Hurrah – now we get to the fun part - spending the money. Ch-ching! We know you know you can save while shopping, 2-4-1 hello! But sometimes you can also save just by shopping around – it’s another way of paying yourself first. The brand, the shop, the location, the timing and the detail of what you’re buying can all have an impact on how much you are required or are prepared to pay for it. (Not to mention demand vs supply – thanks Economics 101!)

And while it’s tempting to see something, love it, and buy it - a little bit of time might help you keep more cash in your own pocket. Call it comparison shopping.

Let’s say you’re looking for a new red t-shirt to wear to the school athletics carnival. You head to your favourite shop and there it is - a red shirt with drawcord details down the side, and it’s your favourite brand - too easy. And it’s just $60!

Yes, you can buy the shirt and be down sixty bucks BUT you could also:

  • Look online to see if you can get the same shirt anywhere else at a cheaper price (remember to factor in any shipping costs and make sure the vendor is legitimate if you are ordering online)
  • Think about what you want the shirt for – it’s the school athletics carnival – do you need a fancy shirt for that or will a plain red tee do the trick? It’s only one day after all
  • Check out a couple of other shops for a red t-shirt – you might be able to find one you like somewhere else that doesn’t cost quite so much
  • If you have time, you can wait for a sale, though with some things this may mean you miss out

What do you know? After looking in a couple of shops you find another red shirt, sure it’s not quite like the first one, but it will be fine for the school carnival and it’s only $20. You just saved $40! Woo-hooo.

Sometimes you will decide to buy the more expensive version; after all, it’s not always just about price. There are plenty of other things that can affect your purchase decisions like:

  • You have a loyalty card at the shop and earn points toward a voucher every time you spend
  • They have really great service and a good returns policy in case you need it
  • It’s convenient – because it’s open late Thursday and you can go there right after training
  • You really like the shirt and know that you will wear it a lot more than the other one
  • You don’t have to pay for shipping
  • You like that the shop supports a local charity
  • You like the quality of their products and know if you spend a bit more now you won’t have to replace the shirt anytime soon

All of these things might factor into your purchasing choice. The key is to be aware of what’s driving your decision and think through options for your purchase before you buy.

Articles on Financial Wellbeing

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This article has been prepared by IMB Bank and contains general information only. It is not intended to be relied on as advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal,  financial, taxation or other professional advice before you make any decisions about your business. Consider the relevant Terms and Conditions or Product Disclosure Statement and Target Market Determination available here before deciding whether to acquire any products or services offered by IMB Bank. Lending criteria, terms and conditions, fees and charges apply to IMB loan products.