How to comparison shop for the best deal

Do you take the time to find the best prices? Comparing prices when shopping can help save money. Making the effort to use coupons, take advantage of sales and in-season products, and comparing brands/options can benefit your budget. Understand how to compare using unit prices and decide if bulk purchases can meet your needs or not. Prioritize what you need and take time to consider if your purchases align with your overall financial goals. 

Coupons and seasonal sales

Coupons can be used to save money when shopping. Although it can be tempting to make a purchase because you have a coupon, only use coupons on items you were planning to purchase anyway. Just because you have a coupon does not mean you need to use it, or it may cost you money that you did not intend to spend. Many coupons are to encourage purchases of specific items and brands, so be sure to compare prices across brands to see if using the coupon is actually the best deal. Also, knowing when to shop can save you money. Some products can be seasonal, and pricing varies based on what is in season. Notice how clothing goes on clearance throughout the year as the seasons change, so planning ahead could save money. 

Comparing prices by quantity

When comparing different product amounts, understanding unit pricing can be useful. Typically, retailers provide unit prices on the labels next to retail prices. The unit price shows how much you are paying per unit of the item. This can help when comparing different quantities or different brands to see what is the best value. For example, ketchup is sold in various sizes and that makes comparing prices more difficult. In the example below, buying the larger size is cheaper per unit or ounce in this example.

Bulk purchases

Buying in bulk can provide cost savings on the product, but you may have some things to consider. Are you able to consume the amount purchased before it expires? Do you have the storage space for the bulk items, especially when it comes to limited freezer or refrigerator space? Do you have enough money to buy more than you need right away, or would you be better off buying less right now and using the money toward something else? Bulk purchases can be complicated because even if the unit price is lower, it may not be the right decision for you. 

When shopping and trying to save money, you may want to think about prioritizing what you need. Ask yourself some pre-purchase questions: Is this something I need or just want? Is this something I will consume or use right away? Do I have enough money for the purchase? Will I struggle to have enough money for my other needs and wants? Do I need to buy this right now or can I wait to buy it later? Take time to fully think your purchases through before committing. 

References

Sefcik, D. (2014). Unit pricing guide: A best practice approach to unit pricing (NIST SP 1181). National Institute of Standards and Technology, Gaithersburg, MD.