This is What You Need to Do to Shop Smarter
This week’s video is about how to shop smarter.
When you shop, do you only look at the purchase price? Or do you look at the total cost? That is the purchase price plus use cost.
Focusing on purchase price only may save you money in the short-term BUT it may cost you a bundle in the long-term.
Some other factors you may want to consider are:
Replacement cost (how long it functions).
Maintenance cost (how much does it cost to fix it, if possible).
Frustration cost.
Fights with spouse cost.
Injury cost.
Inconvenience cost.
Time cost.
For example, sneakers are frequently bought by many people. Let’s say you buy a cheap pair of sneakers – what many times happens is that after a few months they fall apart leaving you with the following costs:
Replacement cost.
Frustration cost of not having acceptable sneakers.
Potential injury cost of hurting yourself while exercising.
To name a few…
In summary, don’t be penny wise and pound foolish!
Use It or Lose It – How to Shop Smarter
To shop smarter, always consider the factors we discussed earlier, not just purchase price.
When to Use It:
If you are purchasing items that have a use cost or where there is a total cost. (it may not apply to all purchases)
What Do You Think?
When was the last time you bought something based only on purchase price? How did it work out? Can you think of any examples where you would have been better off considering total cost?
Until next week, shop smarter, behave and as always…Prime Your Pump!
–Howie
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Howie – you hit a home run on this video. Every word is true. Not only for purchasing products, but also for purchasing services – plumber, barber, auto mechanic, vet, landscape gardener, electrician – well you get the idea. Ask around, neighbors & friends, find out who they use and why. Also if they ever had bad experiences, then you know who to avoid. Just as with hard goods, cheapest service may not be the best in the long run. Is the work guaranteed, and for how long? Does an installed appliance (air conditioner, water heater, furnace) have a manufacturer’s warranty? Is the contractor state licensed? How long has he (or his firm) been in business? Our experiences have been overwhelmingly positive, because we did our homework.
People should go to the library and read Consumer Reports. Lots of good info on various ‘major purchase’ items, up to and including automobiles. And people must remember, just because something is On Sale does not mean it’s a good buy.
Understand the limitations. We recently replaced a 30 year old dish washer. I took measurements of the opening under the counter, so searched for models that would fit. Similarly, a month ago our wall mount air condition started smoking and said “I quit”. Again, the limiting factor was the size of the hole-in-the-wall. Plus it must run on 208 VAC. With those factors, it simplified the search for a replacement.
Keep ‘em coming…..Please!!