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How to Pay Less Than 30% for Almost Anything

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How to Pay Less Than 30% for Almost Anything

I’m going to show you a super easy, step-by-step process for ensuring that you never pay more than half price for any new book (even if it’s an absolute best-seller that everyone is trying to buy) or product.

I’m not talking about wasting hours scouring discount and deal sites for great prices either. Amazon already does a great job of offering low prices across a range of items so getting a good price is a given.

Fortunately, with only a tiny bit of extra effort you will be able to squeeze far more out of your shopping budget. Here’s how you do it.

1. Getting Started

We’ve all shopped on Amazon, right? Here’s a typical buying page for a really popular best-seller by Elon Musk:

Amazon Product Buying Page

    There are a couple of important things to notice about this page that will help you save more cash in the coming steps:

    • The List Price is $29.99 but we can buy it now for $17.84
    • It is also available New from $13.69
    • It is available Used from $11.22

    So, right here, right now we can buy a $30 book for about $14. That’s a little under half price already. So far so good.

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    2. Price Tracking & Alerts

    The Amazon marketplace is extremely fluid and volatile. Prices for products can change on an hourly basis, as Amazon competes with other sellers to offer the best prices. This is where we can gain a bit of extra advantage over other shoppers.

    Instead of spending time checking back each day to see what the new price is, we can use an accurate price tracking service that will notify us of price drops (and increases – these will be important later on) in virtual real-time.

    Set up a price alert watchlist of all the items you want to buy for both price drops and increases.

    Here’s a screenshot of the sales and price changes for the aforementioned book using RankTracer – an extremely accurate tracking service that updates hourly so you are never more than a few minutes behind the latest price changes:

    Sales & Price Chart

      Chart showing hourly sales & price changes Amazon book (Tesla, SpaceX …). Courtesy of RankTracer – Amazon Sales & Price Tracker[1]

      Not all products have the same pricing profile, however. It’s important to note that some items swing wildly from day to day, or even hour to hour. Here’s a price chart showing changes for a popular entrepreneurship book entitled ‘The Third Wave‘:

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      Sales & Price Chart for Amazon Book

        Chart showing hourly sales & price changes for Amazon book (The Third Wave). Courtesy of RankTracer – Amazon Sales & Price Tracker

        As you can see, that is a bit more volatile, and prone to changing price more often, and in this instance becoming consistently cheaper. Each product will, of course, be different. The important thing here is to know when the price drops and when it increases. Once you know that, we can take the next step – buying low.

        3. Buy Low

        Looking at the charts above you can see that there are better (and worse) times to buy than others. But, with your price alerts coming in via email, you’ll be able to buy the items you want at the best possible prices.

        I was thinking of buying a new notebook recently, so I tracked a few to see their prices over time. Here’s one for the Samsung Chromebook:

        Chart of Samsung Chromebook

          Clearly buying any time between December 3rd and December 7th would have been ideal, as it would have resulted in an additional saving (on top of the best price you might find shopping on a random day) of just under $250.

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          So we can save money by buying low. Great.

          Unfortunately, buying low is where most people stop going. After all, doing things like this will mean you save plenty of cash on the Christmas shopping. But, if you really want to ensure you pay less there’s one more step to take.

          4. Sell High

          Once you’ve finished reading your book (or no longer need the item purchased), it’s time to sell it back via Amazon.

          Becoming an Amazon seller is quick and easy, and you can get started over at Amazon’s Seller Central website. If you are going to sell less than 40 items, then it is completely free to sign up – although there are small charges per item sold. Selling more than 40 items will require a paid plan that should cost about $39.99 per month, although you can explore the different types of seller accounts at their pricing page.[2]

          With your seller account set up, it is now possible to re-list the products you bought – most likely listing them in Used condition.

          At this point our price tracking comes in handy because it can tell us when prices are high so we can sneak in with a slightly lower offer in order to radically improve the chances of making a sale.

