Guest Post: How much money can comparison shopping really save?
Sometimes it can feel like a waste of time to look around at different prices to try to find the best deal, and we start to ask ourselves if it’s really worth it. While comparison shopping may only save you a few cents on some things, it can also lead to a good chunk of extra cash for just a small amount of extra work.
Groceries
It is easy to compare prices while grocery shopping, and it can save you quite a bit of money over time. For most items, the name brand and the store brand are interchangeable or near enough, but the prices are hugely different. Just glancing at price-per-ounce before grabbing what you need can help you lower your grocery bill significantly.
To help make groceries even cheaper, you can check the weekly circulars delivered to your house and compare prices of items you need. Be cautious, because a deal could make you by something that you won’t use or wouldn’t normally buy, which doesn’t save you anything. If you look for your staples, however, and find the cheapest prices, you can either do a big trip to several stores or go to one store that accepts prices from other stores’ ads.
Repairs
If you need a plumber or some other house repair, comparing a few different companies can save you hundreds of dollars, and this is often the case because companies price services differently. In some instances, a pay-per-hour plumber could be the best bet, while in others you want the people with flat rates for whatever the problem is. If you call three or four plumbers and explain your problem or have one come and give you a free estimate so you can call with exactly what the issue is, you will find that one price will be significantly higher or lower than the others, and finding a competent repairman for a good price can save you a bundle.
Credit cards
Credit cards come with a myriad of fees, APRs from 0% up into the twenties, and all kinds of reward systems. If you don’t search for the right card for you, you will either be spending money unnecessarily or not get all the benefits you could if you’d looked around a bit. When signing up for a new credit card, find one that works for your particular situation.
If you never carry a balance from month to month, then the APR doesn’t matter for you, but if you do have a balance, you need to find a card with a low and consistent APR. If you fly a lot, a card with skymile rewards could be perfect for you, but if you need cash instead, it might be better to go with a lower percentage of straight cash. A card with a fee might be good for you if it has great rewards and you use it enough to make the fee worthwhile, but for most people it’s a waste of money.
Mortgages
Looking at different loan rates and down-payment options can also be a big money-saving tactic. A home-loan with interest rates just half a percent lower could save you thousands over time. If you put down 30% instead of 25%, you might find the perfect monthly cost, making life easier and allowing you to put aside more money for retirement and emergencies while still enjoying living in the house you want. Don’t assume that the first mortgage broker you talk to is getting you the best price possible, because just a little looking around could help you in a big way.
While comparison-shopping does add a little extra time to the task at hand, it tends to help you save money over time and can often help you save large chunks of cash, especially on big-ticket items. Use that possibility of extra money to help motivate you to make a couple extra phone calls or spend a few minutes online; it could pay off big time.
London resident Thomas Hathaway is a financial consultant and a
content contributor for payday-loans.co.uk, a company providing money advances when you need them.
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