Bargain Hunting 2023

As we look to furnish our new home, I’m reminded of the importance, and in today’s economy, difficulty, of finding a bargain. Bargain hunting does not by any stretch mean finding the cheapest goods, but rather finding value in every purchase. Value simply means that every one of our hard-earned dollars is spent on an item that not only meets a need but is also useful, durable and most importantly at the best price point possible.

Quite the challenge in 2023 when shopping for furniture and home furnishings! I believe it can still be done. In my upcoming book “Being Frugal” I will explore all the many aspects of how we’ve managed to find value in most of our big purchases. But this week, I want to drill down on a couple of key points to finding the best price possible, a.k.a. bargain hunting!

First and foremost, the most effective means of bargain hunting is being patient. We’ve been in our new home a little over a month and there are a couple of rooms still without furniture. We don’t have curtains hung! Being patient is the key to finding the bargains, but it doesn’t mean standing idly by waiting for a bargain to drop on your doorstep.

My wife is researching on the internet near constantly. We are following the homework up with seemingly endless trips to stores, of all varieties. Everything from small boutiques to the big boxes and even high-end retailers. In addition to checking out the inventory, measuring, and taking pictures, we always ask when sales are scheduled to begin and when will new inventory be released. Most salespeople are happy to tell us.

Clearance sales are our personal favorite. I’ve never really been able to distinguish between current and last year’s design, except maybe for cars! Unfortunately, nowadays, going out of business sales are also becoming more common. Just because a store couldn’t make it in these tough economic times doesn’t mean they don’t have quality items. Running out to the nearest name brand store and paying full retail for a need is the antithesis of bargain hunting. Patiently do the research, shop, shop, and then shop some more. The right value proposition will come along.

Another key to finding bargains is to haggle when time to make a purchase. Haggling is a lost art and many are uncomfortable with the practice, but I say get comfortable! My wife and I love haggling and do not feel we are getting good value if not permitted to haggle. For this reason, especially with furniture, we may steer towards the local store versus the big box chain.

Haggling isn’t personal, it’s just business. When I find a salesperson and store willing to deal, I go back to the same sales rep again and again. This is a key point to bring up when negotiating, especially when attempting to fill a new home with furniture! Most sales professionals appreciate the customer loyalty.

Haggling doesn’t always come in the form of negotiating a price for one particular item. “Bundling” is an effective form of haggling that can sometimes save hundreds. Stores may take a cut off the top when purchasing several items at once. There may also be financing options stores don’t advertise which can figure into the haggling calculus. 90 days same as cash may not seem like a lot, but given the time value of money, spreading a big purchase over 90 days can be helpful, especially nowadays. Bottom line is we aren’t afraid to ask for a discount or help financing. That $100, $500 or more saved by haggling adds up!

I fully expect it will be one to two years before we’ve acquired all the furnishings and furniture needed for a new home. Bargain hunting takes patience and when it does come time to buy, haggling is not always a quick process. That’s ok. If there is a secret sauce to how we’ve been able to successfully grow our net worth over the years from where we started, I’d say it’s living frugally. And to do that you’ve got to know how to bargain hunt, even in these difficult times.

Looking for a good how-to on wealth building? Check out my book, Millionaire on a Worker’s Budget: Five Financial Truth’s to Build Wealth on sale now at Amazon!

Interested in rental property investing? Look for “Collect Rent, Don’t Pay It: A Beginner’s Guide to Rental Property Investing” on Amazon to learn how our family turned rental property investing into a successful side hustle!

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