7 Tips to Negotiate a Great Deal

When you love to spend and shop as much as I do, you need a few tricks up your sleeve to maximize your money. Because when the cash in my shopping clip is gone, it’s gone—at least until next month’s budget!

So, how do I stretch my spending money further? With a little know-how and some people skills! I’m talking about the art of negotiation, you guys. I use it all the time and love it! Here’s how you can, too.

  1. Always tell the truth. No little white lies allowed. You’ll feel better—and be more eager to share your tips for success with others—if you maintain your integrity.
  2. Use the power of cash. This right here automatically sets you apart from the competition. A buyer who guarantees payment, even at a discount, beats out a buyer who promises but may not be able to deliver.
  3. Know when to walk away. You guys, if we want to really love our lives and our bank accounts, we can’t get too attached to stuff. So, if you can’t come to an agreement that feels right to both you and the seller, kindly pass. And who knows? That might be what it takes to reach a compromise!
  4. Know when to stop talking. I love to talk. But I also know how much silence pays off! When you make an offer, resist the urge to explain, defend or coerce. Just wait. Let the seller do the talking and see what happens. You might be surprised. After all, good things come to those who wait.
  5. Use the line, “That’s not good enough.” This might seem harsh, but you can say it without being mean. Use a friendly tone and smile. Stick to your commitment to honesty and let the seller know where you stand. Remember, this is your hard-earned money. Honor that by showing your money some dignity and respect.
  6. Keep an eye out for the “good guy, bad guy” technique. You’ll know this is happening if the person you’re dealing with directly wants to give you the moon but the guy in the back says they can only give you a moon pie. Basically, if you’re offered a deal that’s hardly any deal at all, you’re probably getting played.
  7. Practice the “If I take away . . .” technique. When you want an item and the deal truly stinks, add something else to the package. Let’s say you’re buying a bed and it costs $500. Tell the seller you’ll pay $500 if they throw in a dresser, too. If the seller says no, explain that without the dresser, you’ll need a discount on the bed.

As you negotiate, remember this: Be patient. I know it can be hard, but I promise, you guys, it pays off . . . literally.

Saving money with great deals is awesome, but it doesn’t really matter if it goes right back out the door. If you want to learn how to take control of your money, check out Financial Peace University.