In part four, we learned the basic responsibilities of different merchants. From department stores to vending machines, we learned what advantages you get when you shop at these different places. In the final segment on spending your money wisely, we'll examine the art of planning when to shop. You'll learn how to use effective shopping techniques as well as using your time, money and energy in a way where you'll be most effective with purchasing items...

When you're ready to head out on the town to shop, it's important that you time your purchases correctly. When you decide when to buy, there are a few factors to keep in mind. Here are a few of these pointers:

1. Consider the amount of time, money, and energy you have

2. Keep abreast of the conditions and customs that stores may operate under

3. Remember to stay focused on what kinds of products and services you plan on buying

4. Make sure to keep a sharp lookout on special sales or offers stores may run

Using Time, Money, and Energy Wisely

For most people, time is very valuable. Shoppers, who are wise, are willing to take time out to purchase their money's worth. It makes no sense to shop for an item and the product last but a few uses before you have to buy another one. I admit that there may be times where your patience may be tested. However, a lack of patience often results in purchasing items that cost too much. Waiting to buy at the right time gives you a chance to look for the best possible value for the price. You'll find that your money will last longer if you apply a few principles when shopping. Wise shoppers take the time out to plan carefully and seem to never be rushed into making a decision until they're ready. These shoppers don't purchase things they later find they really don't need or want. In other words, these savvy consumers don't invest in items or services that don't serve their immediate purpose.

Careful shoppers can stretch their dollars by shopping at sales. These sales offer opportunities to purchase high-quality items at lower prices. Be careful that the store doesn't mark-up an item just to run a sale. When an item is ‘really' on sale, it's offered at a price that's lower than it's normal selling price. Retailers offer three main types of sales:

1. Promotional Sales - Merchants who use this sale are looking to increase the sale of a regular item by making a temporary price reduction on certain items. These sales normally are used to build acceptance and confidence in using the product or service or can be used to introduce a new product. These items are priced at an introductory price. Merchants use these sales hoping that consumers will purchase these items at the reduced price. They are hoping that you'll like the product or service so much that you're willing to buy it at regular prices in the future. Merchants also use these sales to bolster sales for the other items they may carry.

2. Clearance Sales - Retailers looking to move out merchandise that they no longer want to carry any longer use these sales. Shoppers can find real bargains if they look through them. They can be displayed on racks or shelves, but are usually separated from the other items they carry. It's important to be sure that you really have a need for the product before you purchase it. Check the item to see what level of quality does it seem to be. If you're not sure, it's best to walk past these items. Chances are if they are on clearance at one location, you can bet it's at another location at a lowered price also.

3. Special Buys - Some retailers' use this sale to give a saving on an item that they may not normally carry. These items are for a special sale rather than products that are marked down from regular stock. These items are products that are no longer manufactured, from the stock of a company going out of business, or products bought from a manufacturer who's overstocked.

Using Effective Shopping Techniques

There are certain techniques for effectively purchasing products and services that can save shoppers from 10 to 50 percent or more. These techniques can help consumers successfully with the three main shopping problems: (1) What to buy? (2) Where to buy? (3) When to buy?

• Compare Values - If you're the type of person who go into one store and purchase what you need, try to at least research the item in the Internet first. In these times of strong retail competition and high-pressure selling, shopping for comparisons is the only way you can protect yourself from purchasing an item that's overpriced.
• Purchase Generic and Store Brands - Merchandise with a retailer's name printed on the package often gives you more for your money than nationally advertised items. For example, if you bought a name brand prescription drug before, you know how much it can cost. By purchasing the generic version, you'll save a big amount and still get treated and cured the same.
• Check The Ingredients (Food) - Surveys have shown that most shoppers don't pay attention to the ingredients that are added. In other words, they don't look past the picture or the name of the item on packages and cans. If you read the ingredients on products such as bologna, cooked salami, and hot dogs, you may find that the second leading ingredient is water. Make sure that you get products that offer you more of what you bought the item for instead of unnecessary additives.
• Never Overpay for Convenience - If you're not a selective individual, convenience foods can cost you much more than the convenience may be worth. To add more to this, these foods often are less nutritious than food prepared at home. Consumers in America pay billions per year for food that's been prepared for them. It can amount to 10 percent or more in extra money that you invest in these foods. Get into the habit of weighing the advantages and disadvantages of buying these kinds of food before investing in them.
• Determine Cost Per Unit - This can be done by figuring the value mathematically. For instance, one six pack of soda can be bottled in 20 ounce bottles. Another six-pack can be packaged in 12-ounce cans. If the price for the bottles is a few cents more or so than the cans, then the better buy would be the bottles because you get more in amount for each individual bottle. You can save money by buying in bulk quantities or buying the larger size. This is true for items such as foods, toiletries, and cleaning supplies. Be careful however, many times this doesn't always relate to better value. Look for products that list the unit price of the product.
• Use Credit Sparingly - Consumers can purchase almost anything on credit. However, many don't realize how much the use of credit is really costing them. Using credit cards should only be done whenever the need is urgent or when you can save by buying on credit. When you use credit, use these ways to cut costs:

1. Make sure to use the credit cards that offer the longest in grace period. This gives you an opportunity pay off the balance used for the purchase without being charged the interest fee.

2. When purchasing a house or car, make your down payment as large as you can. Commit towards paying this off as quickly as possible by giving a little more than what's required as the minimum.

3. Don't borrow more than you need unless you plan on purchasing items that will build value in the item you purchased. For instance, if you're buying a house, 10 percent more than what you need, can be used to make improvements on the house.

4. Avoid very small purchases. The finance charge adds up with these purchases.

5. Look for a credit card that offers the lowest finance charge you qualify for.