Making Decisions about Needs and Wants | Shopping Tips

Making a decision involves choosing between alternatives because the individual or business cannot meet or afford to pay for all their wants at a given time, because of the scarcity of resources. 

Here are simple shopping tips on how to make good decisions about needs and wants:

1. Make a shopping List: Create a list of items you wish to purchase.

2. Set a budget: What resources do you have at your disposal? Determine how much you can afford to spend on each item.

3. Identify your needs and wants and put them in separate lists.

4. Prepare your scale from the most pressing one to the least pressing. A scale of preference is a list of unsatisfied wants arranged in order of their relative importance.

5. Calculate the costs and decide on what you want and can afford.

6. Do some research: Research can be done online or offline. Read reviews, compare prices, and gather information to make an informed decision. Information can be gathered via google or from family and friends.

7. Compare prices: Before making a purchase, compare prices across different stores or online platforms or get price quotations from several sellers. You might find the same item at a lower price elsewhere. This will help you save money and possibly buy other items you could not afford previously.

8. Keep an eye out for sales, discounts, and coupons. Many stores offer loyalty programs or have email newsletters that notify you of upcoming promotions.

9. Make sure the product you are buying is authentic or the service provider has the appropriate license.

10. Do not purchase an item until you are sure you really need it.

11. Try before you buy: If you’re shopping for clothing or shoes, try them on before making a purchase. If you are buying a television make sure you test the picture quality and sound, etc.

12. Read the return policy: Confirm if you can return a product if it does not work.

13. Confirm the warranty period: A warranty is a promise by the buyer to repair or replace it if necessary within a specified period of time, for example: 6 months, 1 year, or 2 years.