The festive shopping season is upon us, with sales for Singles’ Day, Black Friday and Cyber Monday in full swing. Everyone loves a good deal – but how do you know you’re getting value for money? From comparing prices and making use of loyalty programmes, to buying in bulk and choosing quality over quantity, we share six tips for bagging a bargain and making smarter shopping decisions.
1. Buy the best-quality items you can afford
Just because something is cheap, it doesn’t mean it’s a good buy. When you come across something you need or want that’s low-priced, check its quality first. Is it well-made? Can you see yourself using it for a long time? It’s also a good idea to read reviews of the product and to ask the retailer or manufacturer if the item comes with a warranty.
Examples of poor-quality items include clothing that’s badly stitched and made from cheap materials that fade or shrink after a couple of washes; toys that break easily; electrical items that have a poor battery life or slow performance or that are unreliable; and furniture that’s badly designed or constructed. If you end up having to discard these products shortly after you’ve bought them, then you’re wasting your money.
Where possible, go for top-quality products that are well-designed and crafted from good materials, says Ow Tai Zhi, the co-founder and chief investment officer for robo-advisory platform AutoWealth.
“In some cases, quality items can be a smarter financial choice. Think of them as an investment. They may cost you a bit more, but they’re likely to last longer and be more reliable, so they’re money well-spent.”
2. Only buy what you need at the sales
Sales can be a good opportunity to save money, but Tai Zhi warns against filling your cart just because those items have been marked down. Instead, ask yourself whether you really need them. If you do, then go ahead and stock up on them. Smart buys may include toiletries and personal care items, household products and pantry staples – things that you use and buy regularly.
“We often trick ourselves into thinking we’re saving money when we purchase products that are on sale, but if you don’t need those items then you’re just throwing your money away,” Tai Zhi adds.
Get more tips on how to shop smarter at sales.
3. Delay big purchases
There are few things worse than splurging on a big-ticket item like a fridge, smart TV, computer, bed or sofa, only to regret your decision a few days later.
When it comes to making such major purchases, Tai Zhi advises you to think carefully first and to resist the urge to get the item as quickly as possible.
“You want to make sure you’re spending your money wisely, so ask yourself if the item is really worth it and perhaps look around for a better deal. You may end up deciding that you don’t need or want it, or you may come across a lower price elsewhere.”
4. Compare deals from different sellers or retailers
No matter how much an item costs, it pays to shop around, says Tai Zhi. If you’re on the hunt for a specific product, find out how much it costs across various retailers and sellers. You never know – it may be much cheaper elsewhere.
Additionally, if you notice that the product you want is cheaper at a particular store, ask if you can get a refund on the difference from a competing store that’s selling the same item. That way, you’ll know you’re getting the best deal possible.
5. Use cashback, reward and loyalty programmes
“Sign up for credit card reward programmes or cashback offers to maximise the value on the purchases you’d make anyway,” Tai Zhi says.
He explains that there are typically two categories of rewards:
Cashback: This gives you back a percentage of your spending (typically 1% to 5%). Higher cashback credit cards usually come with strict conditions.
Mileage rewards: Earn miles whenever you spend and redeem them the next time you travel. This is a good option for people who travel overseas frequently.
Many retailers also have loyalty programmes that award you points when you shop. Depending on the programme, points that you’ve earned can later be converted to shopping vouchers or discounts. This is ideal if you shop regularly at that particular retailer.
If you’re a SAFRA member, you can also save extra money by taking advantage of the various promotions online at safra.sg/promotions. Get great deals at restaurants, hotels, gyms, spas, malls, sportswear retailers, tech retailers, and more.
Learn how you can make using your credit card more rewarding for the whole family.
6. Buy more, save more
Cut your spending with “buy more, save more” deals. Sometimes, retailers offer discounts if you purchase more than one of the same or a similar item. The more you buy, the bigger the discount. This is especially useful if you use that particular product regularly and have a reason to purchase it in bulk.
Group-buy or collective-buy deals are another way to get a great bargain, as they help reduce costs for the retailer or manufacturer. Group buying involves several people banding together to place bulk orders for certain products. Group-buy deals are often available for groceries, electronics, home appliances, and furniture.
Here are more shopping hacks to maximise your savings.
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