          Take a look at the original screenshot of the Elon Musk book sales page and notice that there were used copies being sold from $11.22. Given that we could have purchased it for $13.69 (according to RankTracer’s price data), and we can sell it back for $11.22, we have effectively bought it brand new for the grand total price of $2.47.

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          Take into account other costs, like Amazon charges, and you are probably still going to get away with paying less than $4. For a book listed at $29.99, that works out to less than 15% of the list price.

          You can squeeze as little or as much out of this process by waiting for the lowest low prices and selling at the highest high prices. But, on average, spending between 10% and 30% of the asking price should make anyone very happy.

          This trick works for any product that can be sold used. Obviously, consumables like food and drink probably won’t fetch a reasonable price in used condition. Simply watch your price alerts, wait for the right time to buy and sell, and start saving money big time.

          I’d love to hear how much money this saves you in the long run. Drop a comment here and share your huge savings stories to make the rest of us jealous.

          Featured photo credit: Roderick Eime via flickr.com

          Reference

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          Last Updated on July 20, 2021

          Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

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          Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

          Have you ever considered your life now, and how it would be if you had more time to spend with your family and less worries about money?

          Nowadays, financial stress is one of the most troublesome weights in life. If you’ve ever encountered financial stress, you know the difficulty of not having enough income to pay your obligations or bills.

          Many people say that money is not the ultimate goal of life. While that’s true, money certainly plays a very significant role. The meaning of financial freedom changes with the different phases of our life, but ultimately, it is something that many people strive for.

          In this article, we’ll explain how to capture that financial freedom you’ve been looking for. Read on to learn the secrets to financial freedom.

          Break Free of Your Finances

          Financial freedom is about having a constant flow of cash from your assets to cover all your regular needs.

          When you are not worried about your income, or living paycheck to paycheck, you gain a great sense of freedom. It’s the freedom to be obtain and do what you truly need to make your way through everyday life.

          Gaining financial freedom, though, is a process of growth, making small improvements and gaining emotional strength.

          Though it seems hard to believe, it is really very simple to get financial freedom.

          To do so, you simply need to make sure that your assets exceed your liabilities. In other words, you’ll need to find the sweet-spot where your residuals meet or surpass your expenses. This is something that you can achieve with the proper plan.

          While not every person will accomplish financial freedom, the potential for anyone to do so is certainly there. Anyone can achieve this success, regardless of their income level.

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          Outlined below are 9 secrets that will help you in your goals of achieving financial freedom.

          1. Stop Unnecessary Spending

          We often spend money inwardly, instead of objectively.

          For example, you may spend when you’re anxious, depressed, restless, exhausted, from fear of missing out, or to please others. This is a very unhealthy way to handle your finances.

          To stop this habitual spending, log down all your spending over the course of a month.

          Just as some people keep a food diary, keep an expense diary. Remember not to just write down how much and what you spent the money on, also include the circumstances of why you spent the money. Was it an impulse buy at the checkout line or was it something you planned to purchase?

          This increased self-awareness could enable you to avoid triggering situations in the future when you are considering an impulse buy.

          2. Plan a Monthly Budget

          This is a great opportunity to get serious.

          Take a seat with your spouse or partner and make a monthly budget based on your income, not your expenses. You are never again going to spend more cash then you have on hand.

          Overspending is the thing that led you to more financial obligations. Make sure you decide every month what is coming in and what will be going out and stick to that budget… no matter what.

          3. Cut-up Credit Cards

          Perhaps you are the type of person who always pays your credit card balance in full before the end of your billing cycle, and enjoys the reward points you gain. If this is the case, then you’re already way ahead of the game.

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          If not, you may want to consider ridding your life of the burden that credit cards bring.

          Many cards have strategies set up so that if you make a certain number of late payments, they will raise your interest rate much higher. This can really add up in the long run and you won’t be doing your financial situation any favors. If you’re prone to late payments or have a large balance due on your cards, cut them up!

          Without proper self control on credit card spending and payments, you are basically throwing your money away. To ensure that you have better control over your spending, use only cash or debit for all future purchases (and don’t forget to pay at least your minimum payment on your cut-up cards each month!).

