Smart shopping is not about buying the cheapest thing. It is about getting real value for the money you worked for. In this lesson of Mondosol’s Make Money course, Kofi shares simple tools you can use in any shop: a plan, the unit price, the waiting rule and cost per use.
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In this article
Start with a plan
Most extra spending happens when we shop without a plan. Shops are designed to make us pick up more than we came for.
- Write a list before you go, and stick to it.
- Set an amount for the trip, based on your budget.
- Don’t shop hungry. Food shopping on an empty stomach usually means more snacks in the basket.
Compare the unit price
The unit price is the price per kilo, per litre or per piece. In Norway and the EU, shelf labels in food shops usually show it in small print next to the main price.
An invented example:
| Product | Price | Size | Unit price |
|---|---|---|---|
| Cereal, small box | 35 kr | 500 g | 70 kr per kg |
| Cereal, big box | 59 kr | 1 kg | 59 kr per kg |
Here the big box is better value. But that only helps if you will eat it before it goes stale. Buying more than you use is not saving.
To work it out yourself: price ÷ amount. For example, 35 kr ÷ 0.5 kg = 70 kr per kg.
Use the waiting rule
Many purchases are decided in a few seconds. A simple rule slows you down:
- Under a small amount: fine to decide on the spot.
- Bigger wants: wait 48 hours.
- Big purchases: wait 30 days and put the item on a wish list.
If you still want it after waiting, and it fits your budget, buy it and enjoy it. Often you will find the wish has faded. This is the same idea as needs vs. wants.
Is it really a deal?
“Buy 3, pay for 2” or “50% off” feels like winning. Ask three questions first:
- Would I buy this if it were not on sale?
- Will I use all of it?
- Is the “before” price real, or was it only high for a short time?
A discount on something you did not need is still money spent. Coupons, loyalty points and student discounts are useful for things already on your list.
Think in cost per use
For things you keep, divide the price by how many times you will use it. Invented example: shoes for 400 kr worn 20 times cost 20 kr per use. Shoes for 900 kr worn 150 times cost 6 kr per use. The more expensive pair is better value, if it really lasts.
Second-hand shops and online marketplaces are another smart option: lower price, and good for the planet.
Watch: smart shopping tips
Video: “Unit Price” by Penn State Extension, on YouTube.
Video: “Get the Best Value Every Time You Shop” by Frugal Creative Living, on YouTube.
Try it: Kofi’s shop challenge
- On your next food shop, bring a list and an amount.
- Find two sizes of the same product and compare the unit prices.
- Put one “want” item on a 48-hour wait list instead of buying it.
- At home, write down what you saved, and what you would do with that money.
FAQ
What is a unit price?
The price per kilo, litre or piece. It lets you compare products of different sizes fairly.
Is the bigger pack always cheaper?
No. Often it is, but not always, and a deal is only good if you use it all. Check the unit price.
What is the 30-day rule?
For a big purchase you want but don’t need, wait 30 days. If you still want it and can afford it, go ahead.
Are store brands worse?
Not necessarily. Many store-brand products are similar in quality. Try one and judge for yourself.
Keep learning
- Practise it: open the interactive Make Money lessons in your learning journey.
- Previous lesson: Avoiding debt traps.
- Next lesson: Budgeting apps and tools.
- Related: Tracking your spending.
This article is educational and is not financial advice. Kofi is a character from Mondosol’s story cast. Example numbers are made up to show how the idea works.
