Each morning my email inbox greets me with several messages from bargain sites offering 50 percent or more off various items. A bargain shopper at heart, these opportunities often cause me to flush with excitement. Lately, I’ve realized that snagging every bargain that comes my way may actually deepen our financial problems despite the savings. Before your next bargain site purchase, use these tips to decide if you truly should spend the money.
Would I Make the Purchase Anyway?
If you come across a deal for an item or service you already plan to spend money on, you should go ahead and make the purchase on the bargain site. For example, if you’re due for a haircut when a bargain site offers a deal for your favorite salon, go ahead and make the purchase. Your haircut will already be paid for when you walk in the salon and you’ll spend less than you had planned. You may even have enough cash to splurge and get a manicure with your haircut with the savings.
Other times, seeing the bargain may sway your decision to buy something you wouldn’t normally purchase. Recently, a bargain site offered a discount at a local firing range. I’ve shot a gun maybe once or twice in my life when I was young. I really have no interest in shooting guns, but I thought it might make a fun date night for my husband. I ultimately realized neither of us would probably have much fun and we would rather spend the money on a different date night activity. Don’t let the idea of saving money persuade you to buy something you wouldn’t already buy.
Do I Have the Money?
Times are tough and sometimes we simply don’t have the money for extras. The deals on bargain websites are most often splurges like travel, entertainment or spa services that you don’t really need. Look at your budget to determine if you really have the extra cash to cover the purchase. You don’t want to put your bills in jeopardy of being late just to get a good deal.
Will It Cost Me More Money?
The listed price on the bargain site is often a good deal, but in many cases you’ll end up spending more money when you redeem the deal. For example, if you get a $50 gift card to your favorite store for only $25, you’ll most likely end up going over the $50 cost. In fact, the deal may specify that you must spend at least that amount. For deals redeemed online, shipping is often extra and cannot be included in the amount you initially pay for the deal. For travel or entertainment deals, the certificate generally covers your admission or basic costs, but you’ll end up spending more on food, souvenirs or add-ons you get when you actually use it. Figure in the extra costs when deciding if the deal is actually a money-saver.
Am I Giving Into Pressure?
The bargain sites are great money savers, but they also add a sense of urgency that may cause you to make a purchase you don’t need right now. I’ll admit I tend to go overboard when under pressure. I often find myself pressured into making a purchase knowing that the deal is only available for a short period of time. Don’t let the lure of the bargain and the time crunch convince you to make a purchase you might later regret. Instead of purchasing the deal right away, give yourself a few hours to think about it.
Will I Use the Deal?
Purchasing the deal is only the first step in using a bargain deal site. You generally have to redeem a certificate at the actual business or on a website to get the item or service. All of the deals come with an expiration date. Make sure you’ll have time to redeem it before it expires. If you don’t end up using it, you’re out the money you already paid. Read through the fine print and note the expiration date to ensure you will use your deal.
When used wisely, daily deal sites save you money and allow you to splurge on things you might not otherwise get to do. We’ve saved on hotel stays, dinners out and movie theater admissions, but I’ve also allowed deals to expire. The next time a daily deal site pops up a bargain, ask yourself some basic questions to make sure you’re getting your money’s worth.