I thought I would be slick and try to save myself a few bucks by shopping different registrars in order to reserve the domain for my new business website. I have been hosting on Squarespace for a few years and already know their platform, so that's where I intend to host this site as well. However, I decided to see if prices were the same across different companies, just for the domain purchase.
I looked through several different sites and then found that GoDaddy had the cheapest domain price for my domain (different domain names can cost different amounts, depending on how popular or in-demand they might be.). Well I though I was being a savvy shopper by doing this, so I bought the domain through GoDaddy.
Then I tried to transfer it over to Squarespace. That's when I learned the first important lesson of this story...
You have to wait 60 days before you can transfer a domain. Doh!
Well here we are, 60 days later, and I went ahead with the transfer, only to find out that Squarespace is going to charge me for the transfer! $14!
So in an effort to save $6 on a domain, I ended up having to wait 2 months before I could even use it, and then it cost me another $14 on top of that. So, saving $6 actually cost me about $54 (the $8 difference, plus about $23/month in hosting that I couldn't use).
Takeaway: Don't be as cheap as I tried to be. Just take the easy way and don't overcomplicate things.