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Black Belt Shopping What Exactly is Black Belt Shopping? by Larry Wiener That’s a question I’m often asked when I’m talking with people. If you’ve been reading this column, you probably have some idea. Still, it’s been awhile since I’ve explained the system. Now that it’s the holiday season and many of us are doing more shopping, I thought it would be a good time to explain the whole paradigm. Basically, Black Belt Shopping has three components: First, saving on everyday purchases; Second, making wise decisions on major purchases; and Third, making good use of the money you save to attain financial freedom and improve the quality of your life. It involves using timing, choices, and information to your advantage. Put them all together and you have the mastery that the black belt status represents. Here are some details on the three components: Saving on Everyday Purchases Every family and individual makes a huge number of small and not-so-small purchases every day. We buy groceries, gasoline, long distance, dry cleaning services, and a host of other goods and services daily or weekly. We buy clothing, housewares, auto repair, and other goods and services many times each year. Getting the best deal on these everyday purchases can save huge amounts of money over time. Black Belt Shoppers learn strategies to lower the cost of these everyday items. Using coupons, going to closeout stores, learning about online auctions, and checking out yard sales and consignment sales are strategies that many of us use. The more strategies you learn, the more you save. Many strategies don’t involve lowering your lifestyle—just paying less for it. Here in Southern California, for example, the 99 Cent Store offers penny-a-minute long distance cards. As a large user of long distance, these cards allow me to call my friends and family at will. Setting up a speed-dial to do all the number dialing even makes it easy. Those of us who practice Black Belt Shopping know where to get the best value for every purchase. I buy my gasoline at a warehouse store I patronize whenever I can. I regularly buy pasta at the dollar store while I know which department store has frequent sales on the clothing I like to wear. Black Belt Shoppers know that everything from tomato sauce to cars goes on and off sale. And they know how to find out when and where those sales take place. Researching Major Purchases It doesn’t take much effort or planning to buy ketchup. You just find out when and were to get the kind you like (if you even have a preference) for the best price. Buying a car or a refrigerator, however, is another matter. Black Belt Shoppers assess their needs and preferences when making a major purchase, research the available options, and find out how to find the best value for the items that meet their needs. Black Belt Shoppers use Consumer Reports, Web sites, conversations with friends, and a host of other strategies to make sure they are getting the most for their money. They make rational decisions about buying new or used because they know that often high quality used (i.e. a highly rated used car or used quality furniture) is better than low quality new (i.e. a problem-ridden car model or poorly made furniture). They know that furniture goes on and off sale and that certain times are better to buy cars than others. Using the Money Saved To Improve Your Life Saving money is only half of Black Belt Shopping. The other is using the money you save to truly improve the quality of your life. Black Belt Shoppers move toward financial freedom by building their financial base and enjoying the freedom that comes with that stronger base. How do they do it? Here are three steps:
So How Do I Become a Black Belt Shopper? Everyone does this in his or her own way and this site is full of suggestions for how to move toward Black Belt Shopping. Each of our financial writers have a slightly different perspective and area of expertise, and together we provide a tremendous amount of helpful advice every month. I usually suggest that people start learning Black Belt Shopping by saving on food. If you haven’t used coupons before, that’s a place to start. If you have a dollar store nearby, check it out to see which of your food purchase items might be less expensive there. After you start saving, figure out how much you save each week. Then think about how you might apply that savings. If you are in credit card debt and barely making the minimum payments, put your savings into extra payments beyond the minimum. If you need to establish or beef up your reserve, use your money for that. I've also written a book, The Black Belt Shopper's Guide, that explains the paradigm in more detail and gives numerous suggestions and resources to help you gain the mastery that Black Belt Shopping represents. With 170 pages and more than 100 hyperlinks, it has a lot to offer if you want to take better care of yourself in the marketplace and financial worlds. You can order it here on the site. Check it out.
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Copyright © 2004 by Larry Wiener Want more money-saving tips? Get a FREE Subscription to our monthly newsletter!
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