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A while back, I purchased four swivel bar chairs for $100 and I knew I'd gotten a deal. Why? Because I practice patience before I purchase.
I rarely purchase anything without a plan in mind. What I mean by this is that I know I have the cash on hand, I know exactly what I want, and I know what a fair price is. If this sounds like a lot of work, trust me, it's not.
Every year my husband and I create a budget. We know how much is allocated to each category and when we'll have the money available to pay for things. As a result, I don't make a purchase unless I know the money is in the bank. And, one side benefit is that many retailers offer a 5 to 10% discount for cash purchases, further stretching my dollar and my desire to pay by cash.
Let's go back to my bar chairs. My budget was $150 to buy four stools for our mountain condo. After doing some initial sleuthing around furniture stores, I realized that it was going to be a stretch to spend only $150. I went into a store that specialized in bar stools and found the least expensive chair for $75. Let's see, four chairs multiplied by $75 comes to $300. Oops, not what we were thinking of spending. "No problem," I said to myself, "I'll buy used." I walked out of the used furniture store disenchanted after hearing the salesman tell me that the swivel mechanism itself costs $50, so the chairs would be more. It was time to re-evaluate what we really wanted.
I walked my husband through all the facts and asked him to re-think what type of chairs were appropriate for the condo. Did we really need chairs that swiveled? Could we use stools instead of chairs with backs? His response was that he really wanted swivel barstools with backs on them. It was obvious. If I purchased anything else, it would be a waste of money. But now, I knew exactly what I was looking for. That left me with two choices. First, I'd have to increase the budget amount. Or second, I'd have to be patient and be at the right place at the right time to bag a bargain.
Yes, it would have been nice to have our chairs immediately, but I didn't feel good about spending $300 or more on them. So, what did I have to lose? I could take my time and just see what showed up. And, my second choice became easier to strive for now that I knew exactly what I was looking for.
Over the next several weeks, I popped in and out of the local used furniture stores. I focused only on used furniture because I already knew that new was out of my price range. Besides, this furniture was for a mountain condo. It didn't have to be the latest and greatest. My sojourns didn't take much time out of my day as I did this while waiting for my daughter to finish her school activities or on my way to do errands. I was in no hurry.
I practice patient shopping time and time again for all different kinds of things. Each change of season I go through my wardrobe and construct a list of items I need to replace. Sometimes, the list stays in my purse for months. And more often than not, I find these items at bargain prices in the off season.
Recently, my husband and I purchased a new mattress. After waiting just a few weeks, in which we did our product homework and gleaned some interest off our ready mattress money, our day came. We saw an ad for a one-day sale offering an extra 20% off the mattress we wanted. Not only did we buy the mattress with an additional 10% off for paying cash, but also we walked away with free pillows, sheets and a throw rug.
I stepped inside the used furniture store and saw four bar chairs staring back at me. I almost hyperventilated as I walked over to the stools. They swiveled. They had backs on them. And, they were in great shape! I said a little prayer to the used furniture gods as I lifted the price tag. It read, "Set of four, $100." I wrote my check as fast as I could; put those chairs in the back of my SUV and drove home, knowing that patience truly is a virtue when it comes to shopping.
Rebecca Sahr, a veteran shopper, develops and teaches classes on money management for both adults and children.
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