How to Create a Price Book
We’ll show you how to create your own 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 prices 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 decent price!
Do You constantly ask yourself the following Questions?
- What is a good price for this?
- Is this a good sale item?
- Can I get the item for less at another store?
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 – so that is a great deal if that’s your price set)
- Date: Dates are important for the reason – prices can increase over time – You may never find again your favorite shampoo on sale again for $1.99 – But you may find it on sale for $2.25 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 actually a great deal. Stores have sales all the time, but did you know that a lot of the sale items advertised in flyers and online are actually just regular prices?
Many times Walmart Canada Regular Price is cheaper than some grocery stores 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
We all get excited at the Clearance rack – but sometimes it’s just a Gimmick – it’s simply on sale and sometimes Not even a great sale!
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 important to know your favorite regular store regular prices. Keeping track of a decent reasonable price 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 1 or even 2 if the expiry dates work out for the deal.
How to make a price book
- All You need is a Notebook and a pen
- Or create a spreadsheet on your computer.
- Or Create Notes on your phone
How to Start compiling Information for Your Price Book!
- I personally 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
- 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
- Start with 20-50 items and build it as you go.
I personally 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- Works for Me: I have 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 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 good price is actually a good price. I can spot a deal from a mile away. This may or may not be the case for you over time.
I strongly suggest starting with a price book, though. It helped me immensely when I first starting trying to lower my grocery bill – and I know it will help you too.