The Northern Territory news Mon 11 Sep 2017
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Community newspapers -- Northern Territory -- Darwin; Australian newspapers -- Northern Territory -- Darwin
News Corp Australia
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News Corp Australia
30 MONEY SAVER MONDAY SEPTEMBER 11 2017 NTNE01Z01MA - V1 N O T T O O H O T , N O T T O O C O L D THE GOLDILOCKS ECONOMY LAST week was an encouraging week of data: solid economic growth figures and the Reserve Bank comfortable with interest rates and where were going. Would you believe were continuing our world record as weve just started our 27th consecutive year of positive economic growth. The 0.8 per cent growth for the June quarter shows an acceleration from the 0.3 per cent in the March quarter. At 1.8 per cent annual growth, the expansion rate is a little below the long term average but is showing early signs of continuing to accelerate for a while. More importantly, was the RBA decision to keep official interest rates on hold for the 13th consecutive month. The commentary was the most important element of the decision. Basically the RBA Board is comfortable with the current levels and cant foresee changes in the future. Some experts expect rates to stay at this level for up to a year longer. WAGE rises are tight, costs keep going up, the household budget is under pressure and you know you have to make every dollar count. So youve done your online comparison research, you know what you can spend and the time has come to clinch a deal. But deal time can come with anxiety, embarrassment and a good old fear of failure. It doesnt matter whether its negotiating the purchase of the house of your dreams, a new car or a piece of clothing, some people are simply uncomfortable with closing a deal for a great outcome. Its nothing to be ashamed of, its just human nature. But follow these eight simple steps and we guarantee you will get the price down on virtually everything. Give it a go. 1BE PRIVATEA salesperson will be less likely to negotiate with you if they know theyre going to have to give that same deal to 10 other shoppers. So take them aside so its just a conversation between the two of you. That way you have their undivided attention and they can focus on your deal and not be distracted by others wanting to ride on your coat-tails. 2BE FRIENDLYNothing annoys a salesperson more than an aggressive customer trying to bully them into a better deal. It becomes a battle of egos which the customer rarely wins. So be nice. Come in with honey, not vinegar. A low-key, friendly customer with lots of charm shows theyre willing to work with the salesperson. 3GIVE THEM AN INCENTIVE Today, its all about the lifetime value of a customer. Business wants to build a connection with customers that will lead to future sales. Thats why everyone wants your email and mobile details. So let them know youll be a great long-term customer. If youre buying a car at a dealership, tell them youre planning on bringing it back to them for repairs. If youre at a local homewares store, tell them you always try to support local businesses when you can. Agree to sign up for their newsletter and mention how you follow their social media. 4DONT BE SO BLUNTWITH QUESTIONS Its easy to say no if someone bluntly asks, Can I get this for 20 per cent off? Make your DISASTER season is approaching quickly, increasing the urgency for households to ensure they have enough home insurance to protect themselves financially. Working out how much cover you need to replace contents and rebuild a home can be confusing, but a combination of new online tools and a good understanding of your belongings makes the job easier. Insurance Council of Australia spokesman Campbell Fuller said winter weather conditions had created aboveaverage potential for bushfires Hail the right insurance for avoiding disasters ANTHONY KEANE this year, while the chances of big storms and hail increased close to Christmas. We are rapidly entering what the insurance industry and emergency services colloquially call disaster season, he said. Damage from Cyclone Debbie, which caused $1.5 billion in insured losses, is still being repaired. The Insurance Council of Australia has launched a new building calculator to help estimate the replacement value of a destroyed home. It adds to its existing contents calculator and household inventory checklist at understandinsurance.com.au. We provide them free and independent as a community service, Mr Fuller said. Several major insurers also offer free calculators, and its a good idea to run a couple of different ones because they can produce different results. Mr Fuller said other ways to get a good idea of your homes replacement value included speaking with a builder or neighbours with similar properties, and contacting your local council to check your home was not in a bushfire area or flood zone that might increase rebuilding costs. Remember its not real estate value its the cost of rebuilding, and in some cases the cost may be higher than the real estate value. Canstar research manager Mitch Watson said getting a property valuation often used when buying or refinancing a home was the most accurate way to work out your replacement cost. Unlike in other countries, home insurance companies in Australia ask consumers to estimate how much it would cost to rebuild their home for themselves, he said. Naturally, the majority of homeowners probably have little to no idea. Working out the value of your contents is less technical and may simply require walking from room to room and taking notes of everything you own. Dont neglect things like clothing because small things can add up to a lot, Mr Watson said. Remember that you need to base your contents insurance on how much it would cost to replace each item, not on what each item is currently worth. For example, your couch might be quite old and might only sell for $50, but the replacement cost for a similar couch might be $700. Policies should be updated whenever new items or renovations were added to a home, Mr Watson said. Eight steps to a better deal Getting yourself a discount is not as hard as it seems questions open-ended. Its not so easy if someone says, I really love this couch, and it would fit perfectly in my loungeroom, but its a little out of my budget. Is there any way you could help me? You want to engage them, appeal to their sense of fairness to help someone. Give them a chance to work with you. 5SHOW YOURE SMARTYou want to come across as an educated buyer because in a salespersons mind they are the customers ready to buy now. Salespeople have targets and they are focused on those who will provide a quick sale so they can move on to the next customer. So share some specific knowledge about that technology youre considering. It shows youre ready to make a decision. 6DO YOUR RESEARCHIt is just so easy to research just about anything on the internet. And when it comes to negotiating, knowledge is power. If you need to, do a little research on what youre bargaining for beforehand. Youll avoid asking for an unrealistically low price. 7SILENCE IS GOLDENYou dont need to fill the verbal void constantly. A negotiation should have an easy rhythm to it and silence is a key feature. Silence is a great tool because it builds anticipation and pressure in a nonthreatening way. It will often lead the seller to say yes just to break the silence. 8UNDERSTAND THEPRODUCT CYCLE Most stores look to clear their shelves right before the end of the calendar or financial year, which means that sellers will be more likely to bargain with you then if it means theyre going to sell. In industries such as cars, sellers have monthly targets so buy at the end rather than the beginning when theyll be under pressure to move stock. David & Libby Ill us tr at io n: T ER RY P O N TI KO S
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