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8 Strategies to Help You Get the Best Price on Everything

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8 Strategies to Help You Get the Best Price on Everything

Nobody wants to be the sucker who overpays for something, but in the consumer-mad 21st century, it is often challenging to find the best price for the object of your heart’s desire. You might head to the store and buy a new TV on Saturday and see the same model on sale at a different shop a week later for half the price. It might take a little leg work to make sure you get the best deal on your new car or computer, but the money you save will be worth it in the end. Use these 8 tips to get the best price on everything.

1. The Snoop

The most basic thing you can do to make sure you get the best price on something is to do your research online before making a purchase. It might be helpful to go to the store to ask some preliminary questions, but you should never buy until you understand the comparisons involved. Plenty of websites offer online guides and product reviews. Some corners of the Internet even have forums where you can ask tech experts specific questions before you reach for your wallet.

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2. The Ask

The squeaky wheel gets the grease, as they say. You would be surprised by what deals are available if you are just willing to ask for them. Don’t be afraid to negotiate. Most stores have policies in place that allow associates or at least managers to be flexible on the price of certain items. The only trick is that you have to be the one to start the conversation.

3. The Power Ladder

When you are face-to-face with a sales associate, you might find that they are hesitant to offer you a better price for something. Maybe they are afraid they will get in trouble. Maybe they are inexperienced with the art of negotiation. Either way, if you aren’t making any progress with the first person you speak to, ask to see a manager. Don’t belittle the person you are already talking to, but politely mention that you have a specific budget and ask if they would mind getting a manager for you. Manners are key in any situation like this.

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4. The Clock-Master

There are certain times of day and certain days in the year when you are more likely to get the best price for something. Forget about Black Friday and Boxing Day—start your negotiations at the end of the day when all anyone wants to do it go home or wait until the last few days of the quarter when salespeople will be fighting to make their sales quotas.

5. The Package Price

If you are buying multiple items from the same retailer that go together (ex. TV, speakers, blu-ray player, etc.) ask for a package price. You are more likely to save a little money on each item if you can demonstrate to the salesperson that you are likely to be a loyal and returning customer who is willing to make big purchases.

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6. The Non-Committal Glance

If you are serious about buying something and you are ready to start the price conversation, do it in a way that shows you are not desperate to have whatever the item is. Be aloof. Act like you’ve seen better products at countless other stores. Make the salesperson work for the sale. The moment they are sure you will buy something regardless of the price, the negotiation is over.

7. The Flinch

When you ask for the best price on an item, always act surprised when you are told what it is. Let the salesperson know in an obvious way that you were expecting the price to be lower and that your expectations are based on evidence. Let them know you saw a better price somewhere else and that they will need to do better if they want your business.

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8. The Bidding War

Finally, don’t be afraid to use capitalism to your advantage. Go to a few stores and tell the salespeople at each the best price you were offered by their competitors. Many companies have policies to help them match or even beat the best price offered by competitors. The best organizations understand that if you make a customer happy, they are likely to come back again and again. Very often, building that relationship is as important to a salesperson as making money in the short-run.

Featured photo credit: Dan Zen via flickr.com

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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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