          4. Increase Savings

          There is no doubt that for a comfortable retirement you must accumulate satisfactory savings throughout your working life.

          It’s good practice to save up to 15% of your income.

          Start with your workplace 401(k), if you have one. If not, a Roth IRA (if you are eligible) or a traditional IRA (if you are not eligible for the Roth) are the next logical steps.

          Increase in longevity means you might be able to look forward to 25 to 30 years in retirement, or possibly even significantly more. Investing now in good retirement plans will ensure that you have a guaranteed a stable monthly income when the time comes to stop working. [1]

          5. Invest Wisely

          Consider investing in funds.

          Specifically, you will gain higher returns if you invest in different types of mutual funds such as Debt funds, Equity funds and Hybrid funds with a proper balance, although it absolutely relies on your personal preferences and sense of risk taking.

          To get the most of these benefits, make sure you are investing in a variety of assets. Another resource of investing in mutual funds is SIP (Systematic Investment Plan) where you invest some money every month in funds. SIP works by averaging the per unit price of the stock.

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          Mutual fund investors are aware of the benefits of an SIP (Systematic Investment Plan). For one, it is the most secure way to invest in equity mutual plans so that wealth is created over a long period of time. This plan also helps you to gain a better sense of financial discipline, which will come in handy in all your financial endeavors.

          6. Invest in Gold

          There isn’t really a better way to invest in gold than to have the physical gold itself in your possession.

          You can purchase gold coins and bars from mints as well as from coin dealers and other private sellers.

          Another way to invest in gold is through ETFs (Exchange Traded Funds).

          These are is similar to mutual funds but they are exclusively investments of gold. ETFs are great because they offer more liquidity; the ETF owns the actual physical gold, stores it, and retains the value of the shares. These shares can then be bought and sold in the stock market, and one big benefit is that the transaction costs of gold ETFs are much lower than the that of physical gold.

          With its consistently-increasing demand, investment in gold can be very wise long-term investment to make.

          7. Stash Emergency Funds

          Whether it’s a cash gift or a work bonus, always try to save any extra money that comes your way rather than making unneeded purchases.

          If you get paid every other week, you’ll get an “extra” paycheck (three rather than the usual two) twice a year. Either save those paychecks towards your emergency funds or utilize the money to pay down other obligations, such as loans, credit cards or other debts.

          Make it hard to get your cash.

          Put your savings in an alternate bank, maybe an online bank that forces you to delay for several business days before transferred money hits your regular bank account.

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          8. Find Fabulous Mentors

          Find a mentor, such as a friend or family member, who has exceptional control over their finances and pay attention to everything they do.

          If you do not have any friends or family that are enjoying financial freedom, then find a mentor online! There are numerous blogs and guru websites featuring the advice of many people who have reached financial freedom, and they exist primarily to let you in on how to achieve it for yourself.

          There are also plentiful forums available that share tips and tricks on how to best achieve financial freedom. Read as much as you can and start changing your habits for the better.

          9. Be Extra Patient

          Patience is the key of financial success.

          Being patient can be quite tough, especially when you’re struggling with your finances, but having faith is worth it. You’ll continuously be on the right track if you are taking the proper steps above.

          So don’t be discouraged, even if you are only saving a few dollars a month; it all adds up. Within just a few years you’ll look back proudly at your accomplishments and be glad that you had the patience to get there.

          Financial Freedom for All

          Anyone can achieve financial freedom, regardless of their financial circumstance.

          Use the tips provided above to get yourself on the track to financial freedom and toss your monetary concerns out the window. If you wish to achieve a life with financial freedom for yourself and your family then you must adopt a disciplined approach towards your finances.

          Following the simple secrets above is a great start to making your money work for you, so you can work less and live more!

          Featured photo credit: rawpixel via unsplash.com

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          Reference

          [1] Hartford Gold Group: IRA Retirement Accounts

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