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Whether you are doing your weekly grocery shopping or comparing life insurance policies, the best way to ensure you05252008-shopping-for-a-home-loan are getting the best value for your money is to be an informed shopper. While many of us “think” we are savvy shoppers, in reality there are several common faux pas we make on a daily basis which could be costing us big money. Here are a few reminders on how you can be a more informed shopper. 

  • Take advantage of technology- It is impossible to get the best deals if you don’t know all your options. Visit online discount sites to find out the best deals and consider buying things online if you can get a significantly lower price. Many discount websites offer free memberships where you could sign up to receive email updates on up-and-coming sales or discounts.

  • Do your own research- Before shopping for big ticket items, take the time to learn more about the product or service. Read consumer reviews to find out if other people have experienced problems or difficulty, which may help you avoid buying something that has proven to be unsatisfactory for other consumers. If one person has a problem with the item it could very well be an isolated incident, however if you find repeated references to the same problem, you can bet you might also experience problems with the product.

  • Don’t rely wholly on company representatives- Consider this, you are looking for a new laptop and lack the technological savvy to know exactly what it is you are looking for in your new computer. You speak to a representative trusting they will be able to guide you through the process and get you set up with the right laptop for your needs (gaming, graphics, etc.). In an ideal world you will get the correct information and receive a the laptop that meets your needs. In reality the sales representative may not know much more than you and in an attempt to make a sale, they will give you advice that is less than reliable. If you are uncertain what you need or what product meets those needs, consider speaking to a professional in the field for advice before making the purchase.

  • Deal or no deal- In an effort to save money, many consumers are so focused sales or discounts that they fail to differentiate between a deal or no deal. A deal or good deal occurs when you save money on something that you would have purchased regardless. A “not so good deal” happens when you succumb to marketing or discounting to make a purchase that you otherwise would not have considered. The bottom line is-know what you want before you go shopping. If you didn’t have it on your list prior to hitting the store, you are likely not getting a deal regardless of the price or discount.

Smart shoppers are consumers who know what they want, what they need and how much they can afford to pay for each purchase. If you do your research, take advantage of discounts (on products you already plan on purchasing) and have the discipline to stick to a budget you will get the most value for your dollar.



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