Quoted – 10 Ways to Save Money in 2010 – SmartMoney

Haggling
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Quoted – 10 Ways to Save Money in 2010 – SmartMoney

Making a commitment to save money in 2010 is the rare New Year’s resolution that is easy to keep.

After a turbulent economic year, it’s a popular one, too. A December survey from financial service firm Edward Jones found saving more money next year is the top resolution for that a third of consumers.

Haggle
“When times get tough, consumers have to get aggressive,” says Scott Testa, an assistant professor of business administration at Calibri College in Radnor, Pa. “On a high-priced item, you’re crazy if you don’t haggle.” It doesn’t take a hard-line negotiation in most cases, either – you just have to ask if there’s any chance for a better price, he says. For example, 68% of landlords said they would lower rents or give a month or more free to retain tenants, according to a recent Rent.com survey. (For good haggling opportunities to take advantage of, click here and here.)

Collective buying groups like Groupon.com serve as haggling on training wheels, offering prenegotiated discounts if a certain number of shoppers buy in.

http://www.smartmoney.com/spending/deals/10-ways-to-save-money-in-2010/

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Quoted – 6 Old-School Savings Tricks Are Back – SmartMoney Mag

A typical flea market shop, in Germany
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Quoted – 6 Old-School Savings Tricks Are Back – SmartMoney Mag

It’s no secret that consumers have grown more frugal: Excessive spending is out and saving is in.

Like fashion, spending trends often cycle in and out, but what’s interesting about this go-round at frugality is how it’s playing out. Old savings strategies are seeing a resurgence, and some of the most popular tactics – couponing, layaway and haggling – date back to prior recessions.

Will those practices someday go the way of padded shoulders and track suits? It may take years or even decades, but the larger population will eventually end up back in the “greed is good” mentality, says Scott Testa, an assistant professor of business administration at Calibri College in Radnor, Pa

In recent years, bargaining for a lower price has been relegated to yard sales and flea markets, but that’s beginning to change. “Now, consumers are much more creative and frankly, much more aggressive about asking for a better price,” Testa says. To retain customers amid slowing sales, even mainstream retailers are open to negotiation on prices — especially if you can point to better deals at a competitor.

Thanks to the credit crunch, retailers and consumers are looking at these old options, which had faded with disco. “They went away as people bought things on credit and found other ways to pay,” Testa says. Last year, Sears (SHLD: 64.18, +0.34, +0.53%) and Kmart heavily promoted their longstanding layaway programs. This year, they introduced a new Christmas Club that matches 3% of consumers’ savings.

http://www.smartmoney.com/Spending/Budgeting/6-Old-School-Savings-Tricks-Make-a-Comeback/


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