The Rules
Whenever you're shopping and you see something that you want to buy, ask yourself the following questions:
Can I afford it?
Do I need it? / Will I use it?
Is it value for money?
When you ask yourself whether or not you can afford a particular purchase, you should be thinking about your necessary expenses like food shopping, bill payments, and any loan/credit card repayments. If you need to borrow money to do this, the answer is: NO!
When you ask yourself whether you need it or are likely to use it, try to be realistic. The item might not work as well as it claims, or might not last as long as you expect it to. Also think about what else you could afford to do with the same amount of money. There are also specific considerations dependant on the kind of product; for example, if you're attempting to body-build or lose weight, spending a lot on clothes that might not fit you for long is not a good idea.
When considering whether something is value for money, think about similar items offered by competitors and what advantages are offered over them. Try to be objective and don't just look at the label. Designer clothing is particularly notorious for being poor value for money, because the quality is often (though not always) no better than much cheaper generic brands - even designer products are sometimes made in sweat-shops!
If your answer to ANY of those questions is 'No', walk away and don't look back. Congratulations, you've avoided an impulse buy.
When you ask yourself whether you need it or are likely to use it, try to be realistic. The item might not work as well as it claims, or might not last as long as you expect it to. Also think about what else you could afford to do with the same amount of money. There are also specific considerations dependant on the kind of product; for example, if you're attempting to body-build or lose weight, spending a lot on clothes that might not fit you for long is not a good idea.
When considering whether something is value for money, think about similar items offered by competitors and what advantages are offered over them. Try to be objective and don't just look at the label. Designer clothing is particularly notorious for being poor value for money, because the quality is often (though not always) no better than much cheaper generic brands - even designer products are sometimes made in sweat-shops!
If your answer to ANY of those questions is 'No', walk away and don't look back. Congratulations, you've avoided an impulse buy.
If you answered 'Yes' to both of those questions, ask yourself:
Can I get it cheaper somewhere else?
Can I get it cheaper somewhere else?
Is it reasonable to buy a cheaper make / brand?
Can I get a discount?
What did other buyers think?
What did other buyers think?
Where possible, you should price compare before committing to buy. You can find out how to do this by looking at our how to price compare article.
When considering whether it is reasonable to buy a cheaper make or brand, it's important to take an objective look at the advantages and disadvantages of one product over another. Try not to be swayed by superficial qualities if it is actually the function that is most important. For more information on cheaper brands, take a look at our going down a shelf article.
It is always worth asking yourself whether you can get a discount. The approach will obviously vary depending on the type of product you're looking to buy.
It is always worth asking yourself whether you can get a discount. The approach will obviously vary depending on the type of product you're looking to buy.
- For grocery items, there may be coupons available either online or in supermarket magazines.
- For most other items there may be exclusive online prices available that are cheaper than those found in stores.
- For fairly expensive items (over £50), it is not unreasonable to attempt to haggle for a lower price. However, this can only be done face to face or over the telephone and does not typically apply to online purchases (with the exception of private sales). Never be afraid to haggle: the worst they can do is say 'no'.
Finally, it's always worth taking a look at what other buyers thought of the product you're considering. There are an increasing number of forums and websites where customers can leave reviews detailing their experiences with a product: from cans of soup to luxury holidays, you can find reviews on just about anything. These reviews vary in quality and it will usually be quite easy to see which you should be paying attention to and which should be brushed aside. Of course, not everyone has the same experience with a particular product, but be on the lookout for patterns such as common defects.
Conclusion
Think before you buy and don't be tricked into spending more money than you want or need to. Consider all the other options and find out what experiences other buyers have had. If you do decide to make the purchase, consider whether you can get it somewhere else or if you're entitled to a discount.
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