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Buffett and Munger don't like to pay full prices. Do you?

Sunday, February 15, 2015

It is hard not to mention how important it is to save money whenever I blog or talk because it is so much a part of me. Now, by saving money, I am not just talking about paying ourselves first. I am also talking about how I try to get the best deals.

Today, I thought I was meeting some friends and when I messaged one of them, I found out that I was mistaken. So, I decided to do some window shopping. Nice, lazy Sunday. Then, suddenly, I felt like having a cold Ribena drink. It was kind of strange but I just felt like it.

So, I walked into the supermarket in the mall and saw that it was going for $1.70 a packet. Those that were chilled would cost 15% more! Reminding myself that there was a Watsons in the mall, I decided to check if they had the same drink at a special price.

Wow! Chilled Ribena drink in Watsons was cheaper at $1.50 a packet and the special deal was "Buy 2 for $2". Jackpot! So, basically, I got 2 for the price of 1.

Since I was in Watsons, I decided to see what other good deals they had and I found these:

Usual price: $8.20 each. I paid $8.80 for 2.

I am always getting paper cuts. Using hand mosturisers each time after I wash my hands help to prevent paper cuts. Rosken is an inexpensive brand which I have been using for years and the pharmacies here have special deals once every few months. Those are the times I would buy.

People sometimes laugh at me and ask me:

1. How much can you save?
2. Aren't you spending more by buying more?

Well, I believe that savings no matter how little do add up. If I am able to get more bang for my dollar, why not? If it is something I use regularly, why shouldn't I buy more?

This thinking is not something that I apply only to the small things in life. I am like this with bigger things in life too. 

I will try to find value for money in big ticket items like cars, apartments and stocks too. 

If something has become a habit, it pervades our lives. Always looking for the best deals is a habit for me.

So, how much money did I save in the process of pampering myself with chilled Ribena drinks and buying what is an essential item for me? Well, there could be several answers to this question. So, I will let whoever is interested derive his own answer:

Of course, for those of us who did Economics in school as a subject, we will remember that all of us have imperfect knowledge, so, it could be very difficult, if at all possible to get the best possible deals all the time. 

If we did get the best possible deal sometimes, we were probably lucky. 

However, this shouldn't stop us from trying. For anyone who is always paying full prices, getting better deals is already a fantastic start.

"Whether socks or stocks, I like buying quality merchandise when it is marked down," Warren Buffett.

"... all that is required is a willingness to bet heavily when the odds are extremely favourable, using resources available as a result of prudence and patience in the past," Charlie Munger.

Related posts:
1. Song Stonecold: Getting value out of everything.


owq said...

Hmm, AK, but looking at those unit prices it's not very cheap?

It's significantly cheaper to buy the Ribena concentrate. 750ml of lotion usually costs about $8 too.

AK71 said...

Hi owq,

Oh, yes, those options would be cheaper but it has to be a like for like comparison. :)

There is a price to be paid for convenience which is what a pack of chilled Ribena drink is and I just tried to make sure that I didn't pay too high a price for this. ;)

As for the lotion, there are many cheaper lotions out there but I have found a few brands of moisturiser which are better for me and Rosken is a cheaper option that I have found acceptable. Some cheaper ones leave an uncomfortable feeling like having a layer of plastic on the skin. Some are too sticky. Well, you get the idea.

Since Rosken products work for me, I try to get better value for money by buying them at marked down prices. ;)

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