Introduction
Hello and welcome to MoneySkillset.com! In this first article of a two-part series, we look at how to meet your budget while shopping for important items without going broke. With real-life examples, we'll walk you through wise planning, how to get the most discounts and loyalty plans, timing your purchases to get the most bang for your buck, and the benefits of refurbished items. Get ready to change your shopping habits and make the most of your money!
#1 Planning and Research
Plan your shopping visits strategically by making a detailed list. PriceGrabber together with other online price comparison tools may assist you in finding the best deal. For example, compare the pricing of a desired laptop across multiple websites to discover the best offer. Apps like Honey can automatically apply discount codes at checkout.
1. Making a Thorough Shopping List:
Shopping for Groceries: Make a list of everything you need before going shopping. This keeps you from buying unnecessary things and allows you to stay within your budget. For example, planning meals for the week might help you include only the things you need, eliminating food waste and expenditure.
Big-Ticket Items: When shopping for expensive things such as electronics or furnishings, make a list of the features or specs you'd like. This clarity makes it easier to compare products and select the one that best suits your demands in terms of value.
2. Taking advantage of Price Comparison Tools:
Electronics and appliances: Use PriceGrabber or Google Shopping to compare the costs of a desired product, such as a laptop or a blender, across multiple websites. For example, you might find the same type of blender ranging from $100 to $150 across different sellers.
Books and Media: Websites like AddAll and BookFinder could help you in finding the cheapest price for books, DVDs, and CDs.
3. Using Browser Extensions for Discounts:
Honey, Capital One Shopping, or WikiBuy: These browser extensions look for and apply discount codes at the checkout. For example, while shopping for outfits online, Honey may discover a 10% off coupon, saving you money with no further work.
CamelCamelCamel: This browser extension designed just for Amazon, tracks the history of any price changes and can notify you (if you set your desired products up) when a product price falls below your preferred price.
4. Checking for Price Drops and Alerts:
Setting Price Alerts: Setting Price notifications: Use apps or websites that let you choose price drop notifications. You can set an alert on Amazon for an exact kind of smartphone to tell you when its price moves below a certain threshold is one example.
Flash Sales and Limited Offers: Sign up for emails from your favorite businesses to receive notifications about their flash deals or special one-time offers.
5. Reading Reviews and Seeking Recommendations:
Internet Reviews: Look up reviews on sites like Consumer Reports, Amazon, or Best Buy before you buy, especially for expensive products. This allows you to learn about the product's advantages and disadvantages from genuine consumers.
Online Communities: Join sites like Reddit or niche Facebook groups where you can get recommendations and advice from experienced shoppers.
#2 Timing Your Purchases
Purchase goods when demand for them is low (off-season). For example, for a special discount, buy your ski gear at the end of the winter or chocolate after Valentine's Day. Keep an eye out for holiday bargains such as Black Friday for gadgets and Cyber Monday for online deals. Let's look at some examples!
#1 Seasonal Appliances:
Air Conditioners: Purchase air conditioners in the late fall or winter months. Retailers frequently reduce leftover inventory to make room for new models or seasonal products. A high-end air conditioner, for example, that may cost $500 in the summer could be bought for $350 in the winter.
Heaters: Buy heaters and other winter equipment throughout the summer months.
#2 Holiday and Clearance Sales:
Black Friday and Cyber Monday: are popular days for technology bargains. For example, during some of the promotions, you might be able to get a $1,000 laptop for $700. It's not uncommon to get even up to 70% discounts for some products.
Post-Christmas deals: After-Christmas sales are ideal for shopping for decorations, gift wraps, and even gadgets. Retailers are keen to get rid of their unsold inventories.
#3 Off-Season Clothing and Sports Goods Deals:
Winter Clothing and Sports Gear and A in Spring: When winter comes to an end, merchants sometimes substantially discount jackets, boots, and other cold-weather apparel. A $200 winter coat might be half-price. The same goes for skiing jackets, and snowboarding gear when the spring approaches.
Summer Gear in Fall: Similarly, buy swimwear and summer items in the early fall when reductions are high. Think of kayaks, sandals, snorkeling equipment, and more...
