Ever want something so much that regardless of the price, you would dish out for it?  I would be surprised if you said “NO”.  The frugal thing to do is NOT make the purchase and move along but sometimes when you’ve made up your mind, your frugal sixth sense never has a chance.  What if I say that it’s okay to make that purchase although it’s not on sale.

Here is how:

Most retail stores, if not all, will have some type of price adjustment period which range from 7-14 days (14 days is the most common).  Usually this is printed on the back of the actual receipt or located on a small sign tucked away behind the sales counter.  If the policy is not readily available ask a sales rep, check the company’s website, or call/email customer service.

@ brick and mortar (B&M) locations

To do a price adjustment at a store, all you need to do is bring in the original receipt within the 14 days, or whatever timeframe their policy states, and get a refund (purchased items do not need to be presented).   I worked at the GAP in college and I did price adjustments for our “regulars” frequently.  Some “regulars” would even return the item if it didn’t go on sale like they forecasted.

@ online retail shops

Online retailers don’t always have their price adjustment policy advertised on their website, but a majority will honor one whether it is listed or not.  To be on the safe side, it is best to call or email in advance.  A friend of mine purchased a sweater online ten days ago and a few days later she found that is it was $20 less.  She called the 800 number, provided an order number, purchase date, and successfully received a price adjustment.

In both cases, B&M and online, the merchant will automatically credit the amount to your credit card or give you cash in return.

Remember this Circuit City commercial from the 90s?  This is exactly how it works!  It’s such a simple concept, but no one ever does it.

Here are a few extra price adjustment tips that YOU SHOULD KNOW:

1. Know your product.

Brand new items generally will not drop in price after two weeks introduction to the market.  Monopolized products rarely go on sale.  Items with high inventory turnover are your best bets.  Clothing is an excellent target.

2. Ask your B&M when they do markdowns.

When you find out, check in like clockwork.  Chances are your new sweater vest has gone out of style and down in price.

3. Online prices normally drop faster than B&M stores.

Many online stores are set up to drop prices based on inventory levels (based on my anecdotal experience with apparel).  For example, my friend Vicki recently purchased a pair of pants for $40 online.  At the time there were three colors and ten different sizes to choose from.  The pants she picked up ended up being a popular item and three days later only sizes 00 or 12 remained.  The retailer then dropped the price to $25 to liquidate the selection creating an excellent price adjustment opportunity for her.

4. Special promotions are not markdowns.

Price adjustments are only honored when the actual price drops not when special coupons are used or promotions occur.

In the end, you can save a lot of money and still buy exactly what you want.   All it requires is knowing your rights as a customer!  There’s a lot of folks out there that say, well my time is  money.  What about opportunity costs?  To them I say, blah blah blah.  If you can get an adjustment of $15 on a $45 sweater or $40 on a $200 Blu-Ray player, it’s definitely worth your time.

Have you ever done a price adjustment?  If so, was it a smooth experience for you?  If you haven’t, why not?

Have a great day!

Photo Credit: FreeDigitalPhotos.net

(Collaborated with my friend Vicki)

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