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• Don't underestimate the value of comparison shopping

  Posted Jun 08 2008, 10:22 PM by Karen Datko
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  Filed under: spending, saving, Get Rich Slowly, groceries
  Money Blog: Smart Spending Blog - MSN Money

  This post comes from J.D. Roth at partner blog Get Rich Slowly.

  Consumers underestimate the power of comparison shopping, says a five-year-old report from the Consumer Literacy Consortium. "Consumers often do not realize that, for most products, a wide range of prices are available and, therefore, consumers often pay too much for the items they buy."

  (The study) results show that most consumers need a far lower price savings to persuade them to comparison shop than can actually be obtained from shopping around. These findings are particularly significant, since the available consumer behavior research indicates that, on the average, only about 50% of people shop around. An important reason as to why consumers do not shop around is the perception that it is not worth the effort. They rationalize that the savings potential will not be greater than the desired 10% savings needed to motivate action.   Read More...

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• An angel on one shoulder and a devil on the other

  Posted Mar 23 2008, 11:56 PM by Karen Datko
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  Filed under: spending, saving, Get Rich Slowly, groceries
  Money Blog: Smart Spending Blog - MSN Money

  This post comes from J.D. Roth at partner blog Get Rich Slowly.

  We received a Costco coupon book in the mail. Costco -- a membership warehouse store -- has very low prices and generally does not take coupons. A few times a year, though, they send out fliers with special discounts.

  My wife flipped through the book first, clipping coupons for Kleenex, cat litter and Ziploc bags. When she was finished, I picked it up to look for things she'd missed.

  On the first page, I nearly tore out a coupon for $6 off a 10-pack of toothbrushes.

  On the next page, I was drawn to a coupon for four pounds of jelly beans.

  Later in the book, I was tempted by a stainless steel slow cooker. ("We already have a slow cooker," My wife muttered in exasperation when I showed her the coupon.)   Read More...

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• No wiggle room: Making life work on minimum wage

  Posted Jan 17 2008, 06:31 PM by Karen Datko
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  Filed under: spending, Get Rich Slowly, Simple Dollar, groceries
  Money Blog: Smart Spending Blog - MSN Money

  The minimum wage is $7.15 an hour where Moneychallenge lives. As an exercise, this blogger at The Great Money Challenge tried to figure out how to live on that kind of income. MC is counting on $900 in monthly take-home pay, and guess what: Monthly expenses in this imaginary budget consume every last cent, including $325 for rent (utilities and wireless Internet included), $115 for high-deductible health insurance, some debt payment and retirement savings, and not a single cent left over for emergencies or fun. MC figures a second job would be required.   Read More...

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