Dare to compare (and save money)
Saving 10¢ on a can of green beans isn’t worth my driving across town. Or is it?
An article in yesterday’s Chicago Tribune sites experts and studies that suggest that comparison shopping is worth every minute spent, but that most of us buy from the first store we go to.
In a 2003 study, researchers were shocked to learn that cherry-pickers–consumers who shopped multiple supermarkets to capitalize on good grocery deals–weren’t cheapskate fanatics.
Their savings more than made up for their investment of time, according to the study’s authors, Stephen Hoch, a marketing professor at the Wharton School of the University of Pennsylvania, and Edward Fox, a marketing professor at Cox School of Business at Southern Methodist University.
The article points out that we consumers tend to overvalue our time, and that a little time spent can lead to big savings. Suggested comparison tactics were to use the Internet, check out retailers price guarantees, and to consider even the small savings to be significant.
Here’s my take on this.
For most everyday items, I don’t bother to compare prices. In my mind, if I spend an extra 10¢ this time, I’ll might save 10¢ next time.
I think it’s a matter of the amount I’m spending compared to the amount I could save. For instance, I know that a bottle of my favorite moisturizer is $19 at one store, but $17 at another. So in my mind, it’s worth the trip to that store to save the two bucks. For big ticket purchases, I always price shop. I definitely use the Internet to research big purchases, and it also gives me a frame of reference for pricing. Furniture and appliances, in particular, I find I can save quite a bit by shopping around, and even negotiating a lower-than-advertised price in some cases.
There is more I could do to save money. And I do LOVE to save money. This article gave me some ideas for things I can do that would be simple to fit into my routine, so I think I will try comparison shopping for even my everyday items and see how much I save. You?
Comparison Shopping, Online Shopping
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