Haggling. Depending on the type of person you are, the very word is likely to send shivers of excitement or fear down your spine.
If, like me, you’re in the latter camp, it might be hurting you financially more than you realise.
Women are missing out
At Mozo we recently conducted a survey on haggling and the results are quite illuminating. Many Australians are missing out on thousands of dollars in savings by being too nervous to negotiate discounts, and it’s women that are losing out the most.
Men are almost twice as likely as women to negotiate over a pay rise, 25% more likely to negotiate over a home loan and 20% more likely to haggle over a new car or property.
Confident vs pushy conundrum
So why is it that many women shy away from haggling? Well, it seems a lot of it might boil down to that old stereotype of the ‘pushy’ female.
Men told us they like negotiating because they feel confident and in charge. Women, on the other hand, worry about appearing pushy or cheap.
When I brought the topic up with male and female friends on the weekend, it became clear that many of us girls were missing out on some serious savings by not haggling more often.
Successful haggling results in savings
The guys reeled off stories of negotiating $200 off a new suit and $100 off a designer watch, based on nothing more than a bit of confident haggling. One guy even saved himself $2,000 a year in interest on his home loan by haggling his rate down.
I’m a fairly confident negotiator in my work life and career, but my version of getting a good deal when out shopping is to trudge around the mall looking for the item on sale. Pretty pathetic really!
Time to try bargaining
Well, this whole exercise has been a big awakening for me. I’ve decided to push my reservations aside and get in on the haggling action, starting with my Christmas shopping. I’ll post back on how it all goes in a couple of weeks’ time.
In the meantime, why not take the Christmas haggle challenge yourself and see how much you can save?