You really should apply good consumer skills to your purchase decisions. How so you say?

Well think about it, do you really want to go through life spending more than you have to for things you buy? Or what about paying higher fees for things people get for a lot less, or even for free?

It really just takes an analytical, systematic approach to decision making. In fact, you can apply this to lots of things in life.

Here’s a step-by-step approach that really helps:

1 – Consider the item, thing or service you want.
2 – Look at several options for each – Let’s say three different ones.
3 – Consider to alternatives and consequences of each option.
4 – Make your decision…go ahead, pick one!
5 – Analyze the results of your choice. Did it turn out the way you wanted? What could your of done differently for a better result?

Congratulations! Now that’s applying good consumer skills. It applies to buying a car, renting a house, purchasing a smart phone, even buying an ice cream cone! In the end, if you think carefully about each purchase, you could save yourself big bucks!

April is National Financial Literacy Month, Talkin’ Money’s favorite month! To celebrate the importance of being financially literate, we’re going to post financial literacy tips every day.