Bargain Hunting 101: A little work can go a long way when you shop

Are you getting the best deal every time you shop? Admittedly, searching around for the absolute best bargain can sometimes seem cumbersome. It’s often difficult to make side-by-side comparisons when taking considerations like shipping cost, condition of the item, and reputation of the merchant into account. But if you’re looking for a crash course on saving money, here’s a look at the process I use when shopping for an item online.

First, it is important to determine the exact item you are looking for. Many times, similar models of the same item exist that are slightly different in appearance or functionality. In order to perform an accurate comparison, you need to make sure you are comparing apples to apples. Try to get a model number for the product that you wish to purchase. You can use it in the next step.

Next, decide for yourself how important the item condition is in your search. If I look for a new hard drive for example, I want it new because of the extended warranties offered by manufacturers. If am item is durable, easily serviced or repairable, or less important, a used or refurbished model may be acceptable to you. Refurbished items are usually reconditioned or recertified by the manufacturer, but often come with a shortened warranty.

Now that you know exactly what you’re looking for, it’s time to comparison shop. Luckily, a few websites have made this job dramatically easier. Two that I recommend are Google Products and Pricegrabber. Both of these sites offer a simplified search experience and cover a wide variety of merchants. It is important to use more than one of the shopping comparison engines since not all stores are listed in every database. Amazon for example, only lists in Pricegrabber’s index.

These sites offer various tools to make your comparison a bit easier. You can sort results by price (low to high) to quickly see the lowest prices. When comparing prices, remember to factor in the shipping cost to your location. You may need to visit the store’s website to determine the exact shipping cost. Keep track of the lowest two or three prices that you find.

Next, it’s time to check for any coupons or promotional codes. Most online retailers offer coupons that give a percentage or dollar amount off your purchase. Others offer free shipping if you spend a certain amount of money. Whatever the case, it’s important to look for coupons before making a purchase. Try a site like Dealcoupon to find promotional codes for hundreds of online stores. Once at this site, search for the store where you found the lowest prices for your item. If you find a coupon, calculate the new price for your item to maintain an accurate comparison.

One more place to check for your item is EBay. While EBay has gained a reputation for auctions filled with old figurines from the attic, millions of new items are also available. In fact, EBay probably lists more new items today than used merchandise. Search on the site for your item, again remembering to factor in the cost of shipping.

Finally, find the lowest price on your list and buy your item. If you are using a coupon, make sure the store accepts the code you are attempting to use. If it doesn’t for some reason, move on to a different one. Also, don’t get suckered into to a store trying to sell you similar items they think you may like. They do this because you are a captive audience, and they don’t expect you to comparison shop again. In reality, however, these other items are probably available from another store for a lower price. If you really want one of their suggestions, start the comparison process over for that item.

Once you perform these steps a few times, you’ll become a pro at searching for the best deals and this process will become much less time consuming. It may seem like work now, but your wallet and credit card will thank you later.

Later, we’ll talk about how your method of payment can help you get even more out of your purchase.