Become A Savvy Consumer: Save Time, Energy & Money!

Whether economic times are abundant or tight, it's always an advantage to be a savvy consumer. And whether or not your budget is abundant or tight, it's always beneficial to know how to shop effectively.
I remember reading The Millionaire Next Door and was surprised to find that a common trait of most millionaires was thrift. I think that's how a lot of them became millionaires. To me, thrift means spending only when you need to and spending only what you need to.
If you might want to save time, energy, and money because they are in short supply for you, you need to shop within your budget. Be clear about what you can spend before setting out to purchase anything. I've had coaching clients who acted shocked when I suggested shopping within a budget. They were used to going to the store, buying what they wanted, and if they didn't have the money, they'd put it on their credit card. Then they'd always wonder why there was more month at the end of their money than money at the end of the month! That's why I suggest the first step in becoming a savvy consumer, is know what you need, know what you can afford, and stick within your budget. If you can't afford it now, don't buy it!
Or perhaps you might want to save time, energy, and money because it makes good sense, not only economically but ecologically. If you care about the planet, you know our resources are not inexhaustible. We import a lot of our basic goods from other countries because we've exhausted our own resources. Being a savvy consumer is a great way to honor our planet and not add to the depletion of natural resources as well as the stockpiling of discarded products.
According to Consumer Reports, making smarter choices when shopping can save a family roughly $2,000 a year. Here are some tips for you to make smarter choices that will save you time, energy, and definitely money:

1. Comparison shop: If you read a daily newspaper, pay attention to the ads. For example, if you're shopping for a computer, the Sunday newspaper usually has inserts from companies like Best Buy and Circuit City. You can compare the prices and see where you can get the best deal. These companies also have websites for you to comparison shop. Savvy consumers save a lot of time and energy by doing their homework before setting out to shop.

2. Negotiate bulk buying or deals: Warehouse stores like Costco can save you money buy buying in bulk. If you don't need large quantities, go in with a friend, neighbor, or relative and benefit from the discount. Some smaller merchants may be open to offering discounts for bulk buying or deals such as when you buy this, you get the accessory for half off. Sometimes at the end of the day, a grocery store may shave dollars off items that they would only have to discard. If you're not comfortable negotiating, just look for deals that are already out there.

3. Clip coupons: I had a coaching client who called her dad the "Coupon King" because he could not pass up a coupon. He stockpiled items that he didn't even need because it was such a deal, sometimes coming home with a bunch of "free" products. Coupons have become so popular that there are highly profitable online venues that focus solely on coupons. A savvy consumer knows that coupons not only save money, but often introduce new products, so it's a great way to try something different.

4. Shop once a week and consolidate trips: I don't know about you, but the increase in gas prices has made me more conscious of my driving habits. If I'm going to the grocery store, I'll stop at the dry cleaners next door, and maybe even leave my car for an oil change at the shop across the street. Savvy consumers also consolidate their grocery store trips, going once a week, preferably on "double ad" day, which some stores have to encourage mid-week shopping. You save money because you have a list and buy only what you need, rather than shopping more frequently and succumbing to impulse purchases.

5. Get referrals and read reviews: When you're ready to buy that new car or plasma screen TV, ask your friends what they recommend. Also read online reviews that sites like Best Buy and Circuit City have, as well as checking out Consumer Reports. Savvy consumers know that the time spent in researching can save heartache later with disappointing products.

6. Recycle and retain: Do you really need the latest laptop computer? Do you need the newest fashions each season? If you maintain what you own in good shape, you can keep it for a few more years. And if you buy quality initially, your products will last longer. Savvy consumers are good recyclers and take care of their possessions.

Whether you are looking to save money or just like the chase of a great deal, a little extra time can save you a lot in the long run.