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We all like to get a good deal and have our money go as far as possible. Especially in these tough economic times, stretching our dollars is a big concern. The problem is that finding the best deal can be very stressful, and since I’m here to help you relieve stress I would like to point out the obvious: the cash price of something is not the total cost.
I used to go to great lengths to make sure I was getting the best deal, especially when it came to buying computer goodies. I would search the Internet for the item, comparing various sites for price INCLUDING tax and shipping. Some sites didn’t charge tax because they were out of state and weren’t required to. Some sites offered free shipping. Sometimes the site with the best price was out of stock and I would have to wait. I spent hours, gnashing my teeth and feeling the pressure caused by the loss of all that time. I finally realized what I was doing and took a minute to figure out what all that time saved me in terms of the final purchase price. It came to about $10.00. Was that the best use of that time? I hope not!! Sure, do some browsing, make a choice, AND MOVE ON!
I used to have a neighbor that was extremely conservative financially. Thrifty. Money conscious. Okay, he was cheap! But what surprised me most was the lengths that he would go to save money. Living in a mountain community, sometimes we have to go down to the flatlands to buy things: 45 minutes each way. He would make that drive to save $5.00. Let's think about that. The gas alone nearly wipes out the savings, not to mention his time.
Here’s the topper: lines of folks waiting to save money on gasoline. I’m sorry, I just don’t get it. Every now and then a gas station will roll back prices or a radio station will do a promotion; the result is a line of cars that goes down the street and around the corner. When interviewed for the local news the drivers are proud to say that they spent 2 hours (or more) in line to save 15 or 20 cents per gallon. TWO HOURS? Think about it: if they purchased 15 gallons and saved 20 cents per gallon, they saved $3.00 by waiting in line. (Not counting the gasoline they wasted while waiting.) Frankly, I don’t think most people would wait in line twiddling their thumbs for $1.50 an hour, and if they thought about it in those terms perhaps they wouldn’t.
I’m not here to tell you how to spend your money, just to consider ALL of the costs of buying something, not just the cost in dollars. The most overlooked of these factors is the value of your time; the time it takes to save those last few dollars might surprise you. Don't forget the cost of buying the item... do you have to travel somewhere? ? Now you have the cost of your time AND the cost of the travel... gas, tolls, etc. Will there be a shipping expense? If it’s out of stock, what will be the cost of waiting? And so on…
And then there is the cost in terms of the stress that you generated by trying to shave off those last few pennies.
Once you consider all the factors you may be able to say, “That’s it… I’m just going to buy this here and now and stop looking for that better deal. The amount I might save couldn’t possibly be worth all the hassle to save it.” Then you will be making better decisions and lowering the stress of shopping.
This article is one in a series on coping strategies for patients and caregivers alike. For more thoughts on caregiving, coping strategies, reducing stress, and just plain fun subscribe to my free monthly newsletter at http://www.CaringAndCoping.com Need a speaker for an upcoming event? I have a program that will knock your socks off! Watch video clips at http://www.ThePPP.org/speaking/#handle
Add a Comment2 Comments
Thanks for sharing your story.
Over the years, you may indeed have saved a significant amount, but I have to wonder how much it cost you to save that significant amount. You, however, get value out of the hunt, so that price (in terms of time) will be less significant than it would for those of us that hate doing it but feel that we must!
September 10, 2009 - 1:07pmThis Comment
Ha ha. Right before I read your post I was researching the best price for a mini cheesecake pan. :P
I agree, sometimes the price isn't really that much of a difference but I don't find doing the research stressful at all. As a matter of fact, I sort of get a rush out of finding a better price than the MSRP.
September 10, 2009 - 12:10pmNow, don't get me wrong, I don't obsess over prices for days, weeks, or months for 1 item. But I do it for EVERYTHING. So although it may seem like I only saved $5 on that cheesecake pan, when you add everything I have saved throughout the years, it's a significant amount.
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