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How to Save Your Money Part 1: How to Avoid Negative Spending Habits

Everyone loves grabbing the best bargains or a bit of retail therapy. We know the feeling of achievement when you find something at a discounted price and feeling happy that you’ve saved some money.


There’s also nothing wrong with hitting the shops if you need a little pick me up or just fancy treating yourself. There’s nothing like getting a weekend takeaway after a stressful week at work or getting a new outfit for an upcoming event.


However, if you’re wondering how to save your money, sometimes the best thing to do is think about your spending habits and if you need to change them. If you’re always waiting for payday, there a few things you can consider to save the pennies.


When we developed PIWoP, we wanted to help people get the best bargains. But with our industry knowledge, we also have some top tips for avoiding negative spending habits:


Do you really need the item?


Sometimes, an item can be appealing because it’s on offer and you don’t want to miss out on the discount products. Think about if you’re buying the product because you really need it or if you’re just tempted by the money off sticker. This will quickly stop any unnecessary purchases!


Do you need to buy it now?


If you don’t need something immediately, think about if you can wait until the end of season sales. The best shopping deals usually appear in January or on events like Black Friday, so if it’s not an urgent need, you’ll save the pennies later on! While it’s easy to feel excited when you find the product you’ve been looking for and rush to buy it, it could be beneficial to wait.


Why are you buying it?


There’s nothing wrong with making the most of shopping deals every once in a while, especially if you know you deserve a treat or are rewarding yourself for something. However, if this is happening on a weekly basis, it might not be the right way to go about making yourself feel better. If you spend money when you’re stressed or bored, there are plenty of other activities you can try that won’t cost as much!

With PIWoP, you can have the thrill of the bargain-chase without the financial pain. If the item you want does get reduced you can review your buying decision in the cold light of another day!

 

PIWoP: Shopping Trends to Look Out For

It has been found that 67% of millennials prefer online shopping to browsing stores. It’s becoming increasingly easy to scroll through our phones and add items to our basket, then at the click of a button they’re on their way to our house with next day delivery. However, many still head out into the chaos of the end of season sales in order to get the best shopping deals.


Consumer habits are changing now more than ever. The stats show us that young people are on the lookout for discounted items online, but what about those who still prefer to look at things in person? Lots of people still want to head to the shops, but without the hassle of navigating crowds and piles of sale items. As a result, changes to shopping trends are imminent, so whether you’re a growing business or savvy shopper, here’s what to look out for:


1 – Integrated payment systems

If you’re out and about and find a bargain on your phone but don’t have your purse or wallet to hand, items can often get abandoned; who wants to stand around entering their card details or rummaging around trying to find their card. Integrated payment such as ApplePay and face recognition mean that consumers can get their discounted items online completely hassle free.


2 – Dressing room apps


Some shops now enable you to see your item on a mannequin that you’ve selected as being a similar size to you. So, if you’ve spotted a shopping deal that’s too good to miss but you want to be sure it will look right on you (and you don’t want to risk the no returns policy on a sale item) this could prove very helpful.


3 – Social media


Gone are the days of being over-sceptical about making purchases over social media, it’s now a legitimate place that people look for all kinds of items, from low price TVs to cheap electronics.


4 – Making consumer experience as convenient as possible


Whether that be shop assistants having more specified knowledge on sale items to assist shoppers faster, or businesses adapting their marketing strategy to alert people via an app rather than an email of the latest shopping deal, retailers who keep up with consumer demands and aren’t afraid to adapt to trends are the ones that will succeed.

 

Money Saving Tips with PIWoP

When it came to designing PIWoP, we wanted to create a tool that would help consumers save money as well as save time.


Our tool enables users to list an item they want along with the website it is from and state the price they want to pay for it. When the item has met or fallen below that price, we send you a notification! However, we have plenty more to offer when it comes to money saving advice.


We know that savvy shoppers love grabbing a bargain – the place with the best deals is influencing where people do their shopping now more than ever. Last year it was found that two thirds of British shoppers chose discounted brands such as Lidl and Aldi.


So, here are a few money saving tips for both online and offline shopping:


1 - Be savvy towards what is really most affordable


If you’re wondering how to save your money when doing your food shopping, check if special offers really are saving you cash. For example, sometimes a larger pack of something might be on offer, but you might actually get more for your money if you buy two or three smaller packs of the same item.


