Become a smart consumer

Want to save as much money as possible? Retailers do not want you to keep that money that you worked hard for and earned. They want you to be separated from it, so they can take your hard-earned money, and pocket it. Smart for them – but not smart for you!  Being a smart consumer means looking at the true value of a product. Let's do this in steps.

Research what you are buying.  That is what you have the internet for.  Lookup pricing, options and customer reviews. With pricing, try to find the item on sale first of all. Use your time to hunt out the best offer.  
Know your budget and what features you want in something before you enter the store. You can do this online by searching by price, features and models.  Also be clear about what you can afford so you do not over spend.

Do not hesitate to ask questions. Make sure the salesperson answers everyone of your questions, 100% completely. If they do not, simply get a manager.

Find out what the warranties or guarantees come with the product or service.   Is the warranty for parts and labour?  Consider if it is worth purchasing an extended warranty.

Make sure you investigate the store's return policy. This is very important. You do not want to have to return something to find out your past the maximum amount of days to return it.

Ask for recommendations.  If family and friends have purchased the same item or shopped at the same store ask them for feedback and recommendations.

Use interest free.  If you do not have the cash to buy something using interest free can be really helpful. Just make sure you put money aside to ensure that the item is paid off before the interest free period ends otherwise you could end up with some hefty extra costs.

Save manuals, warranties, contracts, receipts, etc. These are vital especially if you need to return something or if your item happens to break and you need to refer to the warranty to get it replaced.

Use rewards.  If charging a purchase, mainly a large purchase, such as a refrigerator or television, use a card that offers rewards. Of course don’t justify buying something simply because of the rewards.

Lisa Dudson is a bestselling author and Registered Financial Advisor with over 15 years industry experience. Lisa offers financial advice through www.acumen.co.nz and co-owns the New Zealand's leading property investment agency www.ifindproperty.co.nz.