I’m piggy backing off /u/theredpillfinance here and his useful articles on investing.
Along side your long-term investments, not spending money frivolously. To help keep more money in your pocket, a potentially important skill in life is bargaining/haggling. This is related to smaller purchases <£1000 etc.
If you’ve had your eye on a certain product for a while and saved up enough money to buy it outright. You’ll be able to save some money easily by just asking for it.
This advice generally applies to quality goods that have higher margins than products you can buy online etc. But are made by local or bespoke suppliers. Think watches, suits or specialist sports equipment. Send hand equipment is another are it can be used.
Brick & Mortar shops are crying out for trade and will gladly take some money off the market prices to get your cash in their pocket.
E.g. I purchased a watch last year the RRP was £750. Nothing too extravagant, but I wanted a nice watch to celebrate closing a chapter of my life. I liked the look of the watch and asked the assistant the price.
Me – “How much for X?”
SA – “£750 sir”
Me – “Hmm ok, may I try it on?”
SC – “Sure”
Then a bit of back a forth about me. Normal salesmen spiel.
SC – “So what do you think?
Me – “I like it, but I’m not sure on the price.”
SC – “We could do it for £650, if you would like?”
Me – “That’s an improvement. But how much for cash?”
SC – “I’ll check with my boss.” (Comes back a few minutes later) “£550, cash sir”
Me – I’ll take it.
In addition to just asking, I went in towards the end of a quiet month. When I knew they would be trying to hit sales targets before being appraised for their bonuses. I did some research on the watche(s) I wanted too.
In business cash flow is one of the most critical elements to keeping the doors open. So use it to your advantage. You must be willing to walk away if you don’t like the price. (I bought an expensive suit by not following this advice)
Don’t get attached to the item.
I very rarely pay full price for anything now. However I generally only buy higher quality items. I’ve found they last longer, look better. Over the long run work out cheaper than multiple lower quality items. (Item cost/days of use)
N.B. I know that jewellers know they will have to bargain with customers and put an inflated price on their stock. So they may knock a few quid off to seem like they are giving a good deal, to begin with.
Chris Voss's - Never split the difference is a good read on how to do this.
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