Price Point Sheets

I wrote this for the PYP blog. We'll see if it gets "published" by them.


You know on TV where they show people on Wall Street doing their trading? There they are, pens and clip boards in hand, getting ready for the big trade. Suddenly the floor is hopping, the men in their suits, the women in their business gear, all jumping up and down yelling, "Buy, buy, buy."

Over the last couple of years as I've been couponing with the help of pinchingyourpennies.com I have often felt that same excitement to "Buy, buy, buy." Many volunteers peruse the ads, match up current coupons with the sale items, and add their expertise on good price points and sale cycles, then rate the grocery items for us. Items that are hot have 4 and 5 star ratings. Often these very 4 and 5 star deals are the ones that have me jumping in my computer room yelling, "Buy, buy, buy!" (Ok, not literally). Consequently, my pantry and storage room have been filled with these great deals.

I started to realize though that I was buying not because I needed the item, but because of the rush of the "good deal." Many items I was overbuying. A lot of these items cycled in sales throughout the year and we couldn't use them all by their "best used by dates." I also didn't know what I was actually paying for each of the items in my storage. I knew I was getting a good deal, but couldn't remember just how good. I knew I needed to keep a better record so I could use my budget wiser.

At the beginning of 2008 I made an openoffice spreadsheet (this is like excel, but free). I listed the date, store, quantity purchased, the item name and category, its size, the price, any coupon discount, additional promotions, and the final price paid. After each shopping trip, I dutifully plugged in each of my purchases into the spreadsheet. This may seem a little OCD, but it has proved so valuable to me. This became my official "Price Point Sheet."

I can see exactly what I spent on each item I bought. I can see how much I saved by using coupons. I can see how much I spent on each category of items (baby care, dairy, cleaning supplies, etc). I can also start to track on my own sale cycles and price points.

And, with the 2008 totals calculated, I learned that I used $2270.00 in manufacturer's coupons. That is a lot of savings. I also learned that I spent $4394.39 on all my grocery items for the year. That averages to $366.20 a month spent on all my grocery purchases (baby, cleaning supplies, health and beauty items, and food storage supplies). I would say that is pretty good for a family of 6 with a decent salary.

My 2008 goal of keeping track of my "buys" was a success. I am continuing with my price point spreadsheet for 2009. I figure as I keep a record like this I will have a better grasp on prices and sale cycles, I might even become my neighborhood price sage. I have another goal for this year, too. We are still a family of 6, but we no longer have a decent salary. Now that I have a record of price points and quantities, I can see what deals I can pass on (yes, you can miss a sale) and what I can cut out. I also feel more confident in my buying abilities.

I highly recommend keeping a price points sheet. And though you might have less, "Buy, buy, buy" rushes, I think you will be happy with your recorded results.