The main purpose of this rule is to make sure you are putting in effort to ensure you are getting the best deal on your more significant purchases. Some people are much better at this than others. In a nutshell, you will leave money on the table if you don’t put a little effort into price comparison shopping.
This rule says that if you want to buy any item that is $100 or more in price that you must get two other quotes of the exact same item from other sources to make sure you are getting the best price for the item before you buy it. If you are like me you are often in a hurry and it is tempting to just buy the item you want right when you want it. As they say, “haste makes waste” which very appropriately fits this topic. Show some respect for yourself, your money, and your family by taking a few brief moments to check prices. The internet makes this even easier to check prices quickly. Go to a search engine and type in the product and you will quickly see prices quotes. You can do this right in the store on your phone.
If you start doing this for significant purchases (and you have not been doing this consistently before) I guarantee that you will save money over time. You don’t have to limit this to just $100+ items either, but that is a great start. Any item you feel is substantial in price (say $50) is worth a minute or two of your time to check prices. I just did that today. I was in a store and was going to buy an item that a family member requested as a gift. I picked up the item and was going to buy it because it was easy. I paused for a minute and decided to enter the product in my phone before going to check out and quickly found a better price online that was 30% better. I put the item back and ordered the item online when I got home and saved.
Make this rule part of your normal buying habits and start saving!