Spend Wisely. Purchasing Choices Impulse buying: when you do not think about a purchase ahead of time. Impulse buying: when you do not think about a purchase.

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Presentation transcript:

Spend Wisely

Purchasing Choices Impulse buying: when you do not think about a purchase ahead of time. Impulse buying: when you do not think about a purchase ahead of time. –Display merchandise at eye level –Display merchandise at the end of aisles –Display merchandise at check-out Instead of impulse buying, have a buying plan. Instead of impulse buying, have a buying plan.

Buying Plan Buying Plan: a method for making good buying decisions. Buying Plan: a method for making good buying decisions. Helps to stretch limited resources. Helps to stretch limited resources. Helps to prevent buyer’s remorse. Helps to prevent buyer’s remorse.

Wants and Needs Evaluate wants and needs carefully. Evaluate wants and needs carefully. Items should match a need or want. Items should match a need or want. Evaluate these needs and wants before you buy to make better decisions. Evaluate these needs and wants before you buy to make better decisions.

Set Criteria Criteria: standards or rules by which something can be judged. Criteria: standards or rules by which something can be judged. Examples are: features, functions, and quality. Examples are: features, functions, and quality. Be sure your set criteria are being met. Be sure your set criteria are being met.

Set a Timeline For each item decide how soon to buy. For each item decide how soon to buy. May depend on several factors: May depend on several factors: –Money saved –Sale –Event such as prom or graduation

Spending Limit Spending limit: the maximum amount you are willing to pay for an item. Spending limit: the maximum amount you are willing to pay for an item. Set an amount to control finances and control temptation. Set an amount to control finances and control temptation.

Example Buying Plan Need/WantItemItemCriteria Time- line Spending Limit Wash clothes at home Washer/ dryer Washer: heavy duty, different cycles, allow adding bleach or fabric softener 1 year or sooner $500 New clothes for spring prom Suit or tuxedo (rent) Shirt (buy) Dark blue suit or tuxedo White shirt By June 1 $100 rental fee $25 to buy Entertain ment Large- screen TV Clear picture, no larger than 60”, include DVD player 6 mos $750

Gather Information Know: Know: –What type of item or service you need to buy –How much you are willing to spend Gather the appropriate information Gather the appropriate information

Comparison Shopping Comparison shopping leads to better buying decisions. Comparison shopping leads to better buying decisions. Better choice is made when you know all of the options available. Better choice is made when you know all of the options available. Check several sources to gather data. Check several sources to gather data. Compare features and benefits. Compare features and benefits. Lowest price is not always the best. Lowest price is not always the best.