Smart Tips for Maximizing Savings When Shopping Online

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With so many great deals available, shopping online can be a wise financial choice as long as you’re maximizing your savings. Find out how to do just that. 

As we near the end of 2023, you’re likely doing some online shopping. Whether you’re getting holiday gifts for your favorite people or purchasing the household essentials, electronics, and other items you’ve been saving up for all year, take steps to maximize your savings as you shop.

By taking a few extra moments before hitting the “submit order” button, you can get a better deal that allows you to keep more cash in your bank account. Let me show you how.

1. Use a price comparison tool to score the best price

Before you place your next online order, reviewing prices at other retailers is wise. You could end up overpaying if you’re in a hurry and choose a retailer with a higher price.

You can use price comparison tools to compare prices quickly. Google Shopping and Capital One Shopping are two popular options that are easy to use. Why spend more money than necessary?

2. Get a bigger discount with coupon codes

One easy way to maximize your savings when shopping online is to use promo and coupon codes. These codes provide shoppers with additional discounts, and many retailers offer them.

All you have to do is enter an active coupon code during checkout to save money on your order. You can use one of the tools on our list of the best coupon apps to find codes.

3. Don’t ignore price match guarantees

Many brands have price match policies that could help you save money as you shop. Some policies allow you to get a price match if a similar retailer has the same item at a lower price. Other retailers will match their own lower prices if you recently purchased an item and it later goes on sale.

Policies vary by store, so review the terms and use these guarantees to your advantage. I’ve used price match guarantees on several occasions to get a better deal.

4. Review email newsletters and social media for deals

If you regularly shop with a favorite retailer or have been saving for a more expensive item with a pricey brand, you may consider joining the company’s email newsletter.

Brands frequently promote sales to their customers through email and social media. Staying alert to communications like this can help you better time your shopping trips to save more money.

5. Pay for your purchase using a rewards credit card

Before entering your credit card details, consider which credit card to use to pay for your purchase. You can earn rewards when spending money online by using one of the best rewards credit cards. You won’t get immediate savings when you shop, but you can later redeem your rewards for cash back, gift cards, travel, and more.

If you prefer cash back earnings, explore our list of the best cash back credit cards to find a card that will reward you in cash.

6. Earn cash as you shop with cash back apps

Using cash back apps and browser extensions is another strategy that can help you maximize your savings. Similarly to credit card rewards, you won’t save money right away. But as you shop online, you can earn cash back rewards.

I’ve been using Rakuten for several years and still get excited whenever my cash back rewards hit my PayPal account. Rakuten isn’t the only cash back app to consider. Check out our list of the best cash back apps to learn more.

Take advantage of every way to save

Shopping online is easy and convenient. But don’t be so quick to check out that you miss extra savings opportunities. By maximizing your savings when online shopping, you can keep more money in your pocket.

For more ways to save, check out our personal finance resources.

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet and PayPal. The Motley Fool recommends the following options: short December 2023 $67.50 puts on PayPal. The Motley Fool has a disclosure policy.

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