Bargain shopping can be a boon to your budget. But if it is done in the wrong way, it can actually cost your money. Bargains can be a sneaky thief, silently robbing you of your hard earned money without you knowing it. Here is how to avoid the trap.
Instant gratification
When something is a bargain, it is hard to resist. Seeing an item that is 25 percent off helps you rationalize and feel good about having it today. Always take some time to think about a purchase, preferably 24 hours. This will help you better understand whether or not you really need the item.
The addiction of a find
Bargain hunting can be like winning the lottery for some. Why do you think that Ebay is so successful? Being able to beat someone else for the best deal or discover a bargain can be addicting. To combat this, keep to a budget that you can’t go beyond, no matter how good a find. With limited resources, you’ll have to choose which finds are the most valuable.
Buying things you could live without
Look, you can save $50 on this purchase. But another way of looking at it is that you spent $100. Is the item something you really needed, or can you live without the “savings?” Picture where the item will go or how often it will be used. Have you gotten along well without it so far?
Spending more money on replacements
Sometimes a bargain can bite you when you spend more having to replace a cheap item than what it would have cost to invest in something that cost more but was of a higher quality. In my own house I have two examples: the iron and the bread machine. I used both of these frequently, so they get a lot of use. In the beginning I was spending a lot to replace both of these appliances often. It saved me money to avoid the bargains.
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