How To Get A Good Deal On Your Purchases

Getting a good deal

We all love getting a good deal, don’t we. For many people, there’s nothing better than buying something and negotiating a cheaper price. In this article we’ll look at ways you can get a better deal on many of your purchases.

The first point is obvious – ask for a discount! You don’t get if you don’t ask. You’ll be surprised how often this actually works. Generally the higher the price of the item, the more likely it is that you’ll get a discount of some sort. So next time you’re buying something, ask for a cheaper price.

Shop around for a better price or rate. Review all your utility bills and start looking for a better rate. I just reduced my electricity bill by around 15% because I looked for other suppliers. In the end, the best deal I could receive was through my existing electricity supplier, but on a different plan. Now, it’s rare for a supplier to contact you and offer you a cheaper plan – you’ve got to make the effort.

It’s the same with your home loan, personal loan or credit card debt. Do you research and see if you can refinance at a cheaper rate. See if you’re able to refinance your credit card debt to an interest-free period. Go back to your current provider and let them know you can get a loan cheaper elsewhere and ask them if they can match it. Most will, or will at least lower their rate.

Don’t forget to use coupons or discount vouchers. Sometimes if I’m buying online I’ll do a quick google search for the business name + discount code. In some cases this will give me a code I can use at checkout to get a discount. I know some stores that give an online discount if you like their Facebook page.

You can also buy in advance and get a discount. Some rewards programs allow you to buy prepaid cards for places like Woolworths or BP Petrol at a 5% discount so a $100 card only costs you $95. You need to buy in advance to allow for postage, but it’s a 5% discount and well worth it.

Price Matching is something that I don’t do enough of. If you’re shopping at one supermarket and the item you want is advertised cheaper at a competitor, then tell them and they’ll price match. In some cases they may actually drop their price lower than their competitor so you get a bigger win. The key with price matching is to do your research and make sure you know what’s on special.

Try using cash. Some merchants will give you a discount if you pay with cash. If you use a credit card, they’ll get charged a fee, so cash avoids that fee and gives them a bigger profit margin. Again, you need to ask for this.

Frequently for higher priced items this can be effective. You need to do your sums however. If you use a credit card linked to a rewards program, it may be worthwhile using the card. Again , this will vary depending on the size of the purchase and the rewards program.

Whilst we all love getting a good deal, don’t waste your savings! If you save $5, don’t spend an extra $5 on a coffee you don’t need. Save the money! Do something positive with it and put it to work for you.

What are your top ideas for saving money? Leave a comment below.

About

Allan is a Certified Financial Planner, working at Wise Owl Financial, an Adelaide-based financial planning business. Allan works with people in their 40's and 50's who want to plan for their financial futures. He helps them put in place plans that will enable to them retire when they choose to, with minimal risk of running out of money during their retirement. In his spare time, he love playing guitar, reading and being with his family.

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