Do you find yourself buying something on sale or clearance when you don’t really need it? Are there times a company offers you a deal that is hard to resist? Maybe it came in your mail. Or possibly you saw a commercial on T.V. Maybe someone called and quoted you a great deal on car insurance or health insurance. The list goes on. And some offers seem too good to pass up. But are they? It’s best to check it out first before you spend the money and maybe end up regretting your purchase.
Something that I have fallen for is the ridiculously inexpensive magazine subscription. For only $7, I can get a year of XYZ magazine. Regularly priced at $29.99. I wouldn’t mind that magazine, and it’s only $7. Why not? Well, I’ve lived without that magazine for my whole life. But, once it arrives, I realize I don’t even take the time to look at it. Was it a deal or a waste of $7?
My mother subscribed to the local newspaper. When she paid the bill of over $600 for a year of daily service, she felt it wasn’t worth it for the little she looked at it. I told her to cancel it and get a refund. She called, and they talked her into a better deal for a shorter period of time. She took the deal because it was less expensive than what she had been paying. But it was not a deal because she didn’t want the paper. They apparently have outstanding salespeople over at the newspaper office.
Have you ever regretted taking an irresistible deal? Many of us have. Why? Because it’s such a good deal. Or so you thought.
BOGO – Buy One Get One Free or BOGO 1/2 off
A common deal that I regularly buy is the BOGO. Buying one and getting one free is a super deal if you need the item. An example of a good buy could be a package of socks or underwear. However, if you buy one solely to get the other one, it could be a mistake. Do you want or need the item? If you don’t want it, why get two of them to clutter your house. Maybe it’s something you are buying solely to give to someone else, perhaps a charity. Then it could be a great deal. However, if it is for you and you only want one, it would be a better deal to wait for the single item to be on sale. Then, forget the second item you don’t need.
If you only get 1/2 off the second item, you need to evaluate if it’s worth paying 1.5 times the regular price. IF you wouldn’t pay full price for the first item, why would you pay more to get two of them?
Clearance
I love clearance sales. However, it’s so easy to buy things because they are so inexpensive, not because you need them. Maybe the $5 for that shirt you really don’t like or don’t need would be better spent on vegetables for a salad for tonight’s dinner.
Save Hundreds
Save $300 on your homeowner’s insurance. Please make sure they are equal. For example, if you currently have a $500 deductible but the less expensive insurance is $1,000 for the deductible, you cannot make an equal comparison. Get all the facts and compare them to your current policy to see if you are comparing the same thing. If you don’t do this, you could be paying less money for less coverage than you desire to have.
On Sale
If it’s on sale, of course, it’s a deal. But the fine print says in order to get the sale you must buy three. If you will use three, then yes, it could be a good deal. If it will take you 5 years to use them all, it’s probably a terrible choice. Will it go bad during that time? Could you use the money for something more important in the meantime?
$5.00 off
When you consider buying something that is $5 off or 30% off, be sure to answer these questions:
- Do I need it?
- Do I even like it?
- Will I use it/read it?
- Could I get a better deal elsewhere?
- Could I get a better deal if I wait?
- Am I comparing equal products?
Vaccine
My health insurance will give me an annual flu vaccine each year at no cost. This can be precious to someone who wants the vaccine, especially if they have had a tough time with the flu in the past. I have had a shot the last three years. I haven’t had the flu in over 10, maybe even 20 years.
Every Covid-19 vaccine is free. But, once again, it is only a deal if you want it. If you do not want the vaccine, it’s a waste of your time and gasoline to get your shot(s.)
Put it on the credit card
Buying something on a credit card that you pay off each month is not usually bad. However, it gets worse when you do not pay off your balance and start adding finance charges to your purchases. Any price deal you received disappears quickly if you are adding interest to it. It’s the same if you have a credit card to earn miles for your future flight. IF you aren’t paying the card off monthly, there will be interest added. Eventually, depending on your credit card balance, you could end up paying more in interest than what the miles will save you in airline tickets.
So I suggest if you want to buy something and you are sure it’s a good deal, you should pay cash or charge it to a credit card that will be paid off at the end of the cycle, no matter what.
Scams
Sometimes the phone rings and the caller is offering you a deal that seems too good to be true. Most likely it’s a scam to get your money. Notice that they may refer to you as a customer, not your name. They have no account number for you because they are hoping you will supply it. If they are legitimate, there is no reason for them to ask you to verify what they have on file. You should be verifying what they have. IF they don’t have any of your information you need to hang up immediately.
One of the big scams out there lately is the call that asks, “Do you owe the IRS back taxes? We can help you reduce what you owe and start a payment plan.” For this, they will charge you a fee. However, if you called the IRS yourself, you can also get a deal on repayment of your taxes, with the possibility of them forgiving a portion. And they won’t charge you a fee. Often, these helpful people wanting to do something for you will charge you to do it, costing you more money in the end. Do it yourself, don’t fall for the expensive help they are trying to get you to fall for.
When you are trying to save money, quite often buying something isn’t the way to do it. Have you fallen for any of these “deals” that really weren’t a good deal after all? Comment below if you know of other deals that aren’t really a deal. Or if you have fallen for any of these. Hopefully the next time you think about buying that super deal, you will take a moment to reconsider.
