One way to realize great savings is to simply ask for a discount. For example, when we were getting ready for our daughter to be born we asked the hospital if we could have a discount for paying the entire fee up front. They gave us 20% off what we would have paid otherwise.
I’ve generally had good luck asking for discounts. Here are some tips to follow:
- Make sure you have something to offer - If you can pay in cash, but in bulk or offer some other type of incentive it is easier for the person selling to want to negotiate with you.
- Be prepared to walk away - If the sales person realizes that you might not make the purchase you have much better bargaining power. I’ve had car salesmen turn down my offer and then coming running after me with a change of heart as I walked out the door.
- Don’t be argumentative - The ideal offer is a win win for both parties. If they don’t agree to your proposal, you should still be nice. If you don’t like the price walk away.
- Ask for upgrades - Sometimes they can’t budge on price, but they may be able to do something else. For example a car salesman might be able to give you an upgrade on the stereo or a free oil change. Sometimes an upgrade would be valuable for you, but cost them very little.
Asking for discounts can be a little tricky, but with some practice it can add up to significant savings. You usually have nothing to lose so there is no reason to stop practicing.
What type of luck have you had asking for discounts?
Good management of your finances can have one of the biggest impacts on your productivity because it determines how efficient you convert your time into money into the things you need. On Wednesdays we are discussing the financial aspect of productivity. Watch for more Wednesday financial posts in the future.