Filed under: Personal Finance, Savings, Lynnette Khalfani-Cox
Kiplinger.com has an insightful article out about
10 Things We Overpay For -- and how to stop wasting that money. The items mentioned on the list include everything from cell phone plans and checking accounts to groceries and greeting cards. Read the
full article here for all 10 items.
To stop overpaying and get the best price, Kiplinger's mainly suggests that consumers comparison shop and use alternatives sources to buy the products and services they want. For example, all major wireless phone companies offer a prepaid phone option. You can get those pretty cheap and check out various carrier's offerings at
www.prepaidreviews.com/compare.
But I'd like to offer a few additional strategies for how we can all stop overpaying for various things and how to get the best buy. Here are three ways to do just that.
1. Negotiate
Too often, we accept a company's listed price simply because that's the advertised cost or we see a certain price on a tag. But savvy consumers know that you can -- and should -- negotiate everything. I've successfully negotiated to lower hospital bills, clothing, credit card interest rates and more. It takes some practice, and some time to get comfortable negotiating, but anyone can do it. The easiest way to get started is to simply ask: "Is that the best price available?"
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Stop Supermarket Overspending
1. Beware of Temptation
The key impulse zones are near the checkout lanes and the center aisles, where small, but tempting purchases -- a can of mixed nuts, a jar of salsa or a handful of magazines -- can quickly bulk up your bill. Don't linger at the sample table, just get what you came for and move on.
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Stop Supermarket Overspending
9 Easy Ways to Save
Saving money at the grocery store doesn't require switching to peanut butter and jelly sandwiches three meals a day.
Click through our gallery as Mainstreet.com shares nine ways to cut the financial fat from your supermarket list.
Stop Supermarket Overspending
1. Beware of Temptation
The key impulse zones are near the checkout lanes and the center aisles, where small, but tempting purchases -- a can of mixed nuts, a jar of salsa or a handful of magazines -- can quickly bulk up your bill. Don't linger at the sample table, just get what you came for and move on.
Stop Supermarket Overspending
2. Do a Quick Sweep of Your Fridge
Are there any items that you can or should eat --frozen chicken, leftover stir fry, a jar of sauce that's near its expiration date -- that you can use as a basis for a new meal or to recreate something different? If so, look for simple recipes with what you have first.
Stop Supermarket Overspending
3. Shop Your Pantry
Once you've got your list together, double check your kitchen for products or substitutions you may already have. This will prevent you from wasting money on items you've got tucked away already.
Stop Supermarket Overspending
4. Lose the Coupon Stigma
These days it pays to clip (or click) coupons. Redeeming the savings can be as easy as a click of the mouse. For instance, online sites like couponsurfer.com offer two ways to save: online coupons for Web sites like buy.com or printable coupons that can be used at your supermarket.
Stop Supermarket Overspending
5. Visit Multiple Stores
Brand loyalty won't get you far in a struggling economy. To get the best deals you need to shop around. Know who has the best prices on the items your family uses, particularly higher-priced goods like detergents, fresh produce and meats. A little extra leg work can translate into big savings.
Stop Supermarket Overspending
6. Buy the Right Foods in Bulk
Size can matter when it comes to savings. Items packaged by the bundle will likely save you a few dollars. So will foods you can buy in bulk such as brown rice, cereals and coffee. Many items are easy to freeze (including nuts, fresh herbs, breads), which means you don't have to worry about using them immediately.One of the fastest ways to watch your grocery budget dwindle is to purchase last-minute, unplanned items. If you know you've got no willpower, allow yourself just one spontaneous grab from the shelves (preferably not the caviar or champagne sections), then focus on checking off the items you're allowed to buy.
Stop Supermarket Overspending
7. Stick to the List
One of the fastest ways to watch your grocery budget dwindle is to purchase last-minute, unplanned items. If you know you've got no willpower, allow yourself just one spontaneous grab from the shelves (preferably not the caviar or champagne sections), then focus on checking off the items you're allowed to buy.
Stop Supermarket Overspending
8. Create Weekly Menus
Planning meals in advance allows you to know how much flexibility (or not) you have in your budget before you shop. By selecting recipes, you're able to create a firm list of what you need before you set foot in the grocery store.
Stop Supermarket Overspending
9. Shop Happy and Sated
Mood shopping can be a budget killer, especially if you're an emotional eater. If you're anxious, angry or depressed, take a walk, phone a friend or hit the gym first, then shop when you're clear headed. The same rule applies to hunger. Walking through aisles and aisles of enticing foods while your stomach is grumbling is like strolling through Bergdorf's shoe department on payday. You can't be expected to exercise smart spending under extreme conditions of vulnerability. Don't even try it.
Stop Supermarket Overspending
Often, retailers will offer you a discount on something if you are paying with cash (instead of a credit card), if you are buying items that have slight flaws or irregularities, or simply because you've inquired about a merchant's willingness to be flexible on price.
2. Wait to Buy
It's a known fact that you can get the best buy on different consumer goods just by waiting to buy them when demand is low. If you want a new George Forman grill for next year's July 4th holiday weekend, don't wait until the end of June to buy it. That's when prices will be at their highest. Instead, buy it now -- in the fall -- or anytime after Labor Day through year's end. That's when you'll snag the best deal.
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You can use the same method to get the best prices for buying sheets (in January), as well as toys, holiday ornaments (the day after Christmas), and other goods.
3. Bundle Your Purchases
You probably already know that you can bundle certain services coming into your home -- like cable and Internet access -- and get a better deal than paying for them a la carte. But the idea of "bundling" your purchases can be done for anything. That's why 2-for-1 offers exist. Retailers are trying to get you to buy more stuff. If you take advantage of such deals, just make sure that you really need two of whatever it is you're buying.
Any time you reduce the instances where you overpay for things, you'll not only improve your cash flow, you'll also cut your risk of getting into excessive credit card debt. If you're already in debt, and need help, check out a free copy of my book
Zero Debt: The Ultimate Guide to Financial Freedom. You can read it online at no charge on my free financial advice blog,
AskTheMoneyCoach.com. Just click on the tab that says "
Free Zero Debt."
Also, read
this post to find out how you can win a complimentary one-one-one financial coaching session with me,
The Money Coach, as well as an autographed copy of 'Zero Debt' and my latest book, '
Perfect Credit.'
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Lynnette Khalfani-Cox, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has been featured in the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Essence and Redbook to Black Enterprise and Smart Money. Check out her New York Times best seller
'Zero Debt: The Ultimate Guide to Financial Freedom.'
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Lynnette Khalfani-Cox, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has been featured in the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Essence and Redbook to Black Enterprise and Smart Money. Check out her New York Times best seller 'Zero Debt: The Ultimate Guide to Financial Freedom.'