Buying DecisionsMake Good Choices

Objectives

• Purchasing Choices• Buying Plan

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 Limit

Shoes Tennis shoes CushionArch support

By Nov. $70

Cell phone Type of phone

CameraKeypadtexting

By Dec. $60

Clothes for prom

Dress/ tuxedo Pretty/affordable March $200

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 buyHow will you pay

Step 3

Make the Purchase• Good condition• Check warranties• Keep receipts• Return policy

Step 4Evaluate the Purchase

• Are you satisfied?• Do you feel good about the $ spent?• Does it meet the need or want?

It’s Your Money You are In Charge!!