Save Money on things you always buy

Mark A · #1 (**permalink**) 07-13-2007, 01:43 PM

Today we're talking about inelastic demand (See Dr. Davis, I did pay attention in Econ 101) inelastic demand occurs when you have a product that you will buy at any and all prices. Good examples are Gasoline, Toilet Paper, Deodorant, and in my house Dr. Pepper (my personal little vice).

Since we will always buy these products we must take a different approach to save money on these items.

Monitor Prices- If you know what is a high price and a low price for these items, then you can buy low and save. (ex: If gas has been costing $3.35 and you see it for $3.09, fill up your tank even if there isn't too much of a need since $3.09 is a low price.)
Buy in large quantities- We do this with toilet paper, every now and again Wal-Mart has a major TP sale, we have room for 200+ rolls at home, so when it's on sale we stock up. We get the good stuff too, cheap TP goes twice as fast as mid-grade (and hurts your bottom too)
Buy in bulk- just make sure the bulk item is cheaper per unit than the non-bulk item, some grocery stores have caught on to this (ex: a 24 pack of Dr. Pepper is $6.99 but a 12 pack is $3.33 or $6.66 for 24)
Ask for them as gifts- My grandfather has a "happiness list" that he circulates to all of us about every 4 years or so that include his favorite snacks etc. They are all really cheap, but also last a long time, so he stocks up and when he has too much they go off his list. Grandpa hasn't paid for salt-in-the-shell peanuts since 1983, yet he always has a ready supply.
Look for alternatives- Sometimes there is a cheaper alternative product that is just as good.

Mark A · #2 (**permalink**) 07-13-2007, 01:45 PM

I forgot one more thing!

Look for coupons- Since you will buy it anyway, a coupon is like cash in hand.

universal123 · #3 (**permalink**) 07-13-2007, 02:51 PM

Good stuff

katharina · #4 (**permalink**) 07-13-2007, 03:18 PM

Quote:

Originally Posted by Mark A

Today we're talking about inelastic demand (See Dr. Davis, I did pay attention in Econ 101) inelastic demand occurs when you have a product that you will buy at any and all prices. Good examples are Gasoline, Toilet Paper, Deodorant, and in my house Dr. Pepper (my personal little vice).

Great tips, Mark. I'm glad to say that I usually do these things, too... well, I don't buy 200 rolls of tp, but I *do* stock up when the good stuff is on sale. The cheap... well, like you said.

I buy gas when it's lower (up to $2.95 here this morning, I saw) and I need to start asking for things for Christmas gifts that I like! I'll admit that I don't check unit prices as much as I should, but sometimes I do.

tater03 · #5 (**permalink**) 07-13-2007, 04:21 PM

Yes, very great tips. I do try to buy in bulk but I don't have alot of storage room so I cannot buy to much. I also am always looking for the cheapest gas and filling up whether it is needed or not.

DreamHouse'09 · #6 (**permalink**) 07-13-2007, 10:55 PM

Thanks for the great tips, will be putting them into practice.

BillR · #7 (**permalink**) 07-14-2007, 12:56 AM

My wife is the queen of coupons. It's rather amazing how good she is at it.

Luckily for me she's naturally frugal. She almost always buys the best value product of any type (note I did not say cheapest - we have many higher-end appliances, etc - but they will last VERY long according to our research).

tater03 · #8 (**permalink**) 07-14-2007, 08:41 PM

Coupons are great, especially when you can find an item on sale and then buy them during the doubler days. I have saved quite a bit that way.

Mynion · #9 (**permalink**) 07-16-2007, 12:00 AM

Yes, great advice Mark!

We have 3 major grocery stores within 10 miles and my wife will actually identify the best deals at all 3, and then determine which one has the better sales on the items she's planned to buy this week. So some weeks we are at Meijer and others at Kroger, typically.

Mark A · #10 (**permalink**) 07-16-2007, 11:33 AM

Thanks for all of the comments everyone, that's why I enjoy these forums so much

parise · #11 (**permalink**) 07-16-2007, 06:47 PM

I always just buy it from the dollar store if you want to be hoesnt about it. I can get 6 rolls of tissue at the dollar store for a dollar. and I think that is a great deal.

katharina · #12 (**permalink**) 07-16-2007, 07:46 PM

Quote:

Originally Posted by tater03

Coupons are great, especially when you can find an item on sale and then buy them during the doubler days. I have saved quite a bit that way.

I did a lot better with this in the past than I do now... but I still try to do it when I can. It's really great to find sale items I already have coupons for. Like someone said, it's just like cash. My favorite times are finding a "10 for $10" sale on an item I have a 50 coupon for the item that they'll double.

Yep, that makes it free and can't beat that!

parise1 · #13 (**permalink**) 08-01-2007, 01:29 AM

I actually buy almost everything from the dollar store when it comes to cleaning supplies and things for the house. They sale name brand things that i would find much more expensive anywhere else, like walmart.

peterplanchet · #14 (**permalink**) 08-02-2007, 07:49 PM

Dollar stores are great. Saving a dollar is much better than eaning a dollar because a saved dollar is untaxed. Its about the same as earning $1.50

-- Peter Planchet
www.peterplanchet.com

Quote:

Originally Posted by parise1

I actually buy almost everything from the dollar store when it comes to cleaning supplies and things for the house. They sale name brand things that i would find much more expensive anywhere else, like walmart.

hari · #15 (**permalink**) 08-07-2007, 01:42 AM

great stuff.. kinda reminded me of the days when i walked to school to save on my allowance.. blew it by the end of the week anyway so didn make much difference

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