Do Your Research
Know what you're looking for, know the market and know the price range. Visit a library and look up the items in the current year's Consumer Reports. If you're looking at big screen plasma TVs, get educated on the features and what these features will each add to the purchase before you start visiting stores.
Comparison Shop
You don't know if you're getting a good deal unless you've looked around and know that you can't get a better deal elsewhere. Check the Sunday ads for big box and discount store sales, look through the classifieds for deals on last year's models, and talk to friends who have recently made such purchases.
Get Three Bids
If you're looking at contracting for services such as minor repair work or improvements at your home, make it a habit of always getting three bids. You'll be amazed at the range of prices you'll get from different companies. Make sure each is bidding on exactly the same work and check their guarantees, their license and their references. You don't necessarily get the best work from the lowest bidder, but having those numbers can help you better negotiate with the middle bidder if you like them better.
Learn to Negotiate
Never paying the full retail price will mean you have to learn how to negotiate. You can read books to learn skills that will help you get a better rate while not leaving the other guy to feel like they just got beat up. Learn to negotiate win-win situations and you'll be getting better deals all over town, especially when you return to do business again.
Don't Buy Something Just Because it is On Sale
This is no reason to buy. How many times have you heard someone say, "yeah, but I got it on sale!" Buying something you really didn't need or want just because it was 15 percent off is a waste of money. Instead, save 100 percent by walking away from the purchase. You can also put the purchase into perspective: figure out how many hours you have to work at your job in order to pay for the item, and then ask yourself again if it's worth working x-number of hours. Most likely, it won't be.
Buy Used or Second-Hand
You may not need the newest model of the cool SUV you want but you do want a newer vehicle. In that case, find a previously owned vehicle that will suit your needs and save money upfront and in the long run.
Watch Out for Hidden Costs
Make sure you're getting the best deal on everything from health insurance to auto coverage. Make sure you're not paying for duplicate services either. If you carry a separate vision plan, make sure your vision care isn't already covered under your medical plan. If you can see an ophthalmologist (medical doctor) for your annual eye exam and updated prescription under your medical plan, then a separate vision plan to see an optometrist (technician) is a waste of money. The same goes for your auto insurance and any road-side assistance coverage. If you have towing and emergency assistance already covered in your auto coverage, then skip the expensive road side assistance plan from other companies.
These simple tips will help you to learn how to shop, how to get the best prices for everything you buy and will ultimately save you hundreds of dollars - maybe even thousands. Being a savvy shopper is simple, you just have to do your homework and then ask for what you want.
