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Chapter 7: Bargain Shopping

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1 Chapter 7: Bargain Shopping
Unit 3: Financial Planning and Insurance

2 Explore Examine the charts, graphics, and reading excerpts in Chapter 7: Bargain Shopping. Make a list of questions you would like to have answered as we go through the chapter.

3 Introduction WB: Before You Begin, pgs. 144-145 Journal:
Review the Learning Outcome objectives and Key Terms Complete the “Before” column on the “Measure Your Progress” chart Journal: Explain the best deal you’ve ever negotiated.

4 Bargain Shopping: Part of a Healthy Financial Plan
Section 1

5 It’s Okay to Want a Better Deal
Video 1.1 (7 minutes): It’s okay to want a better deal Journal: Why do you think it’s so uncommon for people in our culture to negotiate? Read: The benefits of being a wise consumer (p. 147)

6 Discussion Questions How can shopping for bargains help you win with money? Spending less on purchases allows you to save more money and should be a part of your healthy financial plan. How do you show integrity in negotiating a deal? In no way misrepresent the truth Do not set out to harm the other party Work to create a win-win deal. What is the first key to getting a huge bargain? Learn to negotiate!

7 The Seven Basic Rules of Negotiating
Section 2

8 Negotiate With Integrity
Video 2.1 (12 minutes): Negotiate With Integrity Journal: Explain why it is not necessary to purchase product replacement warranties.

9 Activity Activity: Food for Thought (30 minutes)

10 Know How to Score a Good Deal
Video 2.2 (15 minutes): Know how to score a good deal Journal: Explain how you can get a better deal on something using cash rather than credit.

11 Discussion Questions Explain how using cash can increase your power of negotiation. Cash is emotional, visual and has immediacy which can contribute to negotiating a better deal. How can you use “walk-away” power in your negotiation? If you keep from getting emotionally attached to a purchase, you can always walk away if you are not able to get the deal you’re looking for.

12 Know How to Score a Good Deal
Video 2.3 (10 minutes): Know how to score a good deal Journal: Explain why silence is powerful when negotiating a deal.

13 Discussion Questions Why is it important to know when to stop talking when negotiating a good deal? As the buyer, it’s not your job to come up with the price. You should let the seller work for your business. Silence is a powerful negotiating tool as it puts the seller on the spot to win your business with a great offer.

14 Seal the Deal Video 2.4 (7 minutes): Seal the Deal Journal:
Why is bargain shopping an important part of a healthy financial plan?

15 Discussion Questions What are the three keys for getting bargains?
Negotiation, patience, and knowing where to find good deals. Where have you had the most success at finding great deals? Explain how the “If I” take-away technique works. You and the seller agree to a price, but then throw something else into the deal.

16 Activity Activity: The Seven Basics of Negotiating (10 minutes)

17 Places to Find Great Deals
Section 3

18 Where to Find Great Deals
Video 3.1 (11 minutes): Where to find great deals Read: How to Help Stretch Your Hard Earned Money (p. 155) Journal: Have you ever used social media to get a great deal on something?

19 Name the Price Mrs. McClellan needed a new entertainment center. So she went to find a deal! Spot the problems. Estimate the cost for a solid pine cabinet with shelves. Was it worth the price?

20 Discussion Questions What are some ways that you can make your money go farther? Negotiate, know where to find good deals, buy off-brands, comparison shop, buy slightly outdated technology, shop at the end of the season, etc. What are some alternatives to shopping at a typical store? Garage sales, pawn shops, online auctions, etc. What is, typically, the motive of private sellers? Unlike commercial sellers, they aren’t trying to make a profit. Instead, they are trying to get some money out of stuff they no longer need.

21 Activity Activity: Double Discounts (20 minutes)
Computing Discounts (20 minutes) Bargain Shopping (20 minutes)

22 Chapter Summary Budget Builder –
Take Action Challenge, pg. 157 Study Guide: Money in Review, pgs Complete the “After” column on the “Measure Your Progress” chart, pg. 145.

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