5 Ways to Smart Shop and Outwit Retailers

My original intent when starting this blog was to impart smart financial practices through more personal so-called blog conversations. I admit that I have been a little sidetracked by great deals here and there, but worry not - I introduce my 5 ways to shopping smart at ALL times.

1) Use coupons. Before going to a physical store, I like to Google what types of printable coupons are available on the web. Express, Bath & Body Works, Macy's etc. are always doling out coupons in newspapers or promotions. Don't be afraid to ask a friend if they have a coupon they are not using! For online purchases, I usually Google the term "RetailerX coupon code". The best site I have used is RetailMeNot, which lists user-submitted coupon codes by vendor. Users can also comment on the effectiveness of each coupon. If I can't find an online coupon (I didn't find one for EMS last week!), head over to MrRebates to see if you can get some cash back on your purchase - anything is better than nothing!

2) Don't shop near national holidays. Ok, so you may not have taken economics, but understand this: when demand for the quantity of an item rises, the price of that item also rises. Retailers understand this concept - they fully exploit it by creating sale wonders such as Black Friday, Pre-Christmas Sales, Post-Christmas Sales, July 4th Sales, Labor Day Sales, etc. The worst time to shop is Black Friday - I have seen sales and deals exactly equal to the sales during Labor Day or July 4th. Sure, there are great electronic deals to be had if you want to risk death by trampling at Walmart. Otherwise, shop online during Cyber Monday or shop earlier! Other bad times are the week before Christmas and about 2-3 weeks after Christmas. Right now might be a great time to shop as stores are forced to sell winter inventory for spring items. (I saw Coldwater Creek at 85% off last week!) Normally, I like to venture out the end of January, the end of July and the beginning of September. It is different for each retailer obviously...just don't fall with the crowd!

3) Price adjustment. While you can try your best at #2, mistakes can happen. Educate yourself on the price adjustment policies of different retailers. Some stores give you 7 days, some give you 14, and some don't allow it. It gives the buyer more flexibility - I can grab an item I eye and see if the price falls in the next week or two. If it doesn't, I can always return the item if it cost too much. Heck, my mom goes so far as to return and re-buy items if she is outside of the adjustment period. (I don't recommend that!)

4) Research your item. I'm a huge fan of Amazon. I think it's the giant price regular of the consumer market. Before buying an item, I always check its price online and read its reviews on Amazon. User-submitted reviews are empowering - it gives customers the ability to sway the buying decisions of other customers. Reading reviews has saved me from purchasing poor quality items and has convinced me to purchase many other items. If I am contemplating a spotaneous purchase, I whip out the iPhone to check its price online. Most times, an item is cheaper online - you will rarely see items in stores significantly cheaper than online. The eBay arbitrators of the world would have exploited that.

5) Get store credit cards. Finally, I suggest this last point with large IF statements. IF you shop at a retailer frequently, it will help you to get their credit card. IF you are responsible with credit, the rewards add up faster. For example, I shop on Amazon frequently and their credit card offers 3 points for ever Amazon purchase. Macy's credit card will give you an additional 15% off on certain sale days. Victoria's Secret credit card gives you a little $10 gift/year just for holding the card. I have about 4 credit cards that I separate out over different purchases just to maximize rewards!

I hope this list is helpful and adds to your repertoire of intelligent shopping. Remember, most of us aren't investment bankers or Donald Trump. The small amount of daily time and diligence applied to saving money can expound into large returns one day. Please feel free to add to this list or write comments!