Purchasing Choices• Impulse Buying – When you do not think about a purchase ahead of time• Buying Plan – Evaluate needs and wants – Gather information – The “Purchase” – Evaluate the purchase
Step 1 Evaluate Needs and Wants• Think about items you really want or need• Set Criteria – standards or rules by which something can be judged – Ex: features, functions, and quality• Set a timeline• Set a spending limit – maximum amount you are willing to pay for an item
Buying PlanNeed/Want Item Item Criteria Timeline Spending LimitShoes Tennis shoes Cushion By Nov. $70 Arch supportCell phone Type of Camera By Dec. $60 phone Keypad textingClothes for Dress/ Pretty/affordable March $200prom tuxedo
Step 2 Gather Information• Comparison shopping – Know your options – Internet • Good place to do product research – Rebate • Refund part of the purchase price of an item – Payment
Each purchase involves 2 choices Can you name them? What to buy How will you pay
Step 3 Make the Purchase• Good condition• Check warranties• Keep receipts• Return policy
Step 4 Evaluate the Purchase • Are you satisfied?• Do you feel good about the $ spent? • Does it meet the need or want?