idea behind price hunting is to find the retailer who offers the best price on a product you’re interested in. Doing so takes some effort most of the time. You’ll find that large store retailers generally tend to stick to a similar price range, which is to be expected. After all, they are each other’s main competitors.
To truly find great deals on products, you often have to depart the world of large retail stores and enter the shrinking world of small mom-and-pop shops. The same principle can be applied to online shopping. Large retailers will usually list products at similar prices online while smaller, lesser-known retailers might give you better deals.
The best thing about hunting for a decent price is that you can usually save a lot depending on the product you’re looking for. We’re talking anywhere from 10-25% of the regular price, sometimes more if you’re lucky.
Look for Coupons and Discount Codes
Coupons represent one of the most traditional ways of saving money while shopping. Before the internet became so popular, most of the coupons were found in magazines where you had to cut them out. Many retailers still use physical coupons. However, most have switched to online. Nowadays www.swagbucks.com and similar coupon compiling sites are the places where you can find coupon and discount codes. These sites make the whole process much easier since they gather codes from a variety of sources and act as a central database of sorts.
Depending on what you’re looking to purchase, coupons can shave off a significant amount from the MSRP. If you’re lucky, you can even stack coupon codes in some places, which leads to some serious savings.
All this being said, not all retailers and manufacturers offer general-purpose codes. Sometimes you’ll have to follow certain influencers or read niche forums in order to gain access to discount codes. This means doing some research and digging, getting immersed into specialized niches of content. However, the reward for doing so can make it all worth your while. These niche discount codes often remove a significant amount from the retail price.
Time Your Purchases
We live in a consumer society where every manufacturer is constantly fighting for their share of the market. Aside from frequent discount codes, they use other types of incentives to attract customers, sometimes completely disregarding their own bottom line. If you’re patient and have the luxury to time your shopping, you can find all kinds of flash deals, special promotions, and other special events where prices get dropped significantly.
Depending on what you’re getting, you can usually end up saving a lot of money. We can also add Black Friday and Cyber Monday deals to this category. Both of these events need no special introduction as they’ve become sort of a global phenomenon by now. Black Friday deals can sometimes land you awesome discounts on high-end electronics, appliances, and tech in general.
If you’re looking to score AAA games or expensive software, you can usually find great deals on Cyber Monday. Most software retailers will have some kind of discount event going on this day.
Last but not least, we have to mention one of the oldest ways of saving money known to man — shopping in bulk. Buying more than one piece of anything is usually incentivized by the retailer or manufacturer through better prices. Bulk orders move goods faster, meaning that the entire supply chain can offload existing stock and refresh their orders sooner.
The best way to take advantage of this is to recognize which products you’re constantly in need of. Think about items that you use on a daily or weekly basis, but ones that you use consistently. Once you make your list, look for retailers or bulk retailers that carry said items.
If you’re mainly looking to purchase groceries in bulk, you can do so at Costco or similar store chains that specialize in bulk orders. The amount of money can save this way is nothing to scoff at. Given enough time, you can save up to 30% or more. The longer you purchase bulk orders, the more money you’ll save.
The thing to watch out for when buying anything in bulk is overstocking. As much as you can save when shopping in bulk, you can also spend more than you needed to. Just because something is cheaper in bulk doesn’t mean it will be cheaper overall. Bulk purchases only work if you have a legitimate need for that much product. Otherwise, not only are you not saving money, you’re actually wasting it in most cases.
Be Smart With Your Money
Optimizing your shopping doesn’t take much. In fact, you can do it with very little effort. Putting in work and looking for the best deals definitely pays off. We hope that you’ve found the methods mentioned above useful in your search for the best prices. If you’re not finding any codes at the moment, it’s probably just a matter of timing. Stay patient and look for codes every few days. There is a good chance that you’ll catch some great deals in no time.