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Do you save money or just buy what you see first?

by Darrell Hagan
22 replies
I've wondered about this.

You're at the grocery store. Your IM business is doing quite well so grocery money is no problemo.

You go to the bread aisle. First, you see the name brand loaves of white or wheat for $2.29 ea., and a bit further down the aisle, the house brand for $.98 ea.

Same with coffee. Folgers @ perhaps $7.99 vs. local brand for $4.98

Since money is no problem and the products are of similar quality, which do you buy? Do you buy the name brands because you saw them first, or perhaps just because you can easily afford to? Or do you choose the cheaper ones even if you don't have to?

I have a friend who nearly always buys certain brands, no matter the cost, just because he can. If its an unfamiliar item then he just buys the first one he sees. He rarely tries an alternate brand of anything and never gives a thought to saving.

I make pretty decent money but I still like to save when I can. I'm posting this here because I think that this question applies to purchases of IM products and services as well.

So do you shop around or just buy the first thing you see?
#buy #money #save
  • Profile picture of the author Ben Clemons
    There are certain brands I must have, but no matter how much money I make, I'm always going to be conscious of what the better deal is. No need to make Walmart or any other store more money than necessary... I am guilty of this sometimes though. Especially if I'm in a hurry
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  • Profile picture of the author zeurois
    If the money isn't a problem, I look more at the quality (or the ones I like the most).

    >> So do you shop around or just buy the first thing you see?

    Time does matter though If I were a woman I'd stay for hours there, but I'm not
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  • Profile picture of the author Diana Lane
    I've never understood the 'women like shopping' thing - I hate it. Like Ben, there are some brands I won't compromise on (not many), but mostly I'll just buy the cheapest (which isn't necessarily the one that costs the least!). I can't really see the point of spending time on devising strategies to maximise your income if you're not going to minimise your expenses too.
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  • Profile picture of the author doralin
    I'm more of a saver than spender, but as I'm easily get influenced, i always end up buying unnecessary things, which later on I regret. I should learn to have control of my mind and heart. I guess, I'm not really able to resist temptation.
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    • Profile picture of the author cclou
      I admit: I'm an addicted bargain hunter. Even when I'm extremely wealthy, I'll probably still shop for bargains. But I won't buy a product I don't care for just because it's cheaper. I'll buy a store brand and if it's just as good or better than the name brand I usually buy, I'll stick with it. Some items I'm more picky on. Tea, for example. I'll drink Lipton or store brand tea if I have no other choice, but I wouldn't buy it at a grocery store.

      I don't really make many IM purchases. I did make one a few days ago because it was low price and it allowed me to quickly mark off something on my to do list. So it was a bargain.

      For me, just because something is low price doesn't mean it's a bargain and just because something is high priced and name brand doesn't mean it's high quality.

      Like astracadia, I hate shopping. That probably saves me more than my bargain hunter mentality.
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      • Profile picture of the author stacyfox
        Give me some lucky charms and milk
        Yes, but do they have to be General Mills Lucky Charms or will you take the store brand?

        Stacy
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  • Profile picture of the author ecovergeeks
    I never used to look at the prices, i just choose the named brands, but thats all changed now, while I'm paying my debt off. I now try the cheaper brands once to see if they are better, which mostly they are.

    Thanks
    Andy
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    • Profile picture of the author naruq
      I am concerned about the quality of the products and services. In addition, I focus on creating wealth, managing my wealth and donating some of my wealth to my favorite charities.
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    • Profile picture of the author JohnMcCabe
      When my wife and I were first married, we went through an extremely tight period. She clipped coupons religiously and we went to the store with an envelope of cash and a calculator. We learned to maximize every penny in that envelope. Sometimes that meant store brand, sometimes not.

      That habit sticks with a person.

      Given a choice, I'll buy whole-bean coffee straight from a local roaster. If the value is there, like a BOGO, I'll make the temporary trade to a store-bought brand.

      I'll admit I'm not immune from impulse purchases. If something new looks tasty, it'll likely end up in the cart.

      Clothes? As long as I'm decent and don't look like a kid in a hobo costume, I don't care whose name is on my butt. I certainly won't pay extra for the privilege.

      Cars? I like nice cars, and there's a spot in the driveway for my 'someday' car. For now, though, it's all about value for dollar. As one of my farmer friends back in Nebraska liked to say, "I buy machinery, not paint."
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      • Profile picture of the author Kay King
        I hate shopping - and especially shopping for clothes. I wear a small size and have great luck buying top quality clothing (designer labels most often) at thrift shops and resale shops. Yesterday picked up a NEW pair of Nike Air shoes for $7 and a slightly used pair of leather easy spirit shoes for $2 . Also bought 5 great designer brand tops ( two with price tags still attached) and a pair of silk slacks - total bill $33. I've done this for years so clothing stores give me sticker shock! To me it's like a treasure hunt.