#4 Car Buys:
New Car Models: Purchase the model from the previous year when the new models (usually in late summer or early fall) are arriving. Dealerships provide discounts on outdated models to create space for new inventory.
#5 Consumer Electronics:
TVs: The greatest time to buy a television is frequently shortly before the Super Bowl when stores offer discounts to entice football enthusiasts to set up their home viewing experience.
Smartphones: Consider getting a new phone just before the release of the new version. Buying an iPhone model just before the next one is introduced, for example, can get you much cheaper prices as the pricing of the older model drops.
#6 Gardening and Outdoor Equipment:
Lawnmowers: Purchase lawnmowers in the late fall or early winter. Demand falls, causing prices to fall.
Gardening Supplies: For the biggest savings, buy in the late fall or during winter clearance sales.
#7 Travel and Vacation Planning:
Airfare and Hotels: Booking flights and accommodations during the off-season for your location will result in reduced pricing. Travel to a popular beach resort, for example, during the shoulder season rather than the high-season summer months.
#8 Major Appliances:
Refrigerators: The best bargains are usually found around May, as new models are released in the summer.
Washers and Dryers: Look for bargains in September, October, and January.
#3 Utilizing Discounts and Coupons:
Sign up for loyalty programs at your favorite stores to receive exclusive savings. Printable coupons are available on websites such as Coupons.com. Combine a retail discount with a supplier's coupon, for example, for further savings on household goods. Read more in detail below...
#1 Store Loyalty Programs:
Exclusive Member Discounts: Many businesses have loyalty programs that provide members with special discounts. For example, a grocery store may provide a 10% discount on specific goods to loyalty cardholders alone. Kroger's Plus Card, for example, gives members special discounts on select grocery products, whilst Sephora's Beauty Insider program offers exclusive beauty product bargains to its loyal clients.
Reward Points: Following each purchase, you earn points that may be used for discounts or freebies. A drugstore loyalty program, for example, may provide one point for every dollar spent, which can be used for discounts on future purchases.
#2 Using Websites for Printable Coupons:
Coupons.com and RetailMeNot: These websites provide a broad range of printable coupons for groceries, home products, and even restaurant meals. For example, you may discover a $2 off washing machine detergent voucher or a buy-one-get-one-free deal at a nearby restaurant.
Manufacturer's Websites: Look at the websites of brands you use regularly. They frequently provide printable discounts for their items. For example, if you buy a specific brand of cereal on a regular basis, check their website for potential savings.
#3 Combining Coupons with Sales:
Coupon Stacking: Some businesses allow you to use a manufacturer's coupon in addition to a store coupon on the same item. Using a $1 off manufacturer's coupon with a $1 off store coupon for shampoo, for example, essentially doubles your discount.
When to Use Your Coupons: Hold off on using them until a retail sale. For example, if you have a coupon for a certain brand of orange juice, use it while the product is on sale to maximize your savings.
#4 Mobile Apps and Digital Coupons:
Store apps: Many shops provide digital coupons through their applications. Target's app, for example, provides a variety of discounts that may be scanned at the checkout. The Walmart app has a Savings Catcher function that compares purchased products' pricing to those of local competitors. If a cheaper price is found, Walmart will refund the difference in store credit. Both the CVS and Walgreens apps include digital coupons as well as unique promotions. CVS customers may earn ExtraBucks Rewards that are tied to their loyalty cards, but Walgreens' Balance Rewards card enables automatic discounts at checkout with app-added digital coupons.
Cashback Apps: Cashback Apps: Mobile apps such as Ibotta and Rakuten provide cashback on your buys as well. You pay full price for the item and then upload your receipt to the app to earn cash back. For example, you could purchase a brand of milk that offers a $0.40 cashback offer on Ibotta.
#4 Choosing Refurbished Items:
Products that have been returned to the manufacturer or seller for a variety of reasons are referred to as refurbished items. They undergo repairs, restorations, and testing to guarantee they fulfill the original manufacturing requirements. What exactly is a 'Like-New Condition'? Many refurbished devices are practically indistinguishable from new equipment, and they frequently include warranties and customer service.
#1 Where Can You Buy Refurbished Items?
