What Is a Price Book, and Why Do I Need One?
Prices rise and fall like the tide, making it hard to know when you’ll find the best deal. But what if there were a way you could anticipate when and where you might find the best prices? If you’re prepared to put in the effort, you can craft your own tool to guide you towards savings.
What Is a Price Book?
A price book is just what it sounds like: a book full of prices. Basically, it’s a record of your previous purchases, when you bought them, where you bought them, and what you paid.
Why Do You Need a Price Book?
Maintaining a price book can make it easier to spot trends and recognize good deals.
As you collect more data, you may be able to identify sales trends and cycles, so you’ll know when to shop for the best deals on your favorite products.
A deal book can also help you recognize good deals when you find them. It can be hard to remember off the top of your head how much you’ve paid for products in the past. Having a price book offers you a way to look it up, giving you more insight into when you should stock up and when you should wait for a better deal.
How to Organize a Price Book
The best method for organizing your price book is the method that works best for you.
Depending on your preferences, you might choose to use pen and paper, printable templates, mobile apps, or computer spreadsheets to organize your information. Digital options are easier to search, but paper copies can still come in handy.
Additionally, you can select how to categorize purchases based on your needs and shopping style. You might organize your book by products, categories, or stores. Whenever you make a purchase, just enter key information, like the date, store, product, brand name, size, price, and unit price, in the relevant location.
If you’re a hardcore deal hunter, you might record all your purchases. However, if you’re looking for less of a commitment, you can also just jot down the products you purchase most often. Either option can help you spot deals you might otherwise miss.
Never overpay again! Maintaining a price book can help you purchase the right products at the right time to save serious coin.