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How to Create a Price Book
We’ll show you how to create your simple Price Book! It’s easy, but first, we need to explain the importance of a Price Book – and how this little book will save you money, especially when your starting in the couponing world.
What is a Price Book?
A Price book is simply a knowledge of prices. It’s so hard to know the costs of every grocery item or cleaning item you buy off the top of your head!
Just because an item is on sale – doesn’t mean it’s a great price or even a reasonable price!
Do you always ask yourself the following questions?
- What is a reasonable price for this?
- Is this a good sale price?
- Can I get the item for less at another store?
You were having a record of what items you are purchasing for grocery and household items and what you are regularly paying for these items.
How Often do you just shop without thought of how much your spending on items in the store?
After starting a price book, you will more naturally be able to spot a good deal on items, and you will then learn when to stock up on your most used items.
Everyone’s shopping habits are different. There are no hard and fast rules on your book – It’s all up to you and what you purchase.
What do you track in a Price Book?
- Item: What is the item? Laundry Soap, toilet paper, carrots
- Brand Name: If you are a Heinz Ketchup gal – you may never want to buy anything but Heinz Ketchup – but if your willing to try French Ketchup – You may need to know if there’s a big price difference when trying a new brand.
- Cost Per Unit (Example Laundry: 93 loads for $9.00 is less than $0.10 per load )
- Date: Dates are important for the reason – prices can increase over time – You may never find your favourite shampoo again on sale for $0.99 – But you may find it on sale for $1.99 and agree to purchase at that price.
Reasons to have a price book
With a price book, you will always know when a sale price is a great deal. All Stores have sales (Usually Weekly for grocery stores), but did you know that a lot of the sale items advertised in flyers and online are just regular prices?
Many times Walmart Canada Regular Price is cheaper than some grocery stores ( smaller stores such as IGA) advertised flyer prices.
Track Best Prices:
The purpose of a Price Book is to train your brain into knowing what the best price is for your top, regularly bought items.
It’s also handy when you buy bulk. Example Costco usually has a 3pk of Febreze for $9.99- which may seem like a good deal -but when you take a sale price at Walmart for $2.99, and you have printable coupons for $1.00 off – You will maybe decide to wait to purchase at Walmart and pay just $1.99 by using a coupon
We all get excited at the Clearance rack – but sometimes it’s just a Gimmick – it’s merely on sale and sometimes Not even a great deal!
Having a Price Book will take the guesswork out of things. You’ll know you paid a reasonable price for it based on your notebook.
It’s essential to know your favourite regular store, regular prices. Keeping track of a decent, fair cost will allow you to compare to other store’s prices.
Example: Walmart 4Liters of milk is $ 4.98: So if Shoppers Drug Mart has a sale on for Milk $4.49 – I know I should perhaps buy one or even two if the expiry dates work out for the deal.
How to make a price book ( Ways of Creating
- Notebook and a pen
- a spreadsheet on your computer.
- Create Notes on your phone
How to Start compiling Information for Your Price Book!
- Use Walmart.ca for price information! I have a local Walmart – so It makes sense to use this as my store for a starting point ( My personal preference)
- Use Flyer Apps while to help you start your price book today!
- Simply use your pen and paper while in the grocery store to start tracking
I find the online method the easiest to get started.
Note: You may need to update this list from time to time, as regular prices can fluctuate.
How to Organize your Price Book:
- Alphabetical Works for some people – C for chicken, cauliflower. Etc. It makes it easy to update your list.
- Categories- Fruit/Veggies on one page, Health & Beauty on another, Dry Goods on another, Cleaning supplies on another.
Tips on Price Books
- Always Check with your price book when you are referring to sale/flyers and especially when buying bulk.
- Update Your price book often
My years of experience with shopping the sales and tracking prices has made it so much easier for me to know when a reasonable price is a reasonable price. I can spot a deal from a mile away. This is just due to keeping a Price Book.
I strongly suggest starting with a price book, though. It helped me immensely when I was first starting trying to lower my grocery bill – and I know it will help you too.
Do you use a grocery price book?