You would be amazed at how much you can potentially save if you learn to negotiate when you Shop. Negotiation is a powerful buying (and selling) tool. While it may take some practice, it is a skill that will pay, and sometimes pay big. You see, there is a common misconception that advertised prices are the prices you have to pay. However, retailers only make money by making sales, and that is where you as the customer have the advantage.

To be a good negotiator, you need to know when to use it. For each situation, you have to ask yourself two questions:

• 1) Realistically, is this price flexible?
• 2) Is the time and effort I’m going to put in worth the potential savings?

The answer to question 1 is most likely going to be yes, but there are places or situations where the answer will obviously be no. If you tried Negotiating the price of your order of tacos at Taco Bell, they would just laugh at you. Generally speaking though, if it’s not food or gas, the price probably isn’t firm.

The answer to question 2 is based on personal preference, though to an extent, just takes a little common sense. It’s probably not worth negotiating the price of a pack of gumballs, but it could be worth negotiating the gumball machine.

There are a few things you should keep in mind during the negotiation process.

Know the value of the product(s)

If you know what things are selling for ahead of time, you will have better leverage in negotiating a better price.

Be prepared to say no

If you come Prepared with a maximum price you’re willing to pay (which, you should), be prepared to say no if the manager/salesperson can’t offer you that price or better. Remember, they are the ones who are counting on this sale, not you. You can always shop elsewhere.

Offer to pay with cash

This works especially well for smaller businesses and/or big ticket items, but offering to pay cash potentially gets you a lower price. Credit card companies charge a percentage of each transaction to the seller, so cash maximizes the seller’s profit, which gives you a slightly better chance of paying less.

BE PATIENT

This one is key… patience. If the other person can see that you want this thing NOW, they’re going to use your impatience to their advantage. You have to be prepared to simply walk away if you’re not getting a price you’re not comfortable with.

Negotiating is a valuable skill that can save you money. I can’t stress enough just how valuable of a skill it is. Practice it, start using it, and you’ll be surprised how much you might be able to save.

Until next time,

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