Buying wisely can save you 10 or more percent of your income during the course of a year. That sure beats trying for a 10 percent raise that may or may not be received. Smart buyers should practice the following habits:
Do Not Buy on Impulse:
Buying without fully considering priorities and alternatives is called impulse buying. For example, let’s say you’re looking for a laptop computer and you decide to buy one on sale at a discount store. While at the store, you pick up two accessories that you had not planned to buy. The extra Rs 150 spent on the unplanned purchase ruins most of the benefits of your careful shopping for the computer itself.
Paying cash whenever possible can save money in two ways. First, it helps control impulse buying, which is a temptation when you’re paying with a credit card. Second, using credit adds to the cost of items you buy.
Buy at the Right Time:
You can save 5 to 10 percent a week on food simply by stocking up on advertised specials. New cars are least expensive at the end of the year and the model year. Many items, such as sporting goods and clothing, are marked down near certain holidays and at the end of each season. But be certain that what you buy on sale is something you will really use.
Do Not Pay Extra for a “Name”:
Buying generic and store-brand products represents a good way to save money. Generic products are sold under a general commodity name rather than a brand name such as HUL, P&G, etc. Store-brand products, such as those sold by Amazon, Flipkart, are actually made by the brand-name manufacturers. Gasoline, vitamins, medicines, laundry and other soaps, and many grocery items are all products with minor quality differences.
Recognize the High Price of Convenience:
Buying a few items daily at a convenience store rather than using a shopping list during a weekly visit to a supermarket can raise food bills by perhaps 30 percent. Shopping for furniture and appliances in one’s local community may be convenient, but better prices on the same items may be found in larger, more competitive shopping areas or online.