        I have to watch impulse buys at grocery and hardware stores. Go figure!

        Some things aren't worth cutting corners. I buy super premium pet food, which is more expensive but saves trips to the vet as it keeps the fur-faces healthier.

        Shopping habits are fascinating as they often reflect a person's past and perhaps their insecurities.

        kay
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  • Profile picture of the author derekwong28
    I don't go for brands either in grocery stores, although we are more careful at the moment because a lot of the food is from China. The same with clothes, and also cars. What we don't save is on education and other stuff for our kids, and also when dining out.

    Still I am much more frugal then when I was single 10 years ago. When I used to spend up to thousands per month on radio control aircraft. I also had a insane shopping spree back then for Luxury watches that costed $40,000 within a year. Luckily, that collection is still worth as much or more.

    Now I am married, there is no way that type of stupid spree is going to repeated. Still I would really like to have a grande complication with tourbillon, minute repearer and perpetual calender one day!

    -Derek
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  • Profile picture of the author Amy Bass
    Even though someone may make a good living, I feel they are still responsible to use the money wisely. When it comes to my money, I see all of it as God's money and he is blessing me to be able to use it for wise purposes.

    I am getting myself out of debt and setting some aside for a rainy day. The rest goes to living frugally and blessing the lives of others. I just would not feel right spending it on frivolous things when so many others go without the basics.
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    • Profile picture of the author johnapuna
      Originally Posted by Amy Bass View Post

      Even though someone may make a good living, I feel they are still responsible to use the money wisely. When it comes to my money, I see all of it as God's money and he is blessing me to be able to use it for wise purposes.

      I am getting myself out of debt and setting some aside for a rainy day. The rest goes to living frugally and blessing the lives of others. I just would not feel right spending it on frivolous things when so many others go without the basics.
      I agree that no matter how much you make, you should spend wisely. I see all these celebrities who spend on who knows what and then they campaign to try and save poor kids in Africa. Its pathetic
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    • Profile picture of the author Darrell Hagan
      Originally Posted by naruq View Post

      I am concerned about the quality of the products and services. In addition, I focus on creating wealth, managing my wealth and donating some of my wealth to my favorite charities.
      Originally Posted by Amy Bass View Post

      Even though someone may make a good living, I feel they are still responsible to use the money wisely. When it comes to my money, I see all of it as God's money and he is blessing me to be able to use it for wise purposes.

      I am getting myself out of debt and setting some aside for a rainy day. The rest goes to living frugally and blessing the lives of others. I just would not feel right spending it on frivolous things when so many others go without the basics.
      Bingo and Bingo! naruq, that is wonderful of you to share that way. I do also, and I hand pick the causes myself and make sure that they are good and legitimate. One of my favorites to help is a local battered women's organization.

      Amy, that has to be the best attitude which I've ever seen. You win the prize . I and my wife both feel much the same way as you.
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    • Profile picture of the author Sandor Verebi
      Originally Posted by Amy Bass View Post

      Even though someone may make a good living, I feel they are still responsible to use the money wisely. When it comes to my money, I see all of it as God's money and he is blessing me to be able to use it for wise purposes.

      I am getting myself out of debt and setting some aside for a rainy day. The rest goes to living frugally and blessing the lives of others. I just would not feel right spending it on frivolous things when so many others go without the basics.

      For me is very nice what Amy said and I respect her because she accomplishes it what she decided. I think she is a followable example.

      What concerns to the shopping, I do to buy often and spent our money deliberately. I know that I need to intend time for shopping to choose the best. If the money isn't counts then I buy branded products. But I try to buy a inland products always, because I favour the keeping of the domestic workplaces with this.
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  • Profile picture of the author AndrewStark
    You only live once, so you may as well spend as much as you can afford.

    Also you know what you get when you buy the branded goods, for example I always buy pampers nappies for my girls as I know they work. We tried the eco friendly which gave them nappy rash, and then what's the point in buying eco friendly when they all go to landfill in a plastic nappy sack!

    The other great thing is that in the current climate the mark-up of the premium brands mean they're usually reduced or on a multi-buy offer, so you just need to keep your eye's open.

    I get £400 worth of vouchers every month so I suppose I budget by how much over £100 I spend each week. Doing this means I get loads of loyalty points, and get regular discount vouchers to make sure I keep coming back.
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