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Finding Good Deals? They Could Be Making You Broke
The age of the Internet makes finding a good deal easier than ever. Whether it’s finding a spa day for half off on a deal site or printing off the latest coupon for your run to the grocery store, there are so many ways you can save. For deal seekers, this can be a wonderful way to save money. . .or is it?
The Danger of Deals
Have you ever found yourself caught up in a good deal? Have you ever saw a coupon on a deal blog and thought, I need to go buy that right now?
One deal blogger I follow put up a great sale with a link to voucher codes that would get readers a new pair of jeans for $6. What a steal!
Before I knew it, I had clicked to the site, filled my cart with jeans, and added my voucher. Before I checked out, luckily, I reconsidered. Sure, this is a great deal, but did I have any intention of buying jeans before I saw the deal? Did I have any real need for the jeans? Nope.
So, a good deal almost cost me money that I hadn’t planned to spend rather than saving me money.
The Buy Ahead Principle Gone Bad
The buy ahead principle contends that you should buy enough of something when it’s on sale to last you through the next sale cycle. Then, you always are paying the lowest price for an item, and you’re saving money overall.
However, for someone who’s inexperienced with sales cycles or on a tight budget, there is the potential to easily spend too much. For instance, if you have a $500 grocery budget but buying some items on sale to last you through the next sale bumps your grocery spending up for the month to $600, are you doing the responsible thing? Probably not if you don’t actually have the money available.
Even worse is when people put their deals on credit card and aren’t able to pay off the balance every month. Then, the good deals are costing them money in additional interest for the purchases they can’t pay off. Not such a good deal, huh?
We live in a world where deals are all around us, and it can be hard to resist. However, if you’re buying stuff that you don’t really need just because it’s at a great price or you’re spending more money than you have to snag the latest deal, you’re not doing yourself any favors financially. Sometimes the hardest part is knowing when to resist the latest sale, no matter how good the deal.