This time of year it’s easy to get caught up in the gift giving, and the stores put their marketing & sales efforts into high gear too. Saving and investing go together, it takes money to invest and you can’t have the money if you spend it all. Here are some ways to save you money this Christmas.
Do You Really Need The Latest & Greatest?
Step 1, do you (or your recipient) really need the latest, flashiest, greatest product? Do you really need a 64GB iPhone when a 16GB version will do? Do you really need a 70” TV when a 50” or 46” will do just fine. Leading edge products are always more expensive than the trailing edge ones. Does your spouse really need a $2000 laptop just to check emails when a basic brand new laptop can be had for $399?
When it comes to technology products keep in mind that what you buy today will be half price in about a year from now. So pause, and think about what product you really need.
Check Online for the Lowest Prices First
Now that you know what you need you can move on to step 2. There are a number of websites that allow you to comparison shop from the comfort of your own home. Simply type in the name of an item you are looking for, and these websites will give you a list of all the stores that sell that item and its price. You can then sort the list from lowest price to highest.
A quick search for “Panasonic TC-P50S30” reveals prices ranging from $733.99 to $1199.00 for the exact
same product! This step alone could save you $465.01!
Always Price Match
Most large retailers will match competitor’s prices and give you an additional 10 % off of the difference.
Here’s a quick test for (this is a true story but I’ve changed the store names):
- Both stores ABC, and XYZ offer price matching with 10% of the difference.
- Store ABC is selling the laptop you are looking to buy for Christmas for $1200
- Store XYC is selling the same laptop for $788
Which store do you purchase the laptop from? If you said store XYZ you would be wrong!
Purchase the laptop from store ABC and you’ll actually get it for less than $788, here’s how:
Store ABC will match the $788 price plus give you 10% off the difference ($1200 – $788 = $412).
The price you pay is going to be: $788 – $41.20 = $746.80
Not bad, you saved an additional $41.20 just comparison shopping and price matching.
Price matching is very simple to do, just bring in the ad (or print-out) of a competitor’s ad to the store,
and they will make the price adjustment for you.
Always Get Free Shipping
Most places will ship for free if your order is above a certain amount (Amazon.ca $25, Bestbuy.ca $20).
What if your order is less than the minimum amount, can you still get free shipping? Yes, combine your
order with someone else. Just ask around at home, or work and see if someone else is also looking to
place an order. I’ve done this so many times, and it benefits both parties, you both get free shipping!
Follow these 4 simple steps and you can easily save lots of money, enjoy your Christmas, and have more
money left over to invest!
Kanwal Sarai, is the founder of Simply Investing and on a quest to bring financial freedom to all. He
created the Simply Investing Online Course on the belief that the world can be a better place if people
didn’t have to worry or stress out about money. Simply Investing’s goal is to change the world one
investor at a time, by helping people like you to invest easily and successfully.