By
Alexander Carl on April 26, 2010
We make thousands of purchases throughout our lives, but the trick is being good at it— buying the products that suit our needs, at the best price, with the least amount of hassle.
The Solvency Shark offers these strategies for making great purchases, whether a new home or a pack of gum.
Let's consider buying a toaster, which is somewhere between the two extremes. Once you recognize that you need a new toaster (such as receiving charred bread in the morning), you begin the process:
What do you really need? Your old Toast-A-Rama made satisfying toast, so you decide to look for a toaster that has similar features.
Yet it's easy to be lured by
what is offered but unnecessary. The Lasertoast 220i offers six slots for bread, rotating heating elements, and will text your phone when your toast is ready. These features sound cool, but do you need them?
Research and reconnaissance. With your toaster specifications in mind, what do you do? Figure out who offers them, and learn which brands are considered best.
If you rush straight to your purchase, you'll overlook many great opportunities. So instead you hit the stores, both in-person and online. You see what's offered, and for how much. You read Consumer Report and learn the latest toaster ratings.
Know your range. From your research, you learn that the Toastamatic series offers high quality models for a good value. But you've budgeted your price range, and only one model makes it. Should you flex and spend more?
If there is a significant difference between models, perhaps. If not, stick with your budget. A toaster isn't worth going broke.
You can wait... or not. The dilemma— to go with the current lowest price, or wait for a sale?
It depends on how much the potential savings could be, and how badly you need a toaster this minute. Only your research and personal experience can answer this.
Check your emotions at the door. You really need your morning toast, so you will buy now. You pledge not to be carried away by any cool advertising or packaging. You've done your research, and you will buy the best toaster for you.