Bartering entails exchanging goods and services for other goods and services in lieu of money. Bartering is a great way to get things you need or want for free.
There’s no right or wrong way to engage in bartering, as long as everyone involved in the trade is satisfied with what they give and receive.
Consider these options for successful bartering:
1. Understand bartering. Bartering is an age-old method of economical exchange, and it’s making a comeback as people find ways to trade goods and services. This economic practice has survived since the beginning of society for good reason.
* Look up bartering strategies, tips, and techniques that will help you save money and get a great deal.
2. Use a middleman. Hiring a middleman will help ensure that all involved parties are satisfied with the barter. A middleman will act as an unbiased party, ensuring that the terms of the trade are followed through completely and that you’re both happy with the exchange.
* You can use a mutual friend as a middleman, but typically working with someone completely unbiased is the best course of action.
3. Reach through your network. There are people throughout your work and social circles that might benefit from bartering with you. For example, your best friend’s spouse may be a tax specialist that would be willing to do your taxes in exchange for your specialty, or your dentist may do your preventative care in exchange for housecleaning or yard work.
* Think of everyone you know and the types of things they may need or may be willing to barter. Reach out to your entire network to find bartering agreements you can engage in to save money and benefit yourself at the same time.
4. Research a pricing structure. Be aware of what services are worth so you are fair in the trades that you attempt to initiate. Exchanging a service that would normally cost one price for a service that generally retails for twice that may not result in two happy parties.
* The main goal for every bartering agreement is to end up with two completely satisfied parties that feel like they benefited from the trade.
5. Find out what they want. If you’re not sure what to offer in trade, simply ask the other person what they would like or need. There is likely something you’ll be able to offer them!
6. Keep records for taxes. Keeping a paper trail is an important part of doing business, even when you’re not exchanging money for goods or services.
* Ensure that everything is properly documented when keeping tax records for your bartering services.
Bartering isn’t for everyone, but if you have something to offer in exchange for other goods and services, then it can be a valuable way to save money and offer something of yourself to others.
Keep these tips in mind when you’re bartering to save money. You’ll avoid stress and unnecessary challenges, while making easy trades for goods and services that benefit you.