Save Money By Comparison Shopping
With any kind of shopping, it’s a good idea to consider your needs before you buy. That way, you won’t be sidetracked by flashy features you don’t need. Here are few products and services where comparison shopping can save you money.
Cell phones and wireless plans
This is one area where comparison shopping is nearly mandatory if you don’t want to end up with triple-digit wireless bills. Compare basics like how many minutes you use in a month, and whether you need a national plan or can stick with a local or regional one. Also compare also the per minute rate after your monthly allowance and the charge for text and picture messaging.
Appliances and electronics
With so many retailers selling the same brands of appliances and electronics, comparison shopping can save you a lot. Often you can do the comparison from the comfort of your home, using the websites of national retailers. Don’t forget to check out the online-stores like Amazon.com and be sure to check return policies and warranties. In the case of appliances, also look into whether your retailer offers free delivery and removal of your old appliance – a slightly higher price might be worth it.
Savings accounts and CDs
Here, rate shopping may earn you money, rather than saving you money. Comparison shop for the interest rate, and also consider any fees and early withdrawal penalties that might cut into that great savings rate.
Credit cards
Interest rate is important when comparison shopping for credit cards, although if you are the type who pays off your balance every month (and good for you by the way), the interest rate is less of an issue than other features of the card, like annual fees and earnings points.
Mortgages
Rate shopping is very important with mortgages but can be a little less straightforward because there are so many factors that can influence your decision. When shopping, remember that APR (Annual Percentage Rate) can be a good indication of the true cost of the loan, since it includes discount points and some lender fees. You’ll also want to consider things like pre-payment penalties, which might go into effect if you ever refinance, type of loan, the loan’s term, etc. For more, see our article on how to compare loan offers.
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