Believe it or not, you can be separated from your money by being too bargain-minded and leaving common sense behind when shopping. Here`s what to watch out for:
Buying Anything on Credit.
It`s a fact that if you buy with a credit card, you WILL spend more money. Even if you have a credit card that has a temporary NO interest rate period, you need to be aware that it will make you feel good. And you will spend even more, because you justify it in the back of your mind by thinking that you are not going to pay any interest and therefore it is just like using cash. Not only will you probably spend more money, you are likely to forget just how much you spent on the item you just bought.
Buying on Pure Emotion.
Did you know that you can pay too much for items on the big Internet auction sites? You have to watch what you are doing and not allow yourself to become caught up in the process. Those who do, tend to lose sight of why they are trying to buy on the auction in the first place and that is not good. One way to avoid this is to look at the set price amount on the item you are looking at. You can always submit one maximum bid on an item that you saw elsewhere on the Internet. And, if your bid falls through, there are many other places from which you can buy at a great price.
Buying on Rebates.
Manufacturers rebates are not always a good idea. There have been studies that have determined that 50% of all rebates are never redeemed. But, not only that, the manufacturers themselves have been known to manipulate the rebate process by making the rebate window very short. Or, they also have been known to send rebate checks in envelopes that look like junk mail. All so that they don`t have to make good on these. Be careful with these. Suggestion: look for sales items that, if they DO have a rebate, it is an INSTANT rebate taken off of the price at the time of purchase.
Buying Because of FREE stuff.
All of the add-ins of freebies is done by design. Everybody loves to get something for free. And, it`s easier to justify a purchase if you can tell everyone that you ALSO got this really cool (insert the item here). What happens is that often, the free item is designed to take our focus off of the purchase itself. It lowers our defenses and makes it easier to close the sale. Buyer beware!
Buying Annual Memberships.
Ever buy a membership to a health club in January only to stop using it in March? Ouch, that hurts! Yes, you can use the exercise and get your body in shape, but don`t let your mind get flabby when it comes to buying these types of memberships. Unless you are really good at keeping this type of commitment, then the SMART buyers pay by the month.
These tips will go a long way to help you keep more of your money. Use them wisely.