Personal Finance News Friday 6/21

Phil's Personal Finance Tip of the Day:

How to Get the Best Deals at Thrift Stores

By Jeffrey Strain, Saving Advice.com

 

While it might be a bit more difficult to score great deals today than a few years ago, that doesn’t mean that the great deals no longer exist. They’re there if you know how to find them. I find that there is a sort of art to scoring great deals while thrift shopping. Here are 10 strategies I use to get the best deals at thrift stores:

Neighborhood Counts

When you go to a thrift shop, one of the biggest mistakes that many people make when looking for great deals is that they go to the closest shop to them. What you really want to do is go to the store which is located nearest those who have the highest income in your area. The reason for this is simple. Those people who donate with higher incomes often donate more expensive items and clothes. While these may eventually make their way to the other stores in the area (stores located in higher income areas often get more donations than they can use and send surplus to other stores that don’t get as many donations, but it is usually items that haven’t been selling on their store, not new items that have just arrived), you have the best chance of scoring a really good deal at the thrift shops located in higher income areas.

Know the Stock Day

Unlike regular stores which constantly restock items on their shelves, thrift stores often only restock a couple of days a week, with one day usually being the main restock day. Knowing this day and getting their early on it gives you the opportunity to look at the newest items on display before anyone else increasing your chances of finding a great deal than if the item had been on the floor for a few days. You can simply ask one of the workers and they will almost always be willing to tell you their restocking schedule.

Return Regularly

If you’re hoping to get good deals, you have to go to the thrift shops on a regular basis. You never know when something great is going to come in. Sometimes great deals arrive weekly while other times nothing good seems to come in for months. Since they don’t carry standard merchandise like regular stores, but simply sell whatever is brought in, it’s important to go consistently if you are to score the best deals. The more consistent you are in going on a regular basis, the better chance you have of being there when that great deal is put out on the floor.

To read the entire article from Jeffrey Strain, Saving Advice.com:
http://www.savingadvice.com/articles/2013/06/18/1015894_how-to-get-the-best-deals-at-thrift-stores.html

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Hi my name is Philip J. Miano and I am the founder of PJM Personal Finance and Productivity Coaching specializing in Budgeting, Debt Reduction, Bank Reconciliations, Goal Setting, Time Management, and Organizational skills. Please visit my website: http://pjmcoaching.com.