Spend a Little Time to Save Money

"You gotta shop around"......More truth than fiction, the old tune could make a big difference for you in the long run. How do you get the best value for your dollar without using up all your spare time? How can you make decisions about consumer transactions, and not spend hours or days researching the purchase?

Consider the purchase ... what will you be expecting of it? Make a list of the uses it will be put to. For example, a vehicle purchase for a small home based business would probably have different uses than a family car used for ferrying children around.

Tie the research time to the dollar value. You need to spend much more time researching a large purchase, such as a car or house, than you would a small appliance.

Know where to look for the information you need. Check with friends, or neighbours, and find out what their experience has been? This is an especially good idea with vehicles. You'll find even strangers are willing to share how they have liked/not liked their purchase whether its a vehicle, appliance, or other item. Your findings may surprise you. Check auto publications, and consumer annual reviews such as Phil Edmonstuns "Lemonaid".

The public library is also an incredible source of information. They have consumer buying reports, consumer reports, vehicle and tire recall lists, to name but a few publications. Add them to your list. Sometimes in smaller, less busy libraries, they will do the research for you and you just have to pay the photocopying fee.

Why bother? Because in most provinces, the seller of goods may choose to repair, replace or refund your money ... at his/her option. Where does that leave you if you've managed to choose a lemon and signed your life away on a loan to finance it? Take the time to research your purchase and ther is a good chance you will be satisfied.

Financing? Do your shopping around for financing before you go looking for the item you need to finance. You'll know how much you can spend, and get a better interest rate too. Feel intimidated about asking for a loan? Do your homework, bring proof of income and assets to the interview, and prepare a monthly budget so the loans officer can see your professional approach. Negotiate the interest rate if you can. Don't forget the market is very competitive for your business.

Article by Marg Spina

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