Spend Wisely
Purchasing Choices n Impulse buying: when you do not think about a purchase ahead of time. – Display merchandise at eye level – Display merchandise at the end of aisles – Display merchandise at check-out n Instead of impulse buying, have a buying plan.
Buying Plan n Buying Plan: a method for making good buying decisions. n Helps to stretch limited resources. n Helps to prevent buyer’s remorse.
Wants and Needs n Evaluate wants and needs carefully. n Items should match a need or want. n Evaluate these needs and wants before you buy to make better decisions.
Set Criteria n Criteria: standards or rules by which something can be judged. n Examples are: features, functions, and quality. n Be sure your set criteria are being met.
Set a Timeline n For each item decide how soon to buy. n May depend on several factors: – Money saved – Sale – Event such as prom or graduation
Spending Limit n Spending limit: the maximum amount you are willing to pay for an item. n Set an amount to control finances and control temptation.
Example Buying Plan Need/ Want Item Criteria Time- Spending line Limit Washer/ clothes dryer at home Washer: heavy 1 year $500 or sooner New clothes for spring prom Dark blue suit or tuxedo White shirt By June 1 $100 rental fee $25 to buy Clear picture, no larger than 60”, include DVD player 6 mos $750 Suit or tuxedo (rent) Shirt (buy) Entertain Largescreen TV ment duty, different cycles, allow adding bleach or fabric softener
Gather Information n Know: – What type of item or service you need to buy – How much you are willing to spend n Gather the appropriate information
Comparison Shopping Comparison shopping leads to better buying decisions. n Better choice is made when you know all of the options available. n Check several sources to gather data. n Compare features and benefits. n Lowest price is not always the best. n
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