Are you a sucker for deals?
Are you obsessed with saving that you end up buying things you don’t need and never use?
Do you wonder where your money went, at the end of the month?
Is your place cluttered with stuff?
If you’ve answered yes to all of the above, you may have a problem.
A few weeks ago, a local grocery store had a 50% store closing sale. And of couse, I had to go.
Unfortunately, I went a 2 days after the announcement of the sale. By the time I got there, most of the stuff was gone, most of the necessities.
So feeling a little disappointed, I did what any bargain hunter would do. I scoured the shelves to see what else I could get.
After all, 50% off is a really good deal. In the back, I discovered tropical flavored ice cream that I’ve always wanted to try. I bought 6 pints of it!
While making another round, scanning the shelves, I found lemonade and stocked up on 8 bottles of it. OK, I went a little crazy.
I added some other snacks along the way. And when I left, I was proud of myself for scoring these deals.
One week later, I found myself not wanting to drink lemonade anymore. Too much sugar. We only drank one bottle.
And I started eating the ice cream, 3 pints, not by all by myself. Then I got sick with the flu or cold and realized that I shouldn’t be eating ice cream in the first place.
Deals become clutter.
When I look back, 7 bottles of lemonade that no one will be drinking, is cluttering the shelves in our already crowded garage. And there are 3 pints of ice cream taking much needed space in our freezer.
I focused on how much I was saving, half off, instead of thinking of how much it really costed me, $40. And it was $40 spent haphazardly instead of putting it towards something better, more on target with my goals.
That $40 could have been used to pay down debt or put into savings for a vacation. Instead, it was wasted on things my family won’t use and don’t need.
Deals can trick your brain.
Deals have a way of tricking our brains into spending more. When you normally would not buy something, once it’s on sale, our mind goes a little haywire.
OMG, I start thinking illogically. Instead of “do I need this?” My mind says “but it’s on sale!” And all hell breaks loose.
So the next time I come across a deal, I ask myself these two questions:
1. Would I buy this at full price?
2. Do I need this? (Sometimes your brain can convince you that you need something when you really don’t. How tricky is that?)
The thing about spending is it should intentional, not willy nilly. If you want to make the most of what you have, spending it on whatever deal comes your way will not help you reach your financial goals.
It will not help you get out of debt or save and grow your money.
Are you lured by deals? How do you restrain yourself?
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6 Comments on Is Bargain Hunting Making You Poor?
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This is SOOOOOOO true!!! After a few mistakes I came up with a plan that works for me. If I’ve never had an item before I’ll buy one. If it’s so good that I want more I’ll go back and get more. Usually this leads to disappointment because it’s all gone and me lamenting, “I KNEW I should have bought more,” while having money in my pocket. 🙂 With higher priced items like designer goods I would check eBay to see if people were buying it. If they were I’d buy up a bunch and sell. This sated my bargain shopping Jones AND helped me make a few dollars. Sometimes I kept one for myself, in which case eBay more than covered the cost. Sometimes I realized that I could do without and sell that one too. Still a win win. One thing I never do? INFOMERCIALS. It’s embarrassing, but I get sucked into them, like, “Ooooh.” lol But I know they never live up to the hype. Still, if I find myself engrossed I have to turn it off. Thanks for the good read!
Hi Kim,
Thanks for sharing your experience. O boy, infomercials are so good at making me want to buy whatever they’re selling! I try not to watch.
I use my coupons only for the food items and non food items we will actually use, I do stock up on toilet paper and facial tissue and soap (liquid for my hubs) and hard soap I like for me on bargain prices, I call the mfg they send me free coupons for the items I regularly buy…I use to chase after bargains but no more, one can only use so much and it is just me and my hubs why spend money when one can deposit it into an account, we are semi-retired, we save every which we can, we don’t go nuts over any gagets, you won’t see me wearing an apple watch to be robbed at gunpoint for it, no you will not nor do we have cell phones and all that, I think the head of Apple wants even more money if you can believe that and the head of starbucks Howard Schultz wants even MORE come on gasoline is soaring here and food is not cheap at all, I volunteer at a food place and we get donations but people forget Hunger never takes a holiday and in the summer people get really hungry and thirsty when the temps soar which they will this summer..
Hi Mary Jane,
Glad you to hear you have mastered bargain hunting. I love Apple products but haven’t bought one in a long time.
I meant to say I buy food protein items for the food place and take it to the place and cook it, no one complains and I try to get the best at the least possible prices, I know when they mark it down 50% and scoop it up..No cell phone or apple watch will be tempting me we are grateful people here and no the word plenty and enough, something most americans don’t even use in their vocabulary!!!!!!!!!!!!!!!!!!!!!!!
I meant to say KNOW the words PLENTY AND ENOUGH!!!!!!!!!!!!!!