Posted by Mike Smith :: January 1, 2009 @ 9:09 am

It’s easy to see that an item is on sale and think that you’re getting a good deal. Even better is to know the unit price you typically pay and compare that to the offered price.

I seem to remember that Hannaford Supermarkets previously did not believe in having sales or requiring customer loyalty cards. I suspect their logic was that it was better to offer fair prices all the time than to have sales on over-inflated prices. I’ve found that regularly priced items at one retailer are often less expensive than sale prices at other stores. As I mentioned in my post about Wholesale Clubs, it’s important to always compare unit prices, since different retailers may carry different package sizes.

If you have trouble remembering the unit price of many items, you can keep a small notebook (or PDA, etc.) with you as a reference. You can list the product, regular unit price, and store. Only keep records of the lowest prices that you can find. You can also make a separate entry for the sale unit price, which may be at a different store. When you’re out shopping, you can reference your notebook before making a purchase. If the price is better than the normal price you pay, you may choose to purchase it. If it’s better, but not as good as the best sale price you’ve gotten, you may hold off depending on how urgently you need the product. When you see an item offered at, or below, the best per unit price you’ve even seen, you might choose to really stock up.

Following this method will let you get the most for your money. Knowing where to shop for which items may lead to more driving, but lower gas prices make that much less of a financial burden. Whether you memorize the prices of your most common items, or keep a notebook for everything you buy, you’ll ensure that you never get blinded by the glow of a sale and end up paying more than you should.

Do you know the unit price of items you regularly buy?