Scrimping, Saving, and Wise Buying

While the Internet has helped lower the bar for savvy shoppers seeking to save money on their purchasers, it is not the only way to help your budget. Buyers have always sought the lowest possible purchase price, presumably all the way back to the first barters. However, the Industrial Revolution gave birth to the age of the consumer, and the introduction of coupons in the late 1890s change the idea of wise buying forever.

Scrimping, Saving, and Wise Buying

Saving Coupons for Wise Buying

Today, there are billions of coupons distributed in print and online each year, and merchants continue to use multiple ways to attract price-conscious consumers. The use of sales, discounts, BOGOs and other promotions are intended to motivate a customer to part with their money for a “good deal.”

Save by Comparing

In fact, scientists, behaviorists and researchers are actively involved in studying the various ways today’s consumers are motivated to save, and what the most effective methods are in letting them do so. Many brick-and-mortar businesses continue to scramble to deal with the price-busting impact of many online vendors, with Amazon at the head of that pack. Other sites, such as DontPayFull.com, add to the ability to save by comparing other online sites.

Find the Best Bargains

These sites perform an important function for Internet shoppers, making it even easier to find the best bargains at any given moment. This issue of timing is increasingly important, since the marketers are constantly tweaking their pricing models to get the most profit with the most sales. The airlines pioneered this “dynamic demand pricing,” constantly moving prices up and down based on capacity on specific routes and aircraft.

Discounts for Hotels and Rental Cars

The entire travel industry now follows this model for pricing against demand, with multiple sites offering discounts and prices for hotels, rental cars, and other services that change minute-by-minute. These opportunities to save and to find the best deals are a large part of the reason the online business continues to grow by 19 percent per year and is projected to be greater than $1.4 trillion by 2015.

The Range of Wise Buying Options

The households that are serious about saving in all aspects of their budgets don’t simply rely on their keyboards, however. These active savers range from the traditional bargain hunter to the extreme couponer shown on the reality programs. Each individual can select from a range of options that include the mentioned sales and promotions. Other opportunities are found in buying in bulk, finding used products, participating in loyalty programs, buying off season, and utilizing co-operatives.

Of course, Benjamin Franklin got it right for those unable to resist the deluge of advertising and marketing efforts. His classic about a penny saved is a good reminder that even with a discount, the greatest savings often come by not buying an item you really don’t need.

Images Courtesy of Canva.

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