Bargain hunter update

The economic downturn has posed a challenge for retailers to be successful and for consumers to manage their finances more efficiently.

In other words, prices are coming down to encourage spending. But how low can they go before buyers bite?

The fundamentals still apply. Know what you have in your closet and assess what you'd like to have in advance. When you see something that's on your radar at a reasonable price, that's the time to strike.

I wish I could say this happens to me all the time, but I have neither infinite good luck nor resources. I can, however, relate this:

On New Year's Day at the factory outlets in San Marcos, Texas, I came across a Polo Ralph Lauren cashmere/wool blend sportcoat that retailed at $1,895. After discounts and sales tax, I wound up paying $140. I was stunned to realize that the jacket was there for me to purchase at that price point.

This isn't the first (see previous blog entries) and probably not the last item I'll encounter on sale for that good a deal. But choose wisely. Check out the garment thoroughly, and then decide whether it fits into your budget. You can certainly look good for less, but only if you have the confidence to afford it without guilt.

Good luck.