Save Money by Shopping More

Posted On 14 May 2021

Last updated on April 9th, 2024

Are you saying that if I shop more than I do now I can save myself more money?!? How is that even possible? When you learn to benchmark prices, you will be amazed at the results! Let me explain, although a story first.

My wife received a standing mixer for Christmas a few years ago. She LOVED having the mixer! After less than a year and a half, while she was mixing up a cake it suddenly started to make a grinding sound. The mixer still worked, but it sounded like it would die every time she used it. I think she must have silently said a little prayer each time that it would make it through that use. It was during the summer of 2019 that it started making the awful sound.

Well, she kept using it and started looking for a new (and better) mixer. The mixer that she set her heart on was the KitchenAid Pro. Yes, that is the expensive model! We kept our eye out for the mixer. We would periodically look online or when we were in a store that sells small kitchen appliances.

The other day we were shopping in Costco and she wanted to check out the kitchen appliance aisle. They had the KitchenAid Pro mixer, and it was on sale for almost half price! That became her Mothers Day present this year.

I tell you this story not to boast, but to tell you all how we shop for things. I’m not sure when the last time we made an impulse purchase (excluding chips & ice cream!). We don’t usually just sleep on a major purchase – we can wait for months.

The Price Is Right

We do our best to buy things at the best price possible. This is easier to do with purchasing larger items. The name of the game is to know what the prices are – just like the successful contestants on the game show “The Price Is Right”.

When it comes to smaller items (think ketchup) we try to pay attention to what the prices are in the different stores. Some food items can be purchased for almost half price at Costco. Other food items can be purchased for about the same price at a store like Save-On Foods where we can get points for our purchases.

Benchmark Prices

When I am wanting to make an occasional purchase, such as a computer or a cellphone, I will take time to benchmark the prices on that item so I can be sure to get the best price possible.

To get the best deals, we must research the market and the prices. Yes, when we take the time to “Learn the Rules” we position ourselves to get the best product or service for the best price.

Sometimes there can be prices that seem too good to be true. Sometimes they are. Is the product that you are looking at the real thing, or a knock-off? Is it a reputable seller that is offering the product? Is it the right model? Sometimes there can be a model that is only for a specific store.

Start with Shopping (not buying)

As with anything we do, the more we do it, the better we get. Shopping is no exception! When I talk about shopping here, I am referring to looking at products. Researching the products. Does it do everything you want or need it to do? Does it do more than you need? How are the reviews?

I have occasionally gone with a lower grade model product than I was originally looking at because it did everything I needed for a much better price. The trick is to get what you need. Why pay for features that will not be used? At the same time, don’t sacrifice features that you want.

Benchmarks Change

The prices for tech items change quite a bit over time. If I am in the market for something like a hard drive I will price them out in several places. I can then get a good idea of the approximate price per TB. I can also get an idea of the sale prices per TB. Once I know these prices I can make what looks like an impulse purchase, but it was not an impulse!

As technology progresses, the price tends to decrease, or the size of the storage increases for the same price. There can also be shortages that can effect prices.

I don’t check prices constantly. Since I enjoy working on / improving our computers, I will check prices for computer parts a few times per year. When I am in the hunt for a particular item, I will check prices weekly.

Seasonal Prices

In addition to prices changing do to the production cycle of products, there is also the seasonal price fluctuations. Yes, there can be great prices found at any time, although as a rule of thumb there are certain times of the year when there tend to be better prices for items. For more on this, check out this post on Life Hacker.

A great time to buy stuff is when people (or stores) are wanting to get rid of the item. For example, buy winter stuff in the spring and summer stuff in the fall. Stores don’t want to hold onto merchandise, they want merchandise they can sell in the present or near future. People don’t want to have to keep making payments on motorized toys when they can’t use them.

Money & Research

During this time when we are researching a particular product, we can also save up money so that we are ready to buy that item when the opportunity arrives. Usually, it takes some time to find the right product and to find it at the right price. This a good thing because we have time to save up for the purchase.

Maybe you already have a home improvement fund. That is great! You already have the money needed for the item. You will need to replace that money, so why not start “replacing” that money before the purchase?

Stop Pricing After Purchase

One of the important steps in being happy with your purchase is to stop pricing that product after you buy it! You did your research, found the best price possible at the time, and it is a product that you need (or improves your life) so you decided to buy it. Be happy with it!

There will be other sales that come along. So what! Rest assured that you got a great deal on the best product for you.

An Educated Buyer

When we take the time and effort to research products and services we will get better deals. We also end up with items that meet our needs as expected. And the best part is that we don’t end up with that dreaded “Buyer’s Remorse” because we bought on emotion, not logic! This technique can be applied to small or large purchases – food, tech items, travel, or vehicles. Just don’t get stuck in the research or you will end up with “analysis paralysis”.

I invite you to join us in this adventure of researching products. We become educated buyers who can appear to make big impulse purchases. The truth of the matter is that we have spent time finding the right product at the right price. With a bit of work we can ensure that we are getting the best deal possible.