Wisely Spending Your Money… Part Three

In part two we've come to realize what to four basic functions in why we work. You also learned the formula, Time + Energy = Available Money, which is needed for a wiser shopping experience. We uncovered the best techniques in planning what to buy and the three important levels of quality and how it relates to saving money. In this segment, we'll more about developing our buymanship skills and the steps needed to master this technique. We'll also delve into how to effectively use a shopping list for purchases...

Developing Buymanship Skills

Consumers who lack the necessary information and buymanship skills are responsible for some of the financial problems they may face. Buymanship skills are best defined as having the capabilities to purchase items with sound decisions and an informed mind. Many times before, consumers fail to fully search for information concerning the price, quality, and possible substitutes for the products and services they purchase. Here's a list of some of the buymanship skills that you should be armed with before you venture out to purchase the item you want:

1. Plan all purchases before you shop - using a shopping list when you are ready to purchase a multitude of items at on time is best. This is best done while shopping in grocery and discount stores. It can also be done while you're in a shopping mall.
2. Don't buy goods and services on impulse - Have you ever noticed what lies nearby when you're in grocery stores. Books, magazines, candy, gum, and even small toiletry items are on display while you wait for the cashier to finish ringing up the customers ahead of you. Many people purchase these items on impulse just because it's nearby.
3. Compare price, features, and benefits among products and services - It pays to research. Just because one store may have what you're looking for in stock doesn't mean that it's the only store that carry it. Many times you can find the exact same item elsewhere at a fraction of what it would have cost if you just went by what you saw firsthand.
4. Give good thought into how the product will be used - Many times, we'll buy something that we don't need right away. This can happen for several reasons. One reason may be that it was on sale. Another reason may be that it may be the next new fashionable thing to have because "Everybody has one!"
5. Check the reputation of the merchant before buying - This is extremely true if you're shopping online. There are a lot of ‘fakes' that pretend to be something that they aren't. They rely on people who don't do the proper research before buying an item.
6. Read over the terms of warranties and service agreements - this very important step can help save you time and energy down the road. And all this does is equate into having available money. If you have any questions about the terms, make sure you ask questions before signing anything!
7. Ask for the store's policies on refunds and exchanges - This step is easy to spot. In many stores you'll find, at the service desk or counter, a sign or something that inform customers on the policies about refunds and exchanges. If the store doesn't have such a sign on display, then make it a priority to ask the sales clerk about these policies.
8. Know the terms of your credit card before using it to purchase items or services - Make sure to read over the disclosure on your credit card when you first get it in the mail to become familiarized with this information. Memorize the APR and over-the-limit fees before you activate the credit card.
9. Get an estimate from two or more sources before having any repair work done - This applies to automobiles, appliances, machinery, etc. Many places offer free estimates on jobs before they do the work. Take advantage of this free period and make sure that you get the service you want at the price at which you can afford.
10. Read the labels and instruction booklets for items and follow the directions for proper use and maintenance - This step will help you to stretch out the amount of usage you can get out of certain products and services.
11. Take advantage of clearance and out-of-season sales. Coats, gloves, and boots can be bought for much less during the springtime. Shorts, t-shirts, and sandals can be bought during the fall at tremendous savings. In many stores, you'll find a rack or two of merchandise that are marked down.
12. Make simple repair yourself - Knowing how to sew can keep your clothes lasting longer than usual. Just knowing how to repair small appliances will not only help you save money but can also provide a way to pocket a little extra cash on the side by repairing other people's appliances. Places such as Home Depot and Lowe's may offer classes for free on certain repairs such as plumbing and home improvements. Take advantage of these classes!
13. Examine the product as well as the price - What you thought a product could do may not be what it claims it can do. By researching information about the product, you'll know if it's the right product you need.
14. Use a common unit of measurement such as ounces or grams, to make the comparing of certain items easier. This works best when comparing food items. Get into the habit of looking to see what's the better buy in terms of price and weight per volume. This step alone can help lower your food bill by as much as 15 percent or more.

How To Use a Shopping List

Having a shopping list handy will do wonders for you to spend your money wisely! This shopping list will help you find the goods and services that you really need right away. It will also guide you throughout a marketplace and help to prevent impulse buying or buying items that you like but don't really need. This can also help you to follow the formula for gaining available money by saving time and energy when you shop.

It's always wise to keep a list of important things you purchase regularly such as groceries, household supplies, and personal articles. This can assist you helping you avoid shopping trips for items you forgot to buy when you were in the marketplace. Later on, you can add new items to the already prepared shopping list. It's also a good idea to create a separate list for each major purchase you plan on making such as hi-fi stereos, personal computers and laptops, or even a car and home. Because these items are so costly, it's very important that you jot down all of the requirements of the item on your shopping list. These sorts of purchases should be planned well in advance. This is to make certain that you take the proper amount of time to locate what you really want.

A shopping list should be tailored to be as concise as possible. This is to help you make selections quickly and easily. You can even include other information such as:

• Different price range
• Brand names
• Quality
• Quantity
• Size
• Color

When you're not sure whether a store carries a certain item, it's wise to not only call the store to see if it's in stock but many stores have websites that can tell you if they carry the item you're looking for. This ultimately will save you gas and time. Look in your local newspaper to see if you can find coupons to go along with your shopping list. Not only will this help streamline your shopping experience but you'll also save a bundle with the savings too!