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All Borrowing Credit Debt Financial Capability Financial Well Being First Time Home Buyer Max Income Protecting Savings Spending Taxes

4/30/2019 0 Comments

JUST DO THE ARITHMETIC and Get the most for your money

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It is not just how much money you make; it's how much you keep that makes the difference in your life.

Getting the most for your money is one way to do that. Making the right buying decision is an important skill to master. And a great habit to develop. Here's a way to do that:

Comparison shop everything, all the time, not just the "big items." To do that successfully you must be able to compare prices on your most frequently purchased items. To do so, you must use Unit Pricing. You can compare “apples to apples” with the Unit Price. Here is how to know and evaluate the unit price:
  • Check the shelf tag.
  • Do the arithmetic. It's only arithmetic. It is not math.You know: just add, subtract, multiply, divide.
  • Use your phone's calculator and data storage functions to find and recall unit prices.
  • Don't assume bigger is always cheaper. Bulk, warehouse and other "value" sizes don't always have the lowest unit price.
  • Use Base Units for comparison
    • Oz
    • Gram
    • Liter
    • Pound/lb
    • Gallon
    • ​Sq ft
  • Be able to recall the numbers on your most purchased items
    • Organize and use your phone's data storage and recall capabilities
    • Delegate to different family members items that are important to them
      • Kids can keep track of the price  and find "deals" on their favorite foods, clothes, tech, travel, etc.

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    Mansa Musa is a homeownership counselor and homebuyer educator. He is currently the Principal at MoneySmartLife.org. He blogs and speaks on subjects of financial well-being and financial capability. Helping working class families live a sustainable MoneySmartLife through pragmatic solutions and behavior changes.

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