5 Money-Saving Shopping Tips

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

Key Takeaways

• End-of-season sales and special sale dates, like Black Friday, offer big savings to consumers.
• Buying in bulk can save money, but be mindful of perishables that may expire.
• Bartering for goods and services might be unusual but is worth trying.
• Buying used items and fixing them yourself is often cheaper than purchasing new ones.
• Saving money on consumer goods takes effort but can save hundreds of dollars yearly with good planning and research.

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 the questions below about the desired item.

Can I Find the Item for Free?

If you don't need something right away, and you usually don't, it's worth searching on community ad sites like Craigslist or Kijiji. Another idea? Sign up for some local Freecycle groups, and ask around to see if anyone you know is getting rid of whatever you want.

Can I Borrow It?

Many home improvement stores have tools you can rent. Likewise, instead of spending money on the latest bestseller novel that you will probably only read once, head down to your local library and see if you can borrow the book.

This tactic can be a great money-saver for any item that you use infrequently or will only need to use once. For example, if you only need to use a drill once a year when you change apartments and have to reinstall your curtain rods, you can simply borrow a drill from someone else.

Tip 2: Negotiate Price When Possible

Ask About Discounts

While some prices are non-negotiable, there are often opportunities to negotiate, especially when there's room for flexibility. For example, ask for a discount if an item is cosmetically damaged.

If a salesperson wants you to buy a bunch of extras with a new computer or phone plan, ask for a discount.

If you're buying an item from a private seller, you can always negotiate. Negotiation is standard practice for such purchases, and the initial price is often higher than the seller's minimum acceptable amount.

Barter for It

Bartering can be complicated because many people are not accustomed to doing it, and it may be hard to find someone who wants the service or goods you have to offer in exchange for what another person is selling.

If you have some valuable items or services to offer, it’s worth asking. Even if the other party isn’t willing to barter for the entire item, they may at least reduce the price in exchange for an hour of your expertise.

Tip 3: Time Your Purchase

Waiting to purchase until you need something might lead to paying full price. A bit of advanced planning can save you a lot. Here are some points to consider.

Will This Item Go on Sale?

If you want a new electronic device, like an iPhone, you may have to wait for a lower price. Usually, once a newer model comes out, the regular price will drop as supply increases and demand drops.

As new items become more popular, even if they don’t officially go on sale, you may be able to get a good deal on Amazon or eBay. Black Friday sales are also a good time to score expensive or popular items.

Certain everyday items, like groceries, toiletries, and cosmetics, will always go on sale sooner or later. This provides an opportunity for you to stock up when your favorite brands are discounted.

For anyone not closely tracking the latest fashion trends, clothes are best purchased during end-of-season sales, even if it means you don’t get much use out of them until the following year.

Is There a Coupon?

Combining sales with coupons can lead to significant savings. eBay is a great source of coupons, such as ten buy-one-get-one-free coupons of your favorite deodorant. The coupons might cost you $2.50 total, including postage, but if you use all 10, your net savings on a $3 stick of deodorant will be at least $27.50 plus tax.

If you have time to look through a few pages of content, sites that offer free printable coupons, like Coupons.com, could be a good option for you too.

When shopping online, search for the store’s name plus “coupon code” before making a purchase. Many sites advertise coupon codes to give consumers a break.

Sometimes you’ll enter coupon codes to no avail, but sometimes you’ll get lucky and get some savings like $5 off shipping fees or 20% off your entire purchase. It’s always worth taking a few minutes to look.

Finally, apps like Rakuten and Ibotta offer cashback on items ranging from groceries to clothing to hotels and much more.

Can I Find It Cheaper Somewhere Else?

It’s usually a bad idea to buy an item at the first place you see it. It’s very likely it is cheaper somewhere else. For expensive purchases where you can save a lot by comparing prices, and for situations like online shopping where it’s straightforward to compare prices, the extra time and effort are worth it.