2 – Leave items in your basket


One piece of money saving advice that is becoming popular across the internet is to leave items in your basket on shopping websites. While this frequently happens because people abandon their baskets when they see the price or simply forget, it can actually be a way to purchase the product for cheaper. When a website picks up on the fact you have left items unattended, it’s been found that some will send you a discount code or coupon to encourage you to complete the purchase.


3 – Don’t be tempted just because something is on offer


Everyone knows how tempting it is to buy something because the offer seems too good to be true, but remember not to get sucked in just for that reason! One easy thing to do when it comes to knowing how to save your money is to be sensible and quite simply only make the purchase if it’s something you really need!

 

PIWoP - Get to Know Us

By now you know that we are a price drop alert tool, but you might not know exactly how we work. When we created PIWoP, we wanted to offer something different to price comparison websites. We put the consumer in charge, where they choose when they want to hear about price drops. So, we called ourselves PIWoP – the Price I Want to Pay tool.

Here’s how it works


If you see an item that you like the look of but you don’t want to pay full price for it, you simply enter its details into our price drop alert tool, along with the price that you would want to pay for it. When a sale or price drop occurs, we send you a notification! This cuts out any time spent searching for discounts and you can be safe in the knowledge that as soon as your desired item comes down in price, you’ll know about it.

What else?


You don’t pay for PIWoP until after you have received your first 5 PANDA notifications! Whatever you find in whatever store, in any currency, you can enter it into your tool. If for some reason the tool isn’t picking up on what you’ve entered, let us know and we’ll do our best to find it for you. Whether you’re looking for cheap appliances or discounted electronics, you can be the first to hear about their new lower price.

 

What’s the PANDA about?


One last thing, you might have seen from our website that we’re a fan of pandas. When your item goes below your PIWoP, you’ll get a Price Alert Notification at Desired Amount (PANDA). Not only this, but every time you save on an item, if you do choose to purchase it, you’ll also have the chance to donate to WWF, who do a lot of conservation work for our favourite animal.

 

The Cyber Changes in Shopping Habits

It has been found that 67% of millennials prefer online shopping to browsing stores. It’s likely that this percentage increases when it comes to shopping in sales as people strive to avoid the chaos that ensues in store.


It seems that even major sales fail to bring people out onto the high-street as they did in previous years. On Black Friday last year, pictures were shared online of empty shop floors and staff at a loose end, prepared to tackle queues when there weren’t any to handle! On the other hand, Cyber Monday saw hundreds of websites crashing due to too much traffic. Year on year, Cyber Monday sees a 4.8% increase in shoppers, with the number of people making purchases increasing by 12.4%. These consumers aren’t just browsing; it would appear shopping online means more purchases are made!


What does this tell us about the changes in shopping habits?


Although people weren’t keen on leaving their houses to get the best bargains, they were happy to scroll through their phones late into the night, with most shopping being done between the hours of 8pm and midnight.


What does this really mean?


Cyber shopping is happening more commonly and the speed at which people make purchases on their phones is largely due to the fact that they already know what shopping deals they are looking for. On the occasion that people do browse the shops, they simply spot what they’re after and take note of its details so they can easily search for it online to keep up with any price reductions at a later date.

 

Where does PIWoP come in to this?

 

Our price drop alert tool takes away the need to even search for discounted items online. Know what you want? Simply share the webpage the item appears on with PIWoP via our online tool and enter the price you want to pay for it. When that items drops to below that price, we’ll send you a notification! This can be anything from clothes to electronic goods and supermarket products. With the accelerated rate that cyber shopping is changing, PIWoP is the next step in cyber shopping and cutting out any time-consuming browsing!

 

Welcome to PIWoP Beta Testing

Price I Want to Pay or ‘PIWoP’ is proud to announce it has entered Beta phase testing. Currently available by invitation only, PIWoP is set to go live to all users mid 2017. The service enables shoppers browsing their favourite online retailers to mark (or ‘PIWoP’) items and set the price they would like to pay for them if they ever went on reduction. PIWoP then monitors that item and if it is subsequently reduced below the amount set, the system sends a notification to the user so they can bag a bargain!

It’s a completely ‘Fire and Forget’ model, with no need to keep checking back or resetting values, you just get on with your life whilst PIWoP’s Bamboo engine monitors all your PIWoP’s for you.

When PIWoP goes on general release it promises to disrupt online buying habits with its unique service which costs less than 67p a month, a fraction of what users will save.

PIWoP buttons for most major browsers are currently under test and Apps for iOS and Android follow shortly.

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