How To Save On Almost Anything

Now more than ever, it's possible to save money on almost anything you buy, if you know how to shop, according to Smart Money magazine.

It's uncovered some secrets to smart shopping — where to go, when to score the best deals and who can help you get it done.

Even if you consider yourself a great bargain hunter, you may not realize just how many things are negotiable these days.

Smart Money Senior Editor Leigh Gallagher says it's even possible to save on services like medical care and big-ticket items such as college tuition.

On The Early Show Wednesday, Gallagher explained how to get discounts on a variety of items and services.

"The Internet has really changed the way we shop and changed the way things are priced," Gallagher pointed out to Russ Mitchell. "Obviously, there's been an explosion in the number of discount sites. There's now a site in almost any category. There are sites that compare the categories.

"But the Internet has helped in another, more important way. That is, it's really made pricing transparent. It's … given consumers far more information at their fingertips to sort of be able to see what's selling for how much, and what's not selling, and you can really use that information not only to know when to negotiate, but by how much."

That even applies in the doctor's office, Gallagher says.

"Who would think that you can negotiate with your doctor?" she asked, rhetorically. "Well, you can. Most people don't try this. Only about 10 percent of Americans try it, but 60 percent of those who try are successful.

"This is a great example of where you can use information that is now available and free. You can go online and basically find out the Medicare reimbursement rates for almost any procedure.
"That means that, basically, you can find out what your doctor is getting reimbursed. So, then you know you can offer that price plus, say, 10 percent, and he or she will probably take it. To sort of sweeten the deal, you can also offer to pay up front. Most people forget that doctors are also running businesses. They have to chase down people to pay a lot. So, if you can pay right there, we talked to one woman who got 20 percent taken off the price of her MRI just because she paid right then and there."

That, of course, applies to times when you're footing your own bill, not when insurance is involved.

One item the Web isn't influencing pricing on as much, but on which you can still score big if you know the way, is clothes.

"Here, the secret is a little more low-tech," Gallagher observes. "When you're shopping for clothes, the key here is to be loyal. Concentrate your shopping among just a few stores, because salespeople are told to basically form relationships with clients who are frequent shoppers and really, you know, they can't really cut the price in half for you. What they can do is hold merchandise for you that's popular. They can tell you, if you're about to buy something, they can say, 'Look, don't buy that now. It's about to go on sale next week,' which is, in effect, saving you lots of money."

That technique even works in the large, corporate-owned chain stores, Gallagher adds.

"We spoke to a number of stores that confirmed for us that they're encouraging their salespeople to form these kinds of relationships," she says. "You can finesse the relationship and form a friendship with the salesperson. They don't want to lose their business and will do what they can to keep it."

Electronics is another area rich in potential coups for consumers.

"Here, the secret is timing," Gallagher notes. "Prices on electronics tend to drop after the big trade shows. There are two big ones to note here. The Consumer Electronics Show in January and a photo show in February. Prices drop immediately after all the new products come out.

"If that's a little too complicated to remember, there's another rule of thumb here: There are two sales seasons that are sort of fail-safe. And that is the six weeks right before the back-to-school season, and then the holiday season. Prices on electronics tend to drop at those times of year, and you can really get discounts of 20 percent, 30 percent, even more."