Money Matters - June/July 23
Getting Value For Money
The top 10 ways to extract maximum value from your consumer habits.
The concept of value can be expressed in many ways, but with some smart planning, here’s how you can make it work best for you:
ONE - Shop around
Before making a purchase, research the market and compare prices from different retailers. You can use price comparison websites or shop around in person to ensure you get the best deal possible.
TWO - Look for discounts and promotions
Many retailers offer discounts and promotions on products, especially during seasonal sales or holidays. Keep an eye out for these and take advantage of them to save money on your purchases.
THREE - Use voucher codes and coupons
Online voucher codes and coupons can help you save money on your purchases. These can often be found on retailer websites or through online coupon websites. Also consider signing up for loyalty programs.
FOUR - Consider buying second-hand
Second-hand items can often be bought for a fraction of the price of new items. This is especially true for things like electronics and furniture, which can be expensive when bought new. Check online marketplaces and visit local charity shops.
FIVE - Plan your purchases
By planning your purchases in advance, you can take advantage of seasonal sales and promotions. For example, buy Christmas decorations in January, or purchase summer clothes in the winter.
SIX - Check for quality
Consider the quality of the product you're buying, remember that buying a cheaper item that will need replacing frequently may end up costing you more in the long run than investing in a higher-quality, more expensive item.
SEVEN - Consider buying in bulk
If you know you'll be using a product frequently, buying in bulk can usually save you money. This is particularly true for household items like toiletries and cleaning supplies.
EIGHT - Negotiate
Don't be afraid to negotiate the price with the retailer, especially if you're buying a big-ticket item. Many retailers are open to negotiation.
NINE - Use cashback and reward schemes
Many banks and credit cards offer cashback and reward schemes that can help you save money on your purchases. By using these schemes, you’ll be getting back as you’re spending.
TEN - Avoid impulse buying
Impulse buying can lead to overspending and ‘purchase regret’ later on. To avoid this, make a shopping list and stick to it, and avoid buying things when you're feeling emotional or stressed.
In conclusion, getting maximum value as a UK consumer requires effort and research, but done well, it’s a habit that will pay back many times over.