Electronics: Websites such as Apple's Certified Refurbished store provide lower rates on items such as iPhones, iMacs, iPads, and MacBooks. These products have been rigorously tested and frequently come with a one-year warranty. Once you understand the difference in pricing, buying refurbished Apple products will save you substantial amounts of money.
Home Appliances: Stores such as Best Buy and Sears Outlet sell refurbished home appliances such as refrigerators, washing machines, and dryers for a fraction of the price of new ones.
#2 Online Marketplaces
Amazon Renewed: Amazon Renewed: Amazon sells refurbished products such as electronics, tools, and kitchen appliances. For example, you could discover a high-end blender at a big discount.
eBay: eBay provides a large range of refurbished products, including cameras and refurbished laptop computers. Sellers usually provide extensive condition reports as well as return policies.
#3 Benefits of Buying Refurbished
Significant Savings: Refurbished products are often much cheaper than buying a new one. A reconditioned HD TV, for example, may be sold at a 30% reduction from its brand-new equivalent.
Environmental Impact: Purchasing refurbished items lowers waste and the environmental impact caused by manufacturing new products.
Quick Checklist of Tips for Purchasing Refurbished
Warranty Length: Make sure the product comes with a warranty, preferably one that is comparable to that supplied with new items. Some refurbished cellphones, for example, come with a 90-day to one-year warranty.
Return Policy: Read the return policy carefully in case the item does not match your expectations or has problems.
Customer Feedback: To assure trustworthiness and quality, look for goods with helpful customer reviews and high seller ratings.
New vs. Refurbished: Make sure you're getting a fair bargain by comparing the price of the refurbished item to that of the new one.
Certified Refurbishment: Evaluate if the item has been restored by the manufacturer or a third-party certified to guarantee the highest standards are met.
Examine Included Accessories: Confirm what accessories are included with the phone, such as chargers, cords, and headphones. Some reconditioned phones may not come with all of the original accessories.
Practical Examples of How To Meet Your Budget While Shopping For Refurbished Electronics
Refurbished Smartphones and Tablets: What is a refurbished phone?
Refurbished Laptops and Computers: refurbished Laptops and Computers: Refurbished laptops like Dell or HP, which are frequently used by professionals in corporate settings, are offered at substantial discounts. These laptops have been extensively inspected and refurbished to ensure that they are almost as good as new ones. A refurbished Dell Latitude, for example, which is popular in corporate settings, may be found at a much cheaper price than a new model, providing good performance at a reasonable cost. For example, the HP Business Outlet is a fantastic place to get HP-certified refurbished laptops, desktops, and workstations. They provide products with a one-year limited guarantee and 90 days of free technical assistance.
Refurbished Gaming Consoles: Refurbished Laptops and Computers: Refurbished laptops like Dell or HP, which are frequently used by professionals in corporate settings, are offered at significant discounts. These laptops have been extensively inspected and refurbished to ensure that they are almost as good as new ones. A refurbished Dell Latitude, for example, which is popular in corporate settings, may be found at a much cheaper price than a new model, providing good performance at a reasonable cost.
Refurbished Camera Equipment: Refurbished professional-grade cameras such as Canon and Nikon frequently provide reconditioned DSLRs and lenses that have been rigorously tested and repaired to meet original manufacturing standards. Best Buy has a selection of refurbished Canon cameras with features such as varying apertures and video resolutions, with prices starting at $499.99. KEH Camera specializes in used equipment, with prices ranging from roughly $127.35 to $1,722.81 for equipment such as the Canon EOS 5D Mark IV and EOS Rebel SL1. Back Market sells refurbished Canon cameras with a 12-month guarantee, featuring models such as the Canon EOS Rebel T7 and EOS 4000D starting at $374.99. Check for price updates directly with the retailers as this article ages.
Conclusion:
As we wrap up part one of our smart shopping series, we hope you've picked up some useful ideas about how to stick to your budget when shopping for important items that can make a big difference in your life. Stay tuned for part two, in which we'll reveal even more money-saving techniques and helpful hints. Continue exploring MoneySkillset.com for additional financial literacy and smart purchasing tips. Happy thrifty shopping, and we'll see you in the next part of our financial wisdom adventure!
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