The goal of Valuist is to explore the best ways to uncover and maximize value, wherever possible. But what does that really mean? Maximizing value is simply a matter of budgeting, research and review.
That’s basically it, though there are additional measures you can take to really stretch a dollar.
What is your monthly or annual limit for this type of purchase? What’s the most you’re willing to spend in total?
What can you get with your budget? How is this product/service rated? Can you build it (or do it) yourself?
Are you happy with your purchase or did you just satisfy an impulse? Does the product/service meet my expectations? If not, what steps have you taken?
This infographic illustrates some of my favorite, simple ways to maximize value and save money on every purchase. These steps will not only ensure you’re buying wisely, they can also help significantly limit your spending overall!
Maximizing Value (Infographic)
Identify & Evaluate
The first step to maximizing value is to determine whether you actually need something in the first place. Is this a living expense or a luxury purchase? Surprisingly, many people avoid these questions and make purchases based on wants rather than needs. I’m not saying that you shouldn’t buy luxury items from time to time. However, by asking these questions you force yourself to acknowledge your spending habits, which can definitely help with self-control.
Research & Compare
Research and comparison is, sadly perhaps, my favorite part of the process of maximizing value. It’s also the part where the most money can be saved. Product reviews on Amazon, Google Shopping and YouTube are incredibly insightful and usually help me narrow down my options within a few minutes.
Another helpful tip is to focus your search on mid-range products and services. Budget products are typically poorly constructed, and with high-end products you’re paying a premium for functionality that you may or may not use.
Purchase & Review
When it’s time to make a purchase, protect yourself by reviewing the return policy and product warranty. Using certain credit cards will also provide you with valuable loyalty rewards points, or cash back. If redeemed wisely these points could eventually fund an entire vacation!
Lastly, a review of your post-purchase feelings helps determine whether you made a good decision. If you’re feeling buyer’s remorse, is it because you don’t like the product/service? If you’re not satisfied take swift action. Call and explain your frustrations in a calm, direct manner. Most shops would rather solve your problem than leave you unhappy. If something you recently purchased is now ‘on sale,’ there’s also a good chance you can get some money back or store credit.
What are your favorite ways to find value? Let me know!