When going to an auction, it is important that you go and inspect the items first. (I try to go there the day of the viewing). This allows you the chance to see what they have and then set a firm price in your mind on how much you are willing to pay for it.

When trying to set a price in your mind use the Internet, especially if buying antiques. Once you have the prices set in your mind, set yourself up a budget. I always add an extra 10% to the budget to cover the buyer's premium (most auction house charge a premium now).

On the day of the auction, try to get there an hour early and watch the other patrons. This allows you to see who else is interested in the same pieces as you. If you see several people looking at the same pieces, don't show interest in the pieces, because they probably are watching you too.

Often there will be people that will bid on an item until they get it. You can try to out bid them, but you will pay for it in the end. If you get into a bidding war with someone, go only to the amount that you have set in your mind and then stop. You may lose the item, but in the long run, you will be better off and get more bang for your dollar. I have found that there will always be another item similar to the one you lost.

The other thing with auctions is that the more people there are the more it will cost you. If the items you want are later in the sale, you have a better chance of getting them at the price you want. I try not to bid at the beginning of any sale unless it is something I really want. Also watch the auctioneer. At the end of the sale, they are tired and want to get the sale over with. That is when things will start going dirt-cheap. I got a beautiful love seat for $200 this way last week.

"My Story" is a regular feature of The Dollar Stretcher. If you have a story that could help save time or money, please send it to MyStory@stretcher.com

Do you have a time or money saving idea that wasn't included in this article? Please send it to tips @stretcher.com. We get the best ideas from our readers!

If you liked this article why not sign up for our free money-saving email alerts? Your bonus? 209 ways to save on groceries.

Follow The Dollar Stretcher on Twitter.

I Would like to:

• Read other articles on this topic
  
• See what else is in this issue
  
• Subscribe to "The Dollar Stretcher" free weekly email newsletter
  
• visit the Problem Solving Center
  
• visit the Reference Library
  
• browse the 'author' index
  
• search 'by date' index
  
• check out Past Issues of Newsletter
  
• go see 'What's New'
  
• "Can You Help This Reader?"
  
• drop by 'Tips, Quips & Quotes'
  
• send email to the Editor of "The Dollar Stretcher"