Lending Club Blog

Preparing and Acting Quickly to Get the Best Deals

Great deals rarely last long. Perhaps that’s why so many people face the cold and darkness every Black Friday. The same principles driving those people can be applied to everyday purchasing decisions.

Preparing for a great deal comes in two forms: accumulating funds to cover the purchase and understanding the price point that makes a good deal a great one. Accumulating funds is critical if you truly want the best deal. Purchasing at a great price, only to have the balance sit on your credit card and accumulate huge interest charges quickly erodes the value of the deal. Knowing the normal and typical sale prices of the desired item will help you to quickly spot a deal too good to pass by.

There are a lot of ways to stay on top of the product you are watching, some general, some specific. You could periodically search on a price comparison site or configure a pricing alert. The alert will typically email you when your pricing criteria are met. For a specific item, you may want to look for a specific price alert site. When I was shopping for a Nintendo Wii, I refused to pay more than the MSRP. So I signed up with Wii Alerts to get a text message (on-screen and email alerts are also possible) as soon as a retailer had one in stock for the price I was willing to pay. A 3 AM text sent me running for my computer to make the desired purchase. At the time, Wii systems were selling on eBay for $500+. While Wii Alerts is great for video games and accessories, similar sites exist for many other products and services.

Proper preparation and understanding of prices are only going to get you so far. When the deal you are looking for finally comes along, it’s important to act quickly. I recently purchased a top-of-the-line car seat within 2 minutes of receiving an email that Target was carrying it for $40 with free shipping, even though it normally retailed for $280. Twenty minutes later, they were completely sold out. Since I knew it was a good deal and had the money in place, I had no reason to hesitate. As a result, I got the deal.

Shopping online allows us to get unbelievable deals, but only if we are willing to take advantage of them. At times it may be inconvenient (such as my middle of the night Wii purchase) but for the right price, it is certainly worth it. So get your money in place, understand the price that will get you to act quickly, and when the deal comes along, go for it!

What tools do you use to get great deals?

Wednesday, December 31st, 2008 at 9:02 am

Comments (1)

  1. practicalfocus:

    I find the web site http://www.buyvenue.com/dontfollow to be a
    great help when I want to shop online and find best products at
    best prices. This free access site (with no advertising clutter—how
    refreshing!) points to the most competitive price comparison sites
    and retailers, helpful product reviews, pre-owned merchandise,
    discounts, coupons and freebies, with lots of direct links to
    practical time and money saving consumer information and advice. I
    highly recommend this educational and informative site for saving
    money!

    January 1st, 2009 at 2:46 pm

  • Archives z

Recent Posts

We filed to go public today

We filed a registration statement with the SEC today… Read More »
August 27, 2014

Our Billion Dollar Quarter

We’re excited to announce  that we’ve facilitated over $5… Read More »
July 8, 2014

Is Lending Club Available in My State?

Is Lending Club available in my state? That is… Read More »
July 7, 2014

5 Things Everyone Should Do Before a First Interview

After spending hours drafting your… Read More »
June 24, 2014

Lending Club Joins Senator Cory Booker to Discuss Improving Access to Capital for Small Businesses

Read More »
June 20, 2014

Lending Club Named a CNBC Top 50 Disruptor for a Second Year

For the second year in… Read More »
June 17, 2014

PRIME is now Automated Investing

Lending Club is excited to announce that PRIME has… Read More »
May 14, 2014

Why Dana joined Lending Club, or, four things you should look for when you make your next move

Read More »
May 14, 2014

LendIt 2014

LendIt 2014 opened with a bang on Sunday night… Read More »
May 5, 2014

We’ve acquired a company!

Today we’re excited to share the news that we… Read More »
April 